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Freehold Investment with Development Potential For Sale - Staines-Upon-Thames TW18

  • For sale
  • For sale
  • For sale
  • For sale
  • For sale
  • For sale
  • For sale
  • For sale
  • For sale

Location

The subject property is located on the southern side of the High Street at its western end, at the edge of the town centre, with plenty of public car parks and an extensive selection of shopping, recreation and leisure facilities in the immediate vicinity.

Staines-Upon-Thames is an affluent town on the River Thames in the borough of Spelthorne in the north of Surrey and to the south west of London. Central London is only 22 miles away to the east.

Transport communications are exceptionally good:

By road the M25 is only 1.46 km (0.9 miles) to the west, which in turn provides easy connectivity to the M4 (for the West Country and Central London) and the M3 (for the South Coast);

Staines Railway Station is centrally located and provides with a frequent services to London Waterloo Station, which takes just over 30 minutes;

Heathrow Terminal 5 is only 5.63 km (3.5 miles) to the north. In the foreseeable future there is the possibility of a train link from Staines-upon-Thames into Heathrow Airport via a ‘southern access’ route making airport access even easier; and

Gatwick Airport is can be reached in just over an hour by train.

 



Property reference:26873    Updated: 13 Mar 2020


19-23 High Street, 
STAINES-UPON-THAMES TW18 4QY

Net internal area: 928.81 sq.m. 9997 sq.ft. 

Guide price £1,700,000 subject to contract


Features

  • Guide price reflects £138 per sq ft on the GIA and £170 per sq ft on the NIA
  • Edge of town centre freehold mixed use investment with development potential for sale
  • Located in a thriving and affluent London commuter town
  • Current passing rent: £52,000 per annum
  • Vacant possession of second floor offices
  • Development potential for alternative planning uses and creation of additional floor area
  • Approximately 100 metres from the River Thames and the Memorial Gardens
  • Elmsleigh Shopping Centre c. 225 metres and Two Rivers Shopping Centre c. 300 metres
  • Excellent transport communications
  • Staines Railway Station only 0.72 km (0.45 miles) to the east (travel time to London Waterloo Station c.34 minutes)
  • M25: 1.5 km (0.9 miles), M3: 3.8 km (2.4 miles) and M4: 6.5 km (4.1 miles).
  • Heathrow Terminal 5: 5.63 km (3.5 miles)

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The property comprises a 1980s built mixed use investment property arranged over basement, ground, first and second floor levels.

The building has an approximate gross internal floor area of 1,144.23 square metres (12,316 square feet) excluding the basement level. The basement level has been sold off on a 999 year long lease at a peppercorn ground rent.

The ground and first floors are split to form no.21 and no.23 High Street, which are let individually on fully repairing and insuring leases and generate a combined annual rent of £52,000. No.21 currently operates as a restaurant and no.23 as a retailer of school uniforms. Copies of the leases are available to download from our website.

The second floor (no.19) comprises a predominantly open plan office which is vacant. The offices have suspended ceilings, recessed lighting & air conditioning and also benefit from private kitchen, WC facilities and its own entrance on the High Street.

Apart from the development potential that could be realised by exploring possible reconfiguration of the existing space and alternative uses, the property also has potential to create additional upper floors, subject to obtaining the relevant permissions.

Viewings

By prior appointment with Gilmartin Ley, telephone 020 8882 0111.

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Accommodation

Second Floor Offices - 19 High Street 306.77 sq.m. / 3302 sq.ft.
Vacant
Ground Floor Restaurant - 21 High Street 179.36 sq.m. / 1930 sq.ft.
21 High Street is let to Carnivorous Restaurants Limited, Inderjeet Singh Barmi and Jignesh Brahmbhatt on a 10 year effective fully repairing and insuring lease dated 3rd March 2014 and expiring March 2024. The current passing rent is £23,000 and the next rent review is 3rd March 2019. The Tenant has not operated their break option effective dated 3rd March 2019.
First Floor Ancilliary - 21 High Street 165.71 sq.m. / 1783 sq.ft.
As above
Ground Floor Retail - 23 High Street 154.24 sq.m. / 1660 sq.ft.
23 High Street is let to Direct School Uniform LLP on a 10 year effective fully repairing and insuring lease dated 27th July 2017 and expiring February 2027. The current passing rent is £29,000 with a pre-determined increase to £30,500 from 22nd October 2020. Subsequently, there is an upward only rent review on 13th February 2022. There are tenant-only break options on 1st November 2022 and 2025.
First Floor Ancillary - 23 High Street 122.73 sq.m. / 1321 sq.ft.
As above
Basement car park Let to Royal Life Insurance Limited (now A2Dominion South Limited) on a 999 year long lease dated 16th April 1986 at a peppercorn rent.
Net internal area 928.81 sq.m. /9997 sq.ft. 

Terms: Freehold for sale with vacant possession of 19 High Street (second floor) and subject to the following leases, which are available to download from our website: Premises off High Street, Staines (basement level) - Let to Royal Life Insurance Limited (now A2Dominion South Limited) on a 999 year long lease dated 16th April 1986 at a peppercorn rent. 21 High Street – Let to Carnivorous Restaurants Limited, Inderjeet Singh Barmi and Jignesh Brahmbhatt. 23 High Street – Let to Direct School Uniform LLP. Please note that the seller is willing to structure the transaction so that separate long leases in respect of: i) the ground and first floor retail investment, ii) the vacant offices at second floor & iii) the airspace can be acquired simultaneously with the Freehold interest. The buyer is to undertake to pay the Seller’s additional legal expenses in respect of structuring the transaction in this way.

Local authority: Spelthorne Borough Council