The subject property comprises the ground floor of the former Norbury Police Station. There are 2 units which measure circa 2,200 sqft in total benefiting from D1 and D2 use.
The property is let to Lucky Beans Childcare Limited (company number 11020177) on a 15 year Fully Repairing and Insuring lease, from 16th June 2019, at an initial rent of £55,000 per annum. There are mutual break options, and open market upward only rent reviews at the 5th and 10th year anniversaries. This lease is within the 1954 Landlord & Tenant Act, giving the tenant rights to apply for a new lease at open market rent at the end of the term.
Lucky Beans Childcare (www.luckybeanschildcare.com) currently operate 4 nurseries in in Balham, Tooting, Streatham and Norbury. The business has a 100% occupancy rate across all of their nurseries. The lease has been personally guaranteed by the tenant.
The tenant took the unit in shell and core condition with capped Services ready for fit out. They have recently finished their fit-out works costing them in the region of £120,000. For this work they were granted 12 months rent free. The current Landlord has agreed to cover this void period therefore the buyer will receive full rent from completion of the purchase.
The property is not subject to VAT, which is important for all nursery businesses given they are unable to claim this back.