97-99 High Street, Bromley BR1
A rare opportunity to acquire neighbouring freehold commercial buildings on the busy Bromley High Street. The adjoining properties are both laid out over 4 storeys plus basement. Combined they measure circa 10,105 sqft.
99 High Street benefits from retail (A1) use class and totals circa 5,026 sqft. The entire building is vacant. The previous tenants ran a curtain business and had 2 other stores. They were paying a rent of approximately £70,000 per annum for the entire building.
97 High Street also benefits from retail (A1) use class and totals circa 5,079 sqft. The property is let to Jessops for a 1 year term, with their lease expiring in January 2021. Jessops have been occupying the property for many years, however have recently gone into administration. The Landlord therefore agreed to lease the ground and basement floors to them for £35,000 per annum on a short-term basis. Their previous lease was over the entire building for £70,000 per annum.
In summary, the basement and ground floors of both properties have retail use. The upper parts both have ancillary use. There is potential to convert the upper parts into residential, stpp. This would require the creation of a separate access to the uppers from the front of the property. If both properties were developed together, then one access point could be shared for both buildings. This would create more usable space in the uppers, and one larger retail unit over the ground and basement floors.
A purchase at the guide price reflects a capital value of £198 per sqft.