37 Chertsey Road, Woking, Surrey GU21 5AJ

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  

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