Brook Way, Leatherhead KT22 7NA
Offers in excess of £2,750,000
The property comprises a detached B1 office building which extends to 12,788 sq.ft.
The building arranged over ground floor and 2 upper floors. The ground floor comprises of a reception area, office space and access to the upper floors which are well configured for occupation on a floor by floor or part floor basis. Each floor consists of washroom facilities and a passenger lift.
The property occupies a site area of approximately 0.54 acres and benefits from 42 car parking spaces.
The property is located on Brook Way within Leatherhead, Surrey.
Brook Way is a predominantly commercial road accessed off Kingston Road (B2430).
The property benefits from excellent access to the national motorway network being strategically located 0.7miles from the M25 Motorway providing access to the wider South East and London.
Leatherhead train station is 0.9 miles (18 minute walk) from the property providing national rail services into London Waterloo in 48 minutes.
Planning & Development Potential
The property, which is within Mole Valley District Council, benefits from a B1(a) office use.
The property is not Listed or within a Conservation Area. The property is subject to an Article 4 Direction which restricts the permitted development rights of the property.
Tenancies & Office Market
The entire property is let to Lan 2 Lan Limited, which was the operating company of the Seller, for a 5 year term expiring on 1st October 2022 at a rent of £160,000.
Parts of the property are sub-let with Secureus Software Ltd sub-letting part of the second floor at a rent of £60,000 per annum until 21st December 2021 and Broadplace Advertising Ltd sub-letting part of the first floor at a rent of £79,542.90 until May 2022. Both sub-leases are inclusive of inclusive of business rates; service charge; utilities costs and insurance. It is understood that the sub-tenants may wish to renew their occupation of the property.
The current income reflects an average of approximately £12.51 per sq.ft.
The occupational market in Leatherhead is undergoing a fundamental change with a significant amount of secondary accommodation being removed from the office market a result of the Permitted Development Rights to residential. Rental values within this immediate location are typically £18 to £20 and an ERV in the region of £250,000 is expected.
As such the property offers an excellent opportunity to increase rental income.
The property is not elected for VAT.
Offers invited in excess of £2,750,000 for the freehold interest, reflecting a NIY of 5.50%, a revisionary yield of 8.6% and £215 / sq.ft. capital value.
Further information including legal documents are available in the dataroom using access code ‘Brook’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- B1(a) office building extending to approximately 12,788 sq.ft. situated on a 0.54 acre site
- Part-let producing £160,000p.a. until October 2022 offering potential for rental growth and management
- Of interest to owner-occupiers and investors alike
- Sought after location within Leatherhead, Surrey
- Offers invited in excess of £2,750,000 for the freehold interest, reflecting a NIY of 5.50%, a revisionary yield of 8.6% and £215 / sq.ft. capital value
To discuss this opportunity further, please contact Jordan Oldfield or Chris Incledon on 020 7183 2529