DESCRIPTION
The property comprises a 3 storey terrace consisting of a double fronted shop with basement at ground floor level, together with residential accommodation over first and second floors. The upper floors are approached from a dedicated entrance at the front of the property from Richmond Road and comprises 1 x 2-bed, 1 x 1-bed flats and 1 x studio. There is a small yard at the rear with access to the rear of the property from East Road. All 3 flats have recently been refurbished and new window replacements have also been installed.
INVESTMENT SUMMARY
Prominent position close to Kingston town centre and railway station.
Affluent and popular Greater London suburb.
3 storey retail and residential property.
Ground floor & basement retail leased to Kobkun Thai Retreat Limited on a 10 year FRI lease from 5th August 2021 at £26,000 pa with an upward only rent review on 5th August 2026.
Refurbished first & second floors comprise1 x 2-bed, 1 x 1-bed flats and 1 x studio with new windows installed.
Current rental income at £80,000 pe rannum.
Potential to increase the total rental income to £92,000 per annum.
Freehold.
£1,250,000 (One Million Two Hundred & Fifty Thousand Pounds), reflecting an NIY in the region of 5% with a potential reversionary yield of approximately 6.6%.
EPC
Ground & Lower Ground: C (54)
Flat A: D (67)
Flat B: D (62)
Flat D: D (63)
VAT
We are advised that the property is not elected for VAT.
ACCOMMODATION
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LOCATION
The property is prominently located on the A307 Richmond Road close to East Road and within short walking distance of Kingston town centre, which is regarded as one of the largest shopping centres in South West London.
A Sainsbury’s main supermarket is situated virtually opposite the property whilst the River Thames is some 3 minutes walk away. The surrounding area provides an array of shops and restaurants.
Richmond Park (Kingston Gate) is some 10 minutes walk from the property, whilst the surrounding area provides a range of sought after residential property.
Kingston Railway Station is within 100 metres of the property and provides a regular rail service to London’s Waterloo and Richmond town centre with connections to the Underground (District Line).