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INVESTMENT WITH DEVELOPMENT OPPORTUNITY FREEHOLD SHOP WITH FLAT UPPERS AND LAND TO THE REAR FORMING A POTENTIAL DEVELOPMENT SITE FOR 2X 1 BED FLATS

For sale: £450,000.00|Residential, Retail

PROPERTY DETAILS

FOR SALE£450,000.00
ADDRESS18 Dovers Green Road, Reigate, RH2 8BS
TYPEResidential, Retail
TENUREFor Sale Freehold
POSTED ON29th January 2021

DESCRIPTION

LOCATION
The premises are situated in a busy parade in Woodhatch, just to the south of Reigate town centre in a service road fronting the A217 which offers a range of amenities and sits opposite the local recreation area.

DESCRIPTION
Ideal opportunity for an investor/developer owner. We are instructed to sell the whole fully let premises which currently comprises of a ground floor lock up shop unit which is subject to a lease granted to RH19 Ltd trading as Paines & Gray kitchen showroom and a self-contained two bedroom flat forms the upper parts which is currently let under an Assured Shorthold,Tenancy. The property is located within a terrace of similar properties of brick construction under a tiled roof with painted rough cast to the front elevation. To the rear there is a parking area/rear yard access via a rear service road and currently enabling parking for around four cars and is deliberately not demised to either occupier. This is considered to be offered with scope for development as the three neighbouring owners in succession from 12 to 16 Dovers Green Road have each built out over part of this area to provide a two storey new building providing 2 x one bedroom flats and two parking spaces STPP. Alternatively there could be scope for other options of redevelopment, Our Clients had looked to do so but not put such a project into action .

No 18 – The Shop
The ground floor is currently arranged as a smart kitchen showroom with fully glazed shop front, front forecourt and WC. The premises are subject to a lease granted to RH19 Ltd for a term of 6 years from 1.2.18 at a passing rent of £9500 pax on an internal repairing and insuring basis plus shopfront. The lease is excluded from the LTA 1954. The lease provides for a Tenant break provision at 1.2.21 which was not taken up and a rent review at 1.2.21.We regard the passing rent to be in line with current ERV. The shop is not demised any rights to park to the rear in expectation that freedom to develop may be required.

Retail Area Approx 446 sq ft ( 41.43 m²)


No 18a – The Flat

The flat known as 18a is currently vacant but we expect in the open market it would let at a rent of £1000pcm. 18a has been let on an unfurnished basis and is accessed from its own front door on the front elevation with staircase leading to first floor landing. NOTE: The flat has no right to external rights of way or parking to the rear in expectation that freedom to develop may be required.

LIVING ROOM
11’9” x 14’5” Spacious living room to front with feature York stone fire surround (no fire), radiator, window to front and TV point.


KITCHEN
13’3” x 5’11” Fitted kitchen with single bowl and drainer stainless steel sink unit, built in gas hob with electric oven. Bosch washing machine, Zanussi fridge and freezer, boiler with extractor. Shelved larder.

BEDROOM 1
14’3” x 8’7” Large double to rear of the property with good range of fitted wardrobes providing a mixture of hanging space and shelving, TV point.

BEDROOM 2
14’5” x 7’2”- Large single/small double to front.

BATHROOM
Fitted with a white three piece suite with mixer tap and shower attachment and splash screen. Low level WC, wash hand basin, part tiled walls, extractor fan.

OUTSIDE
Externally there is a front forecourt serving the shop and private parking area to the rear, which is not demised to either occupier and would be suitable for developing, as neighbouring properties have, into two flats or an alternative scheme S.T.P.P. Numbers 12, 14 and 16 Dovers Green Road have all constructed a similar rear extension providing for new residential flats and parking.

PRICE
Offers in the region of £450,000 Subject to Contract for the whole. Title number SY184020. The price takes into regard the scope to extend/redevelop.

TENURE
Freehold investment sale subject to the existing leases with tenants in occupation.
We expect a purchaser to have to include a new wrought iron staircase in their scheme to allow continued rear pedestrian access for the flats at 16a & 18a.

RATES
From Internet enquiries only, the business rates are as follows:-

2017 Rateable Value £6500
Uniform Business Rate 0.49p (April 2020 – March 2021)
Council tax for residential uppers Band B

Interested parties should verify this information and any transitional adjustments prior to entering into any contract.

LEGAL COSTS
Each party to bear their own legal costs in the transaction.

EPC
An EPC has been obtained for the shop and workshop: Rating C (71)
An EPC has been obtained for the residential uppers Rating D (60)

LOCATION

Location: 18 Dovers Green Road, Reigate, RH2 8BS

Earlswood (Surrey) (1.2 miles)

Reigate (1.3 miles)

Redhill (1.9 miles)

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