M U LT I - L E T S O U T H - E A S T O F F I C E I N V E S T M E N T W I T H S I G N I F I C A N T A S S E T M A N AG E M E N T O P P O R T U N I T I E S
27/41 Church Street West, Woking, GU21 6DH
G O L DVA L E H O U S E
I N V E S T M E N T S U M M A RY
› Well located in the centre of Woking, only a short walk from the station, and diagonally opposite the new Victoria Square development.
› Modern office building totalling 21,120 sq ft arranged over ground and three upper floors, and comprehensively refurbished in 2012.
› 25 car parking spaces within a surface level and undercroft car park.
› Freehold.
› Multi-let to 5 tenants producing a total passing rent of
£531,482 pa which equates to only £25.16 psf overall.
› Reversionary potential with prime office rents in Woking now at £36 psf.
› WAULT of 3.52 yrs to expiries (2.07 yrs to breaks).
› Significant asset management opportunities including:
» Let vacant 1st floor to improve WAULT and drive rental tone across the rest of the building.
» Undertake a comprehensive refurbishment of the building and increase the rental tone, given prime rents in Woking at £36 psf.
» Explore the possibility of a change of use to residential by way of permitted development rights or full planning consent.
» Potential to significantly increase massing on site (stp) given a number of high rise developments in the vicinity.
› Seeking offers in excess of £6,000,000, subject to contract and exclusive of VAT.
› A purchase at this level reflects a net initial yield of 8.31%, after assuming purchaser’s costs of 6.62%.
› Low capital value of only £284 psf.
G O L D VA L E H O U S E 2 7/4 1 C h u r c h S t r e e t We s t , Wo k i n g , G U 2 1 6 D H
A320
A3 20 Portsmouth / Southamp
ton →
← London
DoubleTree by Hilton
Woking Shopping
WWF Living Planet Centre
The Lightbox Gallery
Victoria Square
Forge
Premier Inn
Capgemini Petrofac
Skanska
McLaren
Mercer
Hilton Woking Station
GOLDVALE HOUSE
3
L O C AT I O N
Woking lies approximately 30 miles south west of Central London and 6 miles north of Guildford in an affluent Surrey location. The town benefits from excellent road communications, being strategically located 5 miles south of Junction 11 of the M25, 7 miles south east of Junction 3 of the M3 and 5 miles north of the A3 dual carriageway.
Woking Railway Station provides a fast regular service to London Waterloo (with up to 15 trains per hour and a fastest journey time of 25 minutes) and also regular services to Portsmouth and Southampton in the south.
Additionally, the international airports of London Heathrow and London Gatwick are situated approximately 15 miles to the north and 30 miles to the south east, making Woking one of the best situated office markets from an international airline perspective.
Woking has a thriving business community and an affluent residential catchment population, with over 50% of the population employed in finance, IT and other service industries. Retail provision in the town is excellent and includes Woking Shopping and the newly developed Victoria Square.
As a result of the town’s excellent road, rail and air communications, combined with its skilled labour force, Woking has become a major location in the south east office market, attracting key occupiers including: Skanksa, Capgemini, Allianz, McLaren, Wood Group, Petrofac and Mercer.
T R AV E L C O N N E C T I O N S
London Guildford
30 miles 6 miles
London Heathrow London Gatwick
15 miles 30 miles
Woking to London Waterloo 25 minutes
Bristol Int'l
Bournemouth Int'l Cardiff
Southampton Int'l
London Luton
London Gatwick London Heathrow
M3
M27
M25 M40 M25
M4
M5
A31
A35
A36
A23
A27 A3
A34
A303
A338 A346
Se ve rn
Th a m es
Southampton
Weymouth
Winchester Salisbury
Swindon
Bristol
Bournemouth
WO K I N G
Swansea
Southend-on-Sea
Reading
Guildford Bath
Exeter
Penzance
Plymouth
Ipswich
Brighton Oxford
Luton
Portsmouth
Isle of Wight
Dover
Cardiff LO N D O N
4 G O L D VA L E H O U S E 2 7/4 1 C h u r c h S t r e e t We s t , Wo k i n g , G U 2 1 6 D H
S I T U AT I O N
Goldvale House is prominently situated within Woking town centre, and in close proximity of the railway station and Woking Shopping. The property is situated within Woking’s main office core, in the heart of the town centre, providing occupiers with excellent access to a wide range of retail and leisure amenities.
