Property photos
Freehold
£2,400,000
(£424.70/sq. ft)
Property for sale
Brockenhurst Road, Ascot SL55,651 sq. ft
Local area information
Property location
Nearby amenities
- South Ascot Village Primary School 0.2 miles
- Ascot (Berks) 0.3 miles
- St George's School 0.4 miles
- Sunningdale 1.9 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Features and description
- Freehold
Key Points
Mixed use property comprising a ground floor convenience store let to One Stop Stores Ltd, 5 vacant residential apartments and Prior Approval granted for a further 4 apartments Currently producing £143,500 per annum Ground floor let to One Stop Stores Limited, a subsidiary of Tesco, on a new 15 year lease from May 2023 with index linked rent reviews 5 residential apartments, 1 currently operated as AirBnB with strong letting credentials Prior Approval granted for ‘one additional storey to provide 4 additional dwellings
Description
The property is a prominent two storey mixed use property that was formerly a restaurant (Hyns) and betting shop (Coral) on ground floor, with residential on the first floor. Part of the ground floor was converted to residential and this is currently an AirBnB unit. The remainder of the ground floor space is let to One Stop Stores Ltd who recently completed their fit out and commenced trading in early October 2023. The four residential units are accessed from the side / rear of the property on Oliver Road. They all benefit from external space on the flat roof outside their entrances. The properties have recently been let on low rents on AST’s to Housing Association tenants and are being sold with vacant possession to allow a purchaser to capture the true market rental value. The forecourt benefits from 15 parking spaces, 8 of which are demised to One Stop Stores Ltd and 7 available for residents parking.
Location
The property is located on the corner of Brockenhurst Road and Oliver Road, in the centre of South Ascot. Ascot has excellent transport links by road, rail and air. Ascot Station is within easy walking distance, offering frequent and direct access into London Waterloo, Reading and Guildford. The M4, M3 and M25 are all easily accessible. Air travel is equally convenient with Heathrow less than 12 miles away.
Viewings
To arrange to view with the local agent, contact Christopher Thomas or
Terms
We are instructed to seek offers of £2,400,000 (Two Million Four Hundred Thousand Pounds), subject to contract.
After allowing a residual land value of £300,000 for the proposed development, this reflects:
• A 5.75% niy on the commercial investment
• A Reversionary yield (based on erv) of 7.26% on the existing residential investment.
After deduction of usual purchasers costs.
Tenancy Schedule
4 Brockenhurst Road Retail /05/2023 23/05/2038 £47,500.00 Fri lease, outside lta 1954. 5 yearly cpi reviews cap and collar at 1%-3%
6 Brockenhurst Road Residential (AirBNB) 3 Bed 764 sq.ft. AirBnb short term lettings £ 36,000.00 Avg rent achievable of £3,000 pcm
11a Oliver Road Residential - 2 Bed 570 sq.ft. £ 9,573.72 vp can be secured in 2 months
11b Oliver Road Residential - 2 Bed 614 sq.ft £ 9,573.72 vp can be secured in 2 months
11c Oliver Road Residential - 2 Bed 538 sq.ft. £ 9,573.72 vp can be secured in 2 months
11d Oliver Road Residential - 2 Bed 592 sq.ft £ 9,573.72 vp can be secured in 2 months
Total 5651 sq.ft. £121,794.88 erv with apartments at circa £15,000 = £143,500 for guidance
See the sales brochure for a full tabled schedule. All floor areas and rents are for guidance.
Prior Approval
Prior Approval for the ‘construction of one additional storey to provide x4 additional dwellings, ’ was granted in July 2022 under Part 20 Class ab (new dwelling houses on terrace buildings in commercial or mixed use). Planning reference 22/01790 – see for full details.
Asset Management Initiatives
The residential apartments are let below erv and vp can be obtained and the rental income increased.
Consider converting all units to AirBnb
Full implement the Prior Approval or dispose of this element to a 3rd party.
