Freehold investment for sale.
The property is part retail, part residential, located on Morden High Street, South London. Morden Underground Station (Northern Line) is a short walk. Local occupiers include Sainsbury's, Specsavers and Nationwide.
The ground floor retail is let to Papa Johns (GB) Limited until March 2026, newly renewed and a reversionary lease has been entered into from 15th March, 2016 until the 14th March, 2026 at a rent of £20,000 per annum. The new lease is subject to a rent review at the end of the fifth year.
The upper part provides two one bedroom flats on the first and second floors with access via the rear of the property. Both residential units are let on Assured Shorthold Tenancies.
Total rent passing for the retail and residential equates to £39,800 per annum.
Offers in the region of £600,000 which reflects a net initial yield of 6.25% after taking into account purchaser’s costs at 5.8%.