Guildford retail and office block handed £9.7m price tag
A mixed-use block in Guildford, Surrey, has been placed on the investment market with an asking price of £9,700,000, reflecting a net initial yield of 10.21%.
Eastgate Court, located at 195-205 High Street, comprises 34,582 sq ft of ground floor retail accommodation and office space, arranged around a courtyard.
The asset is multi-let to seven tenants with a weighted average unexpired lease term of 1.71 years to break and 3.38 years to expiry, and property produces a passing rent of £998,365 per annum.
Retail tenants at Eastgate Court include Toni & Guy, Knight Frank, and Kutchenhaus, while office occupiers include video game developers Larian Studios and Fuse Games.
There exists a number of asset management opportunities at the property, including the redevelopment of vacant office space or refurbishment to residential use.
There are also 14 flats with their own dedicated entrance from the High Street. These have been sold off long leasehold and are entirely separate to the commercial accommodation.
Located 32 miles southwest of Central London, Guildford is a key commuter hub and is one of Surrey’s largest commercial centres. The town is home to the University of Surrey, the Spectrum Leisure Centre, as well as a number of shopping centres including the Friary Shopping Centre, Tunsgate Quarter, and White Lion Walk.
Lewis Ellis has been appointed to find a purchaser.