ADDRESS64-66 Richmond Road, Kingston upon Thames, Surrey KT2 5EH
TYPEResidential, Retail, Retail - Out of Town, Restaurant/Cafes
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON16th November 2021
Located close to Kingston town centre and railway station. 3 storey retail and residential property. Ground floor & basement retail leased to Kobkun Thai Retreat Limited on a 10 year FRI lease from 5th August 2021 at £26,000 pa. First & second floors comprise 2 x 2-bed and 1 x 1-bed flats. Potential to increase the total rental income to £77,000 per annum. Potential to sell the 3 flats for £1.365 million. Freehold. Offers are invited in excess of £1,375,000 (One Million Three Hundred & Seventy-Five Thousand Pounds), reflecting an NIY of 4.3% and a potential reversion to 5.25%.
The property comprises a 3 storey terrace consisting of a double fronted shop with basement at ground floor level, together with residential accommodation over first and second floors. The upper floors are approached from a dedicated entrance at the front of the property from Richmond Road and comprises 2 x 2-bedroom and 1 x 1-bedroom self-contained flats. There is a small yard at the rear with access to the rear of the property from East Road.
PROPOSAL We are instructed to seek offers in excess of £1,375,000 (one million three hundred and seventy five thousand pounds) subject to contract, reflecting an NIY of 4.3% and a potential reversion to 5.25%.
VAT We are advised that the property is not elected for VAT.
EPC Ground & Lower Ground: to be commissioned Flat A: D (67) Flat B: D (62) Flat C: D (63)