Investment / development opportunity comprising existing ground floor laundrette with separate office andstorage to the rear accessed from Madrid Road via the side alley. On the first floor a self contained two bedroomflat accessed from Madrid Road.
Potential to obtain VP at the rear, extend and convert to create residential space subject to the relevant consentand to utilise the large rear garden.
Location
The property is situated within a predominantly residential area on the Eastern edge of Guildford Town Centre just 0.4 miles to the station.
Short walk to both University of Surrey & University of Law.
The A3 is 0.5 miles away.
Accommodation
Ground Floor Laundrette
Two Bedroom Flat
Terms
Tenancies:
Ground floor (front) let on FRI lease for a term of 15 years from 11th January 2019 with 5 year rent reviews (to thegreater of OMV or RPI) the next one being due January 2024 - Current passing rent £10,250 per annum.
Ground floor (rear office) 3 Month notice at any time for vacant possession - let on FRI lease for a term of 15 yearsfrom 11th January 2019 with 5 year rent reviews the next one being due January 2024, let to same party as the frontwith a passing rent of £1,750 per annum.
First Floor flat let on a 24 month AST with a break clause at 12 months, commenced 25th January 2023 passing rent is £16,500 per annum.
Total passing rent: £28,500 per annum
ERV of Existing - We estimate the current rent on the ground floor unit without the rear office to be £14,470 per annum, thestorage £1,750 per annum and the flat above to be £18,000 per annum.
Total ERV: £34,220
Planning - Planning granted on the 15th February 2016 by Guildford Borough Council ref: 15/P/01761 for Change of usefrom laundrette (sui generis) into new two bedroom dwelling flat (C3).
Services - Not checked.
VAT - We understand VAT is not applicable
Terms - Guide Price £450,000 Freehold