An unbroken freehold containing 12 flats and 1 house all privately let on Assured Shorthold Tenancies (AST's) producing £201,000 per annum. Previously an office building, the property was converted through permitted development in 2022. The units are all in very good condition.
The site occupies a prominent position on the corner of Catford Hill & Rathfern Road, the main building (12 flats) runs along the border, with a vehicular entrance from Rathfern Road. The house is separate from the main building on the left-hand side of the entrance. There would appear to be potential for a planning uplift through extension/conversion with part of the main building being single storey (stpp). Additionally, there may be potential for development to the rear (stpp).
The majority of units are underlet and the estimated market value is in the region of £225,000-£230,000 per annum. In addition to being underlet, there is obvious break-up potential with the total value of the 13 units in the region of £3,550,000- £3,700,000.
A good opportunity for investors to acquire a freehold residential investment with income from day one which could be improved through asset management and various planning angles to extract further value from the site (stpp).