The subject premises comprise the ground floor of a two-storey mid terrace building. Externally the property has the benefit of a front forecourt and rear yard. The ground floor provides retail premises currently occupied as a Pilates Studio and fitted out to the tenants preferred specification. The rear yard provides parking and is let separately (details overleaf). The upper parts are sold off and not included in the sale.
Petts Wood is located within the London Borough of Bromley. The town is popular with commuters and Petts Wood Rail Station is located approximately 75 meters from the building and provides direct services to London Victoria, Cannon Street, Charing Cross and London Bridge. Surrounding occupiers include Morrison’s, Costa Coffee and a number of independent retailers/restaurants. The subject property occupies a prominent trading location close to the junction with Nightingale Road. The general character of the area comprises commercial uses at ground level with the majority of upper parts providing residential dwellings.
The commercial ground floor premises are let to ‘Pilates Reform Ltd’ on a Full Repairing and Insuring lease expiring 25th April 2033. The current rent is £30,000 (Thirty Thousand Pounds) per annum exclusive subject to review in April 2028. The lease incorporates a break clause dated 24th March 2028. The rear yard is let on a Tenancy Agreement for a term of 12 months from 17th January 2024 at a rent of £3,750 (Three Thousand Seven Hundred and Fifty Pounds) per annum. The upper parts residential are sold off on a long leasehold interest for a term of 189 years from September 1986.
Total Income: £33,750 per annum.
Freehold – Subject to Contract. We are instructed to seek offers in the region of £500,000 (Five Hundred Thousand Pounds), subject to the occupational lease granted on the ground floor, the tenancy agreement granted on the rear yard and the long lease on the upper parts.