Kingston Road, New Malden
Blakes Chartered Surveyors and Estate Agents are pleased to offer an attractive investment proposition to the market for a well-located A1/A2 ground floor retail unit, consisting of some 840sq.ft. internal floor area with the additional benefit of a small rear yard.
Situated in between Kingston and New Malden town centers in a popular and busy parade of retail units consisting of of a mix of A1/A2 & A3 uses. In our opinion, this parade is likely to benefit from increased custom resulting from the planned regeneration of the former Homebase store situated opposite where plans have been prepared for a large residential scheme consisting over 200 units of accommodation. The immediate surrounding area is mixed residential and commercial with the retail park opposite (currently Matalan and Aldi stores) generating additional custom to this local parade.
The property is currently let to Ladbrokes Plc who have been in occupation for many years and have recently renewed their occupational FRI lease for a term of 10 years from June 2018 at an annual rent of £13,500 (with 5 yearly upward only rent reviews) reflecting an initial annual gross yield of 6%.
The property is to be sold on a new 999-year lease at a peppercorn ground rent. The lease permits use within A1 or A2 of the Town & Country Planning Use Class Orders 1987.
The annual income of £13,500 reflects a gross initial yield of 6.75% on the asking price, excluding purchaser's costs.
Guide Price: £199,950 Leasehold
Please call Blakes Chartered Surveyors & Estate Agents for further information.
Whilst every effort is made to ensure the accuracy of these details, it should be noted that the measurements are approximate only. Floorplans are for representation purposes only and prepared according to the RICS Code of Measuring Practice by our floorplan provider. Therefore, the layout of doors, windows and rooms are approximate and should be regarded as such by any prospective purchaser. Any internal photographs are intended as a guide only and it should not be assumed that any of the furniture/fittings are included in any sale. Where shown, details of lease, ground rent and service charge are provided by the vendor and their accuracy cannot be guaranteed, as the information may not have been verified and further checks should be made either through your solicitor/conveyance. Where appliances, including central heating, are mentioned, it cannot be assumed that they are in working order, as they have not been tested. Please also note that wiring, plumbing and drains have not been checked.