Lot 01 - 207-213 High Street, Dorking, Surrey, RH4 1RU

  • Unconditional Online Auction Sale
  • Guide Price* : Starting bid: £1.2m

Virtual freehold investment opportunity currently producing £104,411 per annum across 2 x retail units. Total GIA of 437.7sqm (4,711sqft). Popular market town in Surrey approximately 6 miles south of J9 of the M25.

Description

Situation and Description

The property comprises 2 x ground floor retail premises and forms part of a three-storey building of traditional construction with the upper parts having been sold off on long leases. There is car parking with 104 spaces to the rear and the property enjoys a prominent High Street position within close proximity to St Martin’s Walk Shopping Centre.

Dorking is a popular commuter town located in the heart of the North Downs in Surrey and enjoys excellent road and rail links to London and the surrounding area. Dorking benefits from three train stations giving easy access to various London stations including Victoria/Waterloo (both c.55minutes) and Blackfriars (c.40 minutes) with London Gatwick only 30 minutes to the south.

Accommodation

No 207 is a ground floor unit and extends to approximately 122.2sqm (1,315sqft) and is let to Cancer Research UK on a full repairing and insuring lease for the term of 19 years from 25th June 2009 to 24th June 2028 (thus having approximately 8.6 years unexpired) producing a current income of £23,400 per annum.

There is a rent review due on 24th June 2023 and is linked to RPI with the last review showing an increase from £21,000 to £23,400 per annum.

No 209-213 is a prominent ground floor unit (previously been 3 separate units) extending to 315.5sqm (3,396sqft) and is let to Waitrose Ltd (sublet to Pets at Home) on a FRI lease for the term of 12 years from 19th March 2013 to 18th March 2025 (thus having approximately 5.33 years unexpired) producing a current income of £81,011 per annum.

There are 4 yearly uncapped RPI linked reviews.

Tenure

Virtual freehold with long lease subject to a peppercorn ground rent (full details will be contained in the Legal Pack).

Auctioneers's Notes:

(1) Waitrose Limited UK are the food division of the UK’s largest employee-owned retailer, John Lewis Partnership. Waitrose has approximately 260 branches across the UK and are rated as 62B by Creditsafe, representing low risk. Figures for year ending 27th January 2018 were; turnover of £6,226,100,000 with a pre-tax profit of £61,500,000 and net worth of £718,000,000

(2) Pets at Home are the UK’s largest pet supplies retailer with more than 370 branches and 6,000 employees. They have a rating of 87A by Creditsafe, representing very low risk. Figures for the year ending 30th March 2017 were; turnover of £752,374,000 with a pre-tax profit of £67,557,000 and a net worth of £650,186,000

(3) Cancer Research UK are one of the UK’s largest charities with over 550 stores nationwide and have a rating of 73A by Creditsafe, representing very low risk. Figures for year ending 31st March 2017 were; turnover of £679,200,000 with a pre-tax profit of £13,600,000 and a net worth of £383,500,000

Auction Details
The lot is to be sold by online auction on Wednesday 18th December at 12pm (bidding opens at 9am)
All interested parties who wish to bid, please contact My Auction on 0207 101 4868

Please note that a Buyer’s Premium of 1.2% inc.VAT of the purchase price is to be paid by the successful Buyer (subject to a minimum fee of £2,400 inc.VAT). The successful Buyer will also have to pay a 5% non-refundable Deposit on the fall of the digital hammer with the remaining 95% payable on completion (see Special Conditions of Sale for full details).

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The auction has not yet started
Minimum Opening Bid

£1,200,000


Bidding Opens On
18th Dec 2019 09:00
End Date

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