FREEHOLD CARE HOME INVESTMENT

31-33 Liphook Road, Lindford, Hants, GU35 0PU E: [email protected] OR [email protected] The Gate House, 51 High Street, Hampton Hill, Middlesex TW12 1NH T: 020 8783 9400 F: 020 8783 9495 www.bakercommercial.co.uk Messrs. Baker Commercial for themselves and the vendors or lessors of this property whose agents they are give notice that; (1) the particulars are produced in good faith, are set out as a general guide only and do not constitute part of a contract; (2) no person in the employment of Messrs Baker Commercial has the authority to make any representation or to give any warranty in relation to this property. Please note that VAT may be added to any sale price or rent quoted. It is recommended that prospective purchasers and lessees make their own enquiries to establish the VAT implications prior to entering into any agreement.

31 AND 33 Liphook Road, Lindford, Hants, GU35 0PU Executive Summary • Medium/High value residential. • 31 Liphook Road – Completely refurbished 2006. 33 Liphook Road – New build - 2008. • Good quality accommodation. • Entire investment Let to Robinia Care South Ltd. (now part of Voyage Care) • Rental Income £100,784.00 pa exclusive. Subject to RPI Increase • VAT is not payable on purchase price. • Sale price of £1,000,000 (one million pounds) subject to contract. • Sale price reflects a very attractive net yield in the region of 9.5 % after allowing purchasers costs at 5.5% • Capital Value £236.00 sq ft. • Average current residential values £250-£275 for similar property.

Location 31 and 33 are situated on the Liphook Road which is the main thoroughfare through the village of Lindford. Lindford is a village in the East Hampshire district of Hampshire. It is 7 miles Southeast of Alton, along the Bordon to Headley Road and only half a mile from the main A325 running from Farnham to the A3 at Longmore. The nearest Railway station is Liphook, 3.8 miles southeast of the village. With a population of about 3,000, Lindford provides the usual facilities associated therewith. Description 31 Liphook Road, Lindford Comprises a detached brick built double fronted building converted and refurnished in 2006 to provide a close care home. The accommodation comprises the following:Ground Floor Sitting Room Lounge Bedroom (Inc. ensuite) Office Utility Kitchen/Breakfast Room Cloakroom

-

3.6m x 4.2m 4.2m x 4.5m 4.9m x 4.2m 2m x 2.1m 4.2m x 1.8m 7.3m x 3.4m

Bedroom 1 (Inc. ensuite) Bedroom 2 (Inc. ensuite) Bedroom 3 (Inc. ensuite) Bedroom 4 (Inc. ensuite) Staffroom with shower Quiet Room

-

4.9m x 4.2m 3.1m x 5.6m (window bay 1.3m x 0.7m) 3.1m x 5.6m (window bay 1.3m x 0.7m) 4.9m x 4.2m 4.1m x 3.5m 4m x 2.5m

Total Gross Internal Floor Area

-

G/F – 121.87 F/F – 109.85 231.72 sq. m (2,494 sq.ft.)

First Floor

33 Liphook Road, Lindford Comprises a detached newly built brick built building. Built in 2008 to provide a close care home and comprises the following accommodation:Ground Floor Lounge Study Utility Kitchen

-

4.9m x 5.3m 2.6m x 2.2m 2m x 2m 4.7m x 4.2m

Bedroom 1 (Inc. ensuite) Bedroom 2 (Inc. ensuite) Bedroom 3 (Inc. ensuite) Store

-

4.7m x 5.3 5.3m x 3.5m 4.7m x 3m 2m x 1m

Total Gross Internal Floor Area

-

G/F – 67.95m F/F – 62.82 130.87sq. m (1,409sq.ft.)

First Floor

The above floor areas are indicative only and although believed to be accurate, prospective buyers should verify them by conducting an on-site measurement. Tenure Freehold subject to following tenancies:Tenancies 31 Liphook Road, Lindford GU35 0PU Held under the terms of a Lease originally between Savile Properties Limited and Robinia Care South Limited (now part of Voyage Care) for a term of 20 years from 14 July 2006. The rent passing as at 15 June 2012 is £72,304.00 per annum subject to increase every year thereafter based upon increase in Retail Price Index with a reference base of 14 July 2006 to 14 July 2007. The lease is held on a full repairing and insuring basis save the tenants will have no liability for outstanding defects as defined in the agreement for lease. My clients are not aware of any such defects.

Either party has the right to determine the lease on 14 July 2016 and 14 July 2021 via service of 6 months’ prior notice. 33 Liphook Road, Lindford GU35 0PU Held under the terms of a Lease originally between Savile Properties Limited and Robinia Care South Limited (now Voyage Care) for a term of 20 years from 16 May 2008. The rent as at 15 June 2012 is £28,480.00 subject to increase every year thereafter based upon increase in Retail Price Index with a reference base of 16 May 2008 to 16 May 2009. The lease is held on a full repairing and insuring basis save the tenants will have no liability for outstanding defects as defined in the agreement for lease. My clients are not aware of any such defects. Either party has the right to determine the lease on 16 May 2018 and 16 May 2023 via service of 6 months’ prior notice. Total Current Rental Income………………..£100.784.00 pa VAT The properties are not elected for VAT and therefore, VAT is not applicable to the sale price. Proposal We are instructed to seek offers in the region of £1,000,000 (one million pounds) subject to contract for our client’s freehold interest. A purchase at this level would provide a net yield of approximately 9.5 % after allowing for acquisition costs of 5.5%. EPC Upon request.

Investment Commentary The subject properties comprise in the case of 31 Liphook Road a double fronted refurbished Residential property and in the case of 33 Liphook Road a new newly built detached residential Property. Whilst both these properties are currently used and let as close care accommodation they are eminently suitable and capable of conversion back to residential use in due course. Our current investigations reveal that similar property on a residential basis is achieving capital values of between £250 and £275 per sq ft. The subject property is available at a capital value of £236 per sq ft with the benefit of a net initial yield in the order of 9.5 %. It is our considered view that even if the tenants choose to exercise the break clauses in July 2016 (31 Liphook Road ) and May 2018 (33 Liphook Road) the vendors will up to that time have the Benefit of significant rental income with a reversionary capital value in excess of current figures being sought.

OS Extract

Location Map

For a map of this location please visit www.emapsite.com and insert GU35 0PU

Further Information For further information, including arrangements to inspect, which must be strictly by prior appointment, please contact:

Philip Baker or Norval Law Baker Commercial, 51, High Street, Hampton Hill, Middlesex.TW12 1NH T: 020 8783 9400 F: 020 8783 9495 E: [email protected] or [email protected]

Misrepresentation Baker Commercial and the vendors or lessors of this property, for whom they act, give notice that: i)

these particulars are a general outline only, for the guidance of prospective Purchasers or tenants and do not constitute the whole or any part of an offer or contract;

ii)

Baker Commercial cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;

iii)

figures quoted in these particulars may be subject to VAT in addition;

iv)

Baker Commercial will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars;

v)

the reference to any plant, machinery, equipment, services, fixtures or fittings at the property, shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements; and

vi)

no employee of Baker Commercial has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property.