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The property is situated in a prominent position within the historic High Street between the junctions of Cantelupe Road and Church Lane on the edge of the prime retail area of East Grinstead. Major retailers and service providers in the High Street include: Caffe Nero, Cook, Barclays Bank, Prezzo, Pizza Express and Coral whilst in the immediate area there is a bespoke tailor, a florist, an optician, shoe repairer, hairdresser, baker and various clothing shops. The railway station with services to London via East Croydon and the bus terminus are both within approximately 0.7 miles. Junction 10 of the M23 motorway is approx 6 miles distant giving access to Gatwick Airport and the M25 to the north.
51-53, plus 53a & 53b are Grade II listed and all the properties are within the conservation area. The buildings are an eclectic mix of styles dating from the 17th to 19th centuries, with a mix of finishes including timber clad weatherboarding and brick elevations under pitched tiled roofs.
The commercial properties comprise a restaurant, guest house, cafe/bar, estate agents office and sweet shop, together with two self contained flats.
The property occupies a site of 0.0527 ha or 0.13 acres.
Adjoining the principal shopping area of East Grinstead
Attractive historic buildings extending to 7,325 sq ft
5 commercial properties & 2 self contained flats
Income from 7 tenancies producing £95,550 pa
Alternative uses STP
The property produces income from two residential and five commercial lettings with leases running from 2021 to 2029. Approximately 42% of the income is secured from Red Chilli Trading Company Limited (company number 04539299) with the balance from individuals or other small companies. Leases are drawn on a variety of repairing terms with some landlord liability.
Please see schedule of leases and accomodation.
Offers are invited in excess of £1,100,000 for the freehold subject to the seven leases, subject to contract and exclusive of VAT. The quoting price shows an initial yield of 8.15% after costs with potential for further uplift on reviews and renewals.
The commercial properties have the following rateable values:-
51 High Street £13,000
55-57 High Street £20,500
59 High Street £9,500
59a High Street £7,100
The property is held under title number WSX254969
For viewing and further information please contact the selling agents RH & RW Clutton East Grinstead office on 01342 410122.
Philip Baker - PhilipB@rhrwclutton.co.uk
Richard Grassly - RichardG@rhrwclutton.co.uk
To book a viewing or make an enquiry, please complete this form.