23-24 Peascod Street Windsor, SL4 1DU - Mixed Use Investment with Residential Development Opportunity - GCW
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23-24 Peascod Street Windsor, SL4 1DU Mixed Use Investment with Residential Development Opportunity
Key Investment Criteria
• Opportunity to acquire 100% prime retail on pedestrianised
Peascod Street
• Windsor has one of the UK’s top 10 catchments
in terms of affluence
• Two retail units securely let to national covenants,
Holland & Barrett recently refitted and Hotel Chocolat
is a rebased 2021 regear
• arge underutilised site providing an opportunity
L
to develop and extend residential
• Total current income of £177,986 per annum
• WAULT of 4.10 years to expiry
Freehold
•
£2,800,000
Attractive Net initial yield of 6.00%*
*After allowing for purchaser’s costs of 6.40%
Subject to contract and exclusive of VAT.
CAMBRIDGE
WORCESTER BEDFORD
M40 A11
A46 M1 M11
IPSWICH
Location
BANBURY A1 SUDBURY
HEREFORD MILTON A505
A44 KEYNES
A6 FELIXSTOWE
M5 M1
A470 M50
A5 HARWICH
M40 LUTON STEVENAGE STANSTED
A44
A120
The historic town of Windsor is located in the Royal Borough of
CHELTENHAM LONDON LUTON
A10
COLCHESTER
A429 A1 (M)
Windsor and Maidenhead, and is one of the UK’s leading
GLOUCESTER
tourist
CONS
LONDON OXFORD
PARK A12
A470 AYLESBURY HEMEL CLACTON-ON-SEA
destinations. The town is located approximately 16 miles east A40 HEMPSTEAD A414
of Reading, 7 miles south of Maidenhead and 23 miles west of OXFORD HATFIELD A414
CIRENCESTER
Central London.
PONYTPOOL M5 M40
M25
A420 HIGH M25
WYCOMBE M25
NORTH SEA
A449 WATFORD
A470
Junction 6 of
M4the M4 motorway is located directly north
M48 A404
PONTYPRIDD
A433 BASILDON
NEWPORT SWINDON SOUTHEND-ON-SEA
of the town. The M4 provides easy access to the rest A34
MAIDENHEAD SLOUGH
LONDON CITY
A13
of the national motorway network, with M4 the M4/M25
M4
SHEERNESS
READING
CARDIFF WINDSOR
HEATHROW
LONDON
interchange 5 miles toBRISTOL
the east.A46 CHIPPENHAM MARGATE
A2
A346 M4 BRACKNELL ROCHESTER
M5 A38 NEWBURY PORT RAMSGAT
A350 A322
BATH M20 RAMSGATE
M25 CROYDON
WESTON-SUPER-MARE
Windsor & EtonBRISTOL
Central Station toA36
London Paddington A339 A33 M3 M2
CANTERBURY
A34 LONDON BIGGIN HILL
provides a fastest journeyA37
time of 22 minutes. In BASINGSTOKE A3
A24 M25 SEVENOAKS
addition, direct services run from Windsor & Eton ANDOVER FARNHAM
REIGATE
MAIDSTONE
M20 DOVER
GUILDFORD
RiversideM5to London Waterloo A361
in under an hour.
M3 M23
A22 FOLKESTONE
A36 A303 ALTON
GATWICK
ROYAL ASHFORD DOVER
GLASTONBURY TUMBRIDGE FOLKESTONE
WELL
CRAWLEY A22 A26
A361 A3
Heathrow airport lies 6 miles
A37 to the east. SALISBURY
WINCHESTER A23
PETERSFIELD A272 UCKFIELD
A350 A36 A272
RYE
SOUTHAMPTON SOUTH DOWNS
A354
YEOVIL A338
NATIONAL PARK
SOUTHAMPTON LEWES
M27
ER
A3 (M)
Catchment
CHICHESTER
NEW FOREST HASTINGS V
NATIONAL PARK
SHOREHAM NEWHAVEN O
BRIGHTON D
BROCKENHURST PORTSMOUTH F
A354 NEWHAVEN O
EASTBOURNE I T
A338 PORTSMOUTH RA
ST
Windsor boasts outstanding demographics with over 300,000
DORCHESTER POOLE
BOURNEMOUTH
ISLE OF WIGHT ENGLISH CHANNEL
people within the resident catchment base, 74% of which are
part of the Affluent Achievers, Comfortable Communities &
WEYMOUTH
Rising Prosperity categories. This is 15% higher than the national
average and places Windsor within the UK’s top 10 most affluent
catchments.
Along with the extremely affluent resident catchment, Windsor
also benefits from over 7.5 million tourist visits each year
with a spend of £635m, 80% of whom are from the ABC1
socioeconomic group and have a total spend of £635m.
The large number of tourists combined with the resident
shoppers’ result in excess of 195,000 weekly footfall in the town.
Retailing in Windsor
Prime pitch in Windsor is centred around the central pedestrianised
section of Peascod Street, where the subject property is located.
Other significant high street retailers include M&S, Boots, Superdry,
River Island and Daniels of Windsor.
