** NEW ** Investment For Sale
The investment is located on the ground floor of a recently-constructed building located on Goldsworth Road, near central Woking and 0.5 miles from Woking Station. It benefits from being well-connected and having five car parking spaces.
The investment is let to Multi-Tile Ltd, trading as Topps Tiles, at a rent of £72,500 per annum exclusive, based on a 15 year effective FRI lease from 21 August 2015. The lease is contracted inside the Landlord & Tenant Act 1954 with 5 yearly upward-only rent reviews based on RPI and capped and collared at 1% and 4%.
Ground - Approx. 4,640 sq. ft. / 431 sq. m.
Topps Tiles is the UK?s leading tiling retailer with 373 shops nationwide. Pre-tax profits were £9,142,000 in 2016 and Experian rates Multi-Tiles Ltd as 'very low risk' with a score of 96/100.
The ground floor is held on a long leasehold agreement for a term of 999 years from 25 December 2013.
Offers in excess of £1,150,000 for the long leasehold interest, which reflects a net initial yield of 5.91% based on purchasing costs at 6.75%. A rent review is due in August 2020, which will provide good rental growth and an enhanced reversionary yield.