Former Lolo's Patisserie Shopfront

This might interest you.

@BlytheHillShop is looking at this. Couldn’t agree more :slight_smile:

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There is a new letting sign on the building:

We can only hope the rent is reasonable and we get something good!

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Couldn’t agree more. But I believe the issue is the owner won’t allow for a change of use to allow it to be a coffee shop that serves warm food. Booooo.

£1250 pcm, or £15k per annum ex rates & services apparently. I’ve no idea how that compares to other premises in the area, but it’s a lot of coffee each month!

Looks to still be up for rent, this time with a different agent, Eaton Green, though I can’t find the listing on their site yet:

Here’s the link: http://www.eatongreen.com/lettings-property/perry-vale-forest-hill-se23-8252.htm - I’d been looking for it online anyway and then stumbled across this thread…

Quoting terms are £13k pa for a FRI (full repairing & insuring) lease. I make it c.336 sq ft judging by the rates list
(https://www.tax.service.gov.uk/business-rates-find/summary/18834392000?uarn=1493842000)

How does that compare with other stuff around SE23? Well, a few comparables on the market: (caveat, rough and ready and I’m not analysing Zone A rates or use class adjustments):

  • This is a bigger unit (939 sq ft including basement storage) in an arguably better pitch on Dartmouth Rd quoting £17.5k pa.
  • This is a slightly smaller unit at c.300 sq ft but possibly a better configuration and directly fronting the road, again in a better pitch opposite the back entrance of Forest Hill station. Quoting c.£8k pa.

Interestingly the Valuation Office, who I think last assessed the rateable values in 2017, put a rateable value -(read their opinion of the rental value from which they calculate your rates / tax) at £7,300 per annum (see link above) and I doubt very much that rents have gone up from 2017.

IMVHO then, the old LoLo’s does look a bit on the expensive side and I hope that anyone looking at this properly would take good advice and consider a decent rent free incentive, carve outs from the FRI lease (technically you can’t really take a proper FRI lease over part of a building), a good “schedule of condition” to limit your repairing liability and on a flexible lease with a suitable break clause/s.

The sceptic in me does wonder, given (i) how long the unit has been vacant for, (ii) the fact that the LL will be paying c.£3.5k pa in empty unit rates to the council (iii) how difficult it is to find this listing on line etc, (iv) the seemingly high quoting rent, whether the landlord is intentionally obstructing the marketing in order to try to demonstrate (incorrectly in my opinion) a lack of letting interest in order to support a renewed planning application for change of use to resi.

I walk past this shop pretty regularly on the way to the station and I also think this is a good location for another small bakery / somewhere to get a decent coffee (sorry Big Breakfast, I love your fry ups though) at a sustainable rent. I wouldn’t want to see this turned into resi or continue to be boarded up.

The retail market is not dead - rents are just too high and need re-basing!!

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Sorry, the first Rightmove link should have been:

it’s the subject of a planning application by which the Big Breakfast cafe will expand by taking over the Lolo site and Ibo barber site, with Ibo moving to the current BB site. Sorted.

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Hurrah, I’ll get off my soap box.

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Anyone heard of this little area around the round about being called “Perry Village”? I’ve heard it mentioned a couple of times recently…

I thought it was known as ‘betwixt the roundabouts’

The Big Breafast cafe denied this when asked :thinking:

:thinking: 193 Perry Vale: Big Breakfast is getting Bigger

No, it’s never been called ‘Perry village’. ‘The parade of shops near the Old Fire Station’ or ‘the junction of Perry Vale and Woolstone Road’ is how it’s usually described.

20 + years ago it was known informally as The Village. I still refer to it as that - no-one knows what I’m talking about :stuck_out_tongue_winking_eye:

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I like ‘the village’… might have to start calling it that again!

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Yes I’m in for that. Maybe we need to coopt Foxtons to make it stick…

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Haha true! :joy:

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