Mixed-use town centre investment sold for £12.5m amid strong investor demand
Woking Borough Council, advised by Curchod & Co and Knight Frank, has sold the investment of Woking One in Woking town centre for £12.505 million to Seneca Property.
The mixed-use investment occupies a prominent position opposite Woking railway station and comprises offices, ground floor retail accommodation and six residential apartments.
The commercial accommodation totals approximately 54,815 sq ft and is let to a range of occupiers, including Costa Coffee, Foxtons, Kokoro and IWG operating as Spaces, providing a diverse tenant mix within the town centre building.
The residential element comprises six apartments held on assured shorthold tenancies, and following completion, Curchod & Co’s Property Management team has been instructed to manage these units on behalf of the new owner.
Refurbishment and asset profile
The building underwent a comprehensive refurbishment in 2018, which included a back-to-shell office refurbishment and the installation of new external cladding. This repositioning programme created Grade A office accommodation and enhanced the building’s market profile.
Piers Leigh of Curchod & Co commented: “Investor appetite for well-let mixed-use assets across Surrey and the wider Southeast remains strong, particularly where properties offer diversified income and are located in established commuter markets.
“The sale of Woking One demonstrates continued demand for town centre investments that combine office, retail and residential elements, and we are pleased to have secured a successful outcome for Woking Borough Council as well as continuing our involvement with the building through the management of the residential units,” he added.
Woking One occupies a prominent position opposite Woking railway station, providing fast and frequent services to London Waterloo. The property also benefits from immediate access to the town’s retail, leisure and restaurant amenities.
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