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48-48A High St 4,839 SF Retail Building Guildford GU1 3EL $3,158,388 ($652.69/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Situated in the heart of Guildford, the High Street is a vibrant retail destination, well known for its diverse mix of retail and food & beverage offerings.
- The property comprises a well-configured retail unit, arranged over the ground, basement, and part first floors.
- The retail element is let to Procook Limited on a 10-year lease commencing in 2023, at a current rent of £140,000 per annum. There is a tenant break option at the end of the fifth year.
- The town boasts a strong and affluent consumer base, with a resident population of approximately 145,000 and a wider catchment area of around 430,000. Guildford consistently records high levels of retail expenditure.
- The first and second floors feature a spacious four-bedroom flat, currently vacant and in need of refurbishment. Access to the residential accommodation is via Quarry Street.
- There is clear potential to add value through the residential upper parts, which previously held planning permission for conversion into four one-bedroom flats.
EXECUTIVE SUMMARY
Seeking offers in excess of £2,360,000 (two million three hundred and sixty thousand pounds), equating to a 7% net initial yield on the retail element and £350 per sq ft on the residential element, assuming normal purchaser costs.
The ground, basement, and part of the first floors are let to ProCook Limited on a 10-year effective full repairing and insuring lease, commencing on 22nd October 2024 and expiring on 21st October 2034 (approx. 9.5 years unexpired). The current passing rent is £140,000 per annum. The lease includes a tenant-only break option at the end of the fifth year, subject to a minimum of six months’ prior written notice. There is also an upward-only rent review on the fifth anniversary, based on the open market rental value. The residential accommodation on the first and second floors is currently vacant, offering an incoming purchaser the opportunity to add value through refurbishment or redevelopment.
Our clients previously obtained approval to convert the upper parts of the property into four one-bedroom flats – see plans. While the retail tenant currently occupies some of this space, there remains strong potential for a similar development in the future.
The ground, basement, and part of the first floors are let to ProCook Limited on a 10-year effective full repairing and insuring lease, commencing on 22nd October 2024 and expiring on 21st October 2034 (approx. 9.5 years unexpired). The current passing rent is £140,000 per annum. The lease includes a tenant-only break option at the end of the fifth year, subject to a minimum of six months’ prior written notice. There is also an upward-only rent review on the fifth anniversary, based on the open market rental value. The residential accommodation on the first and second floors is currently vacant, offering an incoming purchaser the opportunity to add value through refurbishment or redevelopment.
Our clients previously obtained approval to convert the upper parts of the property into four one-bedroom flats – see plans. While the retail tenant currently occupies some of this space, there remains strong potential for a similar development in the future.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront
Building Size
4,839 SF
Building Class
B
Year Built
1886
Price
$3,158,388
Price Per SF
$652.69
Cap Rate
7%
NOI
$221,087
Tenancy
Single
Building Height
4 Stories
Building FAR
2.22
Lot Size
0.05 AC
Frontage
29’ on High St
AMENITIES
- Energy Performance Rating - C
- Storage Space
1 1
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48-48A High St
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