Westmead Road, Sutton, SM1

For Sale – Freehold Investment to include 6 Garages:

Allen Heritage are delighted to offer this attractive South London freehold ground rent and garage investment.

The opportunity comprises the freehold reversions of 8 long-leasehold flats together with 6 garages let on monthly licences.

The flats are all held on long leases with between 132–148 years unexpired. Current ground rent income stands at £835 per annum from 8 flats, with these leases containing doubling provisions every 25 years, rising to between £2,400 and £8,000 each by the latter part of their terms. Ground rent is not payable on one of the flats (Peppercorn lease).

The garages provide a strong and consistent income stream of £8,760 per annum, with rents that have not been increased for over two years. With current passing rents at £120–125 per month, we believe an increase to £135–140 per month is readily achievable, which would lift garage income to around £9,720–£10,080 per annum..

In total, the investment produces £9,595 per annum, reflecting a gross yield of 6.4%. Allowing for the reversionary garage uplift, income would rise to £10,555–£10,915 per annum, equating to an improved yield range of 7.0–7.3%.

This is a rare opportunity to acquire a secure, income-producing freehold with both immediate and long-term growth prospects, underpinned by highly sought-after South London location.