29-31 High Street, Weybridge

Prime freehold investment opportunity in affluent commuter town

Acquisition of the freehold interest of a prominent retail property situated in a strategic position on the prime retail pitch on behalf of Sorbon Estates. The subject property occupies a prominent position on the prime retail pitch in Weybridge on the south side of the High Street.
The property benefits from strong footfall generated by Waitrose and the associated multi-storey car park which lie in close proximity. Other tenants in the vicinity on the high street include Boots, Jaeger and Space NK. The property provided the opportunity to explore a number of asset management opportunities on expiry which Bruce Gillingham Pollard were able to advise the client on.
The ground floor is let to Slug and Lettuce Company Limited on a 20 year lease from 11th February 2000, expiring 10th February 2020. The current passing rent is £71,000 pa which reflects a Zone A rate of £56.62 psf. The property was acquired for a price of £1,277,000 which reflected a net initial yield of 5.65%.

Project Detail

The ground floor of the property provides a well configured space which previously comprised two retail units. The bar area is located at the front of the property with ancillary space and customer toilets to the rear and a service yard behind. The unit has a prominent 10.8m glazed frontage onto Weybridge High Street and a good quality extensive fit out in the Slug and Lettuce corporate style.

The first and second floors comprise four residential flats which have been sold off on long leases for 125 years from December 2001 with self-contained access via the rear of the property.

Sorbon Estates, part of the Shanly Group of companies, is a well-known commercial property investment and development company with a commitment to high standards of customer service and property presentation. Located in Beaconsfield, the company operates in and around the M25, the Thames Valley and Greater London.
Please contact Jack Barratt.