Freehold Investment - Ground Floor Retail Unit and 2 Flat (sold on long leases) with an income of £18,250 pa
The property is situated on Anyards Road, a very short distance from the centre of Cobham, an attractive and affluent village in Surrey, some 17 miles south-west of London and 10 miles northeast of Guildford.
The property comprises a two storey building with a ground floor lock-up shop and two self-contained flats (sold on long leases). The building was substantially refurbished a few years ago and is of traditional construction. There are car parking spaces to the rear.
Freehold investment subject to the tenancies below
Shop (No. 21) – Let to AJ Sharma trading as J’s Gentleman’s Barber for a term of 20 years on effective FRI terms from the 3rd November 2014 at a rent of £18,000 pa subject to reviews every five years based on the RPI Index.
First Floor Flat (21a) – Sold on a long lease for a term of 125 years from the 15th September 2017 at an initial ground rent of £125.00 pa doubling every 25 years.
Ground Floor Flat (21b) – Sold on a long lease for a term of 125 years from the 15th September 2017 at an initial ground rent of £125.00 pa doubling every 25 years.
BASIS OF OFFERS
Offers are invited in excess of £255,000 for the freehold interest. Any offer will be subject to serving a Section 5 Notice of the Landlord and Tenant Act on the residential lessees giving them the right of first refusal. At this level, this would show a net initial yield of 7% after costs of 2.68%.
VAT is applicable on the retail element
Retail Unit – B - 41
Flats A & B – C - 79
Each party to be responsible for their own legal & professional fees
By appointment only through joint sole agents, Davis Brown & Andrews and Robertson
Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)
SUBJECT TO CONTRACT