Coombe Villa, Knaphill, Woking GU21 2HW
Freehold Retail and Residential Investment For Sale
INVESTMENT SUMMARY
• Prominently situated on Anchor Hill, 0.1 miles north east of High Street.
• Let to Optiplan Kitchens Limited until 15.05.2026 at £35,000 pa, there is a mutual break option on 16.05.2021.
• 2-bedroom flat let until 25.07.2019 at £11,100 pa.
• Total contracted rent of £46,100 pa.
• Freehold.
• Opportunity to consider future redevelopment options, subject to necessary planning consents.
• No VAT.
• Seeking offers in excess of £595,000, subject to contract.
vailwilliams.com • Net initial yield 7.38% after purchase costs of 5.04%.
LOCATION The village of Knaphill is situated in the county of Surrey, approximately 2 miles to the west of Woking town centre. Nearby centres include Guildford, 6.8 miles to the south and Weybridge, 9.6 miles to the north east.
Road access to the village is provided by the A322, which joins with the A3 between Guildford and London approximately 5 miles to the south east. The M25 is located approximately 4 miles to the north east, accessed by junction 10 (via the A3) or 11 (via the A320).
Woking Railway Station lies 3.3 miles to the east providing direct services to London Waterloo with a journey time of approximately 25 minutes.
SITUATION The property is prominently situated on Anchor Hill 0.1 miles north east of High Street within a predominantly residential location.
Waterer’s Park is located off Bartley Mow to the north. The retail provision on High Street includes Tesco Express, The Co-op Food, Barclays Bank and Coral.
vailwilliams.com
DESCRIPTION TENURE The property comprises a two-storey detached building with brick Freehold elevations and a pitched tiled roof. A modern air conditioned retail showroom displaying bespoke kitchens is provided on the ground floor with office and ancillary accommodation to the rear.
The first floor comprises a two bedroom residential flat accessed to the rear of the property. The site has good car parking and totals approximately 0.11 acres. The tenant has been in occupation since 2005.
ACCOMMODATION The property has been measured on a Net and Gross Internal Area basis in accordance with the Royal Institution of Chartered Surveyors Code of Measuring Practice (6th Edition) and we set out the approximate areas below:
Use M2 Ft2 Retail Ground Floor (NIA) 155.98 1,679 2-bed Residential First Floor 54.26 584 (GIA) Total 210.24 2,263
Gross frontage: 13.45m Net frontage: 6.23m vailwilliams.com
TENANCY DETAILS The ground floor retail unit is let to Optiplan Kitchens Limited from 16.05.2016 until 15.05.2026 at £35,000 per annum. There is a mutual break option on 16.05.2021. The lease has a schedule of condition attached and is contracted outside the 1954 act.
The first floor is let on an AST from 26.07.2018 until 25.07.2019 at £11,100 per annum.
The total contracted rent is £46,100 per annum.
TENANT'S COVENANT Home Decor is a leading supplier in Europe of contemporary bedroom furniture and kitchens to DIY, construction and new-build markets.
Spaceslide and Optiplan are the online and retailing brands with showrooms located in Surrey, Hampshire, Cheshire, Buckinghamshire, Berkshire and Wiltshire. Home Decor acquired Optiplan Kitchens in 2016, one of the UK’s leading kitchen manufacturers and retailers, selling high quality, handcrafted kitchens from a network of showrooms across the country over the last 30 years.
Optiplan Kitchens Limited (company number: 05303766).
Website address: www.optiplankitchens.co.uk
vailwilliams.com
PRICE Seeking offers in excess of £595,000 (Five Hundred and Ninety Five Thousand pounds), subject to contract. A price at this level reflects a net initial yield of 7.38% after purchaser’s costs of 5.04%.
VAT
We understand the property is not registered for VAT.
CONTACT DATAROOM
Toby Yates For access to the dataroom [email protected] please contact Liz Dixon. 07881 500 995 [email protected]
023 8082 0919 Richard Dawtrey
EPC [email protected] Available within the dataroom. 07881 588 526
Vail Williams LLP 34 Dover Street Mayfair London, W1S 4NG Misrepresentation Act 1967 – Vail Williams for themselves and for the vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute nor constitute part of an offer or contract. 2. All descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are give n without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Vail Williams has any authority to make any representation or warranty whatsoever in relation to this property. Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T.). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of V.A.T. in respect of any transaction. vailwilliams.com
Birmingham Crawley Guildford Heathrow London Portsmouth Southampton Thames Valley Vail Williams LLP, a Limited Liability Partnership, registered in England (number OC319702). Registered Office: 550 Thames Valley Park Drive, Reading, Berkshire RG6 1PT. Any reference to a Partner means a Member of Vail Williams LLP or an employee or consultant with equivalent standing and qualifications. A full list of Members is open for inspection at the registered office. Regulated by RICS. May 2019
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