egham – 195-198 high street
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EGHAM – 195-198 HIGH STREETAffluent London commuter town Investment Opportunity, with massing potential (STPP)
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2INVESTMENT SUMMARY
• Situated in Egham, an affluent and vibrant university town on the outskirts of Greater London.
• Egham has fantastic road and transport infrastructure which has made it popular amongst London commuters.
• The subject property holds one of the most prominent positions in the town.
• Egham has a substantial affluent student population as it is home to Royal Holloway University.
• A £60 million redevelopment is taking place within Egham Town Centre providing modern retail and residential space.
• Let to two long-established independent businesses, plus a popular takeaway business.
• Nearby tenants include:
• Freehold
Price: £1,500,000
Rent: £103,000 per annum
Yield: 6.47%
Capital Value: £300 psf
Based on the fixed rental uplifts, the running yield until 2024 will be as follows:
Date Yield
Dec - 2021 6.63%
Dec - 2022 6.91%
Dec - 2023 7.07%
Dec - 2024 7.23%
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LOCATION
Egham is a university town in the Borough of Runnymede in Surrey, approximately 20 miles east of central London and 18 miles to the west of Reading.
University of London Royal Holloway College with its population of circa 10,000 students lies approximately 1 mile away at Englefield Green. Strode’s Sixth Form College is situated under 300 meters to the east of the subject property and currently has approximately 1300 students.
The M3 motorway is located approximately 2 miles to the south of Egham, providing direct vehicular access into London and down to Southampton. In addition, the M25 runs through Egham allowing for easy travel to London’s popular suburban towns by commuters.
Egham railway station is located towards the southern end of the town centre. Trains run frequently to London Waterloo with a journey time of approximately 40 minutes which has attracted many London commuters. Reading station is also directly accessible with a journey time of around 45 minutes.
London Heathrow is located just north of Egham with a journey time of 15 mins by car. Gatwick and London Luton airports are also in reasonable proximity with a car journey times of 40 minutes and 50 minutes.
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H E R T F O R D S H I R E
E S S E X
K E N T
S U R R E Y
B E X L E Y
N E W H A M
C I T Y O FL O N D O N
Sevenoaks
Shoreham
Eynsford
Leatherhead
Ashtead
Dorking
Fetcham
Ripley
Reigate Redhill
Croydon
Beckenham
Upper Norwood
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Dartford
GraysErith
Chigwell
Epsom
Ewell
Cheam
Carshalton
Putney
HackneyCanonbury
Islington
Shoreditch
Marylebone
Hampstead
Hendon
Cricklewood
Colindale
EdgwareStanmoreMill Hill
GoldersGreen Highgate
Crouch End
EastFinchley
St John’sWood
Camden Town
KentishTown
Leyton
Friern Barnet
Cockfosters
Stoke Newington
Goodmayes
Camberwell
BermondseyRotherhithe
Stepney
Westminster
Maida Vale
Notting Hill
Shepherd’sBush
Kensal Green
Deptford
New MaldenWimbledonEGHAM
Esher
Hampton
Teddington
Twickenham
Whitton
ChiswickBrentford
IsleworthHounslow
Heston
Feltham
HEATHROWAIRPORT
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EastMolesey
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Purley
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Walton on the Hill
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Kew
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Harrowon the Hill
Kenton
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SouthallHayes
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Acton
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Ham
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PurfleetCharlton
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Hadley Wood
Enfield
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Wood Green
MuswellHill
EnfieldLock
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Wealdstone
Ruislip Pinner
Yeading
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IverHeath
Northwood
Rickmansworth
BovingdonKings Langley
Caterham
Godstone
Oxted
Westerham
Biggin Hill
Merstham
Bletchingley
Kingswood
Coulsdon
Kenley
Sidcup
Bexleyheath
CatfordForest Hill
Hayes
Downe
Keston
Penge
Tulse Hill
ThorntonHeath
West Wickham
Eltham
Plumstead
EastWickham
Lewisham
Blackheath
Greenwich
Poplar
Bow
Highbury
Hale End
Stratford
Upper Clapton
Lower Clapton
Leytonstone
ForestGate
Walthamstow
HighamHill
Woodford
Chingford
Loughton
Theydon Bois
Epping
Chipping Ongar
Buckhurst Hill
Plaistow
Upton Barking
Clayhall
Barkingside
Gants Hill
Highams Park
ChadwellHeathNewbury
Park
Ilford
Dagenham
Becontree
Rainham
Elm Park
Romford
Gidea Park
SouthOckendonBeckton
East Ham
Limehouse
Isle ofDogs
Dulwich
BatterseaFulham
Hammersmith
Wandsworth
Kennington
Vauxhall
Strand
Kilburn
PeckhamBrixtonClapham
Warlingham
New Addington
Brentwood
UpminsterHornchurch
Harold Hill
Collier Row
Grange Hill
WalthamAbbey
Hainault
Cheshunt
Staines
Gerrards Cross
ChelfontSt Peter
Virginia Water
Watford
Bushey
CITYAIRPORT
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DEMOGRAPHICS
In 2018, Egham boasted an affluent population of around 28,000, with around 30% being classed as of AB social status indicating high amounts of disposable income (CityPopulation).
