The property is a two storey detached retail unit with offices at first floor. The shop front offers high visibility and features a large self-contained customer car park.
The ground floor is currently being used as a retail showroom.
( Agency Pilot Software Ref: 15022 )
Location
The property is prominently located on Eastbourne Road fronting the A22 and only a couple of minutes away from Godstone town centre. It is situated close to junction 6 of the M25 (4 miles) and has good public transport links with Godstone train station being under half a mile away.
Nearby occupiers include Woodham Nursery and Farm Shop, Occasionally Yours (florist), RSPCA Animal Centre and B.W May and Sons Builders.
Accommodation
Ground Floor Showroom 2,673 sq ft (248.33 sq m)
First Floor Offices 295 sq ft (27.41 sq m)
TOTAL 2,968 sq ft (275.74 sq m)
Site Area 19,166 sqft / 0.44 acres
Terms
TENANCY DETAILS The property is let to Oka Direct Ltd on a 15 year full repairing and insuring lease expiring 03/09/2022 at a passing rent of £XXX pax. The telecoms mast is let to Cornerstone Telecommunications Infrastructure Limited on a 15 year lease expiring 17/08/2028. There are 5 yearly tenant breaks, the next being 17/08/2023. The lease can also be broken by the tenant for specific reasons relating to network and interference. The lease is outside the Landlord and Tenant Act. The current rent is £XXX pax subject to RPI uplifts, the next being 17/08/2023.
COVENANT INFORMATION Oka Direct Ltd: Company Number – 03722366 Oka are a high end furniture and homeware store which was founded in 1999. More details can be found at www.oka.com. Accounts for the part year (48 weeks) ending December 2018 show the following: Turnover £XXX Pre-Tax Profit -£XXX Total Net Worth £XXX
Cornerstone Telecommunications Infrastructure Limited (CTIL): Company Number – 08087551. CTIL was founded in 2012 as a joint venture between Vodafone and TelefÓnica to manage the network sites of both companies. More details can be found at www.ctil.co.uk, Accounts for the full year ending March 2019 show the following: Turnover £XXX Pre-Tax Profit -£XXX Total Net Worth £XXX We have summarised above some financial details of the tenants which are for information purposes only. Purchasers are advised to make their own enquiries as to the financial standing of the tenant.
TENURE Freehold
PLANNING Class A1 of the Town & Country (USe Classes) Order 1987. A Sui Genesis (car showroom) consent was granted 20 June 2017 and an A3 consent was granted in April 2015, now expired. An application for a replacement building was refused in April 2018 due to the proposed size and scale.
PROPOSAL Offers are in excess of £XXX subject to contract. A purchase at this level reflects a net initial yield of 8.52%.
VAT VAT will be applicable to a sale, athough it is intended to treat the sale as a TOGC.
EPC The property has an EPC rating of G.
Specification
• Retail investment for sale with development potential
• Let to Oka Direct Ltd and Cornerstone Telecommunications Infrastructure Limited~
• Total rent £XXX pax
• NIY 8.52%
• Freehold for sale
• £XXX STC
• VAT payable