FOR SALE BY AUCTION - LOT 15
COMMERCIAL FREEHOLD INVESTMENT
(with planning permission for 9 flats above)
- Estimated Rental Value £160,000 - £180,000 pa (Once fully developed & occupied)
- 6 week completion
- Rare development/investment opportunity
- A prominent freehold L-shaped corner building
- Comprising 8 retail units and 5 self-contained flats
- 5 retail units subject to commercial leases
- 2 flats subject to assured shorthold tenancies
- Potential to extend long lease on Flat 5
- 3 retail units & 3 flats subject to long leases
- Planning permission granted for erection of 2nd & 3rd floors
- Total of 9 self contained flats with 7 parking spaces to rear
- 3 x one bedroom, 4 x two bedroom & 2 x three bedroom
- Desirable residential area
The property comprises an L-shaped corner building arranged over ground and first floors beneath a flat roof. The property is internally arranged to provide a total of eight retail units and five self-contained flats. The property occupies a broadly rectangular site extending to approximately 0.086 Hectares (0.213 Acres) and benefits from planning permission for the erection of new second and third floors incorporating nine additional self-contained flats (3 x one bedroom, 4 x two bedroom & 2 x three bedroom flats) and the creation of seven parking spaces to the rear.
EPC Rating: Please refer to legal documents
Vendor’s Solicitor: Mr Simon Doyle, Ascot Lawyers, Tel: 01344 512370, Email: simon.doyle@ascotlawyers.co.uk
Location
The property is situated on the southern side of the junctions of Windsor Road and Central Road. A wide range of local shops and amenities is available in Worcester Park, with the more extensive facilities of both Kingston-upon-Thames and Sutton also being within reach to the northwest and south-east respectively. Worcester Park Rail Station lies approximately 450 metres to the north-west and provides direct and regular services to both Clapham Junction and London Waterloo with journey times of less than 20 minutes and 30 minutes respectively. The open spaces of both Sir Joseph Hood Memorial Recreation Ground and Nonsuch Park are also within walking distance and both the A3 and A24 are also close at hand.
Accommodation
1/1A Windsor Road
Ground Floor Retail Unit
Gross Frontage: 6.65m (21’ 10”)
Net Frontage: 6.39m (20’ 11”)
Shop/Built Depth: 6.29m (20’ 8”)
New lease currently being agreed
Estimated Rental Value - £8,500 pa
3 Windsor Road
Ground Floor Retail Unit
Gross Frontage: 4.61m (15’ 2”)
Net Frontage: 4.46m (14’ 7”)
Shop/Built Depth: 7.19m (23’ 7”)
Tenancy in place to T/A Megabyte Computers Sales and Repairs for a term of 3 years from 20th October 2014
Current Rent - £8,000 pa
5 Windsor Road
Ground Floor Retail Unit
Gross Frontage: 4.94m (16’ 3”)
Net Frontage: 4.31m (14’ 2”)
Shop/Built Depth: 7.03m (23’ 1”)
Tenancy in place to T/A Toyshop for a term of 15 years from 4th July 2013. There is no break clause.
Current Rent - £8,000 pa
5 yearly rent reviews
7 Windsor Road
Ground Floor Retail Unit
Gross Frontage: 4.61m (15’ 2”)
Net Frontage: 4.27m (14’ 0”)
Shop/Built Depth: 7.06m (23’ 2”)
Tenancy in place to T/A The Classic Hairdressers for a term of 15 years from 7th February 2014
Current Rent - £8,000 pa
5 yearly rent reviews
9 Windsor Road
Ground Floor Retail Unit
Gross Frontage: 4.53m (14’ 0”)
Net Frontage: 4.32m (14’ 2”)
Shop/Built Depth: 7.04m (23’ 2”)
Vacant
Estimated Rental Value - £8,500 pa
Flat 4 Windsor House - Reception Room, Two Bedrooms, Kitchen, Bathroom/WC
Subject to an Assured Shorthold Tenancy for a term of 1 year from 25th January 2017
Current Rent - £11,400 pa
Flat 5 Windsor House - Reception Room, Two Bedrooms, Kitchen, Bathroom/WC
Subject to an Assured Shorthold Tenancy for a term of 1 year from 22nd February 2016
Current Rent - £11,100
Flat 1 Windsor House
Lease for a term of 125 years. Please refer to the legal pack for further details
Current Rent - Peppercorn
Flat 2 Windsor House
Long lease for a term of 999 years. Please refer to the legal pack for further details
Current Rent - Nil
Flat 3 Windsor House
Subject to a lease for a term of 99 yearsfrom 30th March 1982 (thus having approximately 65 years unexpired)
Current Rent - £385 pa
81-83 Central Road - Two Retail Units
Each subject to a long lease for a term of 999 years from 1st April 1987
Current Rent - Peppercorn
85 Central Road - Retail Unit
Lease for a term of 125 years from 29th March 2011 (thus having approximately 120 years unexpired)
Current Rent - Peppercorn
Total £55,000 pa
(potential of £160,000 - £180,000 pa once fully developed & occupied)
Specification
Additional Information
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Please note that the following additional fees will apply to the purchase of your property:
1. A successful purchaser will have to pay a buyer's premium of £750 plus VAT directly to the Auctioneer
2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase.
3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online
4. Prospective buyers must factor in solicitor fees and any survey fees
5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.