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188 Tooley Street, London, SE1 2TZ

  • Development / Investment / Residential / Restaurant / Cafe / Retail
  • 1,626 sq ft
  • For Sale
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Property Type Development / Investment / Residential / Restaurant / Cafe / Retail
Tenure For Sale
Size 1,626 sq ft
Price £1,600,000 We are inviting offers in the region of
Energy Performance Rating This property has been graded as E (110)

Mixed-Use Character Building - Retail Shop With Basement And Residential Upper Parts (Planning Secured To Extend And Develop)

Key Features

  • Suitable for Owner Occupiers, Investors & Developers
  • Prominently located 4-storey character building
  • Located within walking distance of London Bridge Train Station
  • Ability to add value by submitting a new planning application to create apartments above

Location

The property is prominently positioned on the well-known Tooley Street which is located within walking distance of London Bridge Train Station. Potters Fields Park is situated directly opposite, leading to The Queens Walk which is a busy public walkway running parallel with the southern side of the river Thames. The South Bank is a dynamic area at the heart of London’s cultural scene. Tower Bridge Road, accessed off Tooley Street, leads directly to the famous landmark of Tower Bridge. The iconic Shard Building and the London Dungeons are also located close by along with many other London Landmarks.

In recent times, the London Bridge area has benefited from inward investment including the regeneration of the local amenities and large scale residential development projects, all adding value to both the area and properties.

Description

This mixed-use property comprises a prominent four storey character building constructed in the late-nineteenth century with A1 retail to the ground & basement floors with a three bedroom split level apartment located within the two upper floors. Access to the property is available from the front, directly off Tooley Street or from the rear via Druid Street.

Available area

All measurements are approximate and measured on a gross internal area basis.

Description Sq ft Sq m
Ground Floor Retail 395 36.70
Ground Floor Welfare 123 11.43
Basement Storage 354 32.89
First Floor Residential 366 34
Second Floor Residential 388 36.05
Total 1,626 151.07

Investment Considerations

•Suitable for Owner Occupiers, Investors & Developers
•Rare freehold opportunity in the City of London
•Same family ownership for over 28 years
•Prominently located 4-storey character building
•Mixed use commercial and residential configuration
•Located within walking distance of London Bridge Train Station
•Approved planning permission to extend building
•Ability to add value by submitting a new planning application to
•create apartments above
•Sold with full vacant possession and rolling telecoms income
•In our opinion there is potential to add value by submitting a new planning application to allow for the development of three self contained one bedroom apartments above the property, which would have a greater impact on achievable investment yields.

Tenure

Freehold - The property has been held as a complete unencumbered freehold by the current owner since 1994, under Land Registry title number: TGL94314

Price

We are inviting offers in the region of £1,800,000 subject to contract for the freehold interest of the property.

Purchasers Profile

All offers will have to be supported with proof of funds or funding confirmation.

Tenancy

The property is to be sold with full vacant possession subject to two rolling telecoms contract which generate approximately £6000 per annum plus £800 per annum as a electricity usage contribution.

Planning

The property will be sold with the benefit of an approved planning permission(under ref: 18/AP/0442) which permits the construction of a part ground, first and second floor rear extension. This approval will increase the residential accommodation by approximately 549 sq ft (51m sq m). The Vendor has advised that the planning permission has been activated to avoid it from lapsing.

VAT

We have been advised that the property has not been elected for VAT.

AML

The purchaser will be required to provide information as requested in order to satisfy Anti-Money Laundering Policy.

Data Room

Access available upon request.