• Affluent Surrey commuter town

• Attractive Retail/Use Class E investment

• New 15 year lease from July 2022 (TBO year 5)

• Let to established physiotherapists with 24 clinics throughout London and the South East

• Grade II listed (no empty rates payable)

• Freehold

• Offers in the region of £400,000, subject to contract

• Net Initial Yield 6.24%

• Guaranteed Reversionary Yield 7.8%

• Average Yield over the first five years 7.08%

The property is located in the heart of the town centre, occupying a prominent position on West Street. Surrounding occupiers include Holland & Barrett and Oliver Bonas (adjacent), SpaceNK, Sweaty Betty, Costa Coffee, Jigsaw, Specsavers, FatFace and Boots.

The property is in close proximity to Lion Lamb Yard Shopping Centre, a courtyard retail scheme anchored by Waitrose with other retailers including Joules, Waterstones, Cote Restaurant, Starbucks, Andre Noir and Neals Yard Remedies.

The property comprises a Grade II listed building which has been fitted out by the tenant to a high standard, providing a gymnasium area and treatment rooms on the ground floor, further treatment rooms on the first floor and ancillary accommodation on the second floor.

Freehold.

Note that a small section extends of the building extends over the adjoining 5a West Street (Holland & Barrett). Please see the title plan and register within the data room for further information.

The property is let to OC Physio Limited (t/a Bodyset) on a full repairing and insuring lease for a term of 15 years from 20th July 2022, expiring on 19th July 2037. There is a tenant’s break option on 20th July 2027, subject to six months’ notice. If the tenant does not exercise their break option then they will benefit from a three month rent free period.

In accordance with a side letter, the rent is paid monthly.

There are five yearly rent reviews with the first rent review on 20th July 2027 reviewed to the lower of the market rent and 120% of the old rent. The subsequent rent reviews are upwards only to open market value.

The annual rent payable under the lease is as follows:

The tenant benefits from a rent free period expiring on 15th January 2023.

The permitted use in accordance with the lease is “for the provision of medical or health services or as a retail shop in each such case within Use Class E or for any other use in Use Class E (but not those set out in paragraph (g) of use Class E) previously approved by the Landlord”.

The property has been registered for VAT.  It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC). 

We are instructed to seek offers in the region of £400,000 (Four Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 6.24%, a guaranteed reversionary yield of 7.8% and an average yield over the first five years of 7.08%, assuming standard purchaser’s costs of 4.18%.

Please note that a purchaser will be re-charged the costs of the measured survey (£375 + VAT) and searches (£925.02) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1% of the purchase price plus VAT.

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.

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