6-12 PAXTON PLACE WEST NORWOOD, LONDON SE27 9SS MIXED USE FREEHOLD PROPERTY FOR SALE

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Gillian Arabella Singleton
5 years ago
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1 6-12 PAXTON PLACE MIXED USE FREEHOLD PROPERTY FOR SALE

GIPSY WEST NORWOOD, HILL, LONDON LONDON SE27 9SS SE27 9SS Freehold, residential led mixed-use investment for sale An attractive modern development completed in 2007 11 private s and two B1 offices

2 GIPSY WEST NORWOOD, HILL, LONDON LONDON SE27 9SS SE27 9SS Freehold, residential led mixed-use investment for sale An attractive modern development completed in private s and two B1 offices Fully let and currently producing 175,644 per annum 10 two bedroom flats, 1 one bedroom flat and 1,991sqft of B1 office space Break-up potential OIRO 4,250,000 F/H Based on the current General Permitted Development Order (GPDO) the office suites appear to offer residential conversion potential (subject to vacant possession) under permitted development rights for (b1) office to residential (c3), as the property does not sit in an exclusion zone. The property offers potential purchasers the opportunity for retention as an investment, or break by way of a piecemeal sale of all or some of the s as well as the freehold interest/ car parking spaces. LOCATION The property is located on Paxton Place close to South Croxted Road (A2199), linking to the South Circular Road which connects West Norwood with West Dulwich. Gipsy Hill train station is 0.3 miles from the property and provides commuters with train services to London Victoria in 23 minutes, London Bridge in 28 minutes & West Croydon in 13 minutes. West Norwood has become increasingly popular in recent years for both young professionals and families, and boasts an array of independent retailers, restaurants, bars, and leisure facilities. DESCRIPTION A rare opportunity to acquire an unbroken, mixed-use freehold investment comprising 11 private s, and two B1 office units. The property is arranged across a single block with 6 off street parking spaces to the rear. All elements of the building have been maintained to a good standard by the original builder-developer. The residential flats are each let on AST s (Assured Shorthold Tenancies) and currently produce a total of 147,216p/a. Current market rents in the immediate vicinity suggest an ERV of c. 167,400 p/a. The B1 office suites are currently let on commercial leases and produce 28,428 pax. Again local trends indicate that the commercial ERV is in the region of c. 35,500 p/a.

3 ACCOMMODATION SCHEDULE Unit Floor Description 1 1 st /2 nd 2 bed, 1 bath plus WC duplex with parking 2 1 st /2 nd 2 bed, 1 bath plus WC duplex with parking 3 1 st /2 nd 2 bed, 1 bath plus WC duplex 4 1 st /2 nd 2 bed, 1 bath plus WC duplex 5 1 st /2 nd 2 bed, 1 bath plus WC duplex 6 1 st /2 nd 2 bed, 1 bath plus WC duplex with parking Size (m2) Size (sqft) Value ( ) /psqft Anticipated Ground Rents Current Rent (pa) Estimated Rental Value (ERV)pa , ,480 18, , ,500 17, , ,500 16, , ,100 18, , ,553 17, , ,000 18, rd /4 th 2 bed, 1 bath duplex , ,000 15, rd /4 th 2 bed, 1 bath duplex , ,400 15, rd /4 th 2 bed, 1 bath duplex , ,000 15, rd /4 th 2 bed, 1 bath duplex , ,880 15, rd 1 bed , ,800 15,000 Sub Total 660 7,100 4,435,000 Av , , ,700 Freehold 350pa) 85,000 Total 4,520,000

FURTHER INFORMATION The following further information is available upon request: - Floor plans for the development and each of the individual units. - Further photographs (external and internal).

5 FURTHER INFORMATION The following further information is available upon request: - Floor plans for the development and each of the individual units. - Further photographs (external and internal). SERVICES We understand that the property is connected to all mains services; however, any potential purchaser should satisfy themselves in this regard. SUMMARY In summary the property appears to offer investment break-up, active management and limited development potential. Unbroken, freehold investments, and particularly those offering a variety of angles are becoming increasingly difficult to source. STAMP DUTY As this is a multiple dwelling transaction it should be possible to claim SDLT relief where instead of paying SDLT at the required rate of the total sale price, the sale price can be divided by the number of dwellings and applied individually at the required rate per dwelling. Interested parties should however, contact HMRC directly or an appropriate advisor in this regard. TERMS OIRO 4,250,000 for the unbroken freehold interest with the benefit of the existing tenancies and income. VAT We understand that VAT is not applicable in this matter. VIEWINGS The property can be viewed from the roadside without prior appointment. All internal inspections are strictly by prior appointment only. No casual callers under any circumstances please. Please contact Acorn s Commercial & Development Division on to register your interest.

Fairmule House, Waterson Street, Shoreditch, London E2 8HT. Freehold Mixed-Use Investment Opportunity For Sale

Fairmule House, Waterson Street, Shoreditch, London E2 8HT. Freehold Mixed-Use Investment Opportunity For Sale ENTER Freehold Mixed-Use Investment Opportunity For Sale HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS SUMMARY 11 self-contained apartments (5 x 1 bedroom & 6 x 2 bedroom units) and 7 B1 office