Mixed use building comprising shop and two residential units
Retail unit let to Mind UK until October 2028 (2023 break not exercised)
October 2023 commercial rent review outstanding
Residential accommodation on the upper three floors let on AST's
Excellent Central London location
Busy retailing position
Nearby occupiers include Marks & Spencer, Morrisons, Tesco, KFC, McDonald's, Specsavers and Sports Direct
VAT Free Investment
Lot 10
Auction 13th December 2023
Rent £81,539 per Annum Exclusive
Status Available
Guide* Contact Us
Sector High Street Retail/Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
1 mile south east of Waterloo, 1.5 miles south of the City of London
Roads
A2, A3, A201
Rail
Elephant & Castle Railway and Underground Station, Kennington Underground Station, Oval Underground Station
Air
London Heathrow Airport, London Gatwick Airport, London City Airport
Situation
The property is located just south of Elephant & Castle, one of London's most desirable up and coming neighbourhoods. The property is prominently situated on the eastern side of Walworth Road (A215), a busy and well established retailing thoroughfare linking Elephant & Castle to Camberwell. The area benefits from one of London's largest regeneration projects in Elephant & Castle with a total of 5,000 new homes expected to be completed by 2025 and the support of excellent road and rail links. Nearby occupiers include Marks & Spencer, Morrisons, Tesco, KFC, McDonald's, Specsavers and Sports Direct.
Tenure
Freehold.
Location
Miles
1 mile south east of Waterloo, 1.5 miles south of the City of London
Roads
A2, A3, A201
Rail
Elephant & Castle Railway and Underground Station, Kennington Underground Station, Oval Underground Station
Air
London Heathrow Airport, London Gatwick Airport, London City Airport
Situation
The property is located just south of Elephant & Castle, one of London's most desirable up and coming neighbourhoods. The property is prominently situated on the eastern side of Walworth Road (A215), a busy and well established retailing thoroughfare linking Elephant & Castle to Camberwell. The area benefits from one of London's largest regeneration projects in Elephant & Castle with a total of 5,000 new homes expected to be completed by 2025 and the support of excellent road and rail links. Nearby occupiers include Marks & Spencer, Morrisons, Tesco, KFC, McDonald's, Specsavers and Sports Direct.
Tenure
Freehold.
Description
The property comprises a ground floor shop with a one bedroom studio to the first floor, and a one bedroom maisonette to the second and third floors which is currently utilized as two bedroom accommodation. The residential accommodation is accessed through a private gated courtyard to the rear via Waleorde Road.
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 a ground floor shop with a one bedroom studio to the first floor, and a one bedroom maisonette to the second and third floors which is currently utilized as two bedroom accommodation. The residential accommodation is accessed through a private gated courtyard to the rear via Waleorde Road.
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
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
229 Walworth Road
Ground
Retail
81.02
(872)
MIND (1)
10 years from 12/10/2018
£35,000
12/10/2023
229a Walworth Road Flat 1
First
1 bed studio
37.50
(403)
INDIVIDUALS
12 month AST from 29/07/2023
£19,500
229a Walworth Road Flat 2
Second/Third
1 bed Maisonette currently utilized as 2 beds
64.00
(688)
INDIVIDUAL
12 month AST from 04/04/2023
£27,039.96
Total
182.52
(1,963) (2)
£81,539.96
(1) Mind UK is a well known mental health charity founded in 1946, currently operating from over 150 stores across England and Wales (www.mind.org.uk). (2) The commercial floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk), and the residential areas are provided by the Seller.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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