Victoria House Victoria Square Horley RH6 7AF

Victoria House
Victoria Square
Horley
RH6 7AF

Substantial Modern High Yielding Retail and Office Investment

Close to Gatwick Airport
Includes 8 retail units and self-contained offices
Approximately 2,670 sq m (28,742 sq ft)
Neighbouring occupiers include Lloyds Chemists, Lidl and Barclays Bank
Six Week Completion Period Available

Lot
22
Auction
23rd May 2013
Rent
£290,400 per Annum Exclusive
Status
Sold
Price
£1,220,000
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA

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Substantial Modern High Yielding Retail and Office Investment

Close to Gatwick Airport
Includes 8 retail units and self-contained offices
Approximately 2,670 sq m (28,742 sq ft)
Neighbouring occupiers include Lloyds Chemists, Lidl and Barclays Bank
Six Week Completion Period Available

Lot 22
Auction 23rd May 2013
Rent £290,400 per Annum Exclusive
Status Sold
Price £1,220,000
Sector
High Street Retail
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA

Property Information

Location

Miles: 25 miles south of Central London, 5 miles north of Crawley, 35 miles east of Guildford
Roads: M23 (Junction 9), M25 (Junction 7), A23
Rail: Horley Railway Station (London Victoria approximately 45 Minutes)
Air: Gatwick Airport

Situation

Horley benefits from being situated immediately north-east of Gatwick International Airport, London's second Airport and the UK's second largest airport and the busiest single-runway airport in the world, serving around 200 destinations (more than any other UK airport). The property is situated in the heart of the town centre on the north side of Victoria Road at the junction of Consort Way.

Tenure

Long Leasehold. Long Leasehold. Held for term of 109 years from completion of the sale at an initial rent reserved of £70,000 per annum exclusive with rent reviews every 5th year to 2% pa compounded.

Location

Miles: 25 miles south of Central London, 5 miles north of Crawley, 35 miles east of Guildford
Roads: M23 (Junction 9), M25 (Junction 7), A23
Rail: Horley Railway Station (London Victoria approximately 45 Minutes)
Air: Gatwick Airport

Situation

Tenure

Description

The property is a substantial modern building comprising 8 retail and leisure units on the ground floor and-self contained office accommodation on the first and second floors.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property is a substantial modern building comprising 8 retail and leisure units on the ground floor and-self contained office accommodation on the first and second floors.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
Unit 1	Ground	Retail	108.23 sq m	(1,165 sq ft)	THE COUNCIL OF THE BOROUGH OF REIGATE & BANSTEAD (t/a Helpshop)	15 years from 08/06/2004 until 2019 (1)	£25,000	08/06/2014
Unit 2	Ground	Retail	136.57 sq m	(1,470 sq ft)	MARTIN MCCOLL (t/a McColls) (2)	10 years from 25/12/2009 until 2019	£12,000	25/12/2014
Units 3, 4 and 5	Ground	Retail	323.12 sq m	(3,478 sq ft)	MARTIN MCCOLL (t/a McColls) (2)	10 years from 25/12/2009 until 2019	£54,000	25/12/2014
	Ground	Bar/Leisure	741.74 sq m	(7,984 sq ft)	GRAY COE	10 years from 30/11/2012	£25,000	12/03/2017
Kiosk A	Ground	Retail	17.19 sq m	(185 sq ft)	LINDA ANNE BALDWIN AND MARIE TRACY HILL	10 years from 13/03/2007	£8,000	(12/03/2017)
Kiosk B	Ground	Retail	17.19 sq m	(185 sq ft)	SILVERDREAM LIMITED	10 years from 26/03/2010 until 2020 (4)	£8,000	25/03/2015
	First	Office	767.84 sq m	(8,265 sq ft)	COPTHORNEHOTEL HOLDINGSLIMITED (5)	10 years from 25/12/2009	£138,400 (3)	25/12/2014
	Second	Office	558.35 sq m	(6,010 sq ft)	BARRINGTONJAMES LIMITED	10 years from 02/08/2010 until 2020	£90,000 (7)	02/08/2015
Totals			2,670.23 sq m	(28,742 sq ft)			£360,400

(1) The lease provides for a tenant option to determine the lease on 07/06/2014.
(2) For the year ending 27th November 2011, Martin McColl Limited reported a turnover of £380,485,000, a pre-tax profit of £18,068,000 and a total net worth of £100,676,000. (Source www.riskdisk.com 15/01/2013)
(3) The current rent reserved is £69,200 p.a.x. The lease provides for the rent to be increased to £138,400 p.a.x. in December 2014. The seller will pay the buyer the difference between £69,200 p.a.x. and £138,400 p.a.x. from completion of the sale until 25th December 2014. Therefore the tenancy will produce £138,400 from completion.
(4) The lease provides for a tenant option to determine the lease on 25/03/2015.
(5) For the year ending 31st December 2011, Copthorne Hotel Holdings Limited reported pre-tax profits of £59,052,000 and a net worth of £134,622,000 (Source riskdisk.com 29/04/2013).
(6) For the year ending 31.12.2011, Barrington James Limited reported a net worth of £2,253,229. (Source riskdisk.com 29/04/2013).
(7) The rent is inclusive of a fixed sum in lieu of service charge of £30,000 rising to £36,000 in 2015.