Property Auctions 04/Apr/2019 | Barclays Bank & Development Opportunity, 87 - 99 High Street, Dorking, Surrey, RH4 1AW

Freehold Bank Investment and Residential Development Opportunity (with planning consent)

Recently renewed lease to Barclays Bank Plc for 10 years (no breaks)
First, second and third floors and ground floor at rear offered with vacant possession
Planning permission granted for 8 residential units including 2 town houses
Located within affluent commuter town with views over the Surrey Hills

Lot 17
Auction 4th April 2019
Rent £96,500 per Annum Exclusive
Status Sold Prior
Price
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 25 miles south of Central London, 7 miles west of Reigate, 13 miles east of Guildford
Roads: A24, A25, M25
Rail: Dorking Rail Station (direct line to London Victoria 55 minutes)
Air: London Gatwick Airport

Situation

Dorking is a highly affluent market town within the London commuter belt. The property is prominently situated in the heart of town centre on the north side of High Street, close to the St Martins Walk Shopping Centre. St Martins Walk houses occupiers including Côte, Vodafone and Millets and provides one of the town’s principal car parks with around 370 spaces. Other nearby occupiers include Boots, Clarks, WH Smith and Fat Face. The property benefits from being within walking distance of Dorking Main and Dorking Deepdene Rail Stations

Tenure

Freehold.

Location

Miles: 25 miles south of Central London, 7 miles west of Reigate, 13 miles east of Guildford
Roads: A24, A25, M25
Rail: Dorking Rail Station (direct line to London Victoria 55 minutes)
Air: London Gatwick Airport

Situation

Dorking is a highly affluent market town within the London commuter belt. The property is prominently situated in the heart of town centre on the north side of High Street, close to the St Martins Walk Shopping Centre. St Martins Walk houses occupiers including Côte, Vodafone and Millets and provides one of the town’s principal car parks with around 370 spaces. Other nearby occupiers include Boots, Clarks, WH Smith and Fat Face. The property benefits from being within walking distance of Dorking Main and Dorking Deepdene Rail Stations

Tenure

Freehold.

Description

The property comprises an attractive five storey building. The ground, basement and mezzanine fronting High Street is demised to Barclays Bank and is used as a banking hall with office/ancillary accommodation. The first, second and third floors currently provide vacant ancillary accommodation with planning consent for residential conversion (see planning section). To the rear of the property, the ground floor currently provides vacant office/ancillary accommodation which has planning for the erection of two townhouses (see planning section). The vacant accommodation is self-contained and accessed via Church Walk.

VAT

VAT is not applicable to this lot.

Planning

Planning consent was granted (with conditions) on 8th June 2017 for partial demolition and change of use of existing rear building and erection of two storey building for residential use and change of use of ancillary first and second floors of bank to residential with additions, creating 8 units (Planning Application Ref: MO/2017/0439). For further information please visit www.molevalley.gov.uk.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises an attractive five storey building. The ground, basement and mezzanine fronting High Street is demised to Barclays Bank and is used as a banking hall with office/ancillary accommodation. The first, second and third floors currently provide vacant ancillary accommodation with planning consent for residential conversion (see planning section). To the rear of the property, the ground floor currently provides vacant office/ancillary accommodation which has planning for the erection of two townhouses (see planning section). The vacant accommodation is self-contained and accessed via Church Walk.

VAT

VAT is not applicable to this lot.

Planning

Planning consent was granted (with conditions) on 8th June 2017 for partial demolition and change of use of existing rear building and erection of two storey building for residential use and change of use of ancillary first and second floors of bank to residential with additions, creating 8 units (Planning Application Ref: MO/2017/0439). For further information please visit www.molevalley.gov.uk.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground Basement Mezzanine	Banking Hall Ancillary WCs	237.90 sq m 92.70 sq m Not measured	(2,560 sq ft) (997 sq ft)	BARCLAYS BANK PLC (1)	10 years from 04/10/2018 expiring 03/10/2028	£96,500	04/10/2023
Ground (rear)	Office/Ancillary	88.20 sq m	(949 sq ft)	VACANT POSSESSION – See Planning Section
First (front) Second (front) Third (front)		172.20 sq m 84.00 sq m Not measured	(1,853 sq ft) (904 sq ft)	VACANT POSSESSION – See Planning Section
Total		675.00 sq m (3)	(7,263 sq ft) (3)			£96,500

(1) For the year ending 31st December 2017, Barclays Bank Plc reported a turnover of £8,775,000,000, pre-tax profits of £3,166,000,000 and a total net worth of £60,829,000,000 (Source: Experian 11/03/2019).
(2) For the purposes of clarification, Barclays Bank Plc is currently benefitting from paying half rent due to expire on 03/10/2019. The seller has agreed to adjust the completion monies so that the unit will effectively produce £96,500 p.a.x. from completion of the sale.
(3) The areas stated in the catalogue are NIA. The GIA areas and floor plans are available from the planning portal and in the legal pack.