Mitcham Lane, Streatham

Attractive freehold reversionary childcare investment for sale

LOCATION: – The property is situated fronting Mitcham Lane, on the corner with Ambleside Avenue, in southern Streatham close to the centre. Mitcham Lane is a busy thoroughfare and bus route linking Streatham with Mitcham and the property is exceptionally highly visible to traffic passing in three directions. The property is within reasonable striking distance of Streatham mainline station and there are numerous bus routes that service both Mitcham Lane and the High Road nearby. The open spaces of Tooting Bec Common are within relatively easy walking distance. There are short-term parking bays found on Ambleside Avenue.

DESCRIPTION: – The property comprises a corner position, period built, childcare unit subject to an occupational tenancy. The property is attractive with brick elevations under a slate roof and is laid out internally to provide an entrance lobby, main nursery area, two additional nursery rooms, mezzanine office, kitchen and small internal courtyard. The main hall area has exceptionally high ceilings, exposed brickwork and parquet flooring. There is excellent natural light throughout with roof lights in addition to numerous large windows. Windows are double glazed, and the property has central heating (not tested). The property has been well fitted by the current tenants and provides an excellent environment.

ACCOMMODATION:
Main ground floor nursery 74.86m² (806ft²) approx.
Second nursery area/baby room 59.91m² (645ft²) approx.
Area 3 16.34m² (176ft²) approx.
Kitchen 12.1m² (130ft²) approx.
Mezzanine office 18.35m² (198ft²) approx.
Total: 181.57m² (1,954ft²) approx.
WC facilities
Small, enclosed courtyard garden

USE/PLANNING: – The property has operated as a childcare facility for many years but now falls within Class E of the latest Town & Country Planning (Use Classes) Order. This would make the property suitable for a variety of uses in the event of vacant possession in the future. The property may have some development potential subject to necessary consents.

TENURE: – The property is offered freehold subject to the existing commercial tenancy. The property is let for a term of 10 years from 1 July 2018 at a passing rent of £20,000 per annum exclusive. Rent reviews are 3 yearly and upward only and no review has been undertaken since commencement of the term. The property is considered to be under-rented and reversionary.

PRICE: – Offers in excess of £475,000 is sought for our client’s freehold interest in the above property subject to the occupational lease.

BUSINESS RATES: – The property has a ratable value of £33,500. Interested parties should contact the local authority to confirm the rates PAYABLE. www.tax.service.gov.uk/business-rates-find/search

EPC RATING:- The property has an EPC rating of 167 within band G.

VAT: – We are advised by the vendors that VAT is not chargeable in this case.