Freehold Investment For Sale - Mixed Use Building Comprising Retail & 3 x 1 bed flats
Summary
- Located on a prime position on Dorking’s principal high street.
- Grade II Listed building.
- Comprising retail accommodation over ground floor and basement let to Tapi Carpets & 3 x 1 bed self contained flats at 1st & 2nd floors.
- Residential NSA of 1,693 sq ft (157.3 sq m).
- Commercial GIA of 2,825 sq ft (262.45 sq m).
- Part let & producing £65,960 per annum.
- Scope to increase the income through letting the vacant flats & implementing the rent review on the commercial lease in November 2027.
- ERV of £132,440 per annum upon letting the vacant flats & implementing the commercial rent review.
- Freehold, to be sold with the benefit of the existing tenancies.
- Offers sought in the region of £1,350,000, reflecting an initial yield of 7.5% on the commercial income rising to 12.4% in November 2027 & £403 per sq ft on the residential accommodation.
Location
The property is prominently situated in the heart of Dorking town centre, forming part of the town’s principal high street. Dorking High Street provides a strong mix of national and independent retailers, cafés and leisure offerings including Sainsbury’s, Boots, Clarks, FatFace, together with Marks & Spencer within St Martin’s Walk and Waitrose & Partners on South Street.
Dorking is a well established Surrey market and commuter town, approximately 25 miles south-west of Central London and 12 miles east of Guildford. The town sits at the foot of the Surrey Hills National Landscape, a designated area of outstanding natural beauty.
Dorking benefits from good transport connections, with the A24 providing direct access towards the M25, approximately 6 miles to the north. Dorking has three railway stations, with Dorking Main providing regular services to both London Waterloo and London Victoria, providing direct access in circa 50 minutes. Dorking Deepdene provides direct services to Guildford, Reading, and Gatwick Airport, among others.
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Mainline Stations
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Dorking West9 mins
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Dorking (Deepdene)11 mins
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Dorking13 mins
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Box Hill and Westhumble29 mins
Further Information
Price Offers in the region of £1,350,000
EPC Rating This property has been graded as C
Description
The property comprises a double fronted mixed use building with Class E retail on the ground and basement floors, let to Tapi Carpets, and 3 x 1 bed
flats across the first and second floors. The commercial accommodation is predominantly open plan at ground floor with fully glazed frontage, generous ceiling heights and rear access. The three flats occupy the first floor, rear of first and second floors. All of the apartments have been recently refurbished to a high standard with double bedrooms, open plan living areas and a communal roof terrace. Two of the flats benefit from access at the rear, as well as from the High Street. The property is Grade II Listed.
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