RESIDENTIAL INVESTMENT ... - Boddy & Edwards
Chartered Surveyors Commercial Property Consultants
FOR SALE FREEHOLD RETAIL/RESIDENTIAL INVESTMENT Glen House, Crossways Road, Grayshott Hampshire GU26 6HG Notably the two Post Offices in Haslemere have closed during the last year therefore the nearby Post Office on Crossways Road now serves customers from Haslemere. DESCRIPTION The property comprises of a three storey mixed use building. The building is arranged to provide two retail units on the ground floor with four self-contained flats arranged over the ground, first and second floors. The four flats are sold off on long leases. A small basement is also provided within one of the retail units. A rear yard provides car parking with some additional unallocated land. The main roof covering was replaced in 2015. KEY INVESTMENT CONSIDERATIONS Freehold No VAT election Current income of £15,900 per annum Net Initial Yield of 6.33% LOCATION Grayshott is an affluent village located immediately to the west of Hindhead, approximately 12 miles south-west of Guildford on the edge of the Surrey Hills. Grayshott is situated to the north of nearby Haslemere and is no longer separated from the town by the A3 trunk road since the opening of the Hindhead Tunnel in 2011. Haslemere and the surrounding villages are very popular with London commuters. Haselmere station has regular services and a journey time to Waterloo of 52 minutes, and is known for having one of the highest percentage of first-class rail season ticket holders in the UK.
ACCOMMODATION Shop 1 (left hand)
Size (sq ft)
Size (m2)
Ground Floor
347
32.23
Basement Storage
64
5.94
Shop 2 (right hand)
Size (sq ft)
Size (m2)
Ground Floor
321
29.75
TENANCIES Shop 1 Let to Mr K Cox trading as Business Connections on a 5 year IRI lease from 1st December 2013 at an annual rent of £7,500 per annum (renewal lease to existing tenant). Shop 2 Let to Bread of Heaven Bakery Ltd on a 5 year FRI equivalent lease from 25th December 2016 at an annual rent of £8,000 per annum (renewal lease to existing tenant). Tenant option to determine 25th December 2019. Residential flats
Glen House is situated on Crossways Road, directly opposite
The four flats are each let on long leases expiring in 2110 at
the main free public car park in the village. Crossways Road
a rent of £100 per annum per flat, doubling every 25 years.
provides a mix of local facilities including, interior designers,
The next Increase will be in 2035.
estate agencies, beauticians and the village post office.
The total income is therefore £15,900 per annum. WITHOUT PREJUDICE & SUBJECT TO CONTRACT
01483 322500
5 Riverview, Walnut Tree Close, Guildford, Surrey GU1 4UX www.boddyandedwards.co.uk
Boddy & Edwards is the trading name of Boddy & Edwards LLP, a Limited Liability Partnership Registration Number OC359911. Registered Office: Club Chambers, Museum Street, York, YO1 7DN. Regulated by RICS.
Chartered Surveyors Commercial Property Consultants
FOR SALE FREEHOLD RETAIL/RESIDENTIAL INVESTMENT Glen House, Crossways Road, Grayshott Hampshire GU26 6HG DECLARATION A member of the LLP has a personal interest in this property through shareholding of the vendor company. TENURE The property is held freehold. ENERGY PERFORMANCE CERTIFICATE (EPC) The retail elements of the property have EPC ratings of D, 93 and 80 respectively. The residential flats each have EPC ratings of D and above. EPC certificates are available upon request. VAT This property is not elected for VAT and VAT will not be payable on the purchase price. LEGAL COSTS Each party will be responsible for their own legal costs incurred in this transaction. PROPOSAL Our client is seeking offers in excess of £245,000 (two hundred and forty five thousand pounds) for the freehold subject to contract. A purchase at this price will provide a Net Initial Yield of 6.33% assuming purchasers costs of 2.58%.
Further information For further information and to make arrangements to inspect the property please contact either: David Boddy
Jamie Gordon
01483 322500
01483 668263
[email protected]
[email protected]
Important Notice: Boddy & Edwards LLP for themselves (for their joint agents where applicable) and for the vendors or lessors of this property give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst Boddy & Edwards LLP uses reasonable endeavors to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. Boddy & Edwards LLP as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, expenses incurred or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No partner nor person in the employment of Boddy & Edwards LLP has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details, service charge and ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of WITHOUT PREJUDICE & SUBJECT TO CONTRACT contracts. The date of these particulars is August 2017.
01483 322500
5 Riverview, Walnut Tree Close, Guildford, Surrey GU1 4UX www.boddyandedwards.co.uk
Boddy & Edwards is the trading name of Boddy & Edwards LLP, a Limited Liability Partnership Registration Number OC359911. Registered Office: Club Chambers, Museum Street, York, YO1 7DN. Regulated by RICS.
