Other

24-32 & 40-42 High Street &, 1-3 & 5-7 Ravensbourne Road, Bromley BR1 1TS

 

Quoting Price: £3,100,000 - Initial Yield:8.50%

Acting on behalf of Cording Capital, we are instructed to sell this prominent Greater London mixed-use investment.

The property forms part of a wider site allocated for substantial regeneration in the adopted (January 2019) Bromley Local Plan. Nearby residential schemes by u+i (18 storeys) and Crest Nicholson (9 Storeys) suggest significant massing is achievable on the site, subject to planning. The property is a mixed use investment including retail, office/D1 and residential accommodation totalling 9,436 sq ft. The property comprises a retail terrace and corner block on High Street, together with 3 units on Ravensbourne Road and a standalone building to the rear known as Norton House. Total net income of £280,435 per annum with an AWULT of 2.9 years to expiry and 2.2 years to break. 38% of the income is secured against national/regional retailers including Paddy Power, Countrywide Estate Agents, Toni & Guy and Wilkinsons Opticians.

We are instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand pounds), subject to contact and exclusive of VAT.

A purchase at this level reflects a net initial yield of approximately 8.50%, assuming purchasers costs of 6.46% and a low capital value of £328 per sq ft.

Contact

John Ellison

Tel: 020 7493 3330
Mob: 07889 437 236
jellison@lewisellis.co.uk

James Elkington

Tel: 020 7493 3330
Mob: 07810722459
jelkington@lewisellis.co.uk


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