LOT 19

142-144 High Street, Guildford, Surrey, GU1 3HJ

FREEHOLD TOWN CENTRE MIXED USE COMMERCIAL INVESTMENT PARTLY LET TO MOLTON BROWN LTD AND PRODUCING £116,500 P.A.

Result: Please refer to auctioneer for more information Guide price: £1,700,000 *

Auction Date

Thursday, 16th December 2021 12:00pm

EXECUTIVE SUMMARY 1. Prominent Grade II listed mixed use property in the historical town centre. 2. Over 80% of the income secured to Molton Brown Ltd who undertook a £200,000 re-fit in Q2 2021 demonstrating their commitment to the property. 3. The upper parts operate as a late bar with a rare 3 am licence. 4. Potential for conversion of the upper parts into residential, which benefits from separate access on Milhouse Gate. 5. Positive feedback from a pre-application for a 2 double-bedroom, 2 bathroom duplex apartment including rear terrace and plentiful amenity space. 6 High footfall with nearby occupiers to include Sainsbury's, BOSS, Anthropologie and Jo Malone, as well as Guildford Castle and Museum within close proximity. LOCATION & DESCRIPTION Guildford is an affluent commuter town in Surrey about 28 miles from London. Guildford hosts an array of national and independent retailers and is reached by the A3 via Junction 10 of the M25. The property comprises a 3 storey Grade II listed shop and self-contained upper parts in a conservation area, with separate access reached via a tunnel passageway which is typical of the High Street.

EQUIVALENT TO £116,500 p.a. RISING TO £117,000 IN FEBRUARY 2022
AND WITH POTENTIAL TO CONVERT THE UPPER FLOORS INTO RESIDENTIAL (subject to gaining possession and planning permission)

EPC Rating

Shop (142): C & Bar (144): C

Note

1. Auction Surveyor: Ian Mann 020 8509 4407
2. For the year ended 31st December 2020 Molton Brown reported a turnover of £89.5m+. (Creditsafe).
3. VAT is payable - may be able to treat it as a TOGC.
4. The adjoining & linked Alley Bar is not included.
5. The legal documents contain measured surveys & planning information.
6. Viewings are by courtesy of the occupiers. Most of the property can be inspected during trading hours & photographs (some supplied by Seller & before Molton Brown slightly changed the layout & shopfront) can be viewed via our online catalogue.

Status

Please refer to auctioneer for more information

Accommodation

Property Accommodation Tenant Term Rent p.a.
Shop Sales area: 440 sq ft (40.8 sq m)
Rear area with kitchen and toilet 155 sq ft (14.4 sq m)
Molton Brown Ltd
Luxury British fragrance brand
Celebrating 50 years with stores throughout UK
10 years from 01.09.2019 with review in 2024
Breaks in 2023 (now removed) & 2026
In occupation since 2013
£95,000
Bar Top Floor: 300 sq ft (27.9 sq m ) including kitchen & office plus toilets
First Floor: 720 sq ft (66.9 sq m) including lounge and bar areas
Terrace area
Ground Floor: Toilets
Guildford Business Café Ltd with guarantor
Trading as Tudor Antiques bar
10 years from 01.02.2019 with review in 2024
Break in 2024
Rent increases to £22,000 p.a. in February 2022
Basically in occupation since 2014
£21,500

* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.