Commercial property for sale in Brockenhurst Road, Ascot SL5

Key Points

Description

The property is a prominent two storey mixed use property that was formerly a restaurant (Hyns) and betting shop (Coral) on ground floor, with residential on the first floor. Part of the ground floor was converted to residential and this is currently an AirBnB unit. The remainder of the ground floor space is let to One Stop Stores Ltd who recently completed their fit out and commenced trading in early October 2023. The four residential units are accessed from the side / rear of the property on Oliver Road. They all benefit from external space on the flat roof outside their entrances. The properties have recently been let on low rents on AST’s to Housing Association tenants and are being sold with vacant possession to allow a purchaser to capture the true market rental value. The forecourt benefits from 15 parking spaces, 8 of which are demised to One Stop Stores Ltd and 7 available for residents parking.

Location

The property is located on the corner of Brockenhurst Road and Oliver Road, in the centre of South Ascot. Ascot has excellent transport links by road, rail and air. Ascot Station is within easy walking distance, offering frequent and direct access into London Waterloo, Reading and Guildford. The M4, M3 and M25 are all easily accessible. Air travel is equally convenient with Heathrow less than 12 miles away.

Viewings

To arrange to view with the local agent, contact Christopher Thomas or

Terms

We are instructed to seek offers of £2,400,000 (Two Million Four Hundred Thousand Pounds), subject to contract.
After allowing a residual land value of £300,000 for the proposed development, this reflects:
• A 5.75% niy on the commercial investment
• A Reversionary yield (based on erv) of 7.26% on the existing residential investment.
After deduction of usual purchasers costs.

Availability_Text

The accommodation comprises the following areas:

Tenancy Schedule

4 Brockenhurst Road Retail /05/2023 23/05/2038 £47,500.00 Fri lease, outside lta 1954. 5 yearly cpi reviews cap and collar at 1%-3%
6 Brockenhurst Road Residential (AirBNB) 3 Bed 764 sq.ft. AirBnb short term lettings £ 36,000.00 Avg rent achievable of £3,000 pcm
11a Oliver Road Residential - 2 Bed 570 sq.ft. £ 9,573.72 vp can be secured in 2 months
11b Oliver Road Residential - 2 Bed 614 sq.ft £ 9,573.72 vp can be secured in 2 months
11c Oliver Road Residential - 2 Bed 538 sq.ft. £ 9,573.72 vp can be secured in 2 months
11d Oliver Road Residential - 2 Bed 592 sq.ft £ 9,573.72 vp can be secured in 2 months
Total 5651 sq.ft. £121,794.88 erv with apartments at circa £15,000 = £143,500 for guidance

See the sales brochure for a full tabled schedule. All floor areas and rents are for guidance.

Prior Approval

Prior Approval for the ‘construction of one additional storey to provide x4 additional dwellings, ’ was granted in July 2022 under Part 20 Class ab (new dwelling houses on terrace buildings in commercial or mixed use). Planning reference 22/01790 – see for full details.

Asset Management Initiatives

The residential apartments are let below erv and vp can be obtained and the rental income increased.
Consider converting all units to AirBnb
Full implement the Prior Approval or dispose of this element to a 3rd party.
Rentalise additional parking spaces not required by residential tenants
Complete the new build apartments and let or sell them

EPC

4 Brockenhurst Road C 6 Brockenhurst Road C 11a Oliver Road C 11b Oliver Road C 11c Oliver Road C 11d Oliver Road C

VAT And Anti Money Laundering

VAT is not applicable. A successful bidder will be required to provide information to satisfy the aml regulations

Joint Agent

Christopher Thomas are joint agents with Koopmans T Eli Younger