East Lodge House is a late 20th Century building constructed of concrete frame, brick/block walls under a mainly pitched and tiled roof. Set over three floors, the ground floor is two shops (not included in the lease) with a ground floor entrance in the High Street and Knowle Lane, leading to two floors of office space. Nearby traders include, M&S Food, Specsavers, Cook, Betfred, Sainsbury’s, Pizza Express etc.
Location
Located in the centre of Cranleigh, it is possibly the largest office building in central Cranleigh. Major employers in Cranleigh include Jewsons and Cranleigh School (Senior and Preparatory). Cranleigh is a thriving centre, growing very fast with numerous new developments presently under construction. Nearby at Dunsfold Aerodrome (about 3 miles) consent has been granted for at least 2000 houses. Guildford and Horsham are both about 10 miles, Gatwick Airport is a 40 minute drive.
Accommodation
Approximately 4,000sqft (371sqm) of useable office space over two floors:
First Floor: 2,090 sq ft (194 sq m)
Second Floor: 1,910 sq ft (177sq m)
With male and female toilets on separate landings, gas central heating, some air
Terms
THE PROPOSAL: Currently the property is let on a full repairing and insuring lease for 10 years from 1st September 2014 to Flipside (Well Set Repro Ltd) at a rent of £70,000pax+vat This lease is outside the 1954 Landlord and Tenant Act. The property enjoys full permitted development rights to change the use to residential (Prior Notice Approval) confirmed by Waverley Borough Council. The building is suitable for 5 or 6 two bed apartments accessed via the High Street entrance. It therefore can be an investment vehicle or a possible development opportunity, the choice rests with the eventual buyer
TENANT COVENANT: We are advised that the current Tenant is a group Company of The Interpublic Group of Companies, a US corporation with revenues of $9.71 billion dollars and 54,000 employees. We are advised that Flipside are contemplating refitting the office and may want a longer lease.
RATEABLE VALUE: £38,750pa.
EPC: Expired February 2022 (40B)
TERMS: Offers around £1,000,000 stc+vat for the long leasehold.
On the basis that the lease is sold as a going concern to a vat registered entity, no vat would be charged.