Freehold Highly Reversionary Convenience Store, Office and Residential Investment
Prominent High Street position in affluent commuter town
Substantial property currently comprising convenience store, 2 flats and an office/pilates studio
71% income secured against Mackays Stores Limited (part sublet to Sainsbury's) until June 2025
Major reversion in 2025
Future development potential on upper floors and extensive yard to rear (subject to consent)
Lot 11
Auction 19th October 2017
Rent £123,685 per Annum Exclusive
Status Sold
Price £3,000,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Cambridge College
Property Information
Location
Miles
4 miles south-west of Esher, 10.5 miles north-east of Guildford, 22 miles south-west of Central London
Roads
A245, A3, M25 (Junction 10)
Rail
Cobham and Stoke D’Abernon Railway Station, Weybridge Railway Station
Air
London Heathrow (11 miles)
Situation
The property is in a prime location on the High Street and is adjacent to Sharps, Starbucks and Côte. Other national multiple retailers in close proximity include Costa, Robert Dyas, Lloyds Chemist, Carluccio’s, Boots, and retailers such as Waitrose, Space NK, Sweaty Betty, Crew Clothing, Mint Velvet, Pizza Express and Fat Face occupy units in the town.
Tenure
Freehold.
Location
Miles
4 miles south-west of Esher, 10.5 miles north-east of Guildford, 22 miles south-west of Central London
Roads
A245, A3, M25 (Junction 10)
Rail
Cobham and Stoke D’Abernon Railway Station, Weybridge Railway Station
Air
London Heathrow (11 miles)
Situation
The property is in a prime location on the High Street and is adjacent to Sharps, Starbucks and Côte. Other national multiple retailers in close proximity include Costa, Robert Dyas, Lloyds Chemist, Carluccio’s, Boots, and retailers such as Waitrose, Space NK, Sweaty Betty, Crew Clothing, Mint Velvet, Pizza Express and Fat Face occupy units in the town.
Tenure
Freehold.
Description
The building comprises a large retail unit on ground floor with ancillary first floor accommodation. In addition, there are self-contained offices on the first floor, currently being used as a pilates studio and a two bedroom flat and a three bedroom flat on the second floor. A car park to the rear provides parking for approximately 17 cars. The site benefits from an approximate site area of 0.347 acres (0.1405 hectares).
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The building comprises a large retail unit on ground floor with ancillary first floor accommodation. In addition, there are self-contained offices on the first floor, currently being used as a pilates studio and a two bedroom flat and a three bedroom flat on the second floor. A car park to the rear provides parking for approximately 17 cars. The site benefits from an approximate site area of 0.347 acres (0.1405 hectares).
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
(1) Mackays Stores Ltd is a family run business now rebranded as M&Co. It currently employs more than 3,900 staff, with 3,500 of those based in almost 3,000 stores and the remainder in its Inchinnan head office, or London buying office (Source: www.mandco.com 08/09/2017). The lease is pre 1996 and therefore Bejam Group Plc and others remain liable under privity of contract. See legal pack for full information. (2) The retail unit has been sublet to Sainsbury’s Supermarkets Ltd at £135,000 p.a. expiring June 2025 with an RPI uplift in 2018 and is trading as a Sainsbury’s Local. We understand the residential flats have been sublet on Assured Shorthold Tenancies with a total rent of £24,900 p.a. The total sub rent on this part of the property therefore amounts to £159,900 p.a.x. There is also a sublease of a substation to South Eastern Power Network Plc expiring June 2025 at a peppercorn. (3) Cobham Pilates has been established for 10 years. It offers more than 75 weekly Mat, Barre and Reformer classes, from Beginner to Advanced (Source:www.cobhampilates.com 08/09/2017). (4) The lease provides a tenant’s option to determine on 23/06/2020.
Contacts
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street London W1S 3AN
