High Street, Banstead

£560,000 For Sale

Property Description

  • Lock up shop let to Robert Dyas Holdings Ltd, part of Theo Paphitis Retail Group
  • Currently let following lease renewal for a term of 5 years from 24.6.20
  • Passing rent £30,000 pax
  • Prime location with prominent frontage
  • Maisonette forms the upper parts and is subject to a 125 year lease from 6.12.05

LOCATION

The premises are situated in the heart of Banstead High Street on the south side of the street in a prime and prominent position opposite Café Nero and close to Marks and Spencer Food Hall with the benefit of the pay and display car park directly behind this unit.

DESCRIPTION

The investment comprises a three storey terraced premises arranged as a retail unit to the ground floor with rear yard and self-contained maisonette above. The ground floor comprises a nice rectangular retail unit with fully glazed shopfront with retail area 65ft deep x 18 ft internal width and 19 ft frontage. The accommodation is arranged as retail space plus rear store with kitchenette and WC. Externally there is a yard upon which the Tenant has located two storage containers accessed from the local authority car park with benefits of rights of way from the High Street (as detailed on the title plan).

The uppers form a self-contained maisonette which is access from a rear external staircase and is held on a 125 year lease from 6.12.05.

Retail area

   1234sq ft

 (114.64m2)

Rear stores

200 sq ft

(18.58m2)

 

Total internal area –1434 sq ft (133.22m2)

 

TENURE

Sale of the freehold interest under Title No SY743112 subject to the following leases:

 

The Shop: The shop is currently subject to a lease granted to Robert Dyas Holdings Limited (Reg No 04041884) trading as Robert Dyas ironmongers for a term of 5 years from 24.6.20 at a passing and fixed rent of £30,000 + VAT pax for the term. This is a lease renewal and the Tenant was in occupation prior. We would consider the passing rent to be under rented in accordance with current market evidence and a current ERV of £38,500 pax would be appropriate . We are advised that covid support had been granted to the retail Tenant by waiving of rent for the quarter commencing 25.3.20 and 24.6.20  and that there are no rent arrears.

 

The flat: The self-contained maisonette over first and second floor is held under Title No SY744899 and subject to a 125 year lease from 6.12.05 producing a ground rent of £100 pax.

GUIDE PRICE      

Offers in the region of £560,000 + VAT for the freehold interest subject to the existing leases.

RATES & COUNCIL TAX

Valuation Office Agency lists the retail unit as having a rateable value of £29,000.

VAT

We understand that the premises is elected for VAT so VAT will be payable on the purchase price. All rents, prices and premiums are stated exclusive of VAT under the Finance Act 1989.

LEGAL COSTS

Each party to be responsible for their own legal costs in the transaction.

 

EPC

The property has a rating of D (81).

 

VIEWING

Strictly by prior appointment only through sole agents:

 

ROBINSONS

01737 229200

www.robinsonsmb.com

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