The Waitrose anchored Windsor Yards Shopping Centre includes
major retailers such as Next, H&M, White Company and Zara. Royal
Windsor Shopping Centre compliments Peascod Street which is
principally aimed at upmarket retailers such as Hobbs, Whistles,
Jaeger, Pandora & Joules.
N
Experian Goad Plan
Tenancy & Accommodation
The property comprises a three-storey building, providing two retail units on the ground floor with three residential dwellings over the first and second floors that are let
on assured shorthold tenancies (ASTs). Access to the upper parts is provided via a small square and courtyard area to the rear of the property.
A summary of the tenancies are set out below:
Passing Rent EPC
Unit Floor Tenant/Use Lease Start Break Clause Lease End Per Annum Areas Sq ft ITZA Rating
Unit 23 Ground Floor Holland & Barrett Retail Ltd 07/04/2010 06/04/2025 £93,300 1,691 653 C-58
1st Floor Flat A (2 bed) 08/08/2019 07/08/2020 £10,800 710 D-67
2nd Floor Flat B (2 bed) 12/12/2018 11/12/2019 £14,486 710 D-56
26/07/2024*
Unit 24 Ground Floor Hotel Chocolat Stores Ltd 26/07/2021 25/07/2026 £45,000 964 442 C-72
(Mutual Rolling)
1st & 2nd Floor Flat C (3 bed duplex) 18/02/2021 17/12/2022 £14,400 990 D-62
Total £177,986 5,065
*Exercisable on or after 26th July 2024.
Residential Market in Windsor
Windsor has a strong residential market that is driven by London commuters. House prices
have risen 4.41% in the last 12 months and 53% over the past 10 years. To date strong
Capital values of £450+ psf are being achieved.
The town also boasts a buoyant letting market, the property’s central location and proximity
to both local amenities lends itself well as either serviced apartments or conventional AST’s.
Asset Management
council have taken a favourable approach to development behind and above retail frontages and chosen to
overlook limited separation between dwellings and achieve a higher density of dwellings where a good overall
The property is underutilised providing an opportunity to develop and extend the residential
quality of development is achieved and character of the area retained. Option 1 - Ground Floor
accommodation. There is positive development precedent set for Peascod Street, the nearby
The area to the rear of the site at Mellor Walk is identified by the council as an area which should be improved
and whilst the telephone exchange is identified in particular is a building needing improvement, the council
development at No.30 Peascod Street for 11 flats above existing retail space demonstrates
should take the opportunity of a proposed development at nos. 23-24 to achieve this. Overall therefore there is a
the councils favourable approach to development behind and above retail frontages to
good opportunity to demonstrate a sustainable development to the Council.
achieve higher density of dwellings.
Our clients have commissioned architects drawings for two potential residential
6.1 OPTION 1 DEVELOPMENT
developments:. 6. OPTION 1 PROPOSALS
Option 1 proposes 6 dwellings (and retention of the existing 3 dwellings) to the rear of the property in the existing
Option 1
courtyard. In order to achieve this a small part of the singe storey rear retail area would be demolished.
9 units (including refurbishment of the existing 3 units) to the rear of the property in the
existing courtyard. To achieve this a small part of the retail area would be required.
7.1 OPTION 2 DEVELOPMENT 7. OPTION 2 PROPOSALS
Option 2 Option 2 - Ground Floor
13 units to the rear of the property with only the façade retained.
Option 2 proposes 13 dwellings to the rear of the property with only the façade retained, the existing 3 dwellings
would therefore be demolished with a net gain of 10 dwellings. Option 1. Ground Floor Plans
SEAM ARCHITECTS - 145 HIGH STREET, SEVENOAKS, KENT TN13 1XJ. TELEPHONE +44 (0)20 363 789 96. WWW.SEAMARCHITECTS.COM 19 SEAM ARCHITECTS - 145 HIGH STREET, SEVENOAKS, KENT TN13 1XJ. TELEPHONE +44 (0)20 363 789 96. WWW.SEAMARCHITECTS.COM 20
Plans are available on request.
Tenure
Freehold.
Conditionality
Offers on a Subject to Planning basis will not be considered.
VAT
The property is elected for VAT and as such it is anticipated
that the sale will be treated by way of a TOGC.
Proposal
We are seeking offers in excess of £2,800,000 (Two Million Eight
Hundred Thousand Pounds), subject to contract and exclusive of
VAT. A purchase at this price would equate to a net initial yield of
6.00%, allowing for purchasers costs of 6.40%.
Contact Details
For further information please contact:
Oli Horton
T: 020 7647 4806
M: 07788 695 859
oliver.horton@gcw.co.uk
Caryl Howell 7-10 Chandos Street
T: 020 7647 4827 London W1G 9DQ
M: 07814 418 192 T: 020 7408 0030
caryl.howell@gcw.co.uk www.gcw.co.uk
Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during
negotiations or in particulars by vendor, lessor or the agent Gooch Cunliffe Whale LLP. Registered in England No. OC376010. Registered office: 30 City Road, London EC1Y 2AB. The sale is being undertaken on behalf of the Administrators of Stonewell Property
Company Limited who are acting without personal liability.
September 2021 © Produced by Barbican Studio T: 020 7634 9573
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