DESCRIPTION

INVESTMENT / RESIDENTIAL OVERVIEW

• Surbiton is an affluent and popular rail commuter town in the Royal Borough of Kingston upon Thames.
• Prime trading location situated opposite a Sainsbury’s main store.
• Ground floor and basement retail premises let to Truong Van Bui, t/a A-Star 5 Nails on a 15 year FRI lease from 31st January 2014 at £26,500 per annum, subject to 5 yearly upward only rent reviews. Advised that the January 2019 rent review has not been activated.
• Two self-contained 1-bedroom flats at first and second floor levels, accessed from the front of the property on Victoria Road. The first floor flat is let on an AST at £11,208 per annum, whilst the second floor flat is vacant.
• Potential rental income £49,300 per annum.
• Potential to extend the property at the rear.
• Freehold sale price £780,000 (Seven Hundred and Eighty Thousand Pounds).

The property comprises a three storey and basement building incorporating a self-contained retail premises on the ground floor and basement trading as a nail and beauty salon. There are two self-contained 1-bedroom flats on the first and second floors, accessed from the front of the building. There is a rear gated yard, approached via St Mary’s Road, which provides hardstanding for 2 cars and potential to extend the property, subject to planning.

 

TENANCIES

The ground floor and basement are let to Truong Van Bui, t/a A-5 Star Nails for a term of 15 years commencing from 31st January 2014 and expiring on 30th January 2029. The lease is drawn on effectively full repairing and insuring terms at a current rent of £26,500 per annum exclusive. There are 5 yearly upward only rent reviews. The first floor flat is let to Alberto Mendez on an Assured Shorthold Tenancy (AST) for a term of 1 year from the 17th September 2020 at £11,208 per annum. However the owner has agreed for the tenant to vacate by 3rd May 2021. The second floor flat is vacant.

 

CAPITAL VALUE

Based on their current condition, we estimate the value of the flats are in the region of £250,000 / £275,000 each.

ACCOMMODATION

Floor	Size	Price/Rent	Rates Payable
Ground - Sales	334 sq ft - 31 sq m
ITZA	366 sq ft - 34 sq m
Ground - Rear	302 sq ft - 28 sq m
Basement	454 sq ft - 42 sq m
1st - Residential	339 sq ft - 32 sq m
2nd - Residential	336 sq ft - 31 sq m
Total	2,131 sq ft (198 sq m)

LOCATION

Surbiton is located approximately 10 miles south west of London and 1.5 miles south of Kingston, providing a wide range of retail, leisure, restaurants and bars. It has excellent communication links into central London with Surbiton railway station offering a fast and regular rail service to London Waterloo in 16 minutes. There are excellent road links with the A3, one of the main arterial roads in south west London approximately 1.5 miles south of the subject property and A242 linking to the M25 (junction 9). The property occupies a prime trading location in the main shopping street close to Sainsbury, Boots, M & Co, Superdrug, Clarks, McDonalds and Costa Coffee.