17 Mar 2023
SMC Brownill Vickers have sold a freehold betting shop investment in Lewisham, South London on behalf of a private long established client.
Francois Neyerlin at SMC Brownill Vickers dealt with this investment sale at 137 High Street, Lewisham. The property comprised a betting shop investment over ground, 1st and 2nd floors. The property is located in Lewisham centre, close to Lewisham Shopping Centre, DLR and train station, and within a very high density area undergoing major regeneration.
The property was let on a 6 year lease from 2020, of the whole property to Jenningsbet, currently producing an income of £42,000 pa. The property generated a high level of interest from regional investors. The price achieved at £725,000 reflects a gross yield of 5.79%, plus anticipated growth in the rental level at the next lease event. The property also offers potential added value by converting the upper floors to residential use and / or an extension to increase the sq ft of the building.
SMC Brownill Vickers are delighted to have concluded this commercial property investment sale, despite the challenging investment market following the increased interest rates since the end of 2022.
Do you have a commercial property you are thinking of marketing for sale or to let in South London? Francois Neyerlin at SMC Brownill Vickers can help. Call 0114 281 2183!
