The Property
Comprising commercial accommodation over the ground floor and cellar, and self-contained residential accommodation across the first and second floors, together with rear land and outbuildings.
Occupying a prominent corner position off Penge High Street, the property is situated in the heart of Penge, within a 10-minute walk of both Anerley and Penge East Train Stations (Zone 4).
Extending to approximately 5,600 sqft GIA, the property offered significant redevelopment potential, including rear and upward extensions to the main building and the construction of a separate property to the rear (STPP).
The property had no relevant planning history and is neither listed, within a conservation area, nor designated as an Asset of Community Value (ACV).
The Transaction
Elem Real Estate was instructed as sole selling agent by the vendor who had owned the property for over 50 years. Acting on behalf of our client, a second-generation publican now retiring, we were tasked with maximising the value of the asset.
Following a comprehensive marketing campaign that generated strong interest and multiple offers, terms were agreed with a local cash purchaser, with unconditional contracts now completed. The purchaser intends to redevelop the property and retain it as a long-term investment.
Location