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- An exciting opportunity to purchase a commercial investment and residential development opportunity in the heart of Dorking, Surrey.
- The property is located in the centre of the high street and 0.6 miles from Dorking West Station.
- The existing building is arranged as commercial premises over ground and basement with vacant offices over first and second floors.
- The building currently measures 6,572 sq ft GIA.
- The ground and basement retail is leased for a term of 10 years term certain from 15th May 2021 to Workrun Limited, T/A Clarks.
- Current passing rent of £35,000 p.a.
- Fixed rental increases to £40,000 per annum in March 2023, raising to £45,000 per annum by September 2023. There is a subsequent review date, which is 25th March 2026.
- The vendor will top up the rent until the September 2023 review equating to £45,000.
- Planning permission has been granted for the conversion of the existing vacant uppers to create four residential apartments (ref MO/2021/1133).
- The conversion element will comprise 4 x 2 bedroom flats measuring 2,928 sq ft NIA.
- The offices are currently vacant and building control approval has been received for the development so works can start immediately.
- The upper parts are available to purchase in isolation by separate negotiation.
- Freehold.
- Guide Price £1,100,000 (One Million, One Hundred Thousand Pounds) subject to contract reflecting a low capital value of £167 per sq ft.
