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2 Church Street, Cobham, KT11 3EG
2,203 Sq Ft / Other / Investment
Withdrawn - Last updated: 13 March 2024
Summary
2 Church Street is a building located on the corner of Church Street and Cobham High Street. The property comprises John D Wood (2 Church Street), One + Health (44 High Street) and Nail Spa Cobham (44A High Street).
The building itself comprises a self-contained retail unit on the ground floor, benefitting from return frontage, high-quality offices on 1st floor, and then a retail unit on the right of the property.
The property benefits from parking spaces at the rear.
Key Points
Combined Annual Rent of £99,333 paxProminent corner location of Cobham High StreetLong term potential residential development (STP)Asking price £1,100,000 (One million, one hundred thousand pounds) reflects an attractive net initial yield of 8.53% after allowance for purchaser costsThe property is situated on busy Cobham High Street and there may be long term development potential to alternative roadside retail uses or residential (STP)
Tenant Profiles
2 Church Street (Ground Floor retail) - Let to Countrywide Estate Agents Ltd T/A John D Wood (Part of Connells Group). The current lease expired 23/09/23 at a passing rent of £48,000 pax with the tenants holding over. A new 5-year lease is being put in place at the same rent.
44A High Street (Ground Floor retail) – Let to Ai Thanh Tran T/A Cobham Nail Spa for a term expiring 19/06/2038 at a rent of £28,000 pax. The lease contains break clauses at 5 & 10 years.
44 High Street (First Floor dentists) – Let to One+ Health Ltd for a term expiring 22/05/2028 and has a rent review and break clause on the 22/05/23. The rent rises from £20,000 pax in Y1 to £25,000 pax in years 2 and 3 = average £23,333 over the first 3 years.
Total annual rent roll = £99,333 pax.
Proposal
Available for sale freehold at a guide price of offers in the region of £1,300,000 (One million, three hundred thousand pounds) subject to contract.
Location
2 Church Street is located at the end of Cobham High Street approximately 2 miles from Junction 10 of the M25 motorway. Cobham itself is an attractive town offering numerous retailing and shopping amenities for staff.
Cobham and Stoke D'abernon mainline station is approximately 1 mile distant and provides a frequent direct service to London Waterloo.
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