FREEHOLD DEVELOPMENT/ INVESTMENT

 FOR SALE

(Businesses Unaffected)

Location
The property is situated within the attractive West side of Oxted Town Centre adjoining the local cinema  and  within a parade that includes a number of specialist retail businesses, the main Post Office, Lloyds Bank and the main railway station with regular
services to London via East Croydon.  Access to the motorway network is via junction 6 of the M25 at Godstone.   

Description
The property is currently divided into three hereditaments as follows:

Ground and Basement Floors plus 2 parking spaces - Let to Barclays Bank Plc on a 999 year lease from the 29th September 2004 at a peppercorn rental.

First floor offices      44.2 sq m        (475 sq ft)  Let to Tandridge Leisure on a 3 year lease from 14th April 2009 at a rent of £7,750 per annum with a mutual option to break after 1 year on giving 3 months written notice.

Second Floor 2 Bedroom Flat with Lounge, Kitchen andBathroom.  Currently occupied on an Assured Shorthold Tenancy at a rent of £750 pcm. 

Total income:            £16,750 per annum

Development Potential
The existing Freeholders have investigated the possibility of converting the first floor offices into a further 2 bedroom flat, hence the mutual break option in the office lease.  Sketch plans of the potential alterations are available upon request.

Terms
The property is available freehold subject to the above tenancies with offers sought in excess of £320,000 subject to contract.  VAT is chargeable on this transaction.

This investment therefore produces a yield of 5.23% before costs.

Energy Performance Certificate:
Awaiting Energy Performance Certificate.

Legal Costs
Each party is to be responsible for their own costs incurred in this transaction.

Viewing
Strictly by appointment only with Sole Agents Gildersleve and Payne. Contact Peter Gildersleve FRICS Tel: 01883 723888 email info@gpcommercial.co.uk

Property Misdescriptions Act 1991
Please note the agents have not carried out a survey, have not made planning enquiries nor tested any of the equipment, apparatus, fixtures, fittings, services or land and are therefore not able to verify their condition, or suitability for their purpose

Code of Practice
Applicants should be aware that the code of practice
on commercial leases in England and Wales strongly
recommends you seek professional advice from a
qualified Surveyor, Solicitor or Licenced Conveyencer
before agreeing or signing a Business Tenancy
Agreement. The Code is available through
professional institutions and trade associations or
through the website www.leasingbusinesspremises.co.uk