7 Grand Parade, Station Road
Hook, RG27 9HF
| Property Type | Investments / Retail |
| Tenure | For Sale |
| Size | 1,432 sq ft |
| Price | £410,000 |
| Business Rates | £7,360.25 per annum Applicants may be eligible for a 75% Business Rates discount for the period 1st April 2024 to 31st March 2025 under the Retail, hospitality, and leisure relief. This is up to a cap of £110,000. To check if you are eligible, and for additional queries, it is advised to speak with the relevant council |
| Energy Performance Rating | Upon enquiry |
INVESTMENT RETAIL / RESIDENTIAL
Key Points
- Retail unit let at £13,600 pa exclusive of VAT and all outgoings
- Stepped Rent increase for the Ground Floor from 18th March 2024
- The flat is let at £1,200 per calendar month on a 12 month AST from 10th February 2024
- Shop let to well established chain of travel agents (t/a Toucan Travel)
- Affluent location near J5 M3 Motorway
Description
7 Grand Parade comprises a ground floor retail unit which has been operating as a Travel agents (t/a Toucan Travel) for many years. The shop is currently arranged as a sales area with ancillary / store behind and rear access for deliveries. Staff w.c and welfare fascilities are provided to the rear. There is generous customer car parking in front of the retail parade, and rear car parking for staff / residents which is not allocated.
There is a maisonette above which is arranged at First and Second floors accessible via the stair cases either end of the parade. The maisonette is arranged with an entrance hallway with stairs leading to 3 bedrooms (2 double and 1 single), and a bathroom. The downstairs is arranged with a generous lounge / dinner and separate kitchen which leads out to an enclosed terrace / garden area. We understand there is a separate lock up garage in the block behind.
Available area
The accommodation comprises of the following areas. Please note, for the Residential Flat the size includes all the rooms in the flat and does not include the corridors/walkways.
| Name | Floor/Unit | Building Type | sq ft | sq m |
|---|---|---|---|---|
| Ground | Ground | Retail | 793 | 73.67 |
| 1st | 1st | Residential | 639 | 59.37 |
| Total | 1,432 | 133.04 |
Location
7 Grand Parade forms part of a popular retail / residential parade at the junction of Station Road and London Road and within a mile of the M3 motorway (Junction 5) providing excellent road links to London, the South Coast and the West. Hook mainline station is within easy walking distance and provides a frequent service to London (Waterloo) with a journey time of approximately 45 minutes. There is a wide range of local amenities and shopping facilities including Boots adjacent, and Tesco store.
Lease/Tenancy
The retail premises is let to Toucan Travel, which was acquired by Travel Corp Midlands Limited. The lease is granted for a term of 6 years, from 18th March 2021. The current passing rent for the shop is £13,600 per annum exclusive, payable quarterly in advance. From 18th March 2024 to 17th March 2025 the rent will increase to £15,000 per annum exclusive of VAT and other outgoings, then from 18th March 2025 to 17th March 2026 the rent will be £16,000 per annum exclusive of VAT and other outgoings, then from 18th March 2026 and onwards the rent will be £17,000 per annum exclusive of VAT and other outgoings.
The flat is let at £1,200 per calendar month on a 12 month AST from 10th February 2024. There is a Landlord break clause which can be activated from 15th August 2024 subject to giving the Tenant 2 months prior notice in writing.
There is a Tenant break clause which can be activated from 9th August 2024 onwards, subject to giving the Landlord 2 months notice in writing.
Curchod & Co can provide the full documentation upon request.
EPC
Ground Floor Retail Unit = C (70)
Residential Flat = D (67)
Anti Money Laundering
To comply with Anti Money Laundering regulations, Curchod & Co undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.
Legal Costs/VAT
Each side to be responsible for the payment of their own legal costs incurred in the sale.
Prices are quoted exclusive of VAT which may be charged.
Viewing & Further Information
For further information, or if you would like to arrange a viewing, please contact our agents:
