Summary
Orion Gate is a Grade A office in Central Woking, comprising 50,117 sq ft NIA arranged over ground and 5 upper floors.The property provides modern
open-plan office accommodation with full access raised floors, suspended ceilings and modern lighting.
All floor plates benefit from exceptional floor to ceiling heights and excellent natural light throughout. The central core provides 2 passenger lifts with WC and shower facilities to each floor, together with escape and access stairs to the rear and side of the building through all floors. The top floor benefits from a large external terrace.
Key Points
Opportunity to acquire a well-located, prominent town centre office in Woking, an affluent commuter townIdeally positioned just 320 meters from Woking Train Station, providing direct access to London Waterloo within approximately 24 minutesComprises 51,046 sq ft of office space across 6 storeysEPC C (55)900-year long leasehold interest with ground rent fixed at £100 per annumMulti-let to 3 tenants, with a WAULT of 2.45 years to break and 3.38 years to expiry81% let with a contracted rental income of £1,123,104 per annum producing a low average passing rent of £27.49 per sq ftWe are instructed to seek offers in excess of £10,500,000 (Ten Million Five Hundred Thousand Pounds)Situation
Orion Gate occupies a prime town centre location, positioned on Guildford Road, around 320 meters from Woking Station. It’s central position provides occupiers with quick access to town centre amenities including cafes, restaurants, retail outlets and gyms. Victoria Place, Woking’s principal retail destination, is also within a short 2-minute walk, offering a range of national and independent brands.
Tenancy
The property is multi let to 3 tenants including Kentucky Fried Chicken (Great Britain) Limited, InfoTrack Limited and The AI Corporation Limited, producing £1,123,104 pa with WAULT of 2.45 years to break and 3.38 years to expiry. The first floor is vacant and the vendor will provide 18 months rent, rates and service charge guarantee. Full tenancy schedule available on request.
Proposal
We are instructed to seek offers in excess of £10,500,000 (Ten Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 12.50% and a low capital value of £206 psf, assuming purchasers costs of 6.70%.
Location
Woking is an affluent Surrey commuter town situated approximately 25 miles south west of Central London and 6 miles north of Guildford. The town is well located with immediate access to the M25 motorway with excellent connectivity to Heathrow and Gatwick Airports, 24 and 40 minutes away respectively, together with access to Central London and the wider UK motorway network. By rail, Woking Station provides fast and frequent services to London Waterloo and the South Coast, placing the capital within a fast journey time of 24 minutes and Portsmouth within 64 minutes.