24 HIGH STREET LEATHERHEAD SURREY KT22 8AN
HIGH STREET RESTAURANT INVESTMENT
Investment Summary • Leatherhead is an affluent town in Surrey. • Situated in a prominent High Street location. • 2,690.1 sq ft restaurant unit arranged over ground and basement levels.
• Recently refurbished throughout. • Let by way of an FRI lease until 17 March 2024.
• Rent £48,000 pa (approx. £17.85 psf overall). • Long Leasehold (237 years remaining) with £100 pa ground rent.
• Option to buy the Freehold interest. • Price of £510,000
(Five Hundred and Ten Thousand Pounds), subject to contract and exclusive of VAT.
• This reflects a net initial yield of 9% assuming purchaser’s costs of 4.74%.
24 HIGH STREET, LEATHERHEAD, SURREY, KT22 8AN
Situation The property is situated in a prominent position on the High Street in central Leatherhead, close to one of the main entrances to the Swan Shopping Centre.
LEATHERHEAD
The High Street is an attractive pedestrianised parade housing a mixture of historic and modern buildings and providing customers with a landscaped, car free environment with outside seating to cafes, restaurants and bars. The property occupies a corner position with the ‘Kings Head Alley’ public footpath running alongside the building providing pedestrian access to the High Street and Shopping Centre from the south. Local occupiers of note include JD Wetherspoons, William Hill, Subway, Greggs, Travelodge, Greene King, Superdrug, Carphone Warehouse and many other leisure and retail users.
Location Leatherhead is an affluent Surrey commuter town and established retail and office location.
SWAN SHOPPING CENTRE
TRAVELODGE
The town is located 23 miles (37km) south west of Central London, 16 miles (26km) north east of Guildford and 18 miles (29km) east of Woking. The town benefits from excellent road communications being located 1 mile (1.6km) south of Junction 9 of the M25 motorway, which provides access to the M3 motorway 14 miles (22km) to the west and the M23 13 miles (21km) to the east. Leatherhead Railway Station is within walking distance of the property and provides frequent services to London (Victoria and Waterloo) in a fastest journey time of 47 minutes.
THEATRE
WAITROSE
24 HIGH STREET, LEATHERHEAD, SURREY, KT22 8AN
Description 24 High Street comprises an attractive end of terrace, Mock Tudor style building of brick built construction that is arranged over basement, ground, first and second floors, beneath a pitched tile roof. The property provides a double fronted restaurant unit to the ground floor with basement storage and 4 self contained residential units to the upper floors. The upper floor apartments have been sold off on a long leasehold basis. To the rear there is a small yard area for the commercial unit.
Accommodation Description
Sq ft
Sq m
1,414.0
131.37
Kitchen
219.2
20.36
Karaoke Room
103.5
9.62
Customer Toilets
150.5
13.98
Fridge
36.3
3.37
Store Room
52.4
4.87
714.2
66.35
2,690.1
249.92
Restaurant
Basement Total Area
24 HIGH STREET, LEATHERHEAD, SURREY, KT22 8AN
Tenure The property is held by way of a long leasehold interest for 250 years from 4 November 2004 (237 years unexpired) at a fixed ground rent of £100 pa. The lease contains the provision for the Long Leaseholder to purchase the freehold interest of the entire property for the sum of £100, until 4 November 2018.
Tenancy The property is let by way of an effective full repairing and insuring, 20 year lease from 18 March 2004, expiring on 17 March 2024 (6.8 years unexpired). The lease contains the provision for upwards only rent reviews every 5 years of the term and there are no break clauses. The property is let to a private individual at a current passing rent of £42,000 pa. As of the 19 March 2019 rent review, the rent will revert to the higher of £48,000 pa or the open market rental level. The Landlord will top up the rent to £48,000 until 19 March 2019 from completion.
24 HIGH STREET, LEATHERHEAD, SURREY, KT22 8AN
Further information
Proposal
To arrange inspections contact:
Price of £510,000 (Five Hundred and Ten Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 9% assuming purchaser’s costs of 4.74%.
Marcus Chuter
[email protected] 023 8082 0900 07557 504 952 Julian Walker
[email protected] 023 8082 0905 07836 774 406
VAT
The property is elected for VAT. It is proposed the property is sold by way of a Transfer of a Going Concern (TOGC).
Data Room
Supporting documentation relating to the property is available in the Data room for access please contact Liz Dixon on
[email protected] EPC
The property has an EPC rating of D-85.
Vail Williams LLP Savannah House 3 Ocean Way Ocean Village Southampton SO14 3TJ
MISREPRESENTATION ACT 1967 Vail Williams as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. October 2017.
24 HIGH STREET, LEATHERHEAD, SURREY, KT22 8AN