Philanthropic Road, Redhill, Surrey, RH1

LOCATION
The premises are located in the popular residential Earlswood area of Redhill south of the town centre within close proximity of numerous homes, schools and local amentities. This investment has operated as a convenience store for decades and ideally fronts a primary traffic route through from the A23 south Redhill this part to the A25 Nutfield Road. Directly behind a new scheme for 29 new apartments is being constructed .

DESCRIPTION
The FREEHOLD INVESTMENT UNDER TITLE NO SY122752 comprises an end terrace two storey traditionally brick built under tiled roof mixed use premises in this popular local parade. The premises are subject to the existing lease granted for 12 years from 24.6.16 at a passing rent of £11,050 pax on a fully repairing and insuring basis. Currently all parts are converted by the current Tenant to offer an office and residential accommodation over both floors forming a two bedroom two reception split level flat. To the rear there is lean-to additions, garage and yard space accessed via the rear service road.

Potential and scope.
From our observations and assessing the present configuration and other similar premises with this being an end terraced unit in this and the neighbouring parade with rear garden and store/parking space the building offers scope for extension STPP.

ACCOMODATION
The accommodation is currently arranged as a residential end of terrace house linked to the adjoining shop. The current Tenant owns the adjoining single storey shop and has operated a convenience store and home across the two units with double width shopfront for decades. They now utiliise 1 The Parade as their office and residential accommodation and the adjoining as the retail unit..
The premises has the benefit of gas fired central heating via radiators and double glazing . The accommodation comprises;

Ground floor
Front Room: 13'8" x 12'8" This formed retail space but is converted to living space
Dining Room: 11'10" x 13'.9" Large dining room with dual aspect to rear.

Kitchen: 8'10" x 7'10" Fitted kitchen.
First floor
Landing
Bedroom 1: 13'7" x 12' 1" Large double to front with radiator
Bedroom 2: 10'8" x 11'10" Double to rear and over stairs wardrobe. Dual aspect.
Separate WC:
Bathroom: White two piece suite, electric shower fitted to the wall.

Outside There is a rear yard/garden space that could provide off street parking for one/two cars but the current Tenant has constructed lean to facilities.. .

TENURE
Sale of the freehold interest under Title No SY122752 including the front forecourt all subject to the existing lease granted to the current Tenants for 12 years from 24.6.16 at a passing rent of £11,050 pax on a fully repairing and insuring basis.

GUIDE PRICE
Offers in the region of £ 220,000 for the freehold interest subject to the existing lease and contract. This guide price is calculated at a 6% yield on passing rent then hope value as we forsee that the building could readily be remodelled and extended to provide enhanced residential value STPP either at the expiry of the lease or before by prior arrangement with the current Tenant.

RATES & COUNCIL TAX
Valuation Office Agency lists the retail unit as having a rateable value of £8,600 effective 1.4.23 BUT THIS WE BELIEVE IS AN ASSESSMENT COMBINED WITH THE ADJOINING PREMISES so a reassessment will be required.
The Flat is in Council Tax Band C.

SERVICES
We understand that all parts have the benefit of gas, electric and water supply.

VAT
We understand that the premises are not elected for VAT will not be payable on the purchase price. All rents, prices and premiums are stated exclusive of VAT under the Finance Act 1989.

LEGAL COSTS
Each party to be responsible for their own legal costs in the transaction.

EPC
The premises has a combined EPC as an end terraced house with a compliant EPC rating of C (69) valid until 27.1.29

VIEWING