Woking town centre has been significantly enhanced in recent years by a number of successful commercial and residential led mixed-use schemes. This trend is set to continue in 2021 with the phased completion of Woking’s
£540m Victoria Square development, which will deliver:
› 125,000 sq ft of retail space
› 429 residential apartments in two iconic sky-high towers › A new 4* Hilton Hotel
› A 50,000 sq ft flagship M&S store › 2 public plazas
› A medical centre › A multi-storey car park
The Victoria Square development project lies diagonally opposite the subject property and will thus provide occupiers with unrivalled access to Woking’s ever improving retail and leisure amenities.
Playing Field
Horsell
FB
Horsell Moor
WOKING
PO
Court
Pavilion Pav
Pav Warehouse
History Surrey Centre
Woking Shopping
Victoria Square
A320 V ICTO
RIA W AY
A320 G UILDFO
RD ROAD
CO NST ITU TIO N H ILL POOLE ROAD
KINGS WAY
MOUNT HERMON ROAD YORK ROAD
HEATHSIDE ROAD
HILL VIEW ROAD STATION APPROACH
THE BROADWAY CHERTSEY ROAD
CHURCH ST WEST
CHURCH ST EAST
HIGH STREET OA
K’S RO AD
BREWERY ROAD CHURCH HILL
HORSELL PARK
CL OSE
HORSELL PARK
HORSELL MOOR
A324 LOCKFIELD DRIVE
A30 46 CHO
BHAM RO
AD
HEATHSI DE CRESCEN T GOLDSWORTH ROAD
GOLDSWORTH ROAD
GOLDSWORTH RD VALE FARM ROAD
A320 VICTORIA WAY
GOLDVALE HOUSE
WOKING
'
5 G O L D VA L E H O U S E 2 7/4 1 C h u r c h S t r e e t We s t , Wo k i n g , G U 2 1 6 D H
D E S C R I P T I O N
Goldvale House comprises a Grade A office building arranged over ground and three upper floors totalling approximately 21,120 sq ft, together with a secure surface level and undercroft car park. The property was originally constructed in the 1980s of reinforced in-situ cast concrete frame construction. The third floor structure incorporates a steel frame supporting a flat mansard roof. The elevations comprise a cavity wall formed with external facing brickwork and incorporating full height double glazed curtain walling.
In 2012 the property underwent a comprehensive refurbishment which included a new four storey extension to the rear to link the two wings of the office floorplates, new M&E, new windows, a remodelled reception and a total refurbishment of the internal accommodation.
Internally the property provides open plan office accommodation and benefits from the following specification:
S I T E
The site area comprises approximately 0.105 hectares (0.259 acres).
T E N U R E
Freehold.
› Impressive reception area › Full access raised floors
› Suspended ceilings with recessed lighting › VRF air conditioning
› Two 8 person passenger lifts › Male and female WC’s › 25 car parking spaces
› Bike racks in the undercroft car park
Typical Upper Floorplate
Lift Lift
F O R G E E N D
C H U R C H S T R E
E T W E S T
N
G O L D VA L E H O U S E 2 7/4 1 C h u r c h S t r e e t We s t , Wo k i n g , G U 2 1 6 D H
T E N A N C Y S C H E D U L E
Floor Tenant Area
(sq ft) Lease
Start Rent
Review Break
Date Lease
Expiry Rent
(pa) Rent
(psf) Inside L&T
Act (Y/N) Comments
Part Ground Hart Brown LLP 2,240 13/03/2020 13/03/2025 12/03/2025 12/03/2030 £58,618 £26.17 N TBO subject to 6 months notice.