The town has attracted several major office occupiers including Proctor & Gamble, Centrica /British Gas, Future Electronics, Belron and Kerry Foods. Smaller local companies also are attracted to Egham such as Wilkins Kennedy and Menzies due to the towns close proximity to London and excellent infrastructure.
Royal Holloway University is situated 1 mile to the east of Egham town centre and currently has well in excess of 10,000 students attending. The university is ranked in the top 300 universities worldwide by the Times Higher Education World University Rankings. Strode’s Sixth Form
College is situated in the town centre, with a student population of approximately 1300. This large student population within Egham brings with it a large amount of disposable income which can only benefit businesses within Egham.
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RETAILING IN EGHAM
Retailing in Egham is focused towards the western end of High Street, the town’s 100% prime retail thoroughfare. High Street boasts a variety of tenants from national retailers to small independent businesses and cafes. Some notable national retailers here include:
A £60 million redevelopment is currently taking place at Egham Gateway West, bounded at Station Road North, High Street and Church Road where a new retail and residential space is to be created by late 2021. The redevelopment highlights include 100 new homes, a 100 bed student block, shops, restaurants and a four screen cinema.
CGI of Egham Gateway West Development
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DESCRIPTIONThe subject property comprises an end-terrace building of traditional brick construction, and is arranged over the ground and first floor. The first floor is accessed via a designated entrance on High Street.
The property benefits from a large 11 space car park and services area, found at the rear of the property, which is located just off Milton Road.
The property presents deliverable massing opportunities (STPP), and in keeping with the remainder of the parade.
SITUATIONThe subject property is situated at the eastern end of High Street, at the roundabout where High Street meets Egham Hill (A30), opposite from the newly refurbished Kings Arms and diagonally opposite the Maranello Showroom.
Some notable nearby national covenants include:
Royal Holloway University
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TENANCY SCHEDULE & ACCOMMODATION
Address Tenant Lease Term Start Date End Date Rent (p/a) Area (sq ft)* Comments
195 High Street Pepperstitch Design Limited
6 years 01/08/2019 31/07/2025 £25,500 1,200
Stepped Rent:01/08/2020 – 31/07/2022 – £25,500 pa01/08/2022 – 31/07/2024 – £27,500 pa01/08/2024 – 31/07/2025 – £30,000 pa
198 High StreetCheeky Chicken and Grill Limited
15 years 16/04/2020 15/04/2035 £32,500 1,300
5 yearly rent reviews higher of OMV or RPI.Stepped Rent:16/04/2020 – 15/04/2021 – £32,500 pa16/04/2021 – 15/04/2023 – £35,000 pa16/04/2023 – £37,500 pa
196-197 High Street (First Floor)
Tecnica Building Services Limited
5 years 01/08/2019 31/07/2024 £45,000 2,500Stepped Rent:01/08/2022 – £47,500 pa
Total £103,000 5,000
*All properties are let on FRI leases.
*There has been no rental concessions during lockdown.
*Fawcett Mead have not measured the subject property.
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TENURE
Freehold.
COVENANT INFORMATION
Pepperstitch Design Limited (02994275) Pepperstitch Designs are a well-established interior design company who trade on the most part throughout Surrey and the south east of England. They have been in occupation at the property for over 15 years.
Cheeky Chicken and Grill Limited (12042035)Cheeky Chicken and Grill are a newly established fast food takeaway company serving a wide variety of chicken-based takeaway meals. The company have invested in excess of £125,000 and have extensively refitted the property to help meet their already popular demand.
Tecnica Building Services Limited (03507987)Tecnica Building Services Limited is a MEP building services engineering consultancy, specialising in construction projects. The company boast a large portfolio of clients across the commercial, retail, leisure, residential and travel sectors. They have invested heavily over the last 15 years since they took occupation.
The company displays a Creditsafe rating of B-56, indicating “low risk” of default.
Tecnica Building Services Limited
Cheeky Chicken and Grill Limited
Pepperstitch Design Limited
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50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Egham
Experian Goad Plan Created: 19/10/2020 Created By: Fawcettmead
Copyright and confidentiality Experian, 2020. © Crown copyright anddatabase rights 2020. OS 100019885
STRODE’SCOLLEGE
THE KINGS ARMS
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E&M TECNIA
FIRST FLOOR
M25
CHEEKY
CHICKEN
PEPPER-
STITCH
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Located on High Street, the towns principal retail thoroughfare.
VAT We understand that the property is elected for VAT. It is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
EPCA copy of the Energy Performance Certificate is available upon request.
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Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. SUBJECT TO CONTRACTDesigned by Graphic Outlines Ltd 2020
FURTHER INFORMATION
PROPOSAL
We have been instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 6.47% assuming purchaser costs of 6.1%.
Graham [email protected] 7182 748207980 548 852
Joe [email protected] 7182 748907515 889 649
Patrick Kilvington [email protected] 020 7182 748607860 625 512
Egham Gateway West Development