Curchod & Co’s investment team completed three significant Surrey office sales in March, totalling around £19 million. The firm’s Alex Blown spoke to us about the transactions, the buyers behind them and what the current market reveals about investor appetite in the county.

A busy March in Surrey offices

“It was a strong end to the financial year, with 3 significant completions in March” Alex said. “All 3 buildings were located in Surrey but offered something different, whether it be an attractive NIY or clear alternative use potential. With the turbulence in the wider world, you’d naturally expect investors to take a more cautious approach when deploying capital, but all 3 sales exceeded our initial expectations and produced a very competitive bidding process.

The three deals ranged from a fully let, income-producing mixed-use investment in Woking town centre, a multi let office in Redhill with residential potential, an a single let office in Farnham, also with clear residential conversion potential.

Woking One: income investment at scale

The largest of the three transactions was Woking One, a 54,815 sq ft mixed-use building comprising 37,815 sq ft of offices across ground and eight upper floors, a fully let ground floor retail element of 15,533 sq ft across seven units, and six residential flats. The property was fully let, producing £1,511,264 per annum from its commercial elements and a further £91,932 per annum from the residential units.

Curchod & Co, acting on behalf of Woking Borough Council, sold the property to Seneca Property for £12.5 million. The price reflects a net initial yield of 12.47% on the commercial income. The investment provides a WAULT to breaks of 5.2 years and to expiries of 5.7 years.

“Woking One is a highly prominent asset, benefitting from a back to frame refurbishment in 2018, ” Alex said. “The retail is fully let with a strong tenant mix, the offices are fully occupied, and you have a small residential element as well. At a 12.5% NIY, the yield provides an attractive return for fully let asset with strong occupational prospects, at a price significantly below the replacement cost. The marketing campaign was very successful and Curchod & Co negotiated a price in excess of the asking price.”

Betchworth House, Redhill: PD appeal

The second transaction was Betchworth House in Redhill town centre, a 31,355 sq ft office arranged over ground and three upper floors. The building was 59% let at the time of sale, with a contracted rental income of £431,811 per annum from five tenants at a low average passing rent of £22.50 per sq ft, and a short WAULT to expiry of 1.43 years.

Curchod & Co, acting on behalf of ESR Europe, sold the property to a private developer for £4.55 million, reflecting a net initial yield of 8.91% and a capital rate of £145 per sq ft.
“The story at Betchworth House is that the market for opportunities suitable for conversion to residential is still very buoyant,” Alex explained. “In spite of increasing build costs, office to residential schemes still stack up in towns with sufficient residential values. Although the route to vacant possession was not easy for Betchworth House, we still managed to secure a price equating to £145 per sq ft and a 8.91% NIY, which was a fantastic result.”

Clarendon House, Farnham: residential opportunity

The third sale was Clarendon House, a three-storey office building extending to 8,051 sq ft in Farnham town centre. The property was single let, with the tenancy expiring in April 2026, leaving it effectively vacant at the point of sale.

Curchod & Co, acting on behalf of Dyers’ Company, sold the building to a private developer for £1.8 million, reflecting £223 per sq ft.

“Farnham is a town where residential values are strong,” Alex said. “Clarendon House is a well-located, attractive and prominent building with a lease that was already running off. For a developer with a residential conversion in mind, the timing was ideal. At £223 per sq ft, the pricing reflects a very strong Farnham residential market, where values are vastly outpacing other Surrey towns, with a very limited supply of town centre buildings suitable for conversion to residential.”

Orion Gate, Woking: next in line

With the three March sales concluded, Curchod & Co’s team is now marketing Orion Gate in Woking, a 51,046 sq ft multi-let office investment producing £1.12 million per annum with a WAULT of 2.45 years to break and 3.38 years to expiry. The asking price is £10.5 million, reflecting a net initial yield of 12.50% and a capital rate of £206 per sq ft.

“Orion Gate sits in the same bracket as Woking One in terms of yield profile,” Alex said. “There is a live income stream and some asset management to get into over the medium term. We are already talking to a range of buyers.”

The pipeline and what it says about the market

Beyond Orion Gate, Alex noted that the team currently has a further approximately £20 million under offer and with solicitors.

“The volume of activity is encouraging,” he said. “The Surrey office investment market is not without its challenges, but there are buyers for the right lots at the right pricing. What we are not seeing is one type of purchaser. Core income buyers, developers, and value-add investors are all present. That breadth is a healthy sign for the market leading into the remainder of 2026.”

You can see all of the available commercial property listed by Curchod & Co on NovaLoca here.

For further information on the Surrey investment market, contact Alex Blown or Piers Leigh at Curchod & Co.

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