37 Chertsey Road, Woking, Surrey, GU21 5AJ
- 2000 Sq ft
- For Sale
- Fully Let Mixed Used Investment in a Popular Trading Location
- £83,200 p.a. with Stepped Increases on the Ground Floor
- Development Potential to Rear
- Complete Refurbishment Undertaken in 2017
37 Chertsey Road is located in a busy trading location on the edge of Woking Town Centre. Nearby occupiers include Wetherspoons, Jaipur Indian Restaurant, KFC, Thali:, William Hill, Ladbrokes, Taco Bell, McDonalds, Subway and Nando’s. In terms of local transport links; the A3 is located 5 miles to the East, with links to London and the South Coast, the M3 6 miles away and the M25 (J11) 5 miles away. Woking mainline train station is located less than 200m away from the subject property with regular services to London Waterloo and Portsmouth Harbour and the Bus Station is located adjacent serving multiple surrounding towns and villages.
The subject property is a four storey mixed use 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.
The net internal area for the Ground Floor is approximately as follows:
Net Internal Area 77.66 sq m 836 sq ft
ITZA Area 52.25 sq m 562 sq ft
The upper parts are formed of 6 rooms of various sizes ranging from 106 sq. ft. for the smallest to 269 sq. ft. for the largest.
Guide Price: £1,200,000
Rateable Value: £19,750 (2018/19)
To Be Assessed
The Freehold interest is available subject to the below tenancies; more information can be provided on request.
The Ground Floor is let to Farid Ahmed (T/a Roosters Piri Piri) on a 16 year FRI lease inside the 1954 Landlord & Tenant Act from 25/12/16 with stepped increases every 4 years. The current passing rent is £34,606 p.a. stepping to £38,066 (2020), £41,827 (2024) and £46,509 p.a. (2024).
A rent deposit of £17,303 (effectively 6 months) is also held on account.
The Upper Parts are let out on all-inclusive AST rents in line with the below; 1 months deposit is held for each Tenant and the appropriate HMO certification has been obtained from Woking Borough 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 p.a. (less outgoings).
The outgoings for the property are approximately £15,000 p.a. resulting in a net income on the upper parts of £33,600 p.a. and an overall net income of circa £67,500 p.a.
Both parties to bear their own legal costs incurred in the transaction.
Strictly by appointment with the Joint Sole agents.