East Street, Epsom, Surrey, KT17

DESCRIPTION:

The existing properties comprise 3 adjoining buildings consisting of a former bar, a retail unit and a residential block of 32 flats.

The former bar and music academy extend to approximately 5,618ft² over 2 storeys.

The residential block is known as Kingshott House and Jukes House and were converted from offices in 2017, all of the flats within the block are sold off on long leases and produce (32 x £250p.a.) £8,000p.a. ground rent income, which doubles every 25 years.

LOCATION:

The property occupies a prominent position along East Street (A24), within Epsom and Ewell Borough Council.

East Street (A24) is the main road into Epsom Town Centre which is located only 0.5 miles from the property offering numerous commercial amenities.

Epsom train station is located 0.5 miles from the property providing frequent services into London Waterloo in 35 minutes.

PLANNING:

The property benefits from resolution to grant planning permission for 2 applications which were approved at Committee in December 2023, as follows:

22/01953/FUL - Demolition of 79-81 East Street (bar and music academy) and the construction of a new build part 5 / 6 storey building containing 31 x residential units (10 x 1 bed, 17 x 2 bed and 4 x 3 bed units).

22/01954/FUL - Fourth floor roof extension to 83-85 East Street (residential block) to provide 3 x residential units (1 x 1 bed, 1 x 2 bed and 1 x 3 bed units) together with works to stair and lift cores and other associated works.

The planning consents are subject to a S106 agreement to allocate 16 of the 31 new build apartments to be provided for Affordable Rent.

A CIL liability of approximately £XXX is also applicable. Please note that this is an indexed estimate as of January 2024 and should not be relied upon, any prospective purchasers should undertake their own analysis.

TENURE:

The property will be sold freehold with vacant possession save for the residential leases within the existing block.

VAT:

We understand the property is elected for VAT.

TERMS:

Offers are invited in the region of £2,750,000 for the freehold interest in the entire property. Alternatively, offers will be considered for the new build element in isolation in the region of £2,500,000.