48-48A High St 4,839 sq ft Retail Property Guildford GU1 3EL £2,360,000 (£487.70/sq ft) 7% Net Initial Yield

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.