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The Old School House, 68-72 Brox Road, Ottershaw, KT16 OHH

1,775 Sq Ft / Other

Withdrawn - Last updated: 09 June 2023

Summary

The Old School House, which is a locally listed building, is let to Careroom Ltd who operate 12 children's nursery in the South of the UK. The business trades as Toad Hall Nursery who have leased the property since 2009. The school is very popular within the local community.

Externally there is a secure outside play area and ample car parking. The whole site area is about 0.25 acres.

The tenant has expressed interest in extending/enlarging the premises. Therefore there maybe scope to improve/enhance the property by either the landlord or tenant at a later date - subject to planning.


Key Points

  • Let to Careroom Ltd ( Trading as Toad Hall Nursery)
  • New 15 year reversionary lease agreed from March 2023, with tenant only break at the end of the 10th year.
  • Annual rent of £47,500 pax
  • Rent review at 5th & 10th year (March 2028 and 2033) on an upward only basis to CPI, with a cap and collar of 3% and 1% per annum.
  • Site area of about 0.25 acres
  • Offers in the region of £750,000 - reflecting a net yield of 6% ( gross 6.33%) after costs @ 5.15%

  • Lease Terms

    The property is currently let to Careroom Ltd. (Co No; 03614275) Experian Credit Risk Score - Very Low Risk.

    The current lease expires on 24th March 2023 - excluded from the security of tenure under Part II of the LTA 1954. The lease is on a full repairing & insuring basis.

    A new reversionary lease has been agreed for a 15 year term from March 25th 2023, excluded from the security of tenure under Part II of the LTA 1954. The new lease will be on FRI terms with a tenant obligation to redecorate both internally and externally during the first 12 months of the new lease.

    There is a tenant only option to determine the lease at the end of the 10th year, subject to serving 6 months prior written notice.

    The passing rent of £47,500 p.a. will be reviewed at the end of the 5th and 10th year on an upward only basis to CPI, with a cap and collar of 3% and 1% per annum. There will be a rent deposit of £19,375 + VAT held as security for the current lease.


    Quoting Terms

    Available for sale freehold at a guide price of offers in the region of £750,000 (seven hundred and fifty thousand pounds) subject to contract only.

    ALL INSPECTIONS OF THE PROPERTY MUST BE ARRANGED BY PRIOR APPOINTMENT ONLY.


    Planning

    The property benefits from planning consent (May 1997) for Class D1 use as a full day care nursery. D1 use is now classified within Class E (Commercial, Business and Service) planning use under the current Use Class Order .

    Location

    Located in a highly prominent position on the corner of Brox Road, a short distance from Ottershaw village centre. The J11 of the m25 is about 1.5 miles and Weybridge town centre is only 4 miles away.


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