9,487 sq ft For Sale Investment Property
|Property Type||Investment Property|
|Size||9,487 sq ft|
|Freehold Price||plus VAT|
|Business Rates||£17,379.10 per annum (based on rateable value of £34,968)|
|Service Charge||Not applicable|
|Energy Performance Rating||This property has been graded as 75 (C)|
The premises are located in Vincent Lane, Dorking is close to the town centre and with direct access to both the A24 and A25, and approximately 5 miles from Junction 9 of the M25 (via A24). Dorking town centre is within a 5 minute walk and its mainline station provides frequent services to London Bridge, Victoria and Waterloo (approximately 45 minutes).
The premises comprise a single storey workshop of steel truss framework with mainly rendered block elevations under a fully lined pitched roof.
The premises have the benefit of a concrete yard/parking area to the front of the premises, with side access to a rear yard/storage area.
(Measured on a gross internal basis)
|Workshop||8,995 sq ft|
|Mezzanine||492 sq ft|
|Total||9,487 sq ft||Site Area appromimately 0.45 acres|
The premises are available on a freehold basis subject to the following tenancy.
Tenant: Henry Ling Limited / Company Registered No: 244715
Terms: The premises are let for a term of 6 years from 4th April 2015, at a rental of £59,500 PAX subject to a rent review on 4th April 2018 to an RPI multiplier. There is a tenant's option to break on 4th April 2018 subject to 6 months prior written notice.
An Experian credit assessment rates the tenant as "very low risk" and copies of the report are available upon request.
The current tenants have been in occupation for many years and have additional accommodation to the side and rear of the premises. We understand that new machinery has been ordered for the site which indicates an intention to remain at the site for the foreseeable future.
The Dorking industrial market is extremely tight with virtually no accommodation currently available. The current passing rent is £6.27 per sq ft gross internal and we believe that the current open market rental value is in excess of £8 per sq ft.
We believe that this site offers scope for redevelopment in the future, with recent developments close to the subject premises including a new Lidl supermarket and a residential development.
£900,000 plus VAT. This provides an investor a net initial yield of 6.25% and a realistic reversionary yield of 8%.
Each party to be responsible for their own legal costs.