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MIXED RETAIL & RESIDENTIAL INVESTMENT - GUILDFORD

0 Sq ft --- Investment --- For Sale

LOCATION

The property is located in the cathedral town of Guildford with a population of 65,000. Guildford is the County town of Surrey and a major commercial centre located on the A3 dual carriageway, 30 miles south-west of Central London.  The town benefits from excellent communications with the A3, providing a direct link to the M25 London Orbital to the north and to the south coast.    The property occupies an established trading location on the south side of North Street and close to the junction with Market Street. Nearby retailers include Sanrizz, Sevenoaks Hi-Fi, Maison Blanc, Laura Ashley and The Royal Bank of Scotland. 

DESCRIPTION

Wallis House comprises a four-storey building built in 1986 and comprises three upper floors of residential apartments and a ground floor retail unit let to bookmakers Done Brothers Limited.    The ground floor shop has an Energy Performance Certificate rating of C55.

TENANCY & COVENANT INFORMATION

The ground floor of 1,348 sq ft is let to Betfred Betting Shop on an effectively full repairing and insuring lease for a term expiring 27th October 2023.   The current rent payable is £75,000 per annum exclusive.    The lease has a tenant option to break on the 30th April 2020.   The tenant to provide at least 3-months’ prior written notice. 

The 1st, 2nd & 3rd floors were converted into 9 residential apartments, which are a mix of one and two-bed flats, all sold on long leases each paying a ground rent of £250 per annum.     Total ground rents of £2,250 per annum.  

Total income is, therefore, £77,250 per annum exclusive.

Done Brothers (Cash Betting) Limited, Company No. 01277703 t/a Betfred, are one of the largest bookmakers in the UK.  Accounts for the last 3 years shows the following financial information:

 

28th September 2017

31st March 2016

25th March 2015

Turnover

£377,599,000

£320,065,000

£287,887,000

Pre-tax Profit

£18,403,000

£29,293,000

£7,364,000

Total Fixed Assets

£129,258,000

£67,752,000

£74,247,000

Total Current Assets

£177,313,000

£125,622,000

£189,030,000

Net Assets

£29,016,000

£35,293,000

£132,586,000

The Group has a credit rating of very low risk

PRICE

We are quoting a price of £1 million.    The property is NOT elected for VAT.

The ground floor shop has an Energy Performance Certificate rating of C55.

LEGAL COSTS

Each party to pay their own legal costs.

VIEWING:   

Strictly by appointment through sole agents:  KINGSTONS

Peter   Bellion

Peter Bellion
MRICS, MCI Arb, RICS Registered Valuer
01483 572999
07905 419795

Derek   Corden

Derek Corden
BSc MRICS
01483 572999
07905 419796

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