Development, Investment, Land For Sale
West Street, Reigate, Surrey, RH2
Mixed use development opportunity with income.
Located in Reigate, an affluent Surrey market town only 1.5 miles south of the M25.
Mixed use asset totalling 15,929 sq ft comprising 4,121 sq ft NIA of retail, 6,790 sq ft NIA of offices and 5,018 sq ft GIA of industrial/brewery accommodation.
Total GIA - 18,393 sq ft.
Offices benefit from Permitted Development to residential to form 14 apartments - Planning Reference 21/01323/PAP30 (9 X 1 Bedroom Flats, 6 x 2 Bedroom Flats).
Preliminary plans drawn up for 10 x flats at the Rear (4 x 1 Bedroom Flats and 6 x 2 Bedroom Flats).
Passing rent of £162,470 per annum.
We have been instructed to seek offers in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, for our client's freehold interest in the subject property.
A purchase at this level would reflect a very attractive £190 capital value (based on the GIA).