A 3 storey building comprising a ground floor retail unit with self-contained residential apartments at first and second floor levels. There are 13 car spaces to the rear of the property comprising 10 surface parking spaces allocated to the leasehold flats and 3 undercroft car parking spaces allocated to the freehold.
Planning consent has been granted (20/01196/FUL) on 27th May 2020 for the erection of a roof extension to create 3 new residential flats (2 x 1 bed and 1 x 3 bed) to be built and accessed via the existing staircase which will be extended.
GROUND RENT INCOME
Post completion the retail unit will be granted a long leasehold interest at a fixed ground rent of £500 per annum.
The 10 long leasehold flat owners each have an initial ground rent of £100 per annum.
Completion of a sale will follow completion of a Section 5 process to be served on the long leasehold flat owners.
An information pack has been compiled to assist parties in formulating their offers. This will include:
An EPC is to be commissioned for the ground floor retail unit whilst EPCs are available for the 10 leasehold flats.
Offers are invited in excess of £575,000 (Five Hundred & Seventy-Five Thousand Pounds), subject to contract and exclusive of VAT, for the freehold interest.
The property will be sold Freehold with the benefit of ground floor rent from the retail unit and the 10 long leasehold flats totalling £1,500 per annum.
We are advised that the property is elected for VAT whereby the purchaser may be able to reclaim the VAT by way of a Transfer of a Going Concern (TOGC).
James House is prominently located on the A307 Richmond Road at the junction of 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.
Sainsbury’s main supermarket is situated directly opposite the property whilst 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 houses.
Kingston Railway Station is a 2 minute walk from James House and provides a regular rail service to London’s Waterloo and Richmond town centre and Underground terminus (District Line).