DESCRIPTION
St George’s House is a prominent multi-let retail and office building comprising 8,472 sq ft arranged over ground and 3 upper floors. The car park is accessed from Worple Road at the rear of the property and provides up to 31 car parking spaces. Amenities include comfort cooling, 6 person passenger lift, male, female & disabled WCs. There are flexible floor plates capable of single or multiple occupation. The building has an EPC rating of C(66).
INVESTMENT SUMMARY
Located in the London Borough of Merton, an affluent south west London town situated 1.5 miles south west of Wimbledon and 6 miles from Central London.
Excellent transport connections with easy access to the M25 and A3 motorways and a direct rail service to London’s Waterloo.
St George’s House comprises a highly prominent mixed use office and retail building of 8,472 sq ft (787 sq m) arranged over ground and 3 upper floors.
Up to 31 surface level car parking spaces providing an excellent car parking ratio of 1:273 sq ft.
Total site area of approximately 0.276 acres (0.117 hectares).
The building is multi-let to 3 tenants, providing a WAULT of 2 years to expiry.
Current passing rent is £204,150 per annum, reflecting a low rent of only £24.10 per sq ft overall.
Numerous opportunities exist to enhance the income or to redevelop/convert the property for residential, hotel, medical or other uses.
Architectural studies indicate that a residential scheme of up to 19 flats could be considered, subject to planning.
Freehold.
TERMS
We are instructed to seek offers in excess of £2,350,000 (Two Million Three Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive Net Initial Yield in the region of 8% assuming standard purchasers costs of 6.7% and a low capital value of £277 per sq ft.
VAT
The property is not elected for VAT.
ACCOMMODATION
| Floor |
Size |
Price/Rent |
Rates Payable |
| Total Site Area approx. |
8,472 sq ft - 787 sq m |
OIEO £2,250,000 |
|
| Total |
8,472 sq ft
(787 sq m) |
|
|
LOCATION
Raynes Park is located in the London Borough of Merton in south-west London located 1.5 miles south west of Wimbledon and 6 miles from Central London. The town is a well-connected popular commuter location, providing direct trains to Clapham Junction (overground) in 11 minutes and to London Waterloo (overground, Bakerloo, Jubilee, Northern and Waterloo & City lines) in 20 minutes from the mainline railway station, situated 100 metres from St George’s House. The nearest London Underground station is Wimbledon (District Line) which is 1.4 miles to the north. Bus services in the vicinity provide direct access to Wimbledon, Kingston, Streatham and Clapham Park. Raynes Park has good connectivity to main roads with the A3 being 1 mile to the south west, the A24 2 miles to the east with both roads connecting to Junction 10 of the M25. Heathrow and Gatwick airports are some 12 miles and 22 miles distance from the property, respectively.