Ted Adams House, Rosalind Franklin Close, Guildford, GU2 7XR

Summary

The property comprises a detached, three-storey residential building which is believed to have been built in the early 1990s as a part of a development of four identical blocks. The property has been constructed to a traditional concrete-frame build with brick elevations incorporating aluminium windows and a pitched tiled roof over. Part of the external roof now also houses a number of photovoltaic panels which were retro-fitted more recently. The lease demise also includes part of the private/shared access road and a number of vehicle parking spaces.

Key Points

Viewings

Accompanied viewings shall be conducted on the morning of the 18th and 20th April 2023. Please contact the agent to confirm a time slot. Viewings outside of these specified dates are unlikely to be accommodated.

Tenure

The property is held by way of a long-leasehold interest for a term of 99 years commencing April 1991, this having approximately 67 years unexpired. Annual rent under the lease is reserved at a Peppercorn (if demanded).

Occupational Tenancies/Income

The property will be sold subject to various tenancy agreements granted on a bedroom by bedroom basis. The rent payable under each agreement is *£XXX pcm on an 'all-inclusive' basis. We anticipate that at the date of sale, there will be approximately 20+ bedrooms occupied, equating to a gross income of at least £XXX per annum. All tenancy agreements will be for a fixed term of 12 months commencing September 2023. Further information available from the agent.

*In accordance with the vendor's charitable aims, the occupational rents charged are at a discount to market rates. Therefore, we believe that there is a potential to increase the annual gross income stream in the short-term to in excess of £XXX per annum assuming full occupancy and a reverstion to full estimated market rental value.

User Restriction

The subject lease contains a restriction on the use of the buildings as follows:
"Not to use the Premises for any purpose other than for residential accommodation for persons working in or studying healthcare related occupation or such alternative category of persons as may be agreed by the Landlord (such agreement not to be unreasonably withheld or delayed)."

Historically, the building has accommodated primarily nursing and midwifery students studying and working between the university and the Royal Surrey County Hospital. The property benefits from being within close proximity of both.

We understand that demand from this category of occupier remains high in addition to 'key workers' employed by the RSCH. Consequently, we believe that the primary demand for the subject accommodation very much falls within the user definition.

Proposal

Offers sought for the long-leasehold interest on an unconditional basis only. All offers should be received in writing, addressed to the agent, no later than midday on Friday 28th April 2023. Information required to be included with any offer shall be confirmed by the agent in due course.

Any offer incorporating a provision/commitment that benefits The Trust's charitable aims post-sale is likely to be looked at favourably subject to the other terms of the offer.

The vendor will not be obligated to accept the highest, or indeed any offer made.

The Charities Act

The vendor is a registered charity and the proposed sale will be conducted in accordance with the provisions of The Act.

Location