The property comprises a self-contained retail office and residential building arranged over ground, three upper floors and a lower ground floor. The property was built in the early 1980s of a brick and concrete frame construction but has recently been extensively refurbished with new cladding and steel louvres added to the first and second floor elevations. A new timber frame penthouse residential apartment with balconies has been added to the third (top floor).
The office and retail element benefits from the following specification:-
- Air cooling / heating
- Suspended grid ceilings with LED lighting
- Male, Female & Disabled WCs
- Cycle store
- Located in a highly affluent area.
- Prominently situated on the edge of Kingston town centre.
- Refurbished and reconstructed within the last 18 months.
- Combination of two office lettings and three residential ground rents.
- Office income - £79,500 per annum.
- Three upper floor flats sold on 124 year leasehold interests with a total ground rent of £750 per annum.
- Total rent received £80,250 per annum.
- Offers sought in excess of £1,250,000 (One Million Two Hundred and Fifty Thousand Pounds), reflecting a net initial yield of 6% assuming purchaser’s costs at 6%.
We are seeking offers in excess of £1,250,00 (One Million Two Hundred and FiftyThousand Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield in the region of 6% assuming purchaser’s costs at 6%.
We are advised that the property is elected for VAT and therefore VAT is applicable to the sale price. A sale may be treated as a Transfer of a Going Concern (TOGC).
|3rd Floor - Residential
||915 sq ft - 85 sq m
|2nd Floor - Residential
||1,109 sq ft - 103 sq m
|1st Floor - Offices
||1,131 sq ft - 105 sq m
|Ground Floor - Offices
||756 sq ft - 70 sq m
|Basement - Offices
||1,195 sq ft - 111 sq m
5,106 sq ft
(475 sq m)
Kingston upon Thames is an affluent suburb and Surrey town located in the south west quadrant of Greater London. The town is situated within the M25, approximately 10 miles south west of Central London and 5 miles south of Richmond.
Kingston benefits from excellent communication links, being strategically situated on the A308 and A307 to Junction 10 of the M25 motorway approximately 7 miles to the south west. Junction 1 of the M3 is approximately 8 miles to the west. Kingston is therefore well positioned to access the national motorway network.
Kingston mainline railway station provides a regular service direct into London Waterloo with a fastest journey time of approximately 25 minutes. Heathrow Airport lies only 12 miles to the north west and is easily accessible via the A308.
The property is prominently located at the junction of London Road (A308) and Old London Road which is a mixture of office, retail and residential properties and a thoroughfare to Kingston town centre.