West Street, Reigate

DESCRIPTION

We are instructed to sell the long leasehold interest in the ground floor and basement as a fully let ‘E’ use class investment.The premises are situated on West Street/A25 just beyond Reigate High Street travelling West and with Reigate Station being just an 8 minute walk and Junction 8 of the M25 just 2 miles to the North. The premises comprise of a well-located hair salon established and trading as ‘Glamour Garage’ and internally arranged as a mainly open plan salon with treatment room, kitchen/staff room and WC to the rear plus basement. In addition to it’s current use the unit suits a number of uses and could be reconfigured and portioned as required within the existing E use class including retail/showroom/office/health/medical/beauty uses.

The premises form part of a terrace of a mixed-use scheme with the uppers being converted to residential in this most convenient location just one mins walk of the High Street There is pedestrian access to the rear from the ancillary areas that lead to a private car park to the rear of the premises that enables parking for one car. This right is granted within the lease

Approx. dimensions as follows: -

Retail area Approx.       1032 sq ft (96 m2)

Ancillary areas Approx.  216 sq ft (20 m2)

Basement Approx.          119 sq ft (11 m2)

External frontage Approx.    22 ft ( 7 m)

Internal retail depth approx  45 ft (14 m)

 Net Internal Area Approx. 1248 sq ft (116m2)

GUIDE PRICE    

£475,000 per annum exclusive for the long leasehold interest held under Title NoSY564408

TENURE    

The ground floor and basement are being sold by way of the long leasehold interest grantedfor 999 yearsfrom 7.4.22 under Title NoSY564408 and all being subject to the ten-year lease granted to Glamour Garage Tenants from 24.6.25 at the passing rent of £37,500 pax. The lease is within the LTA 1954 security provisions with no lease break provision. There was a half rent discount applied from lease renewal on 24.6.25 until 24.1.26. Any apportioned service charge charged to the Landlord is we are advised reclaimable from the Tenant under the terms of the ground floor and basement lease.

VAT

We do not believe that the premises are elected for VAT All rents, prices and premiums are stated exclusive of VAT under the Finance Act 1989. Accordingly, interested parties are advised to consult their professional advisers as to their liabilities, if any, in this direction.

RATES

We understand from an online search that the premises has a rateable value of £17,750 with the Tenant liable for business rates.

LEGAL COSTS

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

EPC

The premises have an EPC rating C (69) valid until 12.4.26

VIEWING

Strictly by prior appointment only through sole agents:

ROBINSONS - Sole Agents

01737 229200

www.robinsonsmb.com

• Opportunity to purchase a long leasehold/virtual freehold let investment within Reigate town suitable for a variety of uses in the future within the existing and flexible ‘E’ use class
• Unit is subject to a new 10 year lease from 24.6.25 at a passing rent of £37,500 pax
• Tenant operates as a well-established hair and beauty salon
• One car space to the rear