Freehold Retail and Dental Surgery/Office Investment
First time on the market for approximately 50 years
Three retail units (let to two tenants) with Dental Surgery on first and second floors
Tenants include Ladbrokes and Lewisham Dental Practice
Prominent location close to Lewisham Shopping Centre
Nearby occupiers include Nando's, Barclays & HSBC banks with Marks & Spencer, Costa and Boots the Chemist also represented closeby
Potential to Convert Upper Parts to Residential (subject to leases and consents)
Popular south-east London suburb
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 5
Auction 16th February 2017
Rent
Status Sold
Price £2,200,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
1.5 miles south of Greenwich, 2 miles west of Blackheath Village, 6 miles south-east of the City of London
Roads
A20, A21
Rail
Lewisham Railway Station (DLR & National Rail)
Air
London City Airport
Situation
The property is situated on the southern side of Lee High Road which connects to Lewisham High Street, in the heart of Lewisham town centre. Lewisham Shopping Centre is less than 200m away housing stores including Marks & Spencer, Sainsbury's, Costa Coffee, Primark, Boots the Chemist, Superdrug, WHSmith, Iceland and Next. Other occupiers in Lewisham include Lidl, Poundland, Nando's and Savers.
Tenure
Freehold.
Location
Miles
1.5 miles south of Greenwich, 2 miles west of Blackheath Village, 6 miles south-east of the City of London
Roads
A20, A21
Rail
Lewisham Railway Station (DLR & National Rail)
Air
London City Airport
Situation
The property is situated on the southern side of Lee High Road which connects to Lewisham High Street, in the heart of Lewisham town centre. Lewisham Shopping Centre is less than 200m away housing stores including Marks & Spencer, Sainsbury's, Costa Coffee, Primark, Boots the Chemist, Superdrug, WHSmith, Iceland and Next. Other occupiers in Lewisham include Lidl, Poundland, Nando's and Savers.
Tenure
Freehold.
Description
The property comprises three ground floor retail units, with a self-contained refurbished dental surgery (with 6 surgery rooms) on the first and second floors, accessed from the front.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises three ground floor retail units, with a self-contained refurbished dental surgery (with 6 surgery rooms) on the first and second floors, accessed from the front.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
8/10
Ground
Retail/ Ancillary
104.88 sq m
(1,129 sq ft)
LADBROKES BETTING & GAMING LIMITED (1)
5 years from 26/02/2017 until 25/02/2022 (2)
£35,500
-
10/12
Ground
Retail/ Restaurant
172.79 sq m
(1,860 sq ft)
ALL 2 ONE (LEWISHAM) LIMITED (t/a All2One/Squires)
20 years from 01/05/2014 until 30/04/2034
£35,000 rising to £42,500 in May 2019
01/05/2024
8-12
First
Dental Surgery/ Offices
196.99 sq m
(2,120 sq ft)
LEWISHAM DENTAL PRACTICE LIMITED with personal guarantees
Approximately 12 years and 9 months from 11/12/2012 until 16/09/2025
£20,000
17/09/2020
8-12
Second
Dental Surgery/ Offices
128.43 sq m
(1,382 sq ft)
LEWISHAM DENTAL PRACTICE LIMITED with a personal guarantee
15 years from 17/09/2010 until 16/09/2025
£13,000
17/09/2020
Totals
603.09 sq m
(6,491 sq ft)
£103,500
(1) For the year ending 31st December 2015, Ladbrokes Betting & Gaming Limited reported a turnover of £830,679,000, pre-tax profits of £49,866,000 and a total net worth of £1,191,903,000 (Source: Experian Group 12/12/2016). (2) The original lease to Ladbrokes Betting & Gaming Limited was for a term from February 2007 expiring in February 2017, but a lease renewal has recently been completed for a new lease for a term of 5 years to expire in February 2022.