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image  Goldsworth Road, Woking, GU21


image ££1,175,000

Floor area:
4,640 sq. ft. (431 sq. m.)
image For Sale (Leasehold)

Property Description


** NEW ** Investment For Sale

Investment Profile
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%.

Floor Area
Ground - Approx. 4,640 sq. ft. / 431 sq. m.
 
Tenant Profile
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.

Tenure
The ground floor is held on a long leasehold agreement for a term of 999 years from 25 December 2013. 

Price
Offers in excess of £1,175,000 for the long leasehold interest, which reflects a net initial yield of 5.78% 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.




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