High Street, Caterham, Surrey

This is an opportunity to acquire a mixed use investment portfolio comprising five shops and seven residential flats on the first and second floors together with a residential re-development site for a further 6 flats and hard surface car parking area to the rear accessed via a driveway off the High Street adjoining No. 57.

Location
The premises are centrally located within the commercial area of Caterham on the Hill with a local bus stop and Raglan Precinct Shopping Centre close by. Caterham Town Centre is a few minutes drive away where there is a Main Line Railway Station with direct services to London. In addition, the property is conveniently located for access to J6 of the M25 which is less than 5 miles distant.

Description/Accommodation
This is an opportunity to acquire a mixed use investment portfolio comprising five shops and seven residential flats on the first and second floors together with a residential re-development site for a further 6 flats and hard surface car parking area to the rear accessed via a driveway off the High Street adjoining No. 57.

The rear residential re-development part of the site and hard surface car parking area approached from the drive leading from the High Street referred to above. All of the residential flats are accessed from the rear (see plan).

Tenancies - Numbers 55/55a/55b
55: A retail shop unit comprising approximately one third of a Londis Store. The lease has expired and the Tenant is holding over continuing to pay a rent of £3,500 per annum (to be updated). The area of the retail unit is approximately 560 sq.ft.
55a: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £695 pcm. The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.
55b: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £695 Pcm. The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.

Number 57
57: The shop premises at 57 High Street is occupied by Cuticals Nail Salon under a lease which has recently expired. A new lease is currently being prepared. The floor area is 255 sq ft measured on a net internal basis.

Numbers 59/61, 61a, 61b
59/61: The shop premises at 59/61 High Street are occupied by Evergreen Joinery by way of a lease dated 29 September 2014 (which includes land, workshops and storage buildings to the rear) and which expired on the 28 September 2017. The tenant is currently holding over and continues to pay the reserved rent of £8,000 per annum. The shop area is 740 sq ft measured on a net internal basis.
61a: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £550 pcm. The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.
61b: This residential flat is occupied under an AST arrangement on a monthly basis at a rent of £695 pcm. The accommodation comprises two bedrooms, reception room, kitchen and bathroom/wc.

Numbers 63 & 63a
The shop premises at 63 High Street are occupied by Retro Tech Audio by way of a lease dated 18th January 2011 which expired on 18 January 2014. The Tenant is holding over and continues to pay the reserved rent of £4,000 per annum exclusive. The area of the premises is 480 sq ft measured on a net internal basis.
63a: This residential maisonette is held by way of a Long Lease for a term of 99 years from 25 March1986 at a Peppercorn rent of £50 per annum. The maisonette has three bedrooms, reception room, kitchen, bathroom/wc.

Numbers 65, 65a, 65b
65: The shop premises at 65 High Street are occupied by Motorrmax by way of a lease dated 18 January 2001 which expired on the 17 January 2006. The Tenant is currently holding over paying a rent of £4,000 per annum. The area of the premises is 460 sq ft measured on a net internal basis.
65a: This residential flat is occupied under an AST arrangement on a monthly basis a rent of £600 pcm. The flat is held on a Long Lease dated 16 October 2015 for a back dated term of 189 years from 25 March 1986 at a peppercorn rent of £50 per annum. This flat is owned by a member of the same family as he Vendor but included as part of this sale. The accommodation comprises one bedroom, reception room, kitchen and bathroom/wc.
65b: This residential flat is held by a tenant on a Long Lease datd 21 May 2019 for a back dated term from 25 March 1986 at peppercorn rent of £50. The flat has two bedrooms, reception room, kitchen and bathroom/wc.

Residential Redevelopment Site
To the rear is a residential re-development site. Full planning permission was obtained (dated 1 July 2019) for a new building with ground and first floors of accommodation to provide four flats, each with one bedroom, reception room/kitchen and bathroom with wc.

Hard surface parking between the back of the shops and the residential redevelopment site
There is a hard surface parking area. Part of this area is already allocated but the remainder after allowing for an access way will be available to provide four additional car parking spaces.

Terms
The freehold interest is available for sale subject to the above tenancies in the sum of £1.75million, plus VAT (if applicable). Subject to Contract.

Business Rates
For more information see https://www.tax.service.gov.uk/business-rates or contact the Business Rates Department at Tandridge District Council Tel: 01883 722000

Legal Costs
Each party to be responsible for their own legal costs.

Energy Performance Certificate
Number 55 - Energy Rating D (80)
Number 57 - Awaiting full information
Number 59 - 61 - Awaiting full information
Number 63 - Awaiting full information
Number 65 - Energy Rating C (71)

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