Trio of deals for Woking office

May 13, 2019

Property acquisition and disposals specialists from our Woking office at One Crown Square, have completed the sale of three office and retail investments spanning over 11,300 sq ft in Chertsey, Weybridge and Shepperton.

The first deal was completed on behalf of a private individual, and saw 9-15 Windsor Street, Chertsey, sell to another private investor for £1.1 million. 

Spanning 4,543 sq ft, the mixture of office and retail space represented a 7% yield from existing tenants including Novex Solutions, Bright Blue Wealth, Page & Rogers Estate Agents and Café Lisboa. 

The second transaction saw the sale of 2,179 sq ft of office and retail space at 96-98 High Street, Shepperton, on behalf of Greenhills Asset Management. 

On the back of significant business growth, local property developers, Elston Developments, who are already based on the same road, bought the property for £614,000, representing a 5% yield from leases to YourMove Estate Agents, EM2 Tanning and architects, Malcolm Jenkins Associates. 

Keith Nutter, Managing Director at Elston Developments said: “We’re absolutely delighted with this acquisition. Living and working here as we do, it was important to us to make the most of this opportunity to invest in our local area. 

“This is a lovely building in a charming village and we’re looking forward to bringing our expertise to bear in the upgrade of this property, to bring something back to our local high street.” 

The most recent property sale saw Vail Williams strike a deal with Antsara Investments Limited on behalf of Property Investment Holdings Limited, a wholly owned subsidiary of Palace Capital plc, to sell two inter-connecting Grade II listed buildings for £1.5 million. 

The 4,651 sq ft properties, The Old House and Rathbone House, which are situated in a private site with 0.35 acres of land close to Weybridge town centre, have existing planning permission from Elmbridge Borough Council for change of use from office to residential property. 

Elliot McNish, Surveyor at Vail Williams’ Surrey office in Woking, who oversaw the deals, said: “We’re seeing a number of office and retail disposals in the Surrey Golden Triangle area at the moment. It’s a very desirable location in which to locate and invest and we expect this trend to continue, as investors seek out high yield investment opportunities in what is an increasingly uncertain market.”

Daniel Davies, Senior Asset Manager at Palace Capital plc, concluded: “We are delighted to have completed the sale of The Old House and Rathbone House to Antsara and we’re grateful to Vail Williams for the expertise that they brought to this disposal.” 

Vail Williams has offices across England, including one at One Crown Square in Woking and Thames Valley Park Drive in Reading. The firm advises landlords, occupiers, developers and property investors.