29/31 High Street
Cobham
Surrey
KT11 3DH

Freehold Highly Reversionary Convenience Store, Office and Residential Investment

  • Prominent High Street position in affluent commuter town
  • Substantial property currently comprising convenience store, 2 flats and an office/pilates studio
  • 71% income secured against Mackays Stores Limited (part sublet to Sainsbury's) until June 2025
  • Major reversion in 2025
  • Future development potential on upper floors and extensive yard to rear (subject to consent)
  • Lot
    11
  • Auction
    19/Oct/2017
  • Rent
    £123,685 per Annum Exclusive
  • Status
    Sold
  • Price*
    £3,000,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of a Cambridge College
  • 29/31 High Street<br>Cobham<br>Surrey<br>KT11 3DH
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Property Information

Location
Miles
4 miles south-west of Esher, 10.5 miles north-east of Guildford, 22 miles south-west of Central London
Roads
A245, A3, M25 (Junction 10)
Rail
Cobham and Stoke D’Abernon Railway Station, Weybridge Railway Station
Air
London Heathrow (11 miles)
Situation

The property is in a prime location on the High Street and is adjacent to Sharps, Starbucks and Côte. Other national multiple retailers in close proximity include Costa, Robert Dyas, Lloyds Chemist, Carluccio’s, Boots, and retailers such as Waitrose, Space NK, Sweaty Betty, Crew Clothing, Mint Velvet, Pizza Express and Fat Face occupy units in the town.

Tenure

Freehold.

Description

The building comprises a large retail unit on ground floor with ancillary first floor accommodation. In addition, there are self-contained offices on the first floor, currently being used as a pilates studio and a two bedroom flat and a three bedroom flat on the second floor. A car park to the rear provides parking for approximately 17 cars. The site benefits from an approximate site area of 0.347 acres (0.1405 hectares).

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
29-31


Flat 31a
Flat 31b
Ground

First
Second
Second
Convenience
Store/Ancillary
Ancillary
Residential
Residential
539.96 sq m

24.71 sq m
2 bedroom flat
3 bedroom flat
(5,812 sq ft)

(266 sq ft)
(Not Measured)
(Not Measured)
MACKAYS
STORES
LIMITED (1)
(2)
63 years from
24/06/1962
£87,500
(Sublet at
£159,900)
(23/06/2025)
29-31FirstOffice/Pilates
Studio
171.22 sq m
(1,843 sq ft)
INDIVIDUAL
t/a Cobham
Pilates (3)
15 years from
14/06/2010 until
13/06/2025 (4)
£36,18524/06/2020
Total Commercial  
735.89 sq m
(7,921 sq ft)
  £123,685 

(1) Mackays Stores Ltd is a family run business now rebranded as M&Co. It currently employs more than 3,900 staff, with 3,500 of those based in almost 3,000 stores and the remainder in its Inchinnan head office, or London buying office (Source: www.mandco.com 08/09/2017). The lease is pre 1996 and therefore Bejam Group Plc and others remain liable under privity of contract. See legal pack for full information.
(2) The retail unit has been sublet to Sainsbury’s Supermarkets Ltd at £135,000 p.a. expiring June 2025 with an RPI uplift in 2018 and is trading as a Sainsbury’s Local. We understand the residential flats have been sublet on Assured Shorthold Tenancies with a total rent of £24,900 p.a. The total sub rent on this part of the property therefore amounts to £159,900 p.a.x. There is also a sublease of a substation to South Eastern Power Network Plc expiring June 2025 at a peppercorn.
(3) Cobham Pilates has been established for 10 years. It offers more than 75 weekly Mat, Barre and Reformer classes, from Beginner to
Advanced (Source:www.cobhampilates.com 08/09/2017).
(4) The lease provides a tenant’s option to determine on 23/06/2020.

Property Documents

  • Catalogue Page
    Updated Date
    27.09.17
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    26.09.17
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street
London
W1S 3AN
Darryl Stevenson 020 7297 6270darryl.stevenson@bidwells.co.uk
Seller's Solicitors
Mills & Reeve Botanic House, 100 Hills Road
Cambridge
Cambridgeshire
CB2 1PH
Vincenzo Maggio 01223 222 481vincenzo.maggio@mills-reeve.com

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