Walton Road, West Molesey, Surrey KT8
Offers in Region of
£3,500,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Residential development for sale
Key features
- A substantial freehold investment comprising a retail showroom, 13 self-contained apartments and large unallocated parking area
- Residential element let on ASTs with the retail element let to Majestic Wines, offering significant potential to improve the income
- Existing building currently producing £209,666p.a. with an ERV of £261,400p.a.
- Planning permission approved for an additional storey to create 7 apartments plus 2 x three-bedroom houses within surplus land to the rear
- Offers invited in the region of £3,500,000 for the freehold interest. Offers also considered on the basis that the Seller retains the retail element if this were not of interest to a resi developer
Description
The property comprises a mixed-use freehold investment consisting of 13 x self-contained residential apartments which are all let on ASTs to private tenants, and a ground floor retail unit situated on a site of 0.6 acres.
The apartments are situated across two blocks, on the first floor above the retail unit and over ground and first floor adjacent to the retail unit with communal gardens fronting Walton Road. The apartments comprise 12 x 1 bed units and 1 x 2 bed unit and extend to 6,015ft2 in total, benefiting from car parking to the rear of the building for up to 18 vehicles. They are in good functional condition; however, they would benefit from a program of refurbishment including redecoration and upgrades to the kitchens and bathrooms.
The ground floor retail unit extends to approximately 3,038ft2, benefiting from access directly from Walton Road and a car park at the front of the unit with space for up to 7 vehicles.
Tenancy:
The ground floor retail unit is let to Majestic Wine, who have been in occupation for over 20 years, with the latest FRI lease expiring in April 2034 at a current rent of £55,000p.a.
The lease is subject to a mutual break clause in April 2029 subject to either party serving 9 months written notice, which was designed to allow the Landlord flexibility for a comprehensive redevelopment.
The apartments are all let on AST agreements to private tenants as per the tenancy schedule at a current rent of £139,066p.a. There are circa 20 unallocated parking spaces which are charged to tenants by way of ad hoc permits in addition to the rent, which produces further income of circa £15,600p.a. (£100/month per space).
The residential rents are below market value and offer potential for immediate increases, which would be enhanced further by undertaking a program of refurbishment. We expect the ERV once refurbished to be in their region of £190,800p.a.
The total ERV is therefore £261,400p.a.
Planning:
Planning permission was granted at committee in July 2025 under reference 2024/3143 for the erection of an additional storey above the existing building to create 7 x additional apartments (6 x 1 bed and 1 x 2 bed) and 2 x 3-bedroom semi-detached houses in the rear car park.
The scheme has been carefully designed to allow development to take place with the existing Tenants all remaining in place, however, it may be beneficial to obtain vacant possession of the residential element in order that these refurbishment works can be carried out simultaneously.
The planning permission is subject to a CIL payment which is to be confirmed. There are no Section 106 or other planning requirements.
The apartments are situated across two blocks, on the first floor above the retail unit and over ground and first floor adjacent to the retail unit with communal gardens fronting Walton Road. The apartments comprise 12 x 1 bed units and 1 x 2 bed unit and extend to 6,015ft2 in total, benefiting from car parking to the rear of the building for up to 18 vehicles. They are in good functional condition; however, they would benefit from a program of refurbishment including redecoration and upgrades to the kitchens and bathrooms.
The ground floor retail unit extends to approximately 3,038ft2, benefiting from access directly from Walton Road and a car park at the front of the unit with space for up to 7 vehicles.
Tenancy:
The ground floor retail unit is let to Majestic Wine, who have been in occupation for over 20 years, with the latest FRI lease expiring in April 2034 at a current rent of £55,000p.a.
The lease is subject to a mutual break clause in April 2029 subject to either party serving 9 months written notice, which was designed to allow the Landlord flexibility for a comprehensive redevelopment.
The apartments are all let on AST agreements to private tenants as per the tenancy schedule at a current rent of £139,066p.a. There are circa 20 unallocated parking spaces which are charged to tenants by way of ad hoc permits in addition to the rent, which produces further income of circa £15,600p.a. (£100/month per space).
The residential rents are below market value and offer potential for immediate increases, which would be enhanced further by undertaking a program of refurbishment. We expect the ERV once refurbished to be in their region of £190,800p.a.
The total ERV is therefore £261,400p.a.
Planning:
Planning permission was granted at committee in July 2025 under reference 2024/3143 for the erection of an additional storey above the existing building to create 7 x additional apartments (6 x 1 bed and 1 x 2 bed) and 2 x 3-bedroom semi-detached houses in the rear car park.
The scheme has been carefully designed to allow development to take place with the existing Tenants all remaining in place, however, it may be beneficial to obtain vacant possession of the residential element in order that these refurbishment works can be carried out simultaneously.
The planning permission is subject to a CIL payment which is to be confirmed. There are no Section 106 or other planning requirements.
Brochures
Walton Road, West Molesey, Surrey KT8
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Hampton Court Station0.9 miles
- Hampton Station1.1 miles
- Thames Ditton Station1.4 miles
Notes
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