Mixed-Use Unbroken Freehold

Prominently located on Rye Lane, Peckham, the property benefits from exceptionally strong pedestrian footfall and passing vehicular traffic. It is positioned adjacent to the junction with Choumert Road, home to the popular Choumert Street Market, and is within a three minute walk (0.2 miles) of Peckham Rye Train Station.

The commercial unit is arranged entirely over ground floor, extending circa 1,100 sqft GIA. The premises are let to a Caribbean takeaway on a full repairing and insuring lease, for a twenty year term commencing in 2013, therefore leaving approximately eight years unexpired. The current passing rent is £36,000 per annum, with an outstanding open market upward-only rent review.

The upper floors measure circa 1,500 sqft GIA combined and are self-contained with access from the front of the building. They are configured as three self-contained studio flats, all of which are vacant and require full refurbishment throughout.

We were appointed as sole selling agent by the vendor and, following a targeted marketing campaign, successfully agreed terms with a cash purchaser who already owned multiple properties on the same street. Contracts were exchanged within three weeks of the legal pack being issued, and completion has since taken place. The purchaser is now refurbishing the three studio flats for re-letting to private tenants, and progressing the outstanding commercial rent review too.