SOLD: 167 High Street, Banstead SM7 2NT – Freehold restaurant and residential investment for sale in a popular village location and with rental growth potential.

DESCRIPTION: –
The property comprises a three storey end terrace mixed commercial and residential property let and income producing under a single lease and arranged as a fully fitted restaurant premises at ground floor with a self-contained split level flat over first and second floors and with garaging to the very rear. The upper parts are self-contained from the rear via an external staircase.

LOCATION: –
The property is situated fronting Banstead High Street in a highly prominent position on the approach to Banstead Village set within an attractive parade. Banstead High Street is a popular commercial environment servicing a densely populated and fairly affluent residential catchment in the surrounding areas. Banstead High Street is a reasonably busy thoroughfare and bus route and the property benefits from a good deal of passing vehicular traffic and there is a fair amount of pedestrian flow generated by a variety of nearby commercial occupiers. There are short term parking bays immediately outside the subject property and its neighbouring parades and this encourages quick stop trade to the vicinity.

ACCOMMODATION:-
Ground Floor:
Gross frontage 5.85m (19’6)
Internal width 5.4m (18’)
Restaurant depth 13.5m (45’)
Restaurant sales area 60.85m² (655ft²) approx.
ACCOMMODATION (cont.):-
Rear addition 41.8m² (450ft²) approx.
incorporating male and female WCs, kitchens and stores
External store 22.74m² (245ft²) approx.
Upper floors: First floor 3 rooms, shower room/wc
Second floor 1 room

USE/PLANNING: –
The property is used as a restaurant originally within Class A3 of the Town and Country Planning (Use Classes) Order 1987. This would now be considered to fall within Class E of the most recent Use Classes Order. The upper parts are residential in nature. The lease allows for a reasonably open user.

TENURE: –
The property is to be offered freehold, subject to an overriding lease on the whole building. The lease is held for a term of 25 years expiring on 16 December 2038 with the lease now held, by assignment, by two individuals. The current passing rent is £21,500 per annum exclusive and there is an outstanding rent review from 19 December 2018. The rent is considered to be reversionary.