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86-92 High Street, Lewisham, London, SE13 5JH

Unbroken Freehold Retail & Residential Investment In Prime Town Centre Location In South East London
7,700,000
16,866 sq ft
investment
Mark Bolton
07803 850 231
Tom Schwier
07583 037 559
Joe Tallis-Chisnall
07970 280 653

Property Description

The opportunity comprises an unbroken terrace of buildings located at the northern end of Lewisham High Street immediately adjacent to the North Square pedestrian entrance into The Lewisham Centre. Local occupiers in this section of the High Street include Boots the Chemist, Marks & Spencer, Greggs, Pure Gym, NatWest, Subway & Lloyds Bank - with the Lewisham Centre itself accommodating a far wider range of multiple high street stores.

The property comprises four retail units at ground floor level arranged over ground / ground & basement levels let to Paddy Power, CeX, VPZ and Family Leisure.

The upper floors were comprehensively re-modelled and refurbished eight years ago to create 14 self contained flats (configured as 5 x studio, 2 x 1-Bed, 6 x 2-Bed & 1 x 3-Bed flats) accessed via a communal entrance from the front of the property. All units benefit from recently fitted kitchens with built in appliances, bath/shower rooms and wood flooring.

The location benefits from excellent public transport links with Lewisham station close by providing easy access into London Bridge, Charing Cross, Waterloo East, Cannon Street and Victoria stations - and the DLR station providing further services into Canary Wharf, Bank & Tower Gateway as well as the tube network beyond. Lewisham will also be a key interchange on the future Bakerloo line extension which will further improve journey times into the west end of London.

Property Features

  • Unbroken parade occupying a prime retail pitch adjacent to The Lewisham Shopping Centre
  • Lewisham Overground and DLR station is a short walk to the north with excellent connections into Central London and Docklands
  • Configured as four retail units and 14 self contained flats (5 x studios, 2 x 1BF, 6 x 2BF & 1 x 3BF)
  • Residential element all let subject to AST's at a current rent of £211,820.04 per annum
  • Total rents reserved of £521,320.04 per annum
  • A purchase at this level represents a net initial yield of 7.0% on the retail element assuming purchaser's costs of 6.85%;
  • Retail element let to Paddy Power, CeX, VPZ & Family Leisure with a WAULT to lease expiry of 6.5 years (and WAULT to expiry/next break of 4.1 years) at a current rent of £309,500 per annum