• Highly Secure Reversionary Retail Opportunity

• Let to The Carphone Warehouse Limited

• First Class Covenant - Total Equity £1 billion

• Affluent South East “Waitrose” town

• Attractive lot size - £335,000, subject to contract

• 6.0% net initial yield

• To be sold by clicktopurchase Best Offers by 3.00pm Tuesday 30th January 2018, unless sold prior

The property is situated in a prime retailing pitch on London Road, East Grinstead’s main retail thoroughfare. London Road is the centre of activity for the town and national retailers trading alongside The Carphone Warehouse include EE, Shoe Zone, Waterstones, M&Co as well as The Edinburgh Woollen Mill, Costa Coffee, Boots, O2, Clarks and Poundland.

The town is set to benefit from the redevelopment of Queens Walk. Sitting alongside London Road works are underway to redevelop the site into a mixed-use scheme to provide approximately 130 new homes plus commercial accommodation and associated public realm. As part of the scheme Martells Department Store relocated from Queens Walk to new premises on Whitehall Parade and the new store opened in May 2017. 

The property comprises a retail unit arranged on ground floor and basement. Internally, the retail floor area is predominately open plan with ancillary areas and has been fitted out by the tenant to their usual corporate style.

The upper parts are being converted into residential flats which wiull enhance the overall quality of the property. Copies of the plans are available to download for information.

A term of 999 years less 3 days from 21st March 2017 at a peppercorn.

The property is let to The Carphone Warehouse Limited on a Full Repairing and Insuring lease from 3rd April 2016 expiring on 2nd April 2021, therefore providing approximately 3.4 years unexpired lease term. The current passing rent is £21,000 per annum which equates to £41.42 Zone A.

Waterstones at No. 37 London Road which forms part of the same parade renewed their lease in September 2017 at a rent equating to £48.19 Zone A.

A service charge is in place for repair, maintenance and insuring the common parts which is fully recoverable from the tenant.

VAT will be payable on the purchase price due to the sale not being treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in the region of £335,000 (Three hundred and thirty-five thousand pounds), subject to contract, reflecting a net initial yield of 6.0%, assuming purchaser’s costs of 4.67%.