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Original Factory Shop & 2 Flats, Welling, Greater London

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Basic Facts

Status: Type: Tenure: Freehold Gross Rent: £ 92,244
Lease Term: 20 years from Jun '11 VAT applicable: Yes

Property Description

  • Freehold, blue-chip retail & residential investment in London.
  • The property provides a retail shop with sales area over ground floor with storage, staff and ancillary accommodation at first floor level.
  • Two, brand new one-bedroom apartments are situated at first-floor level; they also benefit from a separate entrance on Bellegrove Road – access for loading is fro the rear.
  • The site extends 10,184 sq ft.

Location Description

  • Welling is located in the London Borough of Bexley approximately 10.5 miles southeast of central London.
  • The town centre boasts a variety of shopping facilities. The High Street features a good mix with a variety of both national and independent retailers, also featuring a variety of restaurants and pubs.
  • Welling has an over-ground train station situated less than 450m away from the subject property and is served by the Bexleyheath Line.
  • Welling is also well served by bus routes including to the O2 Arena in Greenwich and to Bluewater shopping centre.
  • The property is excellently situated in a prime position adjacent to Iceland Food Store and Holland & Barrett, and opposite to McDonalds and Lloyds Banks.
  • Nearby occupiers include JD Weatherspoons pub, William Hill, KFC, Santander, HSBC and Boots.
  • Welling Station is situated less than 450m from the subject property.

Additional Notes

  • The property is let as a whole to The Factory Store Ltd.  :
    • The Factory Store Ltd – Ground Floor, sales, part first floor, staff, storage & ancillary – 5600 sq ft. – 20 year lease from 13 June 2011 at a rent of £71,844.
    • Next Step Care Management Ltd – Part First Floor 1 Bedroom Flat – approximately 350 sq ft. – holding over at a rent of £10,200 p.a.
    • Individual – Part First Floor 1 bedroom Flat  – approximately 350 sq ft. – holding over at a rent of £10,200 p.a.
  • The tenant has sublet the residential area back to the landlord on 20 year lease from 13th June 2011 at a peppercorn rent. The landlord has then sublet the residential space on ASTs as above

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