The property is Grade II Listed from the early 16th Century, timber framed with a central door and further entrance to the left to Milkhouse Gate, a historic alleyway flanking the building.
The property comprises a well-configured shop on the ground floor totalling 636 sq ft which has been fitted out to a very high standard with Molton Brown having carried out a £300,000 refit at the start of 2022.
The self-contained upper parts are arranged over part ground, first and second floors with roof terrace totalling 1,303 sq ft occupied by an independent bar functioning as a speakeasy trading as Tudor Antiques with a late licence to 3am. The tenant also occupies The Alley Bar adjacent on a lease until 2033. Access to Tudor Antiques is via the side passage to the left of Molton Brown, and after 10pm is through the Alley Bar on Milkhouse Gate.
Location
The building occupies a prime position on the southern side of the street adjacent to the busy Milkhouse Gate alleyway leading to the Castle Car Park and in close proximity to the Tunsgate Quarter shopping centre.
Retailers in the immediate vicinity include Sainsbury’s, Jigsaw, Anthropologie, Ba&sh, Barbour, Brora, Space NK, BOSS, Le Creuset, Hobbs & Megan’s.
The town is situated off the A3, providing direct access to the M25 (Junction 10), 8 miles to the north. The A31 passes through Guildford and links with the M3 (Junction 4), via the A331.
The subject property is only a 10 minute walk (0.5 miles) from Guildford Railway Station, an interchange station for the North Downs Line towards Reading and the New Guildford Line, as well as being the main railway junction on the Portsmouth Direct Line.
This offers regular trains to London with fastest journey times of 36 minutes. Since 2021, Network Rail launched a £150m regeneration scheme to provide a new station building, residential & office space and attractive station plaza.
Accommodation
Ground Floor Shop
Frontage - 20ft 11in
ITZA - 432 sq ft
Sales Area - 470 sq ft
Ancillary Retail - 166 sq ft
TOTAL - 636 sq ft
Ground, First & Second Floor Bar
Ground Floor Toilets - 171 sq ft
First Floor Bar - 629 sq ft
First Floor Terrace - 189 sq ft
Second Floor Bar - 503 sq ft
TOTAL - 1,303 sq ft
Terms
Proposal - THE VENDOR IS SEEKING OFFERS IN EXCESS OF £1,450,000 (One Million Four Hundred and Fifty Thousand Pounds) subject to contract for the benefit of their Freehold interest. A purchase at this price reflects a net initial yield of 7.74%, assuming graduated purchaser’s costs of 6.08%.
Tenure - Freehold. The property is held Freehold under title number SY501077. There are rights over the rear yard onto Tunsgate. The property is held Freehold under title number SY501077. There are rights over the rear yard onto Tunsgate.
Planning - The property is Grade II listed and sits within the Guildford Town Centre Conservation Area.
Tenancy - Please view attached brochure for a detailed view of the Tenancy Schedule.
EPCs - Available upon request.
VAT - The property is elected for VAT and it is expected that the sale will be treated as a TOGC.
Residential Development Opportunity - There is an opportunity to convert the upper floors into a 2-bedroom apartment, subject to planning. The proposed scheme is detailed in the plans below. Average rents on two bed flats in Guildford are around £1,500 pcm and the capital value of two bed flats are worth around £450,000.
AML - The successful purchaser will be required to fulfil anti-money laundering requirements in accordance with the Money Laundering Regulations.
Specification
- Total current rebased income of £119,000 per annum;
- Freehold;
- Ground floor let to Molton Brown until 31st August 2029, who recently refitted and have been in occupation for over 25 years;
- 80% of income to Molton Brown Ltd (Experian Rating 100/100);
- The leisure accommodation comprises a popular speakeasy bar let to Guildford Business Café Ltd which benefits from an extremely rare late licence until 3am;
- Potential to convert upper parts to residential subject to planning consent;
- The property occupies a prime position on Guildford’s pedestrianised High Street;
- Mixed use property comprising 1,879 sq ft of retail & leisure accommodation over 3 floors.