Opportunity to purchase a prominent commercial property in the heart of Dorking.
Total Annual Income of £47,000 pax.
Total net internal area of 287.6 sq. m (3,095 sq. ft).
Available Immediately
Attractive NIY of 8.5%
Separate opportunity to acquire the Long Leasehold interest of the residential element.
Location
Dorking lies approximately 21 miles (34 km) south of London between Guildford (11 miles west) and Reigate (6 miles east), with Leatherhead around 7 miles to the north.
The town is well-connected via road networks, with the A24 running through Dorking, while the A25 links it to Guildford and Reigate. The M25 motorway (Junction 9) is around 6 miles north, offering excellent connections to London, Heathrow, and Gatwick.
The property is located on the western side of South Street, with nearby businesses including Waitrose, Waterstones and a variety of independent retailers, cafés and food outlets.
Accommodation
Description & Accommodation
The property comprises two ground floor commercial units with a number of residential units above. The residential has been sold off on a long leasehold basis.
120 South Street (Former Magnet)
Ground Floor 138.01 sq. m (1485 sq. ft)
120 South Street (Crown Interiors)
Ground Floor 110.95 sq. m (1194 sq. ft)
Basement 38.63 sq. m (416 sq. ft)
Total 287.6 sq. m (3,095 sq. ft)
Terms
Tenure
The property is held freehold under Title No SY630548.
Occupational Leases
The property is subject to the following occupational Leases.
120 South Street (Fromer Magnet) – The unit is currently under offer on the basis of a new EFRI Lease for a term of 15 years at a commencing rent of £25,000 pax, subject to 5 yearly reviews in line with RPI subject to a collar and cap of 1% and 4%. There is also a break in favour of the Tenant on the 5th and 10th anniversaries of the term.
120 South Street (Crown Interiors) – The current Tenant is holding over at a rent of £15,000 pax, with a new Lease having been provisionally agreed at a rent of £22,000 pax
Terms
The Freehold interest in the property is available to purchase at a price of £525,000 (excl of VAT)
Subject to Contract
VAT
The above guide price is exclusive of VAT if applicable.
Costs
Each party are to pay their own fees in relation to the transaction.
EPC
120 South Street (Former Magnet) has an EPC rating of D (86)
120 South Street (Crown Interiors) has an EPC Rating of C (52)