Wadham & Isherwood have just completed a long and successful involvement on a block of property situated at the corner of The Borough, the main shopping thoroughfare with Bear Lane and its junction with East Street and South Street.
Acting for Farragon Investments we have just agreed and completed a sale of the overall investment which included two ground floor shops let to Headmasters Hairdressers and Romans Estate Agents plus ground rent from the flats above. A local private investor purchased the investment paying a figure which reflected a net yield of just under 6%.
Wadham & Isherwood’s involvement started back in 2011 when they acted on behalf of Santander Bank in respect 20 The Borough which they let to the Headmasters Partnership on the basis of a new 10 year lease at a commencing rent of £41,500 per annum. Soon afterwards, towards the middle of 2012, they learnt that the block of property 20/21 The Borough was to be sold freehold by Santander Bank with vacant possession being offered of 21 The Borough, formerly an Alliance & Leicester Building Society unit, which had extensive vacant offices above on the first and second floor.
On behalf of Farragon Investments an acquisition was successfully negotiated on the basis that, taking advantage of permitted development rights, the first and second floors were to be converted to flats with a new two storey town house to be built to the rear fronting Bear Lane.
Having identified the potential of the block Wadham & Isherwood also assisted in obtaining planning and they subsequently arranged a letting of the ground floor lock up unit which had existing A2 use and the benefit of considerable return frontage to Bear Lane to Romans Group (UK) Limited enabling them to extend their extensive network of estate agency branches. Commencing rent £40,000 per annum exclusive. The five self contained flats above were successfully sold on long leases.
On behalf of a number of substantially funded clients Wadham & Isherwood continue to look for similar projects throughout the Surrey/Sussex/Hampshire area.