FOR SALE FREEHOLD RETAIL/RESIDENTIAL INVESTMENT Glen House, Crossways Road, Grayshott Hampshire GU26 6HG Notably the two Post Offices in Haslemere have closed during the last year therefore the nearby Post Office on Crossways Road now serves customers from Haslemere. DESCRIPTION The property comprises of a three storey mixed use building. The building is arranged to provide two retail units on the ground floor with four self-contained flats arranged over the ground, first and second floors. The four flats are sold off on long leases. A small basement is also provided within one of the retail units. A rear yard provides car parking with some additional unallocated land. The main roof covering was replaced in 2015. KEY INVESTMENT CONSIDERATIONS Freehold No VAT election Current income of £15,900 per annum Net Initial Yield of 6.33% LOCATION Grayshott is an affluent village located immediately to the west of Hindhead, approximately 12 miles south-west of Guildford on the edge of the Surrey Hills. Grayshott is situated to the north of nearby Haslemere and is no longer separated from the town by the A3 trunk road since the opening of the Hindhead Tunnel in 2011. Haslemere and the surrounding villages are very popular with London commuters. Haselmere station has regular services and a journey time to Waterloo of 52 minutes, and is known for having one of the highest percentage of first-class rail season ticket holders in the UK.
ACCOMMODATION Shop 1 (left hand)
Size (sq ft)
Size (m2)
Ground Floor
347
32.23
Basement Storage
64
5.94
Shop 2 (right hand)
Size (sq ft)
Size (m2)
Ground Floor
321
29.75
TENANCIES Shop 1 Let to Mr K Cox trading as Business Connections on a 5 year IRI lease from 1st December 2013 at an annual rent of £7,500 per annum (renewal lease to existing tenant). Shop 2 Let to Bread of Heaven Bakery Ltd on a 5 year FRI equivalent lease from 25th December 2016 at an annual rent of £8,000 per annum (renewal lease to existing tenant). Tenant option to determine 25th December 2019. Residential flats
Glen House is situated on Crossways Road, directly opposite
The four flats are each let on long leases expiring in 2110 at
the main free public car park in the village. Crossways Road
a rent of £100 per annum per flat, doubling every 25 years.
provides a mix of local facilities including, interior designers,
The next Increase will be in 2035.
estate agencies, beauticians and the village post office.
The total income is therefore £15,900 per annum. WITHOUT PREJUDICE & SUBJECT TO CONTRACT
01483 322500
5 Riverview, Walnut Tree Close, Guildford, Surrey GU1 4UX www.boddyandedwards.co.uk
Boddy & Edwards is the trading name of Boddy & Edwards LLP, a Limited Liability Partnership Registration Number OC359911. Registered Office: Club Chambers, Museum Street, York, YO1 7DN. Regulated by RICS.
Chartered Surveyors Commercial Property Consultants
FOR SALE FREEHOLD RETAIL/RESIDENTIAL INVESTMENT Glen House, Crossways Road, Grayshott Hampshire GU26 6HG DECLARATION A member of the LLP has a personal interest in this property through shareholding of the vendor company. TENURE The property is held freehold. ENERGY PERFORMANCE CERTIFICATE (EPC) The retail elements of the property have EPC ratings of D, 93 and 80 respectively. The residential flats each have EPC ratings of D and above. EPC certificates are available upon request. VAT This property is not elected for VAT and VAT will not be payable on the purchase price. LEGAL COSTS Each party will be responsible for their own legal costs incurred in this transaction. PROPOSAL Our client is seeking offers in excess of £245,000 (two hundred and forty five thousand pounds) for the freehold subject to contract. A purchase at this price will provide a Net Initial Yield of 6.33% assuming purchasers costs of 2.58%.
Further information For further information and to make arrangements to inspect the property please contact either: David Boddy
Jamie Gordon
01483 322500
01483 668263
[email protected]
[email protected]
Important Notice: Boddy & Edwards LLP for themselves (for their joint agents where applicable) and for the vendors or lessors of this property give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst Boddy & Edwards LLP uses reasonable endeavors to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. Boddy & Edwards LLP as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, expenses incurred or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No partner nor person in the employment of Boddy & Edwards LLP has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details, service charge and ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of WITHOUT PREJUDICE & SUBJECT TO CONTRACT contracts. The date of these particulars is August 2017.
01483 322500
5 Riverview, Walnut Tree Close, Guildford, Surrey GU1 4UX www.boddyandedwards.co.uk
Boddy & Edwards is the trading name of Boddy & Edwards LLP, a Limited Liability Partnership Registration Number OC359911. Registered Office: Club Chambers, Museum Street, York, YO1 7DN. Regulated by RICS.
