London Estate Agents & Residential Opportunity

2 Ewell Road | Cheam | London | SM3 8BU


subject to contract

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  • Affluent London Borough

  • Located in the heart of Cheam village

  • Retail income secured against “Goodfellows” Estate Agents (Net Assets £15 million)

  • Parent company is LSL, listed on the London Stock Exchange (Net Assets £218m)

  • Tenant has been in occupation since 2012

  • Vacant 2-bed flat on upper parts, presenting an opportunity to refurbish, re-let and improve the income

  • Freehold

  • Offers in excess of £450,000, subject to contract

  • Net Yield of 8.65% on the commercial element

  • Value of £280,000 on the residential element



Cheam is an affluent village in the London Borough of Sutton, located approximately 21 km (13 miles) south-east of Central London, 11 km (7 miles) west of Croydon, 5.6 km (3.5 miles) north-east of Epsom and 1.6 km (1 mile) west of Sutton. 

Cheam has excellent transport links and is well connected to surrounding towns, and further afield.  There are regular train services to London Victoria and London Bridge with a fastest journey time of 36 minutes, making it an ideal location for professionals and commuters.

 Cheam is served by the A217 which in turn links to Junction 8 of the M25 Motorway approximately 13 km (8 miles) to the south. The A3 is 6.4 km (4 miles) away and connects Cheam with the south-west corridor and London.  Heathrow Airport is situated approximately 29 km (18 miles) to the north-west and Gatwick Airport 32 km (20 miles) to the south. 


The property is situated in the heart of Cheam and occupies a prominent position fronting Ewell Road, at its junction with Station Way and The Broadway.

Cheam is home to an eclectic mix of national and local independent retailers with nearby occupiers including Little Waitrose, Boots, WHSmith, Pizza Express (adjacent), Caffe Nero (adjacent), Costa and Sainsbury’s Local.  Cheam railway station is less than 0.8 km (0.5 miles) to the south.



The property comprises a retail unit at ground floor and a separate, self-contained two-bedroom residential apartment on the first floor.  The property benefits from a dual aspect, fronting Ewell Road with a return frontage onto Station Road.

The flat is accessed from the ground floor at the front of the property via Ewell Road and is arranged to provide two bedrooms, kitchen, lounge and bathroom.  

To the rear of the ground floor is a courtyard accessible through the retail unit.

The ground floor tenant has been served a Terminal Schedule of Dilapidations totalling £28,163.51.  A copy of the Schedule is available to download in the Data Room.


The property has been measured by BKR Floor Plans and provides the following net internal floor areas for the commercial element and gross internal areas for the residential element:

Net Frontage 5.31 m 17'5"
Gross Frontage 5.64 m 18'6"
ITZA   443
Total Ground Floor NIA 47.75 sq m 514 sq ft
First Floor Residential GIA 65.03 sq m 700 sq ft

The property has a total gross internal area of 1,233 sq ft / 114.55 sq m.

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £540 + VAT.





The ground floor retail unit is let to GFEA Limited (t/a Goodfellows), guaranteed by E.Surv Limited, on a full repairing and insuring lease for a term of 10 years from 29th June 2012, expiring 28th June 2022. The tenant is currently holding over and is paying a rent of £15,000 per annum.

Terms have been agreed for a new lease on a without prejudice and subject to contract basis to Reed Rains Limited, guaranteed by E.Surv Limited, for a term of 5 years, subject to a tenant break option at year 3, at a rent of £16,000 per annum. A draft lease has been prepared for approval by the parties. Further details can be made available upon request.

The residential element is currently vacant.

The estimated rental value for the residential element is proposed at £18,000 per annum (£1,500 per calendar month), providing an opportunity to increase the rental income.

Therefore, the current income is £15,000 per annum and the estimated rental value is £34,000 per annum. 


Residential Values

Our research suggests that similar two-bedroom flats within the immediate vicinity are currently worth in excess of £300,000.

At the time of marketing, a 2-bedroom flat is available in Ann Boleyn House, a contemporary collection of apartments at 9-13 Ewell Road, at a price reflecting £747 per sq ft / £8,038 per sq m.

At 9a The Broadway, some 200 feet from the subject property, a 2-bedroom flat sold in February 2021 for £280,000. 

We have applied a conservative value of £280,000 (£400 per sq ft / £4,305 per sq m) for the residential element of the property.


The tenant, GFEA Limited (Co. No. 07223255) has reported the following figures:

Year Ending 31st December 2020 31st December 2019
Revenue £4,999,000 £5,744,000
Pre-Tax Profits £290,000 £1,110,000
Net Assets £4,767,000 £4,547,000

Goodfellows is an estate agency business established over 30 years ago with 10 branches throughout London and the South East.  For further information visit

The guarantor, E.Surv Limited (Co. No. 02264161) has reported the following figures:

Year Ending 31st December 2020 31st December 2019
Revenue £77,125,000 £86,358,000
Pre-Tax Profits £13,019,000 £16,561,000
Net Assets £15,073,000 £17,094,000

The principal activity of E.Surv Limited is the provision of property surveys and valuations.  The company was formed in 1989 when, as GA Valuations, it became a subsidiary of general insurance provider, General Accident.  In 1992, the valuation business was separated from the company’s estate agency division and in 1999, rebranded as e.surv Chartered Surveyors. General Accident (then known as CGU) merged with Norwich Union in 2000 and in 2004 e.surv and its sister company, Your Move, left Norwich Union, and LSL Property Services Plc was formed. 

The ultimate parent company of GFEA Limited and E.Surv Limited is LSL Property Services Plc.

In 2006 LSL was listed on the UK Stock Exchange in a £220m flotation and today, it remains one of the country’s leading providers of residential property services to mortgage intermediaries, specialist mortgage and insurance advice to estate agency and new build customers, and valuation services to the UK’s biggest mortgage lenders. The company also operates a network of owned and franchised estate agency branches.  For the year ending 31st December 2021 LSL Property Services Limited reported a Revenue of £326,832,000, Pre-Tax Profits of £69,889,000 and Net Assets of £218,119,000. For further information visit

The proposed new tenant, Reed Rains Limited (Co. No. 02568254), is also part of the LSL Property Services plc group of companies and has reported the following figures:

Year Ending 31st December 2021 31st December 2020
Revenue £27,502,000 £22,294,000
Pre-Tax Profits £1,162,000 £1,147,000
Net Assets £3,904,000 £3,943,000

Established in 1868, Reed Rains has over 100 estate agency branches across England, Wales and Northern Ireland. For further information visit



The property has been registered for VAT.  It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).


We are instructed to seek a figure in excess of £450,000 (Four Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 8.65% on the commercial element and a value of £280,000 / £400 per sq ft on the residential element.

Please note that a purchaser will be re-charged the costs of the measured survey (£540 + VAT) and searches (£827.01) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.


Investment Considerations

  1. Located in an affluent London borough;

  2. Ground floor unit secured against “Goodfellows” Estate Agents (Net Assets £15 million);

  3. Parent company is LSL, listed on the London Stock Exchange (Net Assets £218m);

  4. The tenant has been in occupation since 2012 and terms have been agreed for a new lease (on a without prejudice and subject to contract basis);

  5. Vacant 2-bed flat on upper parts, presenting an opportunity to refurbish, re-let and improve the income;

  6. Freehold;

  7. Attractive lot size to an investor;

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry +44 (0) 203 701 1356
Daniel Elia +44 (0) 203 701 1353

Vendors Solicitor

Whitehead Monckton  +44 (0) 162 269 8001
Ben Gallafant