145a-Rear London Rd 8,994 SF Industrial Building Kingston Upon Thames KT2 6NH £1,750,000 (£194.57/SF) 4.73% Net Initial Yield
INVESTMENT HIGHLIGHTS
- B2 Planning Permission
- On the north side of London Road, in a busy roadside position on the main A308 approach to Kingston town centre from Kingston Hill
- FRI Lease Expiring in April 2028
EXECUTIVE SUMMARY
A single storey vehicle workshop and MOT testing centre with two storey offices which are used as a ground floor customer reception, and first floor conference/class room and bicycle workshop and store. A secure yard provides car parking spaces and a loading area. There are staff and customer washroom facilities on the ground floor, and a kitchen at first floor level.
The property is let to Halfords Autocentres Limited on a full repairing and insuring lease for a term of 15 years expiring on 18th April 2028. The rent is reviewed every 5 years, upwards only to RPI, collared and capped at 1% - 3% pa compound over 5 years. The current rent is £88,334 pax from April 2023. The property is not elected for VAT.
The property is let to Halfords Autocentres Limited on a full repairing and insuring lease for a term of 15 years expiring on 18th April 2028. The rent is reviewed every 5 years, upwards only to RPI, collared and capped at 1% - 3% pa compound over 5 years. The current rent is £88,334 pax from April 2023. The property is not elected for VAT.
PROPERTY FACTS
| Price | £1,750,000 |
| Price Per SF | £194.57 |
| Sale Type | Investment |
| Net Initial Yield | 4.73% |
| Tenure | Freehold |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 0.28 AC |
| Rentable Building Area | 8,994 SF |
| Number of Floors | 2 |
| Year Built | 1960 |
| Tenancy | Single |
| No. Dock-High Doors/Loading | 1 |
AMENITIES
- Security System
- Air Conditioning
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