Retail property (high street) for sale
Property description & features
LOCATION
Brooklyn is about 1.5 miles from the town centre in a diverse commercial/residential area, close to Crowborough & Jarvis Brook railway station with services to Uckfield and London Bridge/Victoria via East Croydon & Clapham Junction. Tunbridge Wells is about 7 miles, East Grinstead about 13 miles and Uckfield about 9 miles. Morrisons, Waitrose and Lidl are all within 2 miles of the location.
DESCRIPTION
Brooklyn is a parade of four individual units with 3 flats above and to the rear together with rear yard/parking area. The residential flats are all accessed separately via their own dedicated access and parking to the rear. There is one third party car parking licence with an external user. The residential elements consists of 3 flats (1 x 3 bed, 2 x 2 bed). One of the 2 bed flats has been recently refurbished.
Brooklyn is of traditional brick construction with modern tiled pitched roof. The property benefits from its own dedicated side access as well as access off Victoria Road.
ASSET MANAGEMENT
Opportunity to increase the rent to ERV and to secure the tenancies on longer term leases. This could increase short term income from circa £59,000 to in excess of £64,000 per annum.
Possibility for re-development within the rear yard subject to planning.
BUSINESS RATEABLE VALUES: 1 April 2023 to present
Brooklyn
Unit 1 - £4,200 Unit 2 - £5,100
Unit 2a - £3,950 Unit 3 - £7,300
Small Business rate relief is applicable for these properties with rateable values below £15,000.
TENURE
The freeholds are held under the following title numbers:
ESX36636 and ESX35449.
COUNCIL TAX
The residential properties:-
1A Brooklyn, Crowborough Hill, Crowborough -
Band B
1B Brooklyn, Crowborough Hill, Crowborough -
Band B
1C Brooklyn, Crowborough Hill, Crowborough -
Band B
Business and Council tax rates payable are generated via Wealden District Council. .
The rents are not subject to VAT
All tenancies are held on short term annual licences
TERMS
Offers are invited in the region of £850,000 for both freehold titles, subject to the existing income, subject to contract and exclusive of VAT. The quoting price shows a gross initial yield of circa 7% with potential for an uplift to in excess of 7.5% post asset management initiatives.
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