37 Chertsey Road, Woking, Surrey GU21 5AJ

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37 Chertsey Road, Woking, Surrey GU21 5AJ

Investment 836 Sq ft For Sale 1,200,000

Key Points

  • Fully Let Mixed Use Investment in a Popular Trading Location
  • £83,200 pa with Stepped Increase on the Ground Floor
  • Development Potential to Rear
  • Complete Refurbishment Undertaken in 2017

Location

37 Chertsey Road is located in a busy trading location on the edge of Woking Town Centr e Nearby occupiers include Weatherspoon's, Jaipur Indian, KFC, Thali, William Hill, Ladbrokes, Taco Bell, McDonalds, Subway and Nando's. In terms of local transport links the A 3 is located 5 miles to the East, with links to London and the South Coast, the M36 miles.

Description

The subject property is a four storey mixed used building with rear access from the Local Authority. Car Park also available The ground floor is formed of an A3 /A5 retail unit currently trading as Roosters Piri Piri with the upper floors occupied as a licenced HMO, with 6 rooms let out on AST contracts on a room by room basis on all inclusive rents.

Accommodation  

AVAILABLE SQ FT SQ M
Ground Floor 836 77.66
ITZA 562 52.25

The upper parts are formed of an HMO of 6 rooms of various sizes ranging from 106-269 sq. ft.

Rates

Rateable Value: £19,750
Rates Payable: £9,855.25

Price

Guide Price: £1,200,000

Tenure

The freehold interest is available subject to the below tenancies. 

The ground floor is let to Farid Ahmed t/a Roosters Peri Peri on a 16 year FRI lease inside the Landlord Tenant Act from 25/12/16 with stepped increases every 4 years. The current passing rent is 38 066 stepping to £41,827 (2024) and £46,509 (2028).

A rent deposit is £17,303 (6 months ) is also held on account.

The upper parts are let out on an all inclusive AST rents in line with the below 1 month's deposit is held for each tenant and the appropriate HMO certificate has been obtained by the council for this use:

Room 1: £600 pcm
Room 2: £750 pcm
Room 3: £700 pcm
Room 4: £750 pcm
Room 5: £500 pcm
Room 6: £750 pcm

Total income is therefore £4,050 pcm or £48,600 per annum (less outgoings).

The outgoings for the property are approximately £13,000 pa resulting in a net income on the upper parts of £34,600 per annum and an overall net income of circa £60,000 per annum.

Legal Costs

Each party to bear their own legal costs incurred in the transaction

Viewing

Strictly by appointment with the sole agents

Alex  Bellion

Alex Bellion
Director
07971 756068
alex@owenisherwood.com

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