163-165 Tooting High Street,
London SW17 0SY
Offers in excess of £975,000 subject to planning permission
Mixed-use development opportunity subject to planning permission
Existing three-storey mixed use building
4 existing leasehold apartments with ground rents
Proposed retention of ground floor commercial space (952.6ft2)
Proposed conversion and extension to construct 3 new apartments (1,800ft2)
0.2 miles from Tooting Broadway Station
Freehold
Offers in excess of £975,000 subject to planning permission
Description
The existing mixed-use building occupies a prominent position on Tooting High Street and currently comprises a commercial unit over ground and first floors, with 4 existing leasehold apartments on the first and second floors. A planning application has been submitted for the conversion and extension to the rear of the site to create a further 3 residential apartments measuring 1,800ft2, with a shared landscaped courtyard. The proposal also seeks to retain a ground floor commercial unit of 952.6ft2 with a permitted change of use to A1 & A2 retail use class.
Location
Tooting is located in the affluent London Borough of Wandsworth, between Balham and Colliers Wood. The surrounding area offers a wide variety of shops, bars, restaurants and leisure facilities. The St. Georges Hospital and University of London provide a large number of jobs and education opportunities within the immediate vicinity.
The large open space of Tooting Bec Common is approximately 2 miles from the property and covers over 200 acres. Its facilities include an athletics track, lake, sports pitches and a children’s playground.
Tooting has a number of sought after schools such as Penwortham Primary, Hillbrook Primary and Al-Risalah Secondary School, all rated outstanding by Ofsted.
Transport
The site is well located in terms of sustainable travel methods. The property is just a 4-minute walk to Tooting Broadway Station (Northern Line) and a 12-minute walk to Tooting National Rail Station providing links to all other principle stations in London, Including Wimbledon, Elephant & Castle, Blackfriars and Kings Cross.
Planning Permission
Planning permission has been granted under reference 2016/5085 for alterations including part-demolition of ground floor rear and erection of extensions to first floor in connection with conversion of rear of property into 2 x two bedroom dwellings, accessed from the rear with further alterations to ground floor shop.
An enhanced application has now been submitted under reference 2017/1011 for alterations and part-demolition of ground floor rear and erection of an extension to the first floor in connection with conversion of rear property into 2 x 1-bedroom and 1 x 2-bedroom dwellings separately accessed from rear with further alterations to the ground floor commercial unit.
Please call the London Borough Wandsworth Council on 020 8871 6000 for enquiries.
Existing lease schedule
161 Tooting High Street – 1st floor – Term of 125 year commencing 25/12/69 with ground rent of £30pa – 77 years remaining (potential for lease extension).
161 Tooting High Street – 2nd floor flat – Term of 115 years from 25/12/69 at a peppercorn ground rent – 67 years remaining (potential for lease extension).
167 Tooting High Street – 1st floor flat – Term of 215 years from 25/12/69 at a peppercorn ground rent – 167 years remaining.
167 Tooting High Street – 2nd floor flat – Term of 215 years from 25/12/69 at a peppercorn ground rent – 167 years remaining.
VAT
We understand that VAT is not applicable.
Viewings
Please contact sole agents Highfield Investments to arrange access.
Tenure
Freehold.
Financial contributions
The site is not subject to a CIL payment.
Further Information
Available upon request is the following information:- consented & submitted plans, existing plans, further photographs and all other associated reports connected with the planning applications.
Terms
We are inviting offers in excess of £975,000 subject to planning permission.
Schedule
Please note the information provided by Highfield Investments London Limited, trading as Highfield Investments has been given in good faith, however all parties must undertake their own due diligence to satisfy themselves in regards to accuracy.