VAT Free - Secure Retail and Refurbished Residential Investment
32 Guildford Road | Woking | Surrey | GU22 7QQ
subject to contract
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Affluent South East town and regeneration area
Retail element let to Dignity Funerals Ltd (Pre-Tax Profits £32.8m)
5 years unexpired on the retail element
3 Bed duplex flat on upper parts, extensively refurbished and let on AST
3 car parking spaces at the rear
£550,000, subject to contract
Net Yield of 7.64% on the commercial element
Value of £320,000 on the residential element
Woking is an affluent South East town in Surrey which forms part of the London commuter belt. It is approximately 30 miles (48 km) south-west of Central London, 24 miles (39 km) south-east of Reading and 6 miles (10 km) north of Guildford.
Woking benefits from extensive transport communications and is approximately 5 miles (8 km) south-west of Junction 11 of the M25 Motorway. Junction 3 of the M3 Motorway is some 7 miles (11 km) to the north-west. The town is also served by the A3 which is approximately 4 miles (6.4 km) to the south.
Heathrow Airport is situated approximately 14 miles (22 km) to the North and Gatwick Airport is 30 miles (48 km) to the south-east. There is a direct mainline rail service to London Waterloo plus fast and regular services to the south coast and the south-west. Trains depart for London every few minutes throughout the day, and the journey takes 25 minutes.
Woking is a dynamic growth town, ranked in the top 20% of UK local authorities for economic vibrancy. Over the last decade, Woking’s population has grown by 9% (NOMIS) with 56.1% of those working in the town in managerial, professional and technical occupations; 11% above the British average. Moreover, 45.7% of the population is qualified to NVQ Level 4 and above; 8.6% above the British average. Several global names have invested in their operations in the town, including McLaren, Asahi, Petrofac, Cap Gemini, WWF-UK and Mustang Engineering. Woking has one of the largest concentrations of knowledge sector businesses in the UK (Source: Woking Works).
Victoria Square Development
Just 300 metres from the subject property and will comprise 400 new apartments within two 34 and 32 storey residential towers, a 189 room Hilton hotel in a 23-storey tower with an all-day dining restaurant, sky bar and café. The development will be anchored by a new M&S food and clothing store totalling 125,000 sq ft (11,612 sq m) and there will be a 50,000 sq ft (4,645 sq m) multi storey car park. Phased completion set for the summer of 2022.
Victoria Arch Widening Scheme
Woking Borough Council has raised a £115 million Housing Infrastructure Fund grant which is being used to fund this scheme. Guildford Road A320 will be widened to improve traffic flow and unlock additional housing capacity for 13 identified development sites in Woking. This scheme is located 350 metres from the property.
Sheerwater Regeneration Project
A 74-acre regeneration scheme which will create 1,200 new homes, leisure, retail and sports facilities and public realm. This scheme is located 2.1 miles (3.4 km) to the north east of the property.
The property sits on Guildford Road A320 which is the main arterial road running through Woking.
The property is on the edge of the town centre, less than 500 metres from Woking Railway Station. The property is next door to Boots, Buglear Bate & Co Solicitors, opposite Bright Horizons Nursery and close to a Tesco Express.
Much of the immediate vicinity comprises existing and new build residential dwellings.
The property comprises a retail unit at ground and basement levels and a self-contained 3-bedroom residential apartment on the first and second floors. There are three car parking spaces at the rear, two of which are allocated to the commercial tenant and one is allocated to the residential tenant.
The retail unit is arranged over ground and basement levels and has been a funeral director since 1972.
The 3-bedroom duplex flat is accessed from the ground floor at the rear of the property. There is one bedroom, a reception room, a separate kitchen and a bathroom on the first floor and two bedrooms on the second floor.
In 2017 the residential element was comprehensively refurbished with a new fitted kitchen, a granite worktop, new appliances, a new central heating system, new carpets, electrics, plastering, painting, a new bathroom, and tiling. At the same time, external works took place included renewing the roof, lead flashings and windows. The specification of works is available to download. The property comes with the benefit of a 20-year roof guarantee for the flat part of the roof and 10-year roof guarantee for the pitched part of the roof, the guarantee is available to download.
