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Retail Units & Shops

Greater London

property

348-352 Norwood Road, London - Picture 2019-03-07-17-24-21

Let

348-352 Norwood Road Norwood Road, Greater London, SE27 9AL

Use Class

Size

8,737 sq ft

Rent pa

£142,750

Price

£2,440,000

Market Sector

High Street Scheme

Key Features

The property is centrally located in the heart of West Norwood.
The surrounding area is predominantly residential with high density housing.
Ground floor retail unit let to Iceland Foods Limited (D&B 5A 2)
Iceland lease expiry June 2033
Iceland Passing Rent £140,000 pa
Upper floors converted to residential apartments and produce a ground rent income of £2,750 pa
Total rent received £142,750 pa
Offers in excess of £2,440,000 subject to contract & exclusive of VAT
Net Initial Yield 5.50% after allowing for purchaser's costs at 6.37%

Description

Mixed Use Investment Opportunity

The property comprises an end terrace building providing a ground floor retail unit with ancillary accommodation to the rear with the upper floors having been redeveloped to provide 9 duplex apartments which have been sold off on long leases. The apartments have a self contained access off Waylett Place and the retail unit is serviced to the rear off Lansdowne Hill.

Iceland have been in occupation for over 30 years and undertook a significant store refurbishment in 2018 illustrating their commitment to the property.

As part of the redevelopment of the upper floors The Loft SE27 LLP installed solar photovolataic panels on the roof of the property and receive additional income from these.

Location

West Norwood is a busy suburb situated to the south of the London Borough of Lambeth, approx 5 miles South of Central London.

The property is prominently situated fronting the A215 Norwood Road which provides the town centre retail provision. West Norwood town centre is predominantly occupied by retail occupiers with non-retail users, including cafes and restaurants along with a new Picture House cinema. National retailers within the immediate vicinity include Tesco Express, Sainsburys Local, Superdrug, Costa, Subway as well as a B&Q.

Disclaimer

All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.