Woking Borough Council purchase leisure and retail block
Woking Borough Council, advised by Lunson Mitchenall, has acquired the freehold of 63-75 Commercial Way in Woking. This comprises a block of six units let to Café Nero, Oxfam, Leaders Estates Agents, and Grant Estate Agents.
The block was acquired from Threadneedle Asset Management in October 2019 for £3.85m. The block adjoins a separate council ownership at the rear which together will create a large site with scope for redevelopment and intensification of use.
Councillor David Bittleston, leader of Woking Borough Council, said: “This acquisition is part of our strategic approach for the economic vitality of the Woking, which will help secure local employment as well as adding to our strategic property holding in Woking town centre.”
James Cogavin, investment director at Lunson Mitchenall commented: “This is a clever purchase for the Council. The rents are defensive and sit between £20-55k per unit and the block benefits from a mix of a1, a2 and a3 uses. The affordable to a broad range of occupiers seeking representation in the town centre.
“The block is of unique interest to the Council for a number of years as the rear car park is within their control. This opens up potential for a unique high density town centre residential redevelopment, just a stone’s throw from Woking Train Station.”