Location
The property is located in the centre of Purley forming part of a busy parade fronting the main Brighton Road. There is a short term Pay and Display car park behind the property and additional on street car parking is available nearby.
Other local occupiers include Explore Learning, Age UK, Costa, Subway, Santander and The Children’s Trust Tadworth.
Description/Accommodation
The property comprises a ground floor retail/office currently let to Nationwide Building Society. There is self contained residential accommodation on two floors above providing four suites let on a HMO basis.
Approximate net internal areas
Retail:Office
149.30 sq m - 1607 sq ft
Tenancy Details
Ground Floor Let to Nationwide Building Society on an effective FRI Lease dated 30th November 2022 for a period of six years from 25th March 2022 at a current rent of £19,870 per annum exclusive, with Tenant break clauses on 25th March 2024 and 25th March 2026.
The upper parts are being let out under an HMO comprising of 1x bedsit and 1 x 1 bedroom unit sharing a toilet and bathroom. The second floor is the same layout. The third floor comprises a large 3 x bedroom flat which is self contained comprising 2 double bedrooms, living room, fitted kitchen, bathroom and electric heating.
The annual income being achieved on the upper parts is £36,900 pa. We feel this could be uplifted with rent increases to achieve closer to £55,000 pa
Terms
The property is available to purchase freehold subject to the existing Tenancy Agreements.
Price
£875,000 plus VAT (if applicable), Subject to Contract.
Business Rates
According to the Government website the property has a Rateable Value of £TBC. The UBR for 2023/24 is 49.9p in the £.
Legal costs
Each party to bear their own legal costs incurred in this transaction,
Energy Performance Certificate
Awaiting Energy Performance Certificate
Benefits include
More informationArrange an inspection
Strictly by appointment with Sole Agents
Gildersleve & Payne: 01883 723888
Nick Payne
Email: nickp@gpcommercial.co.uk
David Sutton
Email: davids@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
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