Retail property (high street) for sale
Property description & features
- Mixed Retail & Residential Freehold Opportunity
- Let Shop & Vacant Offices
- Ground Rent of 5 Modernised Apartments to the Upper Floors
- Lease for Vacant Office will also be Considered
Price: Offers Invited in Excess of £425,000
It is expected that the sale will be treated as a transfer of a going concern (TOGC).
We are delighted to offer for sale the Freehold of both 5 & 6 Bishopsmead Parade which comprises two retail/office units to the ground floor - one providing a passing rent of £12,500 pa Exc + Vat and a larger retail/office space currently vacant and ERV of £18,000 pa Exc + Vat.
Forming part of this three storey classic Chown parade building, with the upper two levels having been completely remodelled and converted to five residential apartments which have been sold on long leases with a Ground Rent collection of £500 pa. The building is built of painted brick elevations with exposed timbers, under a pitched, tiled roof that was also replaced as part of the refurbishment.
No 5 comprises a ground floor commercial premises of 735 sq ft Let to Apple Tree Studios.
No 6 comprises a vacant ground and basement premises totalling 1,283 sq ft previously Let to Hedleys Solicitors.
The 5 flats are accessed from the rear and are spread across the 1st and 2nd floors of Nos 5 and 6. Each flat has a dedicated single parking space.
Lease Details:
Apple Tree Studio (No 5) - rent of £12,500 pa Exclusive - VAT on a full repairing and insuring lease. Terms agreed for new Lease. EPC C (60)
Ex Hedleys Solicitors (No 6) - Lease expired June 2023. ERV £18,000 pa Exclusive + VAT on a full repairing and insuring lease. Final refurbishment works in hand. EPC D (88)
All 5 flats are sold with long leases (circa 110 years unexpired)
Ground Rent Payable £500 pa (£100 pa per flat)
Rateable Values obtained from the 2023 rating list (Guildford Borough Council)
No 5 - £10,000 pa - shop & premises
No 6 - £10,250 pa - office and premises
Wayleaves, Easements, Covenants & Right of Way
The property is sold subject to and with the benefits of all existing wayleaves, easements, covenants and rights of way whether mentioned or not in these particulars.
Plans, Areas and Schedules:
Are available upon request and provided for reference purposes only. No warranty for accuracy can be given. Floor Plan for No 6 shown on Page 5 of this brochure.
VAT: The whole of the property is covered by an Option to Tax registered with HMRC in 2007.
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