Investment Properties: Thornbrook House, Weyside ParK, Catteshall Lane, Godalming, Surrey GU7 1FP
Thornbrook House, Weyside ParK, Catteshall Lane, Godalming, Surrey GU7 1FP
Guide Price - £6,000,000 subject to contract - Freehold
- Located approximately 1 mile from Godalming Town Centre and 1.2 miles from Godalming Station which offers direct services to London Waterloo within 40 minutes.
- A former office building recently converted to 34 flats – 8 of which are sold on long leases and 26 of which are fully let.
- The remaining 26 units comprise 2 x studios, 15 x 1 bed and 9 x 2 bed with a total Net Internal Area of 13,475 sq ft.
- 6 of the flats are let on ASTs, 19 are let on a single 5 year lease (expiring in June 2022) and 1 is also let on a single 5 year lease (expiring in August 2023).
- The 26 units produce a total rental income of £293,772 per annum.
- The 8 units sold on individual 125 year leases produce a total ground rent income of £2,000 – equivalent to £250/annum each.
- Therefore the total income receivable is £295,772 per annum.
- The building benefits from two separate planning permission; a 4 unit scheme (granted in 2016 which has been implemented) and a separate 7 unit scheme (granted in 2018).
- We have been advised by our clients consultants that these two schemes could be combined to create a more efficient 9 unit development subject to obtaining the necessary consent.
- We understand there is no CIL or S106 financial contributions required to implement these consents.
- We are instructed to offer the two elements individually or combined with the following guide prices:
- Block Investment - £5,500,000 (Five million, five hundred thousand pounds) subject to contract.
- Rooftop Development - £500,000 (Five hundred thousand pounds) subject to contract.