Commercial property for sale in Goldsworth Road, Woking GU21

A ground floor commercial investment let to Multi-Tile Ltd t/a Topps Tiles located in Woking. The property is approximately 4,647 square feet (431.9 square meters) and is let on a 15-year lease from August 2015 with a current passing rent of £82,221.20 per annum.

Location

Woking is an affluent commuter town 23 miles south-west of London. The property is situated on Goldsworth Road a busy through road and adjacent to Majestic Wine. Woking railway station is 0.4 miles away and is on the South Western main line providing regular services to London Waterloo. The area is well served by buses. Access to the M25, M3 and A3 are all within easy access of the property.

Please note all times and distances given are approximate only.

Description

Arranged over ground floor only and part of a modern mixed-use development the property is 4,647 square feet (431.9 square meters). There is designated parking for 6 cars to the rear of the property.

Please note that the sizes given are approximate only and have been obtained from the voa. All interested parties are advised to rely on their own inspection and survey.

Lease

Currently let on a 15-year lease to Multi-Tile Ltd (00808214) t/a Topps Tiles - Topps Tilles Woking. The lease commenced August 2015 and has a current passing rent of £82,221.20 per annum. The lease allows for an rpi linked rent review at the end of years 5 and 10. There is a rent review next year (August 2025) which has a forecast uplift to £97,667.53 per annum, assuming an rpi rate of 2% from August 2024 to August 2025.

Tenure

The property will be sold by way of a 999-year lease from December 2013 with a peppercorn ground rent.

Vat

The property has been elected for VAT. We expect the sale can be treated as a transfer of a going concern (togc). Interested parties are advised to seek appropriate professional advice on this point.

Terms

Offers are invited in excess of £1,200,000 for the long leasehold interest subject to the occupational lease in favour of Multi-Tile Ltd (00808214) t/a Topps Tiles. A sale at this level represents a gross yield of 6.85%, with a forecast uplift to 8.1% in August 2025. This breaks back to an approximate capital value of £258 per square foot.