Betting Office Investment on Prime High Street location in South East London - SOLD

Key Points

• Located in Lewisham, South East London directly opposite Lewisham Shopping Centre
• Current income of £42,000 pa
• Whole property (ground floor, first floor, and second floor) entirely let to tenant t/a Jenningsbet
• Within a very high density area undergoing significant regeneration and investment
• Medium / longer term potential to convert upper floors to residential use and / or add a further storey of accommodation
• Nearby occupiers include Three, Marks & Spencer, Timpsons, Superdrug, McDonalds, Specsavers and so on

Description

The property comprises a three storey building of brick construction with flat roof coverings. The building was constructed in the early 20th century. The accommodation is arranged at ground floor, first floor and second floor level. Internally the property is currently fitted our as a bookmakers with a sales area at ground floor with office and staff room at first floor; the second floor accommodation is used for storage. We understand the ground floor and first floor space was recently re-fitted by the current tenant.

There is a concrete yard area to the rear / car parking use (1 or 2 cars).

Available area

The accommodation comprises of the following

Location

The property is located on Lewisham High Street in Lewisham. Lewisham is a popular commercial centre in South East London within the London Borough of Lewisham, 5.9 miles south-east of Central London, 1.5 miles south of Grennwich and 1.1 miles west of Blackheath.

The property is located in a prime high footfall retail location on the northern side of Lewisham High Street, less than half a mile from Lewisham National Rail and DLR Station. There are several bus stops within a short proximity of the property, with bus routes across Greater London.

Lewisham is undergoing significant private and public sector investment. The first phase of the Lewisham Gateway has now been completed. This phase involved redevelopment of land close to the stations with major infrastructure improvements to the roads. On site construction has now begun for the second phase of Lewisham Gateway, which will include the construction of 649 homes for rent, office and working spaces, and leisure facilities including a gym and multiplex cinema. You can find out more about the Lewisham Gateway development here: https://www.lewishamgateway.co.uk/

Nearby occupiers include Marks & Spencer, H&M, Iceland, McDonald's, Superdrug, Three, Regus, Timpsons and many more. Lewisham Shopping Centre is located directly opposite.

Tenure

The property is offered for sale on a Freehold basis.

Freehold - Title Number 413781

Tenancy Details

The whole property at 137 Lewisham High Street is let on the following basis:

Lease Dated: 24th April 2020
Tenant: Betting Shop Operations Ltd
Guarantor: Joe Jennings Bookmakers Ltd
Term: 6 year lease from 24th April 2020
Rent: £42,000 pa (until end of the lease)
Tenant Repair Covenant: FRI
Tenant Break: Tenant break option at the end of 3rd year with 4 months written notice

Joe Jennings Bookmakers operates from 15 stores in the South of England, Jersey and the Isle of Man. (https://joejennings.co.uk/find-us-stores/).

Further details are available by request.

Asset Management Potential

The current lease was agreed during the initial onset of the March 2020 covid lockdown and therefore we are of the view that there should be some margin for an uplift in the rental level at the next lease event.

We are of the opinion, should the tenant use the break option or vacate at the end of the lease, there is likely to be an opportunity to convert the upper floors to residential use whilst retaining the ground floor for commercial / retail use.

There also may be scope for an additional floor or extension at 1st and/or second floor levels for residential use. We would advise interested parties to make their own enquiries with their professional advisers on this matter.

Price

Offers in excess of £725,000. We understand VAT is not payable on the purchase price.

Legal Costs

Each party to bear their own legal costs incurred in this transaction.

Viewing Arrangements

For further information or accompanied viewings, please contact the agent:
Francois Neyerlin
Telephone: 01708 973700
Email: francois.neyerlin@smcommercial.co.uk

Viewings strictly via appointment with the agent.

Identity Checks

In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser.