Location
The property is located on the outskirts of Chessington, the property is prominently located on the corner of Bridge Road and Parbury Rise. It is located in a residential area, in the Royal Borough of Kingston Upon Thames within Greater London.
Description
The property comprises a former church, now arranged as refurbished children’s day Nursery. The property is subdivided into classrooms, sleeping areas, kitchen, dining room, office and stores. There is off street parking and outside play areas. Internally, the building is finished to a good specification, with fitments and fittings associated with its existing use as nursery.
Accommodation
The property has been measured in accordance with the RICS Code of Measuring Practice and IPMS:
The property affords the following internal accommodation:
3300 sq. ft. (308 sq. m.)
External areas – unmeasured
EPC
Awaiting.
Planning
The property has an established D1 Children’s Nursery Use.
Business Rates
The Rateable Value is £56,000, rates payable are circa £26,824 pa. Buyers are advised to make their own enquiries of the billing authority.
VAT
The property is not elected to Vat, therefore VAT is not payable on price.
Tenancy
The property is let on a full repairing and insuring lease, from 1st September 2003. The lease expires 2023. The current rent passing is £55,000 pa. The next rent review is 1st September 2018.
Freehold Sale
The property is offered freehold at £925,000, subject to contract, reflecting a Net Initial Yield of circa 5.6%, after allowing for purchasers costs.
Development Potential
The property holds potential for redevelopment at lease expiry, subject to the necessary grant of planning consent for alternative uses. The property may be suitable for a higher density mixed residential and commercial scheme, STPP.
Costs
Each party to bear its own costs in relation the sale.
