Retail Investment with Self Contained Flat

Key Points

• Prime location on Weybridge High Street with high levels of footfall
• Commercial income: £32,100 p.a. with reversionary potential
• Large three bed flat currently vacant
• Nearby occupiers include Waitrose, Gails, WH Smith, Boots, Café Nero and Starbucks
• Flat capital value £350 per sq. ft
• Commercial element reflecting net initial yield of 6.53%
• Rental evidence supporting 9.09% reversionary yield on commercial element

Description

The property comprises two ground floor retail units and a residential three-bedroom flat above.

44 High Street is let to a newsagents on a nine year, effectively fully repairing and insuring lease, from January 2022. The current passing rent is £16,000 per annum, subject to open market rent reviews on 29th September 2024 (outstanding) and 29th September 2027. The lease is protected by the Security of Tenure provisions of the Landlord and Tenant Act 1954.

44A High Street is currently let to Weybridge Sports Ltd on a fifteen year, effectively fully repairing and insuring terms, from March 2015. The current passing rent is £16,100 per annum, subject to an open market rent review on 17th March 2025. There is a tenant-only break clause on 17th March 2025, 3 months notice required. The lease is protected by the Security of Tenure provisions of the Landlord and Tenant Act 1954.

The upper parts consist of a self-contained three-bedroom, with kitchen, living room and bathroom with separate toilet. The flat falls within Council Tax Band D, with council tax payable £2,332.80 per annum.

Available area

The accommodation comprises the following areas:

Location

The property occupies a prominent position on Weybridge High Street, the towns main retail thoroughfare. Local occupiers include Waitrose, Gails, Pret, Boots and Cafe Nero.

Junction 11 M25 is approximately 3 miles away providing good access to both Heathrow and Gatwick airports and the wider motorway network. Weybridge mainline station has regular services to London Waterloo, with journey times of approximately 30 minutes.

Terms

Sale of the freehold interest, with offers in excess of £850,000. Title number SY139621.

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 party to be responsible for the payment of their own legal costs incurred in the sale. The property is not elected for VAT therefore VAT will not be charged.