The Story So Far

WINTERSELLS ROAD BYFLEET SURREY

The Property  A 1,625 sqm 17,500 sqft modern industrial building, let to Dagenham Motors Ltd. It stands on a self-contained site and was designed and built specifically for the motor trade. Dagenham Motors operate it as a service centre and told us that it is exceptionally well suited to this purpose, being adjacent to Byfleet and New Haw mainline station with direct 35 minutes access into Waterloo. The customer can leave his/her car at the service centre, be at the station in a minute or two and at work in Central London not long after.

As always, our strategy included expanding the available planning consents and permission for B1, B2 and B8 uses has been obtained. Dagenham Motors were paying only £65 per sqm/£6 per sqft per annum when we bought the investment, with about 3 years to expiry.

Dagenham Motors wanted to upgrade the building, but not whilst the lease was so short. This was obviously a great opportunity to give Dagenham what they wanted and at the same time enhance value. We took a surrender of Dagenham's lease and granted a new lease to Polar Motor Group, the parent company of Dagenham Motors, to 2018 at £80 per sqm/£7.50 per sqft.

Why Buy?  A good quality building in a great M25 location with very limited supply. Industrial land in Surrey is often used for office or residential purposes, producing considerable potential for strong growth in values.

Why Sell?  We were approached by Irish Fund Europa, who bought from us in an offmarket deal, at a yield beginning with a 5. We sold because we believed that we had extracted most if not all of the growth for the foreseeable future.

Contact Us

Navigator Securities
15 Bruton Place
London W1J 6LU

Ivor A French FRICS
T 020 7529 5544
M 078 9999 1111
Email Ivor

David Coleman MRICS
T 020 7529 5540
M 07956 966 677
Email David