Mitcham Lane, Streatham

Freehold income producing site for sale with future potential.

LOCATION – The property is situated in a backlands position accessed directly off Mitcham Lane between its junctions with Eardley Road and Westcott Road in southern Streatham. Mitcham Lane is a reasonably busy link road and bus route, and the site is positioned within reasonable striking distance of the centre of Streatham which provides a range of local facilities including stations. The site is positioned in the London Borough of Wandsworth with its main access being from Mitcham Lane and with egress being available onto Eardley Road from the rear of the site.

DESCRIPTION – The property comprises an irregular shaped site upon which lock-up garages were originally constructed, some of which have been adapted to interconnect to create larger spaces. The site is currently tenanted and income-producing but is considered to have future potential for the capacity to increase income.

ACCOMMODATION – Total site area – 11,058m2 (12,565ft2 approx.) upon which are constructed 36 no. lock-up garages. WC facilities are available on site.

USE/PLANNING – The property was originally constructed as a series of lock-up garages and has subsequently been occupied as a mixture of storage, office, and workshop space. The property is considered to have future development potential subject to all necessary consents. London borough of Wandsworth.

TENURE – We understand the property is freehold and is subject to occupational tenancies. We understand the current rent receivable totals £18,768 per annum. We understand further that the landlord bears the cost of insurance and waste water and sewerage, totalling approximately £4,000 per annum.

PRICE Offers in excess of £600,000 (Six hundred thousand pounds) are sought for our client’s freehold interest subject to the existing tenancies.

BUSINESS RATES – Enquiries of the Valuation Office Agency revealed no rateable value for the subject property.

EPC RATING – The property comprises a series of lock-up garages and does not have EPC ratings.

VAT – We understand the property is exempt from VAT and VAT is not chargeable on rents and is not to be charged on the purchase price.