222-224 Bellegrove Rd 3,536 sq ft 100% Let Industrial Property Bexley DA16 3QU £325,000 (£91.91/sq ft) 10.60% Net Initial Yield

Opportunity to acquire a freehold investment site comprising 21 garages across two blocks, and a sub-station let to UK Power Networks, extending to approx. 0.331 acres, which has recently undergone refurbishment including new tarmac etc. 7 of the garages have been sold off on long leaseholds:
? 2 with 41 years remaining – potential for lease extension value (£7.5k-£10k each).
? 1 with 72 years remaining – potential extension value (£2.5k-£5k).
? 14 garages retained freehold and let on rolling licenses with 3-month notice periods.
The current gross income is £34,458.40 per annum (£34,200pa from the garages, £200pa from the sub-station and £58.40 from ground rents).