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Clarence Street, Kingston , Surrey, KT1

££1,350,000 Offers in excess

Retail Property - High Street Under Offer

The subject property occupies a highly prominent trading position towards the Eastern end of Clarence Street. The property is situated on a strategic link between the prime shopping street and train station. Nearby retailers include Pret A Manger, Clarks, Starbucks, Wilko, and Metro Bank.  

The town serves a highly affluent catchment, with 40% falling within an AB socio-economic group compared to a national average of 22%. Retail spend within the town is boosted by 30,000 students studying in Kingston, with both Kingston College and the recently upgraded Kingston University London being located within the catchment.

The property comprises a well configured retail unit providing retailing on the ground floor as well as ancillary space on the first floor. The subject property is of traditional construction with a mainly asphalted flat roof and part tiled roof.

Accommodation Schedule:
The property affords the following floor areas:

FloorSq. Ft. Sq. M.
ITZA718 Units
Total 1,957181.80

Development Potential:
Our client’s architects have prepared scheme after a detailed consultation with Kingston Council, which is likely to consist of the following:
2 x 1B/2P Apartments @ 50m² Each
1 x 3B/5P Duplex Apartments @ 118m²
1 x 3B/6P Duplex Apartments @ 118m²
4 Units (GIA = 336m²)
Existing retail retained @ 140m²

Plans, elevations and a written Pre-App report is available on request.
We believe the premises fall under Class E of The Town & Country Planning (Use Classes) (Amendment) (England) Regulations 2020.

Rateable Value:
We are advised by the VOA website that the building has a Rateable Value of £59,000; however, interested parties should make their own enquiries of the rates payable.

An Energy performance certificate has been commissioned and is available on request.

Legal Fees:
Each party to bear its own legal costs.

The property is entirely let to Virdi Enterprises Ltd trading as Creams Café on a full repairing and insuring lease for a term of 20 years expiring 7th January 2033. The current rent passing is £72,500 per annum exclusive, subject to five yearly upward only rent reviews to open market value. The next rent review is due on 8th January 2023.

The lease was assigned on 19th July 2019 to Honey Desserts Limited, who have provided a rental deposit of £76,125 including VAT.

Freehold subject to the existing occupational lease.

Offers are invited in excess of £1,350,000 Freehold. A sale at this level will provide a NIY of 6% subject to purchasers standard cost of 5.93% on the commercial element, whilst allowing £142,000 for the development potential.

The property is elected for VAT and it’s envisaged that the sale will be dealt by way of a TOGC (Transfer of Going Concern), unless the buyer is not VAT registered, whereupon VAT will be payable on the agreed sale price.

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from any successful Purchaser prior to heads of terms being issued.

Huseyin Zafer
D: 020 8222 9901
M: 07918482210
Emily Bradshaw
D: 020 8222 9947
M: 07920 769395
Varol Zafer
D: 020 8222 9946
M: 07900 224967
Shahid Sadiq
D: 020 8222 9945
M: 07961 410931

Tenure: Freehold


No floorplans available for this property

No EPC available for this property

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Office Details

Willmotts Commercial
Willmotts Property Services Willmott House
12 Blacks Road
W6 9EU

020 8748 6644

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