The property has been measured by BKR Floor Plans and provides the following net internal floor areas for the commercial element and gross internal areas for the residential element:
|Net Frontage||4.88 m||16’0”|
|Gross Frontage||5.18 m||17’0”|
|Zone A||28.61 sq m||308 sq ft|
|Zone B||26.38 sq m||284 sq ft|
|Zone C||21.46 sq m||231 sq ft|
|Total Ground Floor||76.46 sq m||823 sq ft|
|Basement||86.86 sq m||935 sq ft|
|Sub Total Commercial||163.32 sq m||1,758 sq ft|
|Ground Floor Residential||2.04 sq m||22 sq ft|
|First Floor Residential||68.16 sq m||734 sq ft|
|Second Floor Residential||25.92 sq m||279 sq ft|
|Sub Total Residential||96.15 sq m||1,035 sq ft|
|Total||258.01 sq m||258.01 sq m|
The property has a total gross internal area of 2,927 sq.ft / 271.92 sq.m.
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £570 + VAT.
The retail element is let to Dignity Funerals Limited on a full repairing and insuring lease for a term of 10 years from 27th April 2017, expiring 26th April 2027 at a passing rent of £18,000 per annum. Therefore, there are 5 years unexpired with no breaks.
The residential element is let on a 1-year AST expiring on 4th November 2022 and we suggest is let at a low rent of just £13,200 per annum (£1,100 per calendar month).
The estimated rental value for the residential element is proposed at £16,200 per annum (£1,320 per calendar month), providing an opportunity to increase the rental income from November 2022.
Therefore, the total passing rent is £31,200 per annum and the estimated rental value is £34,200 per annum.
Our research suggests that within the immediate vicinity 2 and 3-bedroom flats are worth in the region of £320,000 to £360,000.
The evidence schedule below highlights recent sales of flats, moments from the property:
|Address||Date Sold||Price||Price Per Sq.Ft||Beds||Sq.Ft||Notes|
|Flat 12 Chataway House, Bradfield Cl||10-Nov-21||£462,000||£477||2||969||Behind subject property|
|Flat 52 Cardinal Pl, Guildford Rd||03-Feb-21||£320,000||£431||2||742||Above Tesco Express, 100 metres from the subject property|
|20 Mountside Pl, 1a Heathside Rd||14-Dec-20||£358,000||£374||3||958|
|Flat 1, 9 Guildford Rd||04-Nov-20||£337,500||£422||3||800|
|Flat 7 Bradfield House, Bradfield Cl||07-Oct-20||£342,000||£460||2||743||Directly behind the subject property|
|4 Sandringham Court, Guildford Rd||18-Sep-20||£319,000||£486||2||657||Above a nursery , directly opposite the subject property|
In light of the comparable sales evidence schedule and our own research, we suggest that the residential element of the property is conservatively worth in the order of £320,000 (£309 per sq.ft / £3,328 per sq m).
Dignity Funerals Ltd (Co. No. 00041598) has reported the following figures:
|25th December 2020||27th December 2019||28th December 2018|
Dignity Funerals dates back to 1812 and has grown to be one of the United Kingdom’s largest funeral-related service providers and is listed on the London Stock Exchange.
Rental Payment History Schedule is available to download showing an excellent track record.
Similarly, we provide the payment history for the residential accommodation which also shows a secure income stream for an investor.
The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.
We are instructed to seek a figure of £550,000 (Five Hundred and Fifty Thousand Pounds), subject to contract.
With the 3-bedroom flat worth in the order of £320,000, the apportioned value on the commercial element is £230,000.
Therefore, the total price reflects a net initial yield of 7.64% for the retail element and £320,000 for the 3-bedroom flat.
Please note that a purchaser will be re-charged the costs of the measured survey (£570 + VAT) and searches (£1,020) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1% plus VAT.
Commercial element is let to a highly secure tenant (Net-Worth £77.4 million);
5 years unexpired with no breaks on the commercial element;
Located close to the town centre, Woking Station and within a regeneration location;
Duplex flat has recently been extensively refurbished;
Exterior of the property has recently been refurbished;
VAT Free investment
The property has been occupied by funeral directors since 1972;
Opportunity to increase the residential income from November 2022;
Attractive lot size to an investor;
Residential element reflects just £309 per square foot / £3,328 per square metre
A purchase at the asking price reflects under £188 per square foot / £2,022 per square metre overall.
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|South West Property Limited||+44 (0) 779 321 2741|