A rare central London freehold in Chelsea is being offered with a guide price of £2.4m. The property comprises a shop on the ground floor, with residential upper parts which are currently vacant. The property has planning permission for conversion into a single house, with the shop let on a licence which is mutually determinable on 30 days’ notice.
John Mehtab of Acuitus comments: “Chelsea is one of the most desirable locations in London. This presents a rare opportunity to convert a presently divided property, of circa 1,500 sq ft, into a single dwelling”.
The auction also features two significant development opportunities in neighbouring Cheltenham and Gloucester being sold on behalf of two major funds. A substantial unbroken freehold retail and office parade at 5-39 Winchcombe Street in Cheltenham is for sale with a guide price of £1.8m-£1.9m. This property currently comprises 11 retail units with office accommodation on the upper floors along with a number of parking spaces. There is potential for a change of use to a hotel, and the asset currently produces £187,500 in annual rental income, providing an excellent return on investment.
A freehold office building in Gloucester, currently let to the Secretary of State for Communities and Local Government on a lease expiring in 2028, has prior approval for change of use from offices into 45 flats. At present, the property generates £330,000 in rental income and is being offered with a guide price of £2.95m.
Other development opportunities in the catalogue include:
Charlie Powter of Acuitus comments: “Our latest catalogue captures a wide range of assets from across the commercial property market, specifically the variety of development opportunities which should attract entrepreneurial buyers.”
In respect of major investment grade assets, the Trent Trading Estate in Hanley, Stoke-on-Trent, comprises 22 fully-let commercial units, generating £214,158 in rental income. The freehold of this property is offered with a guide price of £2m, with a yield in excess of 10%.
David Margolis comments: “There remains strong demand for multi-let industrial estates and this particular asset offers good active management potential to support the continued uplift in capital values.”
Richard Auterac comments: “We are once again acting for major asset and fund managers in the sale of some significant properties. Crucially, we are seeing how our sales are acting as an all-important gateway for private buyers to tap into the development market.”
