- Freehold Investment
- Passing rent of £28,560 pax.
- Net Initial Yield of 5.0%
The property is located prominently on the north side of Bridge Road, at the roundabout junction with Creek Road. The property is just a short distance from the River Thames and the historic Hampton Court Palace and Gardens
There are good transport links, with Hampton Court Train Station only 3 minutes walk away, providing fast and regular access to London Waterloo and Clapham Junction. Numerous bus routes are also available.
In Harmony, Spirit and Balance Limited (Registration No. 03928493) have been established since February 2000 and are currently in occupation having fitted the premises to a high standard.
We are instructed to seek offers in excess of £566,000 for the freehold interest. This reflects a Net Initial Yield of 5%, allowing for purchaser’s costs at 4.8%.
We are advised that the property is not elected for VAT
An energy performance certificate has been commissioned and is available upon request from the agents.
Each party to be responsible
The property comprises double fronted ground floor retail space prominently situated on Bridge Road in East Molesey, along with a basement and two storeys of residential flats above.
- Freehold property comprising two ground floor combined retail units (940 sq ft), basement and four residential flats on upper floors.
- Retail unit currently let to In Harmony, Spirit and Balance Limited.
- Current lease expires on 28th November 2028, subject to upward only rent reviews on 28th November 2018 and every two years thereafter.
- Passing rent of £28,560 per annum exclusive.
- Flats to be sold on Long Leaseholds producing a Ground Rent of £1,100 pa, plus basement area already let on a 125 year lease producing a Ground Rent of £100 pa.
- Net Initial Yield of 5.0%, assuming purchaser’s costs of 4.8%.
- Offers for the freehold interest are sought in excess of £515,000.
The retail lease commenced on 28th November 2014 and is for a term of 14 years. It is granted on full repairing and insuring terms.
The passing rent is £28,560 pax, with an upwards only rent review at 28th November 2018 and every two years of the lease term thereafter.
The permitted use clause states that the tenant covenants “Not to use the premises otherwise than as a high-class shop for the provision of beauty treatment, spa and health centre within Class A1 or A2 of the Town and Country Planning (Use Classes Order) 1987.” Changes of use are permitted subject to landlord’s prior written consent.
The residential flats are subject to new 125 year leases, producing ground rents of £225 per annum for each of the three 1st floor flats and £425 per annum for the 2nd floor flat. The ground rents will be reviewed on a 25 yearly basis in line with the Retail Price Index. The basement is let on a 125 year lease at a fixed ground rent of £100 per annum.