Commercial Development in CR4

Worcester Close, Mitcham, London, CR4 1SQ

Brochure

Tenure: Freehold

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Starting bid£580,000

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Property features

Licensed HMO
Up to £60,000 P.A. Gross Income
1,500+ SQ FT
Large Rear Garden with Development Potential STPP
Potential 8.6% Gross Yield
Existing HMO License Valid until Agust 2028
Four Bathrooms
Off-Street Parking

Commercial Development in CR4

For sale via auction - fees, terms and conditions apply.

Offering a particularly flexible combination of substantial family accommodation and income-producing potential, this significantly extended and refurbished property represents an exciting home and income opportunity, as well as an established proposition for HMO investors.

The property currently benefits from a Mandatory HMO Licence issued by the London Borough of Merton, valid until 1st August 2028 and permitting occupation by up to six persons across six households.

Prospective purchasers should note that the existing HMO licence is not transferable to a new owner. Any purchaser intending to continue operating the property as an HMO will therefore be required to make a new licence application to the London Borough of Merton. Given the property's established HMO use and the current owner's extensive compliance records, the seller does not anticipate the application process being unduly onerous; however, purchasers should make their own enquiries with the Council and obtain appropriate professional advice.

Significantly extended and refurbished by the current owner, the property provides over 1,500 sq ft of highly versatile accommodation, comprising multiple bedrooms, four bath/shower rooms, a main kitchen, additional kitchenette facilities and communal living space.

The flexible layout is particularly well suited to buyers looking for a home with the potential to generate additional income. Multiple facilities and separate access to parts of the accommodation provide occupants with an excellent degree of independence, creating possibilities for multi-generational living, professional sharers or a home-and-income arrangement, subject to all necessary consents and regulatory requirements.

The ground floor provides substantial accommodation including the main kitchen, communal/reception space, shower facilities and additional rooms, while the upper floor offers further bedrooms, bathroom facilities and extended accommodation overlooking the rear garden.

Externally, the property benefits from off-street parking and a particularly substantial private rear garden, which may offer potential for further development, subject to obtaining all necessary planning permissions and consents (STPP). Additional outside space is also provided, together with useful boarded loft storage.

The seller holds an extensive collection of HMO and property compliance documentation, including the existing HMO licence and supporting safety documentation. This can be made available to serious purchasers and may assist a buyer when carrying out their due diligence and considering a future HMO licence application.

Worcester Close is a quiet residential cul-de-sac conveniently positioned for Mitcham Eastfields station, Mitcham town centre, local shops, parks and amenities, with transport connections towards Central London and surrounding areas.

For purchasers seeking a home and income opportunity, the property's size and configuration provide the flexibility to combine substantial residential accommodation with potential income from part of the property, subject to the appropriate regulatory requirements. It may therefore be particularly attractive to extended or multi-generational families, owner-occupiers seeking supplementary income, or purchasers looking for a flexible property capable of adapting to changing needs.

For investors, the established six-person HMO configuration, potential income of up to £60,000 per annum, approximately 8.6% potential gross yield, 1,500+ sq ft of accommodation, four bathrooms and substantial rear garden with potential for further development STPP combine to create an interesting buy-to-let proposition. Income and yield figures are illustrative only and should be independently verified by purchasers.

The current owner is keen to sell due to relocation overseas, and the property is offered with no onward chain, potentially allowing for a straightforward transaction.

Important: The existing HMO licence is held by the current owner and is not transferable. Any purchaser wishing to operate the property as an HMO will need to submit a new licence application to the London Borough of Merton. Any home-and-income use must also comply with applicable planning, licensing, mortgage, insurance and other regulatory requirements. All HMO operation, rental income/yield figures and development potential are subject to the relevant approvals, regulations and purchaser due diligence.

Please note we have not inspected this property.

Location

Worcester Close is a quiet residential cul-de-sac conveniently positioned for Mitcham Eastfields station, Mitcham town centre, local shops, parks and amenities, with transport connections towards Central London and surrounding areas.

Accommodation

The ground floor provides substantial accommodation including the main kitchen, communal/reception space, shower facilities and additional rooms, while the upper floor offers further bedrooms, bathroom facilities and extended accommodation overlooking the rear garden.

Tenure

Freehold, title number SY4941.

Council Tax

Band D.

EPC

Rating C.

Additional Information

For further information please contact our office direct on 0191 737 1154, or alternatively via e-mail on commercial@pattinson.co.uk. With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.

Open map Street view

This property is being sold subject to unconditional reservation fee auction terms and conditions.

Timescales

Contracts will exchange immediately. There are 28 days in which to complete the purchase.

Legal Pack

A legal pack is available to download. Special conditions may apply.

We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.

Deposit

In order to secure the purchase a buyer will pay a deposit of 5% which contributes towards the overall purchase price of the property.

The deposit is non-refundable.

Buyer Fees

This property is sold subject to a non-refundable reservation fee of 5% + VAT to a minimum of £6,000 + VAT (£7,200 inc VAT) This does not form part of the purchase price.

A reservation fee is payable by the buyer where a seller has opted to sell with no fees. As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable.

More Information

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

ONLINE AUCTION NOTICE

I hereby acknowledge and confirm the following:

My bid may be accepted by the seller at any time before the close of the auction. It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack.

If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online.

Any amount payable at the close of the auction must be paid within 1 hour.

Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second.

Each auction will automatically stay open until there has not been a bid within the final 10 minutes. If no bid has been submitted within the final 10 minutes of the auction, the auction will close and the highest bidder will be successful subject to the reserve price being met or upon acceptance of an offer by the seller throughout the auction cycle. If there is another bid within 10 minutes of the last bid, the auction countdown timer will be restarted for another 10 minutes to allow further bidding. This system avoids last-minute (or second) bidding and makes for a fairer auction as in a live-room auction situation.

Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity.

The auctioneer is not responsible for any tech issues, power outage or error messages which hampers or eliminates an individual's opportunity to bid.

It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. It is therefore beneficial to bid on your chosen lot at your earliest opportunity.

The auctioneer accepts no responsibility for bids that are not received or are received late and reserves the right to reject any bid without notice.

Minimum online bidding increments:
£50,000 - £250 minimum bid
£50,001 to £150,000 - £500 minimum bid
£150,001 to £250,000 - £1,000 minimum bid
£250,001 to £750,000 - £2,500 minimum bid
£750,001 to £1.5 Million - £5,000 minimum bid
£1.5 Million Plus - £10,000 minimum bid

Please note this bidding process applies specifically to online auctions.

More Information is available:

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

The legal pack is not yet available. The auction will not end until the legal pack has been made available here for at least 24 hours.

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