20-22 High Street

Reigate, Surrey, RH2 9AY

2,240 sq ft Retail, Investment Property, For Sale

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Investment property

Property Type Retail, Investment Property
Tenure For Sale
Size 2,240 sq ft
Freehold Price £995,000 exclusive
Energy Performance Rating This property has been graded as 65 C

Key Points

  • Prime location in Reigate High Street
  • Fully repairing lease to Fat Face Limited until 2024
  • Reversionary passing rent of £58,000 pax
  • Attractive Net Initial yield of 5.5%
  • Possible residential conversion of upper parts

Location

The premises are located in Reigate which is a thriving commuter town 24 miles south west of central London and 6 miles north of Gatwick Airport.

There is an excellent retail offering within the town. Nearby retailers include Café Nero, Simply Sports, Boots the Chemist, Pizza Express, Clinton Cards and Specsavers. Marks & Spencer Simply Food and Morrisons supermarket are located close by.

The premises comprises of a double fronted self -contained retail unit benefiting from substantial first floor storage/sales area. Internally, the shop benefits from a woodern framed glazed window, suspended ceiling, recessed lighting and rear pedestrian access.

We have been informed by the Local Planning Authority that the premises are not Listed but are in a Conservation Area.

Accomodation (Approx. net internal)

  Sq ft Sq m
Ground Floor (Retail) 1,136 128.76
First Floor 854 79.34
TOTAL 2,240 208.10

Tenancy Information

The entire premises are let to Fat Face Limited (company registration number 02954734) on the following principal terms:

  • Lease Dated - 26/06/2014
  • Term - 10 years from 27/06/2014 expiring 26/06/2024
  • Annual Rental - £58,000 per annum, exclusive (paid monthly in advance)
  • Rent Review - Upwar only on the 27/06/2019 to an open market level
  • Repairs - fully repairing & insuring
  • Permitted Use - Class A1 (Retail)
  • 1954 Landlord & tenant Act - The lease is held within the security of tenure provisions

Full lease documentation can be found at www.hurstwarne.co.uk

Tenure

The premises are held freehold the titles can been seen at www.hurstwarne.co.uk

Covenant Information

Please see attached particulars and visit the websit efor further information www.hurstwarne.co.uk

Best Offers

Thursday 23rd April 5.00pm