MIXED USE INVESTMENT FOR SALE ~ SHOP ON LEASE PLUS TWO FLATS AND REAR GARAGE

Under offer
MIXED USE INVESTMENT FOR SALE ~ SHOP ON LEASE PLUS TWO FLATS AND REAR GARAGE

DIRECTIONS

Proceeding southwards out of Reigate town centre up Bell Street (A217) and over the brow of Cockshot Hill proceed down to the Woodhatch traffic lights. Turn right into Prices Lane and the turning into the Western Parade service road is about 100 yards on the right hand side.

LOCATION

Western Parade is one of several shopping parades about one mile to the south of Reigate town centre at the junction of the A217 and Prices Lane. The shops comprise a neighbourhood centre serving a built up residential locality. Gatwick Airport is about six miles to the south and access onto the M25 at the top of Reigate Hill (junction 8) is about three miles by road.

DESCRIPTION

The property is an inter-war three storey brick and tile terrace building. It comprises a ground floor barbers shop held on lease with rear parking and garage and first and second floor flats (10A and 10B) with shared street entrance and common staircase which also serves the two flats above the jewellers at No 9. The building is fronted by a service road with parking bays and there is a rear access road off which is a parking yard for No 10 and a separate garage. The building and yard together with the separate garage are edged red on the attached Land Registry plan.

ACCOMMODATION

The ground floor comprises a purpose built lock-up shop of about 498 sq ft of which the retail area – currently a hairdressing salon – is about 375 sq ft with rear kitchen, office and WC. The rear yard has staff parking for four cars in tandem plus a separate brick garage with corrugated roof in the nearby block.

The first floor flat (10A) has electric heating and partial double glazing with reception room 10’ x max 14’6”, hallway, kitchen 8’3” x 8’10”, balcony, front bedroom average 8’2” x 11’10”, rear bedroom 6’11” x 11’5” and rear bathroom with wash basin, panelled bath and WC. EPC band D.

The second floor flat (10B) is of similar dimensions with gas central heating and original amenities. EPC band E.

RATING

RV £6,300 UBR 51.2p in the £ 2022/2023.
Reigate & Banstead Borough Council Tel: 01737 276691 (business rates).
The council tax bands for flats 10A and 10B are B.

PLANNING

The shop has long been used for retail purposes and falls within class E which since September 2020 embraces retail, offices, medical and health, restaurant and leisure uses.

LEASE & TENANCIES

The shop, yard and garage are let to Mr R Reading t/a Razor Room Barbers on a ten year internal repairing and insuring lease from 19th January 2019. There is a rent review at the end of year five and also a tenant break clause at the end of year five on six months prior written notice.

The lease is inside the security provisions of the Landlord & Tenant Act 1954 with rights to assign or sub-let the whole but not part of the premises. The rent is £10,000 exclusive and the lessee has been in occupation for about thirteen years.

Flat 10A is let to Mr G Angelov at £550 per month and flat 10B to Mrs V Vancheva at £475 per month. Both flats are let on shorthold tenancies and the occupants are holding over from their original agreements.

PRICE GUIDE

Offers in the region of £475,00 freehold. Subject to existing lease of ground floor shop. The property currently produces a gross income of £22,300 per annum.

VIEWING

By prior appointment with our office. Tel: 01737 245886 (ref MS).

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