The subject property comprises an end of terrace three-storey mixed-use building which includes a ground floor commercial unit and four flats in the uppers. The four flats are laid out as two x 2 bedroom & two x 3 bedroom units, whilst the ground floor is occupied by a restaurant operator. The property benefits from planning permission to extend and convert the building into a larger commercial unit, create 8 new residential units, and retain one of the existing flats. The retained flat is subject to a sitting tenant, therefore planning permission does not include this unit and there appears to be planning potential in the future once vacant possession can be achieved (stpp).
The three flats included within the planning permission are let on ASTs and therefore vacant possession can be achieved within a short period of time. The restaurant operator has been trading from the property for 5 years, entering into a new 10 year lease upon completion of the sale at a passing rent of £65,000pa with a break and rent review at the 5th anniversary.
A rare opportunity for developers & investors to acquire a prominent freehold building on Orpington High Street with planning permission for residential development in the uppers and a pre-let commercial unit.