St Georges House

Queens Road
Weybridge

Acquired (off market) in a joint venture with Henderson Global Investors, the property comprises some 22,000 sqft NIA of offices let to a number of occupiers. All leases expired in December 2015.

Alongside the potential to re-gear all the existing leases, BHP is currently undertaking feasibility studies for the refurbishment of the offices to be offered to a single tenant, a product very sparse in the market place.

Given its allocation within the emerging local plan as a residential opportunity BHP is also, as an alternative and secondary strategy, evaluating a comprehensive residential redevelopment.

STRENGTHS

  • Excellent position in premier tier town
  • Almost fully leased
  • All tenants have expressed a desire to remain in occupation

OPPORTUNITIES

  • To re-negotiate lease terms with all tenants
  • To improve the ERV through selective upgrade works to the common parts
  • To evaluate alternative uses, such as residential re-development

WEAKNESSES

  • All occupational leases expire during 2014
  • The property is in need of refurbishment works to the common parts

Threats

  • Imminent lease expiries with all tenants
  • Occupier reluctance to agreeing market terms
  • The internal layouts are compromised due to the premises being constructed as two buildings