Mixed-Use investment property – 56 Portland Rd

Description:

We are happy to bring to market this fantastic opportunity to purchase a freehold mid-terraced building. The property is a mixed-use property, comprising a commercial unit on the ground floor at the front, with a 1 bed flat at ground floor at the rear with a shared garden, a studio on first floor, a 2-bed maisonette on first and second floors, and an unused basement with natural light.

Tenancy details:

• Commercial unit is let for £9,600 p.a.
• Studio is let for £9,665 p.a.
• 1 bed flat is let for £13,800 pa.
• 2-bed flat is let for £17,400 p.a.

The total current income is £50,465.

The current rent is below market rental values, and the income can be further increased by letting the basement, and potentially extending the building further.

Key Features:

• Tenure – Freehold
• Current rental income of £50,465p.a.
• Excellent opportunity to add value
• Price: £675,000
• Vat is not applicable to this property.

Location:

South Norwood is a very popular area with high rent demand. It is well positioned between Beckenham and Croydon. The property is a 3-minute walk to Norwood Junction Train and underground station.

Occupiers close by include Citizen’s Advice Croydon and local eateries.

Vanderwald Estates have represented the information here based on information provided by the vendor. All potential buyers should only rely on their own due diligence and inspections.