Lot No. 172
Sale by the auction method

Mixed Use Investment Opportunity with future development potential

Bidding Starting Price: £500,000

For Legal Pack and other information about this plot, please, visit: just-sold dot co dot UK by searching Lot number 172.

Location: 94 Brighton Rd, Horley RH6 7JQ

The property is situated on the southeast side of Brighton Road (A23), at a road junction with Lumley Road in Horley. The Horley rail station is located approximately 0.8 miles to the southeast, providing direct train services to Brighton and London Bridge. The Horley town center is circa 0.5 miles with a variety of stores including Lidl, Waitrose, Sainsbury's, etc. The Gatwick airport and the M23 are both just about a couple of miles away.

Description:

Virtual Freehold (999 years lease)

This prominent corner property consists of a ground-floor retail shop and a vacant large 3/4 bed flat on the first floor. The Ground Floor shop is let to a strong covenant trading as QVS (electrical warehouse) producing £21K per annum until Oct 2026 (no breaks). The tenant has been there since 2007 and is committed to this location since this is one of their top-performing stores. They have always been paying full rent even throughout the Covid period too, WITHOUT ANY MISSES OR CONCESSIONS.

The LARGE first floor flat (936 sq ft) has got a separate entrance from the rear of the shop/Lumley road and consists of 3 good sized rooms, 1 small room, 1 bathroom, and a spacious kitchen. The flat has got the potential to be converted into a Hi-END LUXURY HMO by making 3 spacious rooms with ensuites. This flat lease also grants the right to open another entrance from the new staircase, adjacent to the flat, that the freeholder is forming. This way, the flat can have TWO SEPARATE ENTRANCES providing the potential of subdividing into TWO SMALLER UNITS (subject to any local authority regulations, if applicable). Furthermore, there is also an EXTANT PLANNING PERMISSION to convert the rear of the shop into a ONE BEDROOM FLAT. Further details can be provided upon request.

The room rents for decent rooms could be around £750 to £800 per month in this area, therefore, the flat has a potential annual rental income (ERV) of £ 27,000 (at £750 per month per room basis). Thus, the total ERV of the property is £48,000.

Whilst the property is perfectly located on busy Brighton Road with several bus connections and only a 10-minute walk from the town center, still, it comes with 2 highly valuable CAR PARKING SPACES each worth £15,000 on its own.

Flat/Shop can be sold separately as well

You would need to register as a buyer on just-sold dot co dot uk as a buyer in order to bid for this property.

Important Notice:

1. AML (Money Laundering Regulations): Buyers will be required to register themselves with just-sold dot co dot uk as a buyer and clear the compliance checks prior to bidding, placing an offer, or buying.

2. The Sales particulars are only a general guide to the property however, we make our sales particular fair and accurate to the best of our knowledge.

3. These particulars do not form any part of any offer or contract. The particulars should be independently verified by the buyers.