Ranmore House

7 The Crescent, Leatherhead, Surrey, KT22 8DY

5,888 sq ft For Sale Investment Property, Offices

Back to properties

Property Type Investment Property, Offices
Tenure For Sale
Size 5,888 sq ft
Freehold Price POA
Energy Performance Rating This property has been graded as 65 (C)

Key Features

  • Reversionary town centre office building
  • Fully repairing and insuring lease expiring 15th November 2019
  • Offers in excess of £1,800,000

Location

Ranmore House is situated fronting onto The Crescent just south of Leatherhead town centre. The property is within close proximity to all town centre amenities and within walking distance of Leatherhead's British Railway station.

The Crescent forms part of the town's one-way system and is prominently occupied by offices. The Nuffield fitness centre is also located in The Crescent and the nearby street scene in Church Street has recently been refurbished (see transformleatherhead.com). Waitrose have also recently moved into Church Street.

The M25 at Junction 9 is within 1 1/2 miles and provides excellent onward access to the national motorway network and airports.

Description

Ranmore House was constructed in approximately 1985 and comprises a detached two storey office building of concrete frame construction incorporating fair faced cavity brick elevations beneath a multi pitched clay tiled roof covering.

Car parking is situated to the rear of the premises, being part covered and accommodating a maximum of 17 spaces.

Internally, the premises are situated over two floors, the ground floor incorporating a reception area. Both floors are effectively split into two wings either side of a central core which accommodates a single staircase and male and female WCs on each floor. 

Accommodation

  Sq m Sq ft
Ground Floor reception 16.13 174
Ground Floor offices 213.58 2,299
First Floor offices 317.26 3,415
TOTAL 547.00 5,888

Tenancy Information

The premises are tenanted by IBA Group Limited who have occupied the building since 2009. They have upgraded the building throughout and have installed air-conditioning and re-modelled the first floor toilets. 

The lease is drafted on the following principal terms:

  • Lease between Lawrrence Gerald Hatcher, Sheila Hatcher, Stuart Dominic Hatcher and Nicholas J Hatcher (as the general trustees of the IBA Group 1993 Executive Pension Plan) and IBA Group Limited.
  • Lease dated 16th November 2009 expiring 15th November 2019.
  • Passing rent £115,000 per annum, exclusive.
  • Fully repairing & insuring.
  • Office user. 

Terms

Offers sought for the benefit of the freehold interest in excess of £1,800,000.

A purchase at this level reflects a net initial yield of 6.0% and a low capital value of £305 per sq ft, with a reversionary yield of 7.58% (based on an ERV of £145,000 PAX).