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Spencer Road, South Croydon CR2

UNBROKEN RESIDENTIAL INVESTMENT OPPORTUNITY WITH VALUE ADD POTENTIAL
For sale
  • An opportunity to purchase two neighbouring Victorian buildings on an attractive residential street in the heart of South Croydon.
  • Located 0.4 miles from South Croydon Station offering direct access into London Victoria within 20 minutes.
  • The two properties comprise a total of 10 x 1 bedroom apartments of which nine are let on ASTs and one is vacant.
  • In addition, there is a large gated car park to the rear of the buildings which may be suitable for redevelopment (subject to the necessary consents).
  • We also believe there is the potential (subject to the necessary consents) to carry out side and rear extensions to ground floor in line with neighbouring precedent.
  • There are currently four apartments on the ground floor of which only two have gardens, we believe there is the potential to sub-divide the gardens to create four garden flats.
  • The current rent roll totals £105,000 per annum, the vacant flat has an estimated rental value of £950 pcm, once let the total income of the building will increase to £116,400 per annum.
  • The apartments comprise an Net Internal Area of 5,216 sq ft, each flat benefits from its own parking space.
  • It is our opinion that the break up value is in the region of £2,700,000.
  • Offers In Excess Of £2,175,000 (Two Million, One Hundred and Seventy Five Thousand Pounds), reflecting a low capital value of £416 psf and 5.35% Gross Yield based off the fully let rental value.
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