This 3 storey property has an attractive 40 ft double bow window frontage to Castle Street. Caffé Nero have signed a new lease to take the entire ground floor and basement. Following fit out and alteration works by Caffé Nero the property will have a gross internal frontage of 36 ft, a depth of 40 ft and total gross internal area of 1,434 sq ft. The landlord has agreed to fund the tenant the costs of certain alteration works for sub division of the premises.
Further details on request. The two upper residential floors, which will be offered with vacant possession, will have a new bespoke access provided at the rear of the building. Currently the residential upper parts comprise 6 rooms plus a kitchen and bathroom with a total gross internal area of 1,830 sq ft (170 sq m). Plans have been drawn to show the conversion of the upper parts to provide, subject to planning, 2 flats on the first floor ( 1 bed flat of 560 sq ft + 2 bed flat of 670 sq ft) and one 2 bed flat on the 2nd floor. Therefore a purchaser can either refurbish the upper parts to provide a large single two storey apartment or covert the upper parts to provide a number of flats (subject to planning).
Location
Farnham is highly popular historic Surrey market town which is located some 42 miles southwest of London adjacent to the border with Hampshire. The town serves a district population of about 115,000 people. By road Guildford is 11 miles to the east, Aldershot 4 miles to the northeast, the village of and Winchester 28 miles to the southwest. The property is situated in the primary retail area fronting the historic Castle Street next to the junction with The Borough. Nearby the retailers include Boots and Next amongst others as well as a number of the major Banks and Building Society's plus chain restaurants include Pizza, Express, Zizzi's and Caffé Uno.
Accommodation
The property provides the following approximate Gross Internal areas;
Current Layout
Basement - Nero Holdings Ltd - 88 sq m - 947 sq ft
Ground Floor - Nero Holdings Ltd - 125 sq m - 1,345 sq ft
1st & 2nd Floor (residential) - Vacant 170 sq m - 1,830 sq ft
TOTAL - 383 sq m - 4,122 sq ft
Post Refit bt Caffe Nero
Basement - Nero Holdings Ltd - 88 sq m - 947 sq ft
Ground Floor - Nero Holdings Ltd - 133 sq m - 1,434 sq ft
1st & 2nd Floor (residential) - Vacant 170 sq m - 1,830 sq ft
TOTAL -391 sq m - 4,211 sq ft
Terms
Lease/Rent
A lease has been agreed with Nero Holdings Ltd (trading as Caffé Nero) for the ground floor and basement areas. Lease terms agreed; a new lease from 24th July 2012 on an effective full repairing and insuring basis. The lease term is 15 years and is subject to a Tenant only break at the end of year 10. Subject to 5 yearly upward only rent reviews reviewed to open market value. Permitted use being a coffee shop and any other use within Class A1. Rent agreed at £70,000 per annum.
Planning
We understand the property is a Grade II listed building.
Price
Offers in the region of £1,200,000. VAT; All figures quoted do not include VAT which may be payable at the current prevailing rate.
Specification
• Prime town centre retail investment
• Ground floor let to Caffé Nero (Nero Holdings Ltd)
• Prime position in historic market town
• New 15 year lease from 24th July 2012 (tenant only break 10th year)
• Rent income from Nero Holdings £70,000 per annum
• Vacant upper parts suitable for conversion to 3 flats (subject to planning)