Freehold Investment with planning consent for 2 flats on the upper floors
Ground Floor let at £40,000 pa rising, Upper Floor vacant (further potential subjecct to planning)
The property is located in the affluent and popular commuter town of Walton-on-Thames, Surrey, approximately 17 miles south west of central London and 5 miles west of Kingston upon Thames. There are excellent communications with access to the A3 and M3 as well as direct train links into London Waterloo (26mintues). The subject property occupies a prominent trading position in the High Street, adjacent to HSBC. Nearby retailers include Boots, Thomas Cook, Subway and Specsavers.
The property currently comprises a ground floor shop with a first floor void separately accessed at the rear.
Freehold with vacant possession of the upper floor
The ground floor is let to Alpha Homes & Interiors Limited, trading as Mobalpa Kitchens for a term of 10 years from 22nd August 2016 at a stepped rent as follows:
Year 1 - £40,000 pa
Year 2 - £40,000 pa
Year 3 - £41,000 pa
Year 4 - £42,000 pa
Year 5 - £43,000 pa
This is an effective full repairing and insuring lease inside the provisions of the Landlord and Tenant Act 1954 with a tenant only option to break at the end of the 5th year subject to 6 months written notice. The service charge in respect of the exterior will be effective once the conversion works on the upper floor have been completed. The Landlord holds a 6 month rent deposit.
There is an upwards only rent review at the end of the 5th year to the higher of the Market Rent or the passing rent. The property has an A1 Use.
Planning permission was granted on 25 July 2017 for the conversion of the 1st floor from ancillary accommodation to provide 2 No x 3 bedroom flats. There is an Affordable Housing contribution of £24,751. The consent can be viewed on the Elmbridge Council Planning website under Application No. 2016/0973.
Existing Floor Areas (NIA)
Ground Floor - Retail - 2,592 sq ft / 240.8 sq m
First Floor - Ancillary/Storage - 2,689 sq ft / 248.89 sq m
Total Existing Net Internal Area - 5,271 sq ft / 489.69 sq m
Proposed Floor Areas:
First Floor - Unit 1 - 3 Bedroom Flat - 931 sq ft / 86.5 sq m
First Floor - Unit 2 - 3 Bedorom Flat - 902 sq ft / 83.8 sq m
Ground Floor – £56,500 – shop and premises
First Floor - £9,800 – store and premises
Effective 1st April 2017
BASIS OF OFFERS
Unconditional offers are invited in excess of £850,000.
VAT is applicable.
Each party to be responsible for their own legal & professional fees
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