Retail premises for sale in Dukes Ride, Crowthorne RG45

Location

Crowthorne is a popular and affluent village/town located between Wokingham (4 miles), Bracknell (4 miles) and Sandhurst (2 miles) possibly best known as the home of the independent school, Wellington College. Local shopping facilities include, a cafe, a dry cleaners, a bakery, hairdressers, a barbers and a chemist. The premises are opposite Wellington Business Park and just 2 minutes walk from Crowthorne Railway Station (on the Reading to Guildford line) which provides direct services to not only Reading and Guildford but also Gatwick Airport. There is a free public car park opposite.

Description

178/180 Dukes Ride is a fully let attractive, prominent, period terraced retail/”Class E” premises with a basement, a separate workshop/storage space to the rear and a self-contained 2 bedroomed flat above. The flat has a private ground floor entrance, off Dukes Ride, 2 x bedrooms, a lounge, bathroom and kitchen. The shop has been maintained to a good standard and provides retail space with a large glazed shop front, feature lighting, heating and a W.C. The separate workshop/store at the rear is used for storage only. There is parking/access at the rear, with 1/2 parking spaces for the workshop/store and 2/3 spaces for the shop.

Development potential

The adjoining property was converted in 2021 to provide 3 x 1 bed flats with the shop retained. We would suggest there could be scope to add residential accommodation at the rear, replacing the workshop/storage space, subject to planning and subject to the tenancies set out below. Further details are available from the sole agents.

Areas

Ground Floor Retail/Shop Approx. - 865 sq ft or 80.4 sq m
Separate Workshop/Storage Approx. - 330 sq ft or 30.7 sq m
First Floor Flat Area Approx. - 730 sq ft or 67.8 sq m

The above areas have been calculated on a gross internal basis from measurements taken on-site, the area of the flat has been taken from historical records. No account has been taken of the basement.

Tenancies/income

Retail

Let to LouLou's Crafts And More Ltd on a new 10 year lease, incorporating upward only rent reviews and break clauses at the end of year 3 and year 6 at £19,000 per annum exclusive.

Storage/ Rear

Let to dca Motors Ltd on a 3 year AST agreement from August 24. £350 per month - year 1, £400 per month - year 2, £450 per month - year 3 or £4,200 per annum, £4,800 per annum and £5,400 per annum.

Flat

Let on an AST which currently expires 30th April 2025 (the tenant has been in occupation for 10 plus years) at £850 per month (discounted) or £10,200 per annum.

Total Current Income – Per Annum Exclusive - £33,400
Potential Income (after the flat has been re-let) - £37,600

note: The rent on the flat has been discounted because of its poor decorative state and we believe it is very likely that a purchaser will want to undertake upgrading/modernising works. We have been advised by residential letting agents that, if offered in good order, the flat should generate a rent of £1,200.00 per month.

For sale

Offers are invited in the region of £480,000. We are advised that the premises are not registered for VAT and as such VAT will not be charged on the purchase price.

Business rates

We understand that the whole ground floor premises has a rateable value of £16,250. The small rate in the £ is 49.9p which will equate to a rates payable figure for the year April 24/25 of approx. £8,110.00. We understand the flat is Council Tax Band B.

Possession and viewing

Further details are available from the sole agents. Possession is subject to completion of legal formalities and the tenancies mentioned above and arrangements to look at the property can be made by contacting the sole agent, Nigel Dickason at DB Real Estate