VIRTUAL FREEHOLD
RETAIL/SHOWROOM INVESTMENT

  • Modern retail/showroom investment
  • Built 2015
  • Located in Woking, an affluent South West commuter Town
  • Town Centre location
  • FRI Lease for 15 years from 21st August 2015 to Multi Tile Ltd (Trading as Topps Tiles)
  • Current Rent:  £82,200 pa (payable monthly)
  • Five yearly upward only rent review to market rental
  • PRICE:  £1,350,000.
  • Initial Yield – initial Yield is 6.09%  (net of purchaser’s costs)

131-141 Goldsworth Road, Woking, Surrey, GU21 6LS

 

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Location:
The property is situation in Goldsworth Road, close to Woking Town Centre. 

Woking benefits from excellent road communications, being located approximately five miles from Junction 11 of the M25 at Chertsey (direct access on into Woking via the A230) and approximately seven miles from the A3.

Woking Railway Station provides a fast and frequent train service to London (Waterloo), with an approximate journey time of 25 minute and to Gatwick via Guildford which takes approximately 55 minutes.  In addition there is a Coach Service from the Station to Heathrow Airport.

Woking Town Centre is undergoing extensive regeneration led by Woking Borough Council’s Victoria Square Development.  The project which is shortly to be completed will comprise 400 residential apartments in two residential towers, a 189 bedroom Hilton Hotel and 125,000 sq ft of commercial space including a new M&S Food and Clothing Store.  A new car park will provide an addition 740 car parking spaces.

A number of large residential developments in Woking have recently been completed or are under construction. 

Description:
Constructed in 2015,  the property comprises a ground floor retail showroom with residential accommodation above.

There is delivery access and customer parking to the rear of the property accessed via a tarmac service road from Goldsworth Road.  Customer access to the retail showroom is from the front of the property.

Internally the ground floor provides open retail/showroom accommodation fitted out in the Tenant’s standard format with fluorescent lighting and comfort cooling cassettes.  In addition there are staff facilities, kitchen, office and disabled wc accommodation.

Accommodation:

THE GROSS INTERNAL AREAS ARE AS FOLLOWS

 

 

Retail/Showroom plus Ancillary Accommodation

474.46 sq m

5107 sq ft

NB:  In addition there is a covered bin store for the Tenant’s use.

 

Planning:                                                                                               
The property was developed under Planning Application Plan/2011/0822.  Full details can be viewed on Woking Council’s website.  Planning Consent was granted in September 2012 for 14 flats and an A1/A2/B1/D1 commercial property.

Tenure:
999 Year Lease from 25th December 2013.

 Tenancy:
The property is occupied by Multi Tile Limited trading as Topps Tiles on a FRI Lease for a term of 15 years from 21st August 2015. The current rent passing from 21st August 2020 is £82,216.06 per annum, payable monthly in advance.                                                              

The Lease provides for rent reviews every five years which are calculated by reference to the Retail Price Index.

Tenant:
Company Information: 
The Tenant is Multi Tile Limited who are a wholly owned subsidiary of Topps Tiles UK Ltd whose parent company is Topps Tiles Plc.  Multi Tile Limited showed a net profit of £9.2 million in the year until 26th September 2020.  Topps Tiles Plc reported a turnover of £192.81 million in the year until 26th September 2020.  Topps Tiles currently operate 317 store nationwide.

Service Charge: 
Service Charge provisions are incorporated in the occupational lease to Multi Tile Limited.  These cover payments for the cleaning, maintenance, repair and lighting of the common parts being the shared access road and service yard shown in the lease plan and to include the landscaped area and refuse bins.

Price:     
Offers are sought in excess of £1,350,000. (One Million, Three Hundred and Fifty Thousand Pounds) Subject to Contract and exclusive of VAT.  A purchase at this level would reflect an initial yield of initial Yield is 6.09%(net of purchasers costs). 

VAT:
The property has been elected for VAT

Business Rates:     
According to the Government website the Rateable Value is £55,500.  The UBR for 2021/22 is 51.2p in the £. 

Energy Performance Certificate:       
The property has an EPC Rating of 

AML:
When submitting a bid for the long leasehold interest in the property, potential purchasers will need to provide appropriate documentation capable of satisfying the requirements of the Anti-money Laundering Regulations.

Legal costs:    
Each party to be responsible for their own legal costs.

Viewing
Strictly by appointment with Sole Agents Gildersleve & Payne Tel: 020 8686 4400                          
Contact: Nick Payne MRICS  or David Sutton BA (Hons)                                                             
E:  nickp@gpcommercial.co.uk  E: davids@gpcommercial.co.uk   

Property Misdescriptions Act 1991 Please note the agents have not carried out a survey, have not made planning enquiries nor tested any of the equipment, apparatus, fixtures, fittings, services or land and are therefore not able to verify their condition, or suitability for their purpose

Code of Practice Applicants should be aware that the code of practice on commercial leases in England and Wales strongly recommends you seek professional advice from a qualified Surveyor, Solicitor or Licenced Conveyencer before agreeing or signing a Business Tenancy Agreement. The Code is available through professional institutions and trade associations or through the website www.leasingbusinesspremises.co.uk

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