- Croydon is one of London’s leading business, financial and cultural centres, with excellent connections.
- Metropolitan House occupies a prominent position on the High Street close to the Vue Cinema, in the prime restaurant/dining area, with several pubs close by and nearby occupiers including Five Guys, Nandos, Sainsburys Local, Milletts, Toni & Guy, Nat West and BUPA.
- Mixed use investment comprising a restaurant and a retail unit with four floors of offices over, providing 20,049 sq ft of accommodation
- Excellent occupational history, and fully let except for a small storage area, with seven occupational tenants on ten leases, producing a total £345,012 pa.
- Low base rents of £42.17 ZA and £31.95 ZA on the two retail units and an average £23.50 psf on the office suites. The WAULT to lease expiries is 7.72 years and 5.78 years to breaks.
- A fixed rental increase due in June 2026 on Suite 5 and RPI rental increase on Suite 7 in April 2026, as well as the prospect of letting the vacant storage suite.
- Prime office rents are being quoted at £39.50 psf, which together with the loss of office space to residential in Croydon indicate considerable rental growth potential.
- EPC ratings are all A or B, providing MEES compliance and excellent sustainable credentials.
- Whilst sought after as an office, the building has a significant underpin for residential conversion.
PROPOSAL
Offers sought in the region of £3,400,000 subject to contract and exclusive of VAT which will show a purchaser an attractive net initial yield of 9.53%, and a low capital cost of £169.58 per sq ft overall including the retail elements.
