Investment Properties: Thornbrook House, Weyside ParK, Catteshall Lane, Godalming, Surrey GU7 1FP

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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.
  • Freehold.
  • 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.