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Ace of Spades, Hook Rise North, Surbiton, KT6 5AT
24,010 Sq Ft / Other
Withdrawn - Last updated: 28 February 2019
Summary
Mixed Use Investment / Medium Term Development Opportunity
Location
The site is located at the Ace of Spades roundabout adjacent to the A3 in an extremely prominent position. The roundabout is elevated above the A3 and provides access directly onto the northbound carriageway and A309 southbound. Access is also provided to Chessington via the A243, and Surbiton/Kingston to the north.
Description
The premises comprise a petrol filling station (let on a long term lease) and an adjacent two-storey building housing two large retail units and ancillary uses at first floor level. The site extends to 0.9 acres and provides excellent on-site parking facilities for approx. 30 vehicles.
Tenancy Schedule
| UNIT | TENANT | AREA | LEASE START | LEASE EXPIRY | RENT REVIEW | CURRENT RENT P.A. | |
| Shell Garage | Shell UK Ltd. | | 20/04/03 | 22/04/62 | | Peppercorn | |
| Unit A | Bathstore | 5,620 | 25/12/15 | 24/03/23 | 25/12/20 | £65,000 | |
| Unit B | DBIO limited | 3,390 | 22/06/18 | 21/6/23 | N/A | £35,000 | |
| Unit C | Stallards Gym Ltd | 2,200 | 26/06/16 | 25/06/25 | 26/02/20 | £18,000 | |
| Unit D | Topps Tiles (Multi Tile Ltd.) | 12,800 | 06/06/13 | 05/05/23 | 06/06/18 | £90,000 | |
| TOTAL | | 42,010 | | | | £208,000 p.a. | |
VAT
The property is elected for VAT, and it is anticipated that the sale will be treated as a transfer of goingconcern. (TOGC)
Proposal
Offers in excess of 3 million for this excellent medium term redevelopment opportunity.A purchase at this figure represents a net initial yield of 6.51%, assuming purchasers costs of 6.45%.
Data Room
A data room has been created containing various accompanying documents. Access to the data room can be requested via the agents.
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