66 & 66a High Street

Sunninghill, SL5 9NN

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Investment Sale
Property Type Investment
Tenure For Sale
Size 2,009 sq ft
Price £550,000 offers in the region of
Business Rates Upon Enquiry
Energy Performance Rating This property has been graded as C (70)

Freehold investment in Sunninghill village, retail ground floor, first floor office and a self contained first floor one bedroom flat.

Key Points

  • Freehold investment
  • Attractive village location
  • Mixed retail and residential uses
  • Rear parking
  • Asset management opportunity
  • Available at cap value £274 psf
  • Self contained first floor flat
  • No VAT payable on purchase price

Description

The property comprises a two storey mid terrace building with ground floor retail unit, currently occupied by Anne Marie Patisserie, On the first floor is a front office and a self contained one bedroom apartment. The property also benefits from rear access via Bridge Road service area and rear parking. There is ample free parking for customers of the parade of shops to the front of the property. The parade has a wide pavement. The bakers also use this for table and chair seating for customers. The EPC for the shop element is C70 and for the residential D63.

Available area

The accommodation comprises of the following

Name Sq ft Sq m Availability
Ground - Retail and stores 1,391 129.23 Available
1st - Office 161 14.96 Available
1st - One bedroom flat 457 42.46 Available

Location

The property is located in Sunninghill, east of Ascot. The high street is part of a vibrant and busy village with an array of independent retailers, cafes and restaurants. Ascot town centre and train station is just over a mile away. There are good road connections to the motorway network including the M3, M4 and M25.

Terms

The property is offered for sale as a freehold investment, let to Mayglade Ltd trading as Anne Marie Patisserie. The lease term ends 30th April 2023 (subject to renewal) currently at a rent of £20,250 p.a.x. payable quarterly. The permitted use is A1 retail save that the first floor or a part thereof, may be and is used for residential purposes. The tenant is responsible for maintaining the property in good and substantial repair. to date, no statutory notices have been served by either party.

Market Background

One bedroom apartment sales currently range between £450 and £472 per sq.ft., the lower being for studio, medium for retirement and the higher level for local maisonette accommodation, in good repair, well presented for the market. Recent commercial property retail investment sales show yields of circa 7.25% gross for good village location property. In the longer term 66 & 66a High Street present the opportunity for conversion of the first floor into a 2 bedroom apartment, in addition possible reconfiguration of the ground floor (subject to the necessary planning consents and building regulations).

Currently one bedroom flats in Sunninghill are commanding circa £1,000 per calendar month. Commercial property wise there is a lack of available retail space, the High Street is almost fully let as are Sunningdale and Ascot High Streets., so retail rents have generally been increasing.
The tenant has the right to renew their lease next year at which point, if they decide to, a new open market rent needs to be agreed or determined.

Market Comparable: 76a High Street, Sunninghill
Refurbished two storey property & freehold sold with full vacant possession in November 2021 & by private treaty for £600,000 (cap value of £429 psf).

Viewings

For further information and appointments to view the property interested parties should contact either ourselves, Christopher Thomas on 01753 839390 or our joint agent Stephen Anderson, Aitchison Raffety on 0207 907 3700

VAT

The property has not been elected for VAT and therefore VAT is not applicable to the purchase price.