FREEHOLD
DEVELOPMENT SITE & INVESTMENT BUILDING
FOR SALE
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| Premises: | 49 and R/O 49-47 Downing Street, Farnham, Surrey. GU9 7PH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Location: | The historic and affluent town of Farnham is located on the Surrey/Hampshire border and is within the London commuter belt. Farnham has a district population of 115,000, and a total population of over 600,000 within 20 kilometres of the town centre. The Town is located approximately 10 miles west of Guildford, 17 miles east of Basingstoke, 27 miles north east of Winchester and 43 miles south west of Central London. Farnham benefits from excellent road communications via the Blackwater Valley Relief road (A331) which links with junction 4 of the M3 motorway approximately 8 miles to the north. Rail services to London Waterloo are available in approximately 57 minutes.
The prime shopping centre is at the junction of The Borough, West Street and Downing Street. The award winning Lion & Lamb shopping development supports the central retailing, where multiple and national retailers are represented including Woolworths, Boots, Next, Argos, Monsoon, WH Smith and Clinton Cards. There are a considerable number of independent and boutique style fashion operators, whilst the town centre food retailing is focused upon Waitrose supermarket anchoring the Lion & Lamb Shopping Centre and Sainsbury’s Supermarket in South Street. Retailing in Farnham is typically provided through period buildings of traditional construction ensuring an affordable supply of retail premises in the town centre generally. |
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| Situation: | The Property is located in the southern end of the prime retail area. The rear development site is located adjacent to the central car park, which is the main and dominant car park facility within Farnham town centre. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description: | The property comprises two elements two be sold as one lot: 49 Downing Street A Grade II listed Georgian building constructed on 3 storeys fronting Downing Street, together with later rear extensions on ground and 1st floors. The ground floor is currently in A1 retail use throughout whilst the 1st and 2nd floors are currently configured to provide basic office accommodation. The interior of the property is requiring modernisation and the retail shops are presently let on repairing and insuring leases, and the roof has recently been renewed in its entirety. R/O 40-47 Downing Street The rear development site has an impressive 28 metre frontage to the central car park and comprises approximately 0.19 acres of development land. Rights of pedestrian access to the development land exist from the Downing Street frontage and are also understood to exist from the car park. Planning permission reference: WA02/0666 was granted 14th October 2002 for the erection of an extension to provide sheltered accommodation comprising 7 residential units following demolition of part of existing building on land at rear of 49 Downing Street, Farnham. For planning permission and plans please view www.traynorryan.com/WA02/0666planningpermission.pdf and www.traynorryan.com/49downingstreet/masterplan.pdf |
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| Rental Analysis & Values: | Retail rents in Downing Street have exceeded £60 psf in terms of Zone A with the most recent completed transaction at £62.50 ITZA at 37 Downing Street.
Recent restaurant values include the letting of 3 Downing Street at £22 psf pa overall for approximately 3380 sq ft on ground and first floors. |
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| Planning: | We believe that the permission for sheltered dwellings of 425 sq m at the rear is capable of conversion to A3 use, subject to planning consent giving the developer an exciting prospect of providing a high-class courtyard style restaurant facility in the heart of the town centre. Whilst we have not provided a comprehensive list of relevant planning issues we are of the opinion that the following Development Plan policies and proposals will apply to the consideration of any such scheme.
Policies SE4, SE5 and LE3 of the Surrey Structure Plan 2004: http://www.surreycc.gov.uk/sccwebsite... Policies D1, D4, HE4, HE5, HE8, TC1, TC3, and IC2 of the Waverley Borough Local Development 2002: http://www.waverley.gov.uk/planningpolicy/localplan.asp Policies CP2, CP8, CP9, CP11, CP12, CP13 and CP17 of the Waverley Borough LDF Core Strategy Submission draft 2005: http://www.waverley.gov.uk/ldf/corestrategy.asp Policies CC12, RE2, BE1, BE7, and C1 of South East Plan draft submission 2006: http://www.southeast-ra.gov.uk/southeastplan/ |
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| Tenure and Tenancies: | The property is held freehold and is subject to the following tenancies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| * where not measured areas taken from Valuation List 2005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Management & Development Opportunities: : | We consider there are a number of opportunities for the purchaser: * Reversionary income from the retail property. * Expansion and implementation of existing planning consent. * Change of use from existing consent of approximately 425 sq m to other town centre appropriate uses e.g. A3 * Redevelopment of upper floors of 49 Downing Street to provide high quality office/change of use to residential units. |
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| Price: | Offers are invited in excess of £1,250,000 (£1.25 million) exclusive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Viewing: | Strictly by appointment with sole agents, Warren Traynor, Traynor Ryan. Tel. 01252 794144 Fax. 01252 794166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traynor Ryan
Chartered Surveyors & Property Consultants
Ryjas House, Farnham, Surrey, GU10 4RG
t. 01252 794144, f. 01252 794166
Email us about this property: info@traynorryan.com
Whilst all the information in these particulars is believed to be correct, neither the agents nor their clients
guarantee its accuracy, nor does it constitute a contract, part of a contract, or a warranty. In accordance
with the Finance Act 1989 Vat maybe applicable to rents and prices. Intending purchasers and lessees must
satisfy themselves as to the condition of the property services.
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