MIXED USE INVESTMENT

PLUS REDEVELOPMENT SITE

FREEHOLD FOR SALE

 

  • Income producing mixed use (5 x  Retail & 7 x Residential) Investment Opportunity
  • Opportunity for portfolio enhancement
  • Residential development consent for 6 flats at the rear plus car parking
  • Price:  £1.7 million, Subject to Contract

55-65 High Street, Caterham, Surrey, CR3 5UF

 

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Location:
The premises are centrally located within the commercial area of Caterham on the Hill with a local bus stop and Raglan Precinct Shopping Centre close by.  Caterham Town Centre is a few minutes drive away where there is a Main Line Railway Station with direct services to London.  In addition, the property is conveniently located for access to J6 of the M25 which is less than 5 miles distant.

Description/Accommodation:
This is an opportunity to acquire a mixed use investment portfolio comprising five shops and seven residential flats on the first and second floors together with a residential redevelopment site for a further 6 flats and hard surface car parking area to the rear accessed via a driveway off the High Street adjoining No 57.

The rear residential redevelopment part of the site and hard surface car parking area approached from the drive leading from the High Street referred to above.  All of the residential flats are accessed from the rear.  (See plan).

 THE APPROXIMATE NET INTERNAL AREAS ARE AS FOLLOWS

55 High Street

52.03 sq m

560 sq ft

57 High Street

23.69 sq m

255 sq ft

59-61 High Street

68.74 sq m

740 sq ft

63 High Street

44.60 sq m

480 sq ft

65 High street

42.74 sq m

460 sq ft

 

Tenancies:

Numbers: 55/55a/55b

55:  A retail shop unit comprising approximately one third of a Londis Store.  The lease has expired and the Tenant is holding over continuing to pay a rent of £3,500 per annum.  (To be updated).

The area of the retail unit is approximately 560 sq ft.

55a: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £695 pcm. 

The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.

55b: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £695 pcm. 

The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.

Number 57:

The shop premises at 57 High Street is occupied by Cuticals Nail Salon under a lease which has recently expired.  A new lease is currently being prepared.

The floor area is 255 sq ft measured on a net internal basis.

Numbers 59/61, 61a, 61b:

59/61: The shop premises at 59/61 High Street are occupied by Evergreen Joinery by way of a lease dated 29th September 2014 (which includes land, workshops and storage buildings to the rear) and which expired on the 28th September 2017.  The Tenant is currently holding over and continues to pay the reserved rent of £8,000 per annum.

The shop area is 740 sq ft measured on a net internal basis.

61a: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £550 pcm. 

The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.

61b: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £695 pcm. 

The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.

Numbers 63 & 63a:

63: The shop premises at 63 High Street are occupied by Retro Tech Audio by way of a lease dated 18th January 2011 which expired on the 18th January 2014.  The Tenant is holding over and continues to pay the reserved rent of £4,000 per annum exclusive.

The area of the premises is 480 sq ft measured on a net internal basis.

63a: This residential maisonette is held by way of a Long Lease for a term of 99 years from the 25th March 1986 at a Peppercorn rent of £50 per annum.

The maisonette has three bedrooms, reception room, kitchen, bathroom/wc.

Numbers 65, 65a, 65b:

65: The shop premises at 65 High Street are occupied by Motormax by way of a lease dated 18th January 2001 which expired on the 17th January 2006.  The Tenant is currently holding over paying a rent of £4,000 per annum.

The area of the premises is 460 sq ft measured on a net internal basis.

65a: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £600 pcm. 

The flat is held on a Long Lease dated 16th October 2015 for a back dated term of 189 years from 25th March 1986 at a peppercorn rent of £50 per annum.  This flat is owned by a member of the same family as the Vendor but included as part of this sale

The accommodation comprises one bedroom, reception room, kitchen and bathroom/wc.

65b: This residential flat is held by a tenant on a Long Lease dated 21st May 2019 for a back dated term from 25th March 1986 at peppercorn rent of £50.

The flat has two bedrooms, reception room, kitchen and bathroom/wc.

Residential Redevelopment Site:
To the rear is a residential redevelopment site.  Full planning permission was obtained (Dated 1st July 2019) for a new building with ground and first floors of accommodation to provide for four flats, each with one bedroom, reception room/kitchen and bathroom with wc. and two flats each with two bedrooms, reception room/kitchen and bathroom with wc.

Hard surface parking between the back of the shops and the residential redevelopment site:

There is a hard surface parking area.  Part of this area is already allocated but the remainder after allowing for an access way will be available to provide four additional car parking spaces.

Terms:
The freehold interest is available for sale subject to the above tenancies in the sum of £1.75 million, plus VAT (if applicable).  Subject to Contract.

Business Rates:                                                                         
For more  information see  https://www.tax.service.gov.uk/business-rates or contact the Business Rates Department at Tandridge District Council Tel 01883 722000.

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

Energy Performance Certificate:
Number 55 – Energy Rating D (80)
Number 57 – Awaiting full information
Number 59 – 61 – Awaiting full information
Number 63 – Awaiting full information
Number 65 – Energy Rating C (71)

Viewing                                                                                                 
For further information, or to arrange an inspection please contact Joint Agents
Gildersleve & Payne
Nick Payne MRICS  Tel 01883 723888
E: nickp@gpcommercial.co.uk
or Payne & Co
Jason Brown  Tel 01883 7122261 
E: jason@payneandco.com 

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

2 Woodbridge, Smallfield
2 Woodbridge, Smallfield

110 HIGH STREET, CROYDON, SURREY, CRO 1ND

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