29/31 High Street Cobham Surrey KT11 3DH

29/31 High Street
Cobham
Surrey
KT11 3DH

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
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Cambridge College

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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

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

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.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/ (Reversion)
29-31 Flat 31a Flat 31b	Ground First Second Second	Convenience Store/Ancillary Ancillary Residential Residential	539.96 sq m 24.71 sq m 2 bedroom flat 3 bedroom flat	(5,812 sq ft) (266 sq ft) (Not Measured) (Not Measured)	MACKAYS STORES LIMITED (1) (2)	63 years from 24/06/1962	£87,500 (Sublet at £159,900)	(23/06/2025)
29-31	First	Office/Pilates Studio	171.22 sq m	(1,843 sq ft)	INDIVIDUAL t/a Cobham Pilates (3)	15 years from 14/06/2010 until 13/06/2025 (4)	£36,185	24/06/2020
Total Commercial			735.89 sq m	(7,921 sq ft)			£123,685

(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.