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80 High Street & 5 Manor Mansions, Bromley, Kent BR1

Ref: 22140 Price: £1,050,000

Property Description

The property is located in the pedestrianised section of Bromley High Street and provides accommodation over ground, first and second floors. The ground floor comprises a retail (A1) unit of c. 940 sqft, which is let to St Christopher's Hospice for £63,000 per annum. This lease has 10 years unexpired (ending in December 2028) with no break options, and a rent review in October 2022.

St Christopher's Hospice has been trading from the property for in excess of 6 years (since October 2012) and currently occupies 24 high street locations including Croydon, Streatham, Dulwich, Sydenham, Orpington and Catford. According to their 2018 annual review, the charity has over 1,950 staff and volunteers, and over 1 million people visited their stores last year (http://www.stchristophers.org.uk/).

The first and second floors comprise a 3 bedroom maisonette of c. 1,100 sqft (5 Manor Mansions). This is accessed via an external staircase from Churchill Way and is in good decorative order. The split-level apartment is let on an AST at £1,100 pcm (£13,200 per annum) which expired in September 2018; as such the tenant is currently holding over. It is thought the open market rental value of this apartment in its current condition is in the region of £1,600 pcm (£19,200 per annum) which equates to a reversionary yield of 7.8% at the guide price.



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