Summary - Front Shop,389 New Cross Road,LONDON,SE14 6LA SE14 6LA
4 bed 1 bath House
Large freehold block with shops and flats plus development potential near station.
Freehold mixed‑use block with three commercial units and two flats
Two substantial split‑level two‑bed flats, both currently let
Gross rental income from lets: £23,400 and £24,000 pa respectively
Retail income: one unit producing £36,000 pa; two shops currently vacant
Potential rear development (STPP) via Grehan Mews to increase value
Small rear plot and no private garden or amenity space for flats
High crime and very deprived local area—consider tenant risk
Requires investment/refurbishment to maximise vacant retail income
This freehold pair of Victorian buildings on New Cross Road (SE14) offers a mixed‑use income stream and clear development upside for an investor. The portfolio comprises three retail/commercial units at ground/basement level and two sizable split‑level two‑bed flats above; two units produce immediate rental income while two retail units are currently vacant and available for re‑letting or refurbishment.
The flats are large for inner‑London two‑beds, each arranged over first and second floors with separate access from the street. One flat is let at £1,950 pcm and the other at £2,000 pcm, providing immediate cashflow. The larger commercial unit is producing £3,000 pcm from an established takeaway operator. Vacant retail space will require refurbishment to achieve full rental value.
Site characteristics: the plot is a small, typical terraced urban footprint with limited rear amenity but excellent frontage and very close access to New Cross station (c.110m) and local high‑street amenities. There is considered potential to add development to the rear of 391 New Cross Road (access via Grehan Mews) subject to planning consent, which could enhance long‑term value.
Material considerations: the location is an inner‑city, high‑footfall area but records very high crime and very high area deprivation locally, which may affect tenant mix and rental growth. The commercial units are deep‑plan retail typical of the parade and will need investment if re‑tenanted for non‑food uses. Purchasers should allow for refurbishment and planning costs when assessing return on capital.
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