ESR Europe, advised by Curchod & Co and Newmark, has sold Betchworth House in Redhill, Surrey, to a private developer for £4.55m for residential conversion.
The freehold property comprises a prominent multi-let town centre office building, occupying a site of approximately 0.7 acres, and extending to 31,355 sq ft, arranged over four floors at 57–65 Station Road, close to Redhill railway station.
The property currently produces an income of £431,811 per annum, equating to an average passing rent of £22.50 per sq ft, from five tenants, with all leases expiring by 2028.
Alex Blown of Curchod & Co said: “With Redhill continuing to benefit from regeneration and excellent transport connectivity to London and Gatwick, opportunities to repurpose well-located office buildings such as this remain highly sought after and, due to its prominent town centre position and the clear potential to convert the building to residential use, Betchworth House attracted strong interest from developers.”
Feasibility studies undertaken for the property previously demonstrated a potential for conversion of the existing building into a residential scheme of around fifty-three apartments, subject to planning consent.
As well as the railway station, Betchworth House is located close to the Belfry Shopping Centre and a range of cafés, restaurants and local amenities.
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