Farnham, Surrey, GU9 8NS
|Size||2,566 sq ft|
|Price||Offers in excess of £515,000|
|Business Rates||£10,311 per annum (based on rateable value of £21,000)|
|Energy Performance Rating||Upon enquiry|
The property is located approximately 1.3 miles to the south of Farnham town centre in an affluent residential location. Farnham is situated on the Surrey/Hampshire border and is within the commuter belt. The town is located 10 miles west of Guildford, 17 miles east of Basingstoke, 27 miles north of Winchester and 43 miles south west of Central London and is home to an extensive range of retailers, restaurants, cafes and supermarkets.
The property comprises a detached former house which has been converted into commercial use on the ground floor with a self contained 3-bed flat on the first floor accessed via a metal staircase to the right hand side of the property. The property benefits from a garden to the rear and ample parking.
68 Ridgway Road comprises the whole of the ground floor commercial unit and is let to Bestway Retail Limited for a term expiring 27th January 2039 subject to a tenant only break option on 28th January 2029 at a passing rent of £20,000. The lease is granted on full repairing and insuring terms with rent reviews every 5 years and benefits from security of tenure under the provisions of the Landlord & Tenant Act. The first floor flat is let on an Assured Shorthold Tenancy for a term expiring 15th February 2020 at an annual rent of £10,200 and a deposit of £850.00 is held by the freeholder.
We are instructed to seek offers around £515,000 which reflects a net initial yield of 5.6% after allowance for purchase costs of 4.76%.