33-35 High Street

Leatherhead, Surrey, KT22 8AB

1,919 sq ft Retail, Investment Property, For Sale

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Retail and residential investment sale

Property Type Retail, Investment Property
Tenure For Sale
Size 1,919 sq ft
Energy Performance Rating This property has been graded as 125 E

Location

Leatherhead is an affluent Surrey commuter town approximately 17 miles South West of London. Both Heathrow and Gatwick airports are approximately 30 minutes drive whilst Leatherhead station provides a fast and frequent service to London Waterloo and Victoria (approximate journey time 44 minutes).

The town benefits from excellent communications with the M25 at Junction 9 being 1 mile away.

The premises are located in a prime and prominent part of the pedestrianised Leatherhead High Street close the entrance to the Swan Centre. The High Street provides a mix of modern and historic buildings with an attractive environment.

Nearby retailers include Subway, Superdrug, Greggs and Carphone Warehouse. Occupiers within the Swan Centre include Poundland, Clinton Cards, Argos, Boots, WH Smiths and Sainsburys.

33/35 High Street comprises a self-contained historic property over ground and first floors with rear garden/yard which backs onto the Swan Centre.

The property is listed and within Leatherhead conservation area and whilst the property is wooden framed it was relocated at some point in the 1950's to its current location and a steel frame inserted.

The ground floor is predominantely open plan A1 retail accommodation with storage/ancillary to rear.

The first floor is accessed by a side entrance and stairwell and was converted into 2 x high quality 1 bed flats in 2012.  Plans can be seen on our website, together with the original planning application under reference MO/2011/1430 and listed building consent MO/2011/1431. 

Accommodation

  sq m sq ft
Ground Floor Retail - NIA 88.26 950
First Floor Flat A - GIA 47.00 506
First Floor Flat B - GIA 43.00 463
Total Approx. 178.26

1,919

The shop has an internal width of 9.43m (max) and internal depth of 10.75m (max). 

Investment Highlights

  • Leatherhead is an affluent town in Surrey.
  • The property is situated in a prime and prominent part of Leatherhead High Street.
  • Ground floor retail let to a national charity until May 2022.
  • First floor converted to 2 x 1 bed flats let on assured shorthold tenancies.
  • Rare opportunity to buy a freehold in the town centre.
  • Leatherhead undergoing significant enhancements under the 'Transform Leatherhead' programme.
  • Offers in excess of £875,000.
  • This reflects an attractive net initial yield of 6.7% for the ground floor (assuming purchasers costs of 4.14%) together with well let upper parts providing an attractive investment.

Tenancy Information

The ground floor retail unit is let by way of a fully repairing and insuring lease (subject to a fixed service charge of £1,750 per annum, exclusive subject to an annual RPI increase) to Queen Elizabeth's Foundation for Disabled People (Reg Co No. 00892013 & Registered Charity No. 251051) from the 8th May 2017 for a term expiring 8th May 2022.

The annual rental is £27,500 per annum, exclusive, payable quarterly in advance.  The lease is held outside of the security of tenrure and compensation provisions on the 1954 Landlord & Tenant Act.

QEF is a substantial charity with 2015/2016 annual funding in excess of £12m. Further information on QEF together with their accounts can be found at qef.org.uk. 

Both the first floor flats are let on assured shorthold tenancies. Flat A is let at £875 per calendar month and Flat B at £850 per calendar month = £20,700 per annum.

The lease and tenancies can be obtained from Hurst Warne.

Tenure and Title Information

The premises are freehold, held under the title SY544439.

The Proposal

Offers sought for the benefit of the freehold interest in excess of £875,000.

This reflects an attractive net initial yield on the ground floor retail of 6.7% (assuming purchase costs of 4.14%) together with well let upper parts providing an attractive investment.

Subject to contract and exclusive of VAT.