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James House, 72A Richmond Road, Kingston upon Thames, KT2 5EL

DESCRIPTION

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.

RESIDENTIAL DEVELOPMENT 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 Retail Post completion the retail unit will be granted a long leasehold interest at a fixed ground rent of £500 per annum. Residential The 10 long leasehold flat owners each have an initial ground rent of £100 per annum.

TIMING Completion of a sale will follow completion of a Section 5 process to be served on the long leasehold flat owners.

DATA ROOM An information pack has been compiled to assist parties in formulating their offers. This will include: Legal documents Planning documents Technical documents Consented scheme Planning history

  • 13 Car Parking Spaces

EPC

An EPC is to be commissioned for the ground floor retail unit whilst EPCs are available for the 10 leasehold flats.

POSSESSION

TERMS

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. TENURE 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.

PRICE

RENT

£575,000

LEASE

RATES

SERVICE CHARGE

VAT

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).

ACCOMMODATION

Floor Size Price/Rent Rates Payable
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LOCATION

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).

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