Fully repositioned mixed-use town centre asset in leading South East market

Key Points

• Woking One comprises a 54,815 sq ft office and ground floor retail offering
• Property underwent a major repositioning project in 2018 as part of the town’s wider regeneration scheme
• Situated immediately opposite Woking Station and 2-minute walk to the central shopping district
• Established tenant line up including Costa, Foxtons, Kokoro, Loungers & Regus t/a Spaces
• Office and retail elements produce a combined total rent passing of £1,511,264 per annum
• Property provides an overall WAULT to breaks of 5.2 years and to expiries of 5.7 years
• Further residential element comprising 6 flats let on ASTs, currently producing £91,932 pa
• 39 office car parking spaces reflecting an excellent town centre ratio of 1:970 sq ft
• Freehold

Description

Woking One comprises a 54,815 sq ft office and ground floor retail offering. There is a fully let ground floor retail provision of 15,533 sq ft across 7 units, with 37,815 sq ft of single let offices across ground and eight upper floors. There is an additional residential element constituting 6 flats.

The property underwent a major repositioning project in 2018 as part of the town’s wider regeneration scheme, with a full back to shell refurbishment with new external cladding and Grade A interior fit out making it one of Woking’s best quality offices.

Location

Woking is one of Surrey’s premier business locations, strategically positioned within the London commuter belt and offering a dynamic combination of accessibility, amenities, and corporate presence. Woking boasts a well-established business hub, home to major corporate occupiers such as Asahi, Surrey County Council, McLaren, Colgate and Nomad, alongside a thriving SME and professional services ecosystem.

Woking One is situated directly opposite Woking railway station, providing access to London Waterloo in just over 20 minutes, with frequent
services throughout the day. Woking also benefits from excellent road links via the M25, M3, and A3, providing very convenient connections across London, Surrey, and the South East, and is approximately 20 minutes from Heathrow Aiport.

Tenancy

The property is fully let, producing £1,511,264 per annum on the commercial elements, with a further £91,932 per annum from the 6 residential units. The property provides an overall WAULT to breaks of 5.2 years and to expiries of 5.7 years. Full tenancy schedule available on request.

Proposal

Offers are invited in excess of £12,000,000 (Twelve Million Pounds), subject to contract and exclusive of VAT. This reflects a quote of £10,850,000 on the office and retail elements, reflecting an attractive NIY of 13.06% and a low capital value of £198 psf, and a capital value of £1,150,000 on the residential element.

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.