Cannon Hill Lane, Raynes Park SW20 9BZ
Offers in excess of £1,600,000
The existing property comprises three adjoining two-storey buildings consisting of a dental surgery at ground floor level extending to approximately 721 sq.ft. and 4 x residential apartments extending to approximately 1,625 sq.ft.
To the rear of the property is a hardstanding area and a single storey outbuilding previously used for storage.
The overall site area extends to approximately 0.12 acres.
The property is located on Cannon Hill Lane, within the London Borough of Merton.
The immediate area comprises predominantly residential uses with a number of local green areas and parks within walking distance of the property including Morden Park and Cannon Hill Common.
The nearest train stations are South Merton (0.5 miles) and Wimbledon Chase (0.6 miles) which provide national rail services into London Blackfriars in 36 minutes and London St Pancras International in 45 minutes.
Planning & Development Potential
Planning permission was granted on 3rd May 2021 (20/P2396) for the demolition of the existing buildings and construction of a new three storey mixed use building comprising 8 residential apartments (4 x 1 bed and 4 x 2 bed) totalling 5,350 sq.ft. and a new commercial unit (Class E) extending to 807 sq.ft.
All the units are for private sale with the planning permission subject to a S106 which stipulates for future viability reassessments in respect of a affordable housing contribution and a CIL liability of £112,174.28 is payable.
The property benefits from future development potential to add an extra floor and create a 9th unit penthouse subject to obtaining the necessary planning consent.
The commercial unit is currently let to Merton Park Dental on a 20 year lease from 15th August 2009 at a passing rent of £22,000 per annum. The existing flats are let on AST’s for a combined income of £54,300 per annum.
The property will be sold freehold, offers will be considered either with the existing tenancies remaining in situ or subject to vacant possession upon completion.
The property is not elected for VAT
Offers are invited in excess of £1,600,000 for the freehold interest.
Further information including planning documents and technical documents are available in the dataroom using access code ‘Cannon’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- Three adjoining two-storey buildings comprising a dental surgery and 4 x existing residential apartments totalling 2,346 sq.ft.
- Planning permission for 8 private residential apartments (4 x 1 bed and 4 x 2 bed) totalling 5,350ft2 and a new commercial unit extending to 807 sq.ft.
- Popular residential location 0.5 miles from South Merton train station
- Fully let producing £76,300 per annum
- Offers invited in excess of £1,600,000 for the freehold interest. Offers will be considered with the existing tenancies remaining in situ, or subject to vacant possession
To discuss this opportunity further, please contact Chris Incledon or Joe Cooper on 020 7183 2529