May 13, 2019
Wrenbridge and Palmer Capital are delighted to announce the sale of Woking One, an office-led mixed-use scheme in Woking for £27.2m, to Woking Borough Council, reflecting a net initial yield of 5.5%.
The property, which is prominently located opposite Woking train station, was acquired in 2014 and has been comprehensively redeveloped to provide circa 55,000 sq ft of mixed-use accommodation, including 37,000 sq ft of offices and a combination of retail, residential and restaurants. The redevelopment was speculatively undertaken with funding from the Palmer Capital Development Fund III (PCDF III), a programmatic venture by Palmer Capital that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP).
The offices were pre-let prior to completion of the redevelopment to Regus brand Spaces at a rent of £32 per sq ft and are the largest co-working offering in Woking. The letting is reflective of the changing occupational needs of tenants and the wider workspace revolution that is occurring. Retail/restaurant lettings include Costa, Loungers and Kokoro.
Chris White of Wrenbridge commented,
“Our redevelopment of Woking One has proved a major success and justifies our conviction to redevelop town centre office schemes which offer excellent transport infrastructure and amenity. We are delighted to have worked closely with Spaces and the local authority to ensure the new gateway to the town is modern, contemporary and alive and we continue to seek further town centre regeneration opportunities”
Knight Frank and Gerald Eve acted for Wrenbridge/Palmer Capital and BNP Paribas for Woking Borough Council.
This was recently featured in Property Week, and you can see the article here.