Multi-let town centre office with significant redevelopment potential

Key Points

• Opportunity to acquire a prominent town centre office in Redhill, an affluent commuter town
• Ideally positioned just 200 metres from Redhill Train Station
• Excellent town centre parking ratio of 1:415 sq ft
• Multi-let to five tenants, with a WAULT to expiry of 1.43 years, producing £431,811 pa
• Ability to achieve majority vacant possession by 2027
• The building is not within an Article 4 directory and is well suited for conversion to residential via permitted development

Description

Betchworth House is a Grade A office in Redhill town centre extending to 31,355 sq. ft NIA arranged over ground and 3 upper floors. The property provides modern, recently refurbished open-plan office accommodation with suspended ceilings and modern lighting.

All floorplates benefit from exceptional floor to ceiling heights and excellent natural light throughout. The building comprises two wings with a central core, enabling the building to be efficiently multi-let, or converted to a range of alternative uses such as residential or retirement living (subject to planning).

Available area

The accommodation comprises the following areas:

Location

Redhill is a thriving Surrey commuter town situated approximately 20 miles south of Central London and 10 miles north of Gatwick Airport. Redhill Station offers fast rail access to London Bridge and London Victoria with 7 trains per hour providing access within 30 and 35 minutes respectively.

Betchworth House is situated in a prime town centre location, less than 200 metres from Redhill Station. Occupiers are provided with immediate access to amenities including cafés, restaurants, gyms, and shops. The property benefits from being within a 2 minute walk from the Belfry Shopping Centre, the area’s principal retail destination, which is directly opposite.

Redhill is home to several major occupiers including AXA, Santander, Willis Towers Watson, and Tata Consultancy Services. Their presence highlights Redhill’s appeal as a well-established office location for financial, insurance and professional services.

Tenancy

The property 59% let with a contracted rental income of £431,811 per annum producing a low average passing rent of £22.50 psf, multi-let to five tenants, with a WAULT to expiry of 1.43 years. Full tenancy schedule available on request.

Anti Money Laundering

To comply with Anti Money Laundering regulations, Curchod & Co undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.

Proposal

We are instructed to seek offers in excess of £4,750,000 (Four Million Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.51% and a low capital value of £151 psf, indicating a reversionary yield of 18.51%.