Part Ground Asahi Breweries
Europe Ltd 2,593 01/04/2020 31/03/2022 £63,024 £24.31 N S/C cap of £18,266.57, subject to RPI increases.
Rent deposit of £31,512.
First Vacant 5,447 £144,346 £26.50 N/A Vendor to provide a 12 months rent, rates & S/C
guarantee from completion.
Second and
Basement Store Room RPS Energy Ltd 5,455 29/06/2018 28/06/2023 £128,904 £23.63 N June 2021 TBO not activated.
S/C cap of £30,238.94, subject to RPI increases.
Part Third N.R.L. Group Ltd 1,692 16/08/2016 16/08/2021 15/08/2024 £41,040 £24.26 N
August 2021 TBO not activated.
Rent review outstanding.
S/C cap of £11,462.95, subject to RPI increases.
Part Third LWG Consulting
UK Ltd 3,693 15/07/2020 15/07/2025 15/07/2025 14/07/2030 £95,550 £25.87 N
Rent commencement date of 15/10/2020.
From 15/10/2020 to 14/04/2022 rent is £47,775 pa.
From 15/04/2022 rent is £95,550 pa.
Rent to be topped up to £95,550 pa by the Vendor.
TBO subject to 9 months notice.
12 months half rent if TBO not activated.
Rent deposit of £57,330.
Totals 21,120 2.07 yrs 3.52 yrs £531,482 £25.16
7
A S S E T M A N A G E M E N T O P P O R T U N I T I E S
The property provides a purchaser with numerous asset management opportunities including:
› Letting the vacant 1st floor to improve the WAULT and drive the rental tone across the rest of the building.
› Undertake a comprehensive refurbishment of the building and increase the rental tone, given prime rents in Woking are now at £36 psf.
› Explore the possibility of a change of use to residential by way of permitted development rights or full planning consent.
› A feasibility study has been undertaken by the Vendor to explore the potential for future massing on the site. The proposed scheme is for an 18 storey tower incorporating 2 ground floor commercial units and 112 one & two bed residential units. Further information is available upon request.
G O L D VA L E H O U S E 2 7/4 1 C h u r c h S t r e e t We s t , Wo k i n g , G U 2 1 6 D H
S E R V I C E C H A R G E
The service charge budget for the year ending 31st December 2021 is £140,621.57, which equates to £6.66 psf.
D ATA R O O M
A data room has been set up to provide details of all the property and legal information which is deemed relevant to the sale. This will include the following:
› Title Information › Tenancy Information › Management Information › Building Survey
› EPC
› Marketing Details
E P C
A copy of the EPC is available upon request.
VAT
The property is elected for VAT, and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
P R O P O S A L
Seeking offers in excess of £6,000,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 8.31%, after assuming purchaser’s costs of 6.62%, and a low capital value of only £284 psf.
C O N TA C T S
For further information, access to the data room or to arrange an inspection, please contact:
Ben Goodberry
Tel: +44 (0) 207 495 5550 Mob: +44 (0) 7799 038 391 Email: bg@ttg-partners.com
Hugh Faith
Tel: +44 (0) 207 495 5550 Mob: +44 (0) 7824 810 910 Email: hf@ttg-partners.com
9
Notices Relating to the Misrepresentation Act.
TT&G Partners LLP for themselves and for the Vendors of this property whose Agents they are, give notice that:- The particulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract; All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of them;
Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant,
machinery, equipment, services and fixtures & fittings referred to in these particulars were present at the date of publication.
They have not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation; No person in the employment of TT&G Partners LLP has any authority to make or give any representations or warranty whatsoever in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors; No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn;
The date of publication is September 2021.
