• Affluent London commuter town

• Attractive retail investment

• Let to Bayfield Opticians until January 2026

• Recently upgraded High Street location

• The unit has been fitted out to a very high standard

• Freehold

• £478,000, subject to contract

• 7.50% Net Initial Yield

The property is situated in the town centre on the east side of the High Street which forms part of the prime retail offer in Camberley. Nearby occupiers include Santander, Barclays, WH Smith and McDonalds. As well as the High Street, The Mall Shopping Centre, Park Street and The Atrium Camberley provide a variety of independent and national retailers which include, Primark, Boots, Sainsbury’s, TK Maxx and H&M.

The Atrium, Camberley was developed in 2008 and brought over 230 residential units to the town centre; a strong entertainment offer - 9 screen cinema, bowling, restaurants, adult and a children’s gym, a soft play centre and a ballet school as well as retail which includes Next, H&M, Pandora, Sports Direct and Lidl.

The property comprises an end of terrace ground floor retail unit. Internally, the retail floor area has been fitted out by the tenant to an exceptionally high standard.

Part of the ground floor, first and second floors and the surface of the flat roof do not form part of the sale and are being converted by the Vendor to residential use in line with approved planning permission, although works have not yet commenced on site. Plans of the scheme can be viewed here.

If a purchaser is interested in acquiring the upper parts and pursuing the residential conversion then the Vendor is willing to consider a separate offer for the residential element of the property.

Freehold.

Part of the ground floor, first and second floors and the surface of the flat roof and airspace above will be let on a new 999 year lease from completion at a peppercorn rent. A copy of the draft headlease and lease plan is available to download in the data room.

The ground floor is let to Bayfield Z Limited (trading as Bayfields Opticians), with a guarantee from Bayfields Audiology Limited, on an effective repairing and insuring lease [The landlord insures and recovers a reasonable proportion from the tenant. The tenant pays a reasonable proportion of the costs of repair and maintenance of “Common Items”]. The term is 10 years from 18th January 2016, expiring on 17th January 2026.

The current passing rent is £37,500 per annum which, based on our analysis, equates to a Zone A rate of £39.00 per sq ft.

A tenant’s break option in January 2021 was removed as part of an agreement with the tenant to reduce the rent to £18,750 per annum for a period of 12 months from May 2020.

All rent is paid and up to date, with no arrears.

The upper floors are to be let for a term of 999 years from completion at a peppercorn rent.

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 a figure of £478,000 (Four Hundred and Seventy Eight Thousand Pounds), subject to contract, reflecting a net initial yield of 7.5%, assuming standard purchaser’s costs of 4.60%.

Please note that a purchaser will be re-charged the costs of the measured survey (£345 + VAT) and searches (£755.94) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1.00% plus VAT of the final agreed sale price.

If a purchaser is interested in acquiring the upper parts and pursuing the residential conversion then the Vendor is willing to consider a separate offer for the residential element of the property.

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.

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