The Property
A freehold residential investment, arranged as 12 self-contained flats and 1 terraced house, fully let on separate Assured Shorthold Tenancies (ASTs).
The property comprises a former Metropolitan Police Station, and is located on Catford Hill, less than a 10 minute walk (0.4 miles) from Catford Train Station.
The vendor had acquired the property from the Metropolitan Police on an unconditional basis in March 2022. They subsequently converted the property into 13 self-contained residential units via Permitted Development in 2023. The unit mix was 1x studio, 9x one beds, 1x two bed and 2x three beds.
Post-conversion the vendor let all units on separate ASTs, and then decided they wanted to sell the block as an income-producing unbroken freehold residential investment.
At the point of sale, the total passing rent was £216,600 per annum. The property had an ERV (Estimated Rental Value) of £238,800 per annum, and a NSA (Net Saleable Area) of circa 7,825 sqft. The break-up value was in the region of £4,000,000.
Location