Rentalise additional parking spaces not required by residential tenants
Complete the new build apartments and let or sell them
EPC
4 Brockenhurst Road C 6 Brockenhurst Road C 11a Oliver Road C 11b Oliver Road C 11c Oliver Road C 11d Oliver Road C
VAT And Anti Money Laundering
VAT is not applicable. A successful bidder will be required to provide information to satisfy the aml regulations
Joint Agent
Christopher Thomas are joint agents with Koopmans T Eli Younger
Description
The property is a prominent two storey mixed use property that was formerly a restaurant (Hyns) and betting shop (Coral) on ground floor, with residential on the first floor. Part of the ground floor was converted to residential and this is currently an AirBnB unit. The remainder of the ground floor space is let to One Stop Stores Ltd who recently completed their fit out and commenced trading in early October 2023. The four residential units are accessed from the side / rear of the property on Oliver Road. They all benefit from external space on the flat roof outside their entrances. The properties have recently been let on low rents on AST’s to Housing Association tenants and are being sold with vacant possession to allow a purchaser to capture the true market rental value. The forecourt benefits from 15 parking spaces, 8 of which are demised to One Stop Stores Ltd and 7 available for residents parking.
Location
The property is located on the corner of Brockenhurst Road and Oliver Road, in the centre of South Ascot. Ascot has excellent transport links by road, rail and air. Ascot Station is within easy walking distance, offering frequent and direct access into London Waterloo, Reading and Guildford. The M4, M3 and M25 are all easily accessible. Air travel is equally convenient with Heathrow less than 12 miles away.
Viewings
To arrange to view with the local agent, contact Christopher Thomas or
Terms
We are instructed to seek offers of £2,400,000 (Two Million Four Hundred Thousand Pounds), subject to contract.
After allowing a residual land value of £300,000 for the proposed development, this reflects:
• A 5.75% niy on the commercial investment
• A Reversionary yield (based on erv) of 7.26% on the existing residential investment.
After deduction of usual purchasers costs.
Tenancy Schedule
4 Brockenhurst Road Retail /05/2023 23/05/2038 £47,500.00 Fri lease, outside lta 1954. 5 yearly cpi reviews cap and collar at 1%-3%
6 Brockenhurst Road Residential (AirBNB) 3 Bed 764 sq.ft. AirBnb short term lettings £ 36,000.00 Avg rent achievable of £3,000 pcm
11a Oliver Road Residential - 2 Bed 570 sq.ft. £ 9,573.72 vp can be secured in 2 months
11b Oliver Road Residential - 2 Bed 614 sq.ft £ 9,573.72 vp can be secured in 2 months
11c Oliver Road Residential - 2 Bed 538 sq.ft. £ 9,573.72 vp can be secured in 2 months
11d Oliver Road Residential - 2 Bed 592 sq.ft £ 9,573.72 vp can be secured in 2 months
Total 5651 sq.ft. £121,794.88 erv with apartments at circa £15,000 = £143,500 for guidance
See the sales brochure for a full tabled schedule. All floor areas and rents are for guidance.
Prior Approval
Prior Approval for the ‘construction of one additional storey to provide x4 additional dwellings, ’ was granted in July 2022 under Part 20 Class ab (new dwelling houses on terrace buildings in commercial or mixed use). Planning reference 22/01790 – see for full details.
Asset Management Initiatives
The residential apartments are let below erv and vp can be obtained and the rental income increased.
Consider converting all units to AirBnb
Full implement the Prior Approval or dispose of this element to a 3rd party.
Rentalise additional parking spaces not required by residential tenants
Complete the new build apartments and let or sell them
EPC
4 Brockenhurst Road C 6 Brockenhurst Road C 11a Oliver Road C 11b Oliver Road C 11c Oliver Road C 11d Oliver Road C
VAT And Anti Money Laundering
VAT is not applicable. A successful bidder will be required to provide information to satisfy the aml regulations
Joint Agent
Christopher Thomas are joint agents with Koopmans T Eli Younger
There are some planning applications within 0.5 miles of this home
Assess how they might enhance or detract from this home’s value.
Floor plans and tours
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Listed by
Christopher Thomas
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Property descriptions and related information displayed on this page are marketing materials provided by - Christopher Thomas. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Christopher Thomas for full details and further information.