Freehold Retail Investment with Development Potential
Let to Optiplan Kichens Limited until 2026
(NO BREAKS)
Affluent Surrey location
May 2021 Tenant option to determine NOT exercised
No rent arrears
Approximate site area of 0.20 acres
Prior Approval Granted for Residential Conversion of uppers.
Further Residential development potential of Car Park (Subject to Consents)
Lot 10
Auction 24th September 2021
Rent £45,000 per Annum Exclusive
Status Sold
Price £645,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
34 miles south west of Central London
9 miles west of Guildford
Roads
A31, A3, M3
Rail
Farnham Train Station, Aldershot Train Station
Air
London Heathrow Airport, London Gatwick Airport
Situation
The property is located in the affluent and historic market town of Farnham, approximately 34 miles south west of Central London. Farnham is popular with commuters as well as a shopping destination with good transport links to London and the south east. The property is situated on the western side of Farnborough Road (A325); a predominantly residential location.
Tenure
Freehold.
Location
Miles
34 miles south west of Central London
9 miles west of Guildford
Roads
A31, A3, M3
Rail
Farnham Train Station, Aldershot Train Station
Air
London Heathrow Airport, London Gatwick Airport
Situation
The property is located in the affluent and historic market town of Farnham, approximately 34 miles south west of Central London. Farnham is popular with commuters as well as a shopping destination with good transport links to London and the south east. The property is situated on the western side of Farnborough Road (A325); a predominantly residential location.
Tenure
Freehold.
Description
The property comprises a ground floor showroom with office and ancillary accommodation on the first floor. There is also a single storey storage and workshop building to the rear with substantial on-site parking on a site area of approximately 0.17 acres.
The property benefits from prior approval for change of use of the first floor to two residential units and may benefit from further longer term residential development on the car park.
VAT
VAT is not applicable to this lot.
Planning
Prior Approval for the conversion of retail (Class A1) to 2 dwelling houses (Class C3) and for
building operations reasonably necessary for the conversion has been granted by Waverley Borough Council on 17th May 2021 under planning reference PRA/2021/0009.
Completion Period
Six week completion
EPC
Band D.
Description
The property comprises a ground floor showroom with office and ancillary accommodation on the first floor. There is also a single storey storage and workshop building to the rear with substantial on-site parking on a site area of approximately 0.17 acres.
The property benefits from prior approval for change of use of the first floor to two residential units and may benefit from further longer term residential development on the car park.
VAT
VAT is not applicable to this lot.
Planning
Prior Approval for the conversion of retail (Class A1) to 2 dwelling houses (Class C3) and for
building operations reasonably necessary for the conversion has been granted by Waverley Borough Council on 17th May 2021 under planning reference PRA/2021/0009.
Completion Period
Six week completion
EPC
Band D.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground First Ground
Showroom/Office Office/Ancillary Workshop/Storage
92.40 sq m 84.50 sq m 55.00 sq m
(994 sq ft) (909 sq ft) (592 sq ft)
OPTIPLAN KITCHENS LIMITED (1)
10 years from 16/05/2016 (2)
£45,000
(15/05/2026)
Total
231.90 sq m
(2,496 sq ft)
£45,000
(1) Optiplan Kitchens Limited(CRN05303766) were incorporate in 2006 and operate from 13 showroom nationwide. (www.optiplankitchens.co.uk) Optiplan Kitchens Limited are wholly owned by Home Decor GB Limited. For the year ending 31/12/2019 Home Decor GB limited reported a turnover of £26,144,724, pre-tax profits of £1,419,161 and shareholders funds of £11,016,498 (Source: NorthRow 24/08/2021). The tenant has not exercised the May 2021 option to determine the lease. (2) The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954. (3) The floor areas stated above are Gross Internal Areas.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
