TENUREFreehold, For Sale Freehold, For Sale Freehold
POSTED ON1st November 2024
Description
- Rarely available prime Freehold Investment opportunity - Ground floor retail lease renewed on a straight 5 year term from July 2024 - Affluent Surrey commuter market town - Prime pedestrianised retail pitch - Two residential flats sold off on 125 leases from April 2015 at an annual ground rent of £250 per flat - Total annual income of £33,500 - Our client is seeking offers in excess of £400,000 (Four Hundred Thousand Pounds) for the Freehold, subject to contract and excluding VAT. A purchase at this price will provide a Net Initial Yield of 8.05% assuming purchaser's costs of 4.18%.
The property comprises a mid-terrace part three storey part two storey and part single storey mixed use building of traditional brick construction. The property sits beneath a pitched and tiled roof and has painted rendered elevations and timber sash windows.
The ground floor retail unit currently let to Sequence (UK) Limited (t/a Barnard Marcus) is mainly open plan with two partitioned offices a staff area kitchen and staff W/C facilities located towards the rear of the property. The remaining elements of the first and second floors comprise two residential flats that are sold off on long leases.
The two residential flats are accessed externally to the rear of the property via external metal staircases in a shared yard which is accessed via a secure gate to a rear passage providing access to and from Station Road via Warwick Quadrant.
Redhill is a prosperous thriving town within the London commuter belt located at the foot of the scenic North Downs in the Surrey Borough of Reigate and Banstead. Situated at the intersection of the A23 and A25 trunk roads approximately 19 miles south of Central London 17 miles east of Guildford and just 6 miles north of Gatwick Airport. Both the M25 London Orbital Motorway and M23 are located within three miles of Redhill. The A23 provides access to Brighton via the M23 to the south and directly into London to the north. The M25 provides access to the A3 to the west of Redhill providing access to London in the north and Portsmouth in the south.
Redhill railway station is located in the centre of the town and provides regular train services to London Victoria and London Bridge with a journey time of approximately 30 minutes and regular train services to Gatwick Airport arriving in approximately 10 minutes then onwards to Brighton.
Location
Location:
27 Station Road, Redhill, RH1 1QHGBSurreyRH1 1QH27, Station Road