Located in the attractive and affluent Surrey market town of FarnhamModern Grade A office building with underground parkingProminently located next to the Central car park and opposite Gostrey MeadowLet to four tenants with a wault of 7.24 years to expiry and 3.80 years to the break optionTotal net income £334,050 per annum exclusive54 car parking spaces
Gostrey House is a three storey Grade A office building with underground parking. The ground floor is split into two wings with the first and second floors being let in their entirety to single tenants. The building benefits from excellent parking (54 spaces 1:289 sq.ft.), toilet facilities on each floor, shower facilities, passenger lift, attractive entrance etc.
Farnham is located within the Borough of Waverley approximately 10 miles west of Guildford, 15 miles east of Basingstoke, 25 miles south of Reading and 42 miles south west of London. The district population stands at approximately 124,000 persons with 81% of the working age population classed as ‘economically active’.
Farnham benefits from excellent road communications via the Blackwater Valley Relief Road (A331) which links with Junction 4 of the M3 motorway, approximately 8 miles to the north, Junction 12 of the M25 (London orbital) is within easy reach via the A31 linking with the A3, approximately 20 miles to the north east.
Rail links are also excellent with regular direct train services from Farnham station to London Waterloo (approximate journey time 56 minutes). Farnham mainline railway station also provides regular direct services to Woking, Guildford and Clapham Junction with an approximate journey time of 23 minutes and 50 minutes respectively.
Gostrey House is situated in the heart of the town centre next to the Central car park (pay and display) and within two minutes’ walk of the Wagon Yard car park (long stay).
The building is situated approximately 0.3 miles from Farnham mainline railway station. Less then 100 metres away are the main retail, restaurant and cafes on offer at Farnham including the award winning Lion & Lamb Yard shopping centre which is anchored by a Waitrose supermarket.
Offers sought in the region of £4,490,000 (four million four hundred and ninety thousand pounds) subject to contract and exclusive of VAT for the freehold interest in the property.
A purchase at this level reflects the following:-
Net initial yield of 7% assuming purchasers’ costs of 6.57%
Reversionary yield of 7.18% (assuming £22 per sq ft market rent and 6.57% purchasers costs)
The property is elected for VAT and it is anticipated that the sale will be treated by way of a transfer of A going concern (togc).