Launderette | 35-35A Madrid Rd
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Launderette 35-35A Madrid Rd
1,089 SF Retail Building Guildford GU2 7NU $570,342 ($524/SF) 6.33% Cap Rate
Investment Highlights
- The property is situated within a predominantly residential area
- Short walk to both University of Surrey & University of Law
- Guildford Town Centre just 0.4 miles to the station
- The A3 is 0.5 miles away
Executive Summary
Investment / development opportunity comprising existing ground floor laundrette with separate office and storage to the rear accessed from Madrid Road via the side alley. On the first floor a self contained two bedroom flat accessed from Madrid Road.
Potential to obtain VP at the rear, extend and convert to create residential space subject to the relevant consent and to utilise the large rear garden.
Ground floor (front) let on FRI lease for a term of 15 years from 11th January 2019 with 5 year rent reviews (to the greater of OMV or RPI) the next one being due January 2024 - Current passing rent £10,250 per annum.
Ground floor (rear office) 3 Month notice at any time for vacant possession - let on FRI lease for a term of 15 years from 11th January 2019 with 5 year rent reviews the next one being due January 2024, let to same party as the front with a passing rent of £1,750 per annum.
First Floor flat let on a 24 month AST with a break clause at 12 months, commenced 25th January 2023 passing rent is £16,500 per annum.
Total passing rent: £28,500 per annum.
Potential to obtain VP at the rear, extend and convert to create residential space subject to the relevant consent and to utilise the large rear garden.
Ground floor (front) let on FRI lease for a term of 15 years from 11th January 2019 with 5 year rent reviews (to the greater of OMV or RPI) the next one being due January 2024 - Current passing rent £10,250 per annum.
Ground floor (rear office) 3 Month notice at any time for vacant possession - let on FRI lease for a term of 15 years from 11th January 2019 with 5 year rent reviews the next one being due January 2024, let to same party as the front with a passing rent of £1,750 per annum.
First Floor flat let on a 24 month AST with a break clause at 12 months, commenced 25th January 2023 passing rent is £16,500 per annum.
Total passing rent: £28,500 per annum.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Residential
Building Size
1,089 SF
Building Class
B
Year Built
1990
Price
$570,342
Price Per SF
$524
Cap Rate
6.33%
NOI
$36,122
Tenancy
Single
Building Height
2 Stories
Building FAR
0.28
Land Acres
0.09 AC
Amenities
- Storage Space
1 of 1
Nearby Major Retailers
-
Daniella Davies -
CSJ Property
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Launderette | 35-35A Madrid Rd
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