Summary - 1, CHERTSEY ROAD GU21 5AB
1 bed 1 bath Convenience Store
High-footfall retail investment opposite Woking station, immediate income potential.
Prominent corner unit opposite Woking mainline station, high footfall
Large retail GIA of 2,990 sq ft (287.06 sq m)
Let to Budgens on 25‑year lease; 19 years remaining
Passing rent £66,000 pa; 2024 rent review not implemented
Asking price £725,000 reflecting 8.65% NIY (subject to costs)
Freehold sale; upper floors on 999‑year peppercorn lease
Only 19 years of term left — lenders may refuse mortgage finance
Local area records very high crime; consider security/insurance costs
This is a prominent town-centre convenience store investment directly opposite Woking mainline station — high footfall and strong commuter trade. The ground-floor retail unit extends to 2,990 sq ft (GIA) and is let to an individual trading as Budgens on a 25‑year lease from October 2019, with 19 years remaining and a current passing rent of £66,000 per annum.
The freehold sale includes the retail lease and the upper floors held on a 999‑year lease at a peppercorn, providing a straightforward single-asset retail investment. The asking price of £725,000 reflects a net initial yield of 8.65% (subject to contract and purchaser’s costs). The 2024 upward‑only rent review has not been implemented, which may present near-term reversionary potential but also a negotiation point.
Buyers should note material considerations: only 19 years remain on the occupational lease, which may restrict borrowing — mortgage lenders could refuse to lend. The lease is effectively full repairing and insuring. The area records very high crime levels, which could affect insurance, security costs or tenant operations. The plot is a small town‑centre footprint with no private outdoor space.
Suitable for yield-focused investors seeking a well‑located, let convenience asset with immediate income and potential to address the outstanding rent review, but who accept leasing-term and local crime constraints.
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