Brook Way, Leatherhead, Surrey, KT22

A recently refurbished office building extending to circa 16,650 GIA (13,875ft² NIA) occupying a site area of approximately 0.54 acres, with 42 car park spaces.

The property is part let producing £38,700p.a. with Heads of Terms agreed on other elements, and one vacant suite.

The property is underpinned by significant potential for residential redevelopment, with permitted development rights having been established in May 2024.

Location:

Leatherhead is a key commercial centre and affluent market town strategically situated 18 miles southwest of central London just a few minutes from Junction 9 of the M25 virtually midway between
Heathrow and Gatwick airports.

Brook Way is within a few minutes of Leatherhead Town Centre and Leatherhead Railway Station providing regular services to London Waterloo, London Victoria and London Bridge.

Planning and Development:

The property offers potential for residential redevelopment, by way of permitted development rights and new build elements Permitted development rights have been established under reference: MO/2024/0431 for the conversion of the 1st & 2nd floors to create 17 apartments.

Development plans have been prepared to show how the scheme can be optimised to create 58 residential units in total by way of further PDR along with side and roof extensions. A copy of the development proposals are available upon request.

Tenancies:

The property is subject to a rolling licence outside the L&T Act on part of the 2nd floor to an IT services company, at a rent of £38,700p.a. Vacant possession can be achieved by 2 months' notice.

The ground and first floor is under offer to a medical supplies company, at a rent of £140,000p.a. for a new 10 year lease.

The remaining suite on the 2nd floor is vacant, with an ERV of £40,000p.a.

VAT:

We understand the property is not elected for VAT.

Terms:

Offers are invited for the freehold intertest in the region of £2,950,000. Offers will be considered subject to vacant possession or on the basis that the current tenants remain in situ and the "under offer" lease completes. A sale at this level would reflect £177/sq.ft. on the GIA or 7.1% NIY on the agreed rents / ERV.