Attractive Retail/Use Class E Investment in Affluent South East Town

4 West Street | Farnham | GU9 7DN


subject to contract

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  • Affluent Surrey commuter town

  • Attractive Retail/Use Class E investment

  • New 15 year lease from July 2022 (TBO year 5)

  • Let to established physiotherapists with 24 clinics throughout London and the South East

  • Grade II listed (no empty rates payable)

  • Freehold

  • Offers in the region of £400,000, subject to contract

  • Net Initial Yield 6.24%

  • Guaranteed Reversionary Yield 7.8%

  • Average Yield over the first five years 7.08%



Farnham is an affluent Surrey commuter town situated approximately 68 km (42 miles) south-west of London and 18 km (11 miles) west of Guildford.

The town benefits from good road communications, being served by the A31 and A331 which links to Junction 4 of the M3 Motorway, approximately 13 km (8 miles) to the north. Junction 10 of the M25 Motorway is approximately 31 km (19 miles) to the north-east.

Farnham is also connected to the national railway network with a fastest journey time to London Waterloo of 53 minutes. Heathrow Airport is approximately 45km (28 miles) to the north-east and Gatwick Airport 64 km (40 miles) to the east.


The property is located in the heart of the town centre, occupying a prominent position on West Street. Surrounding occupiers include Holland & Barrett and Oliver Bonas (adjacent), SpaceNK, Sweaty Betty, Costa Coffee, Jigsaw, Specsavers, FatFace and Boots.

The property is in close proximity to Lion Lamb Yard Shopping Centre, a courtyard retail scheme anchored by Waitrose with other retailers including Joules, Waterstones, Cote Restaurant, Starbucks, Andre Noir and Neals Yard Remedies.



The property comprises a Grade II listed building which has been fitted out by the tenant to a high standard, providing a gymnasium area and treatment rooms on the ground floor, further treatment rooms on the first floor and ancillary accommodation on the second floor.


The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

Net Frontage 3.99 m 13’1”
Gross Frontage 4.50 m 14’9”
Zone A 20.44 sq m 220 sq ft
Zone B 18.77 sq m 202 sq ft
Zone C 17.56 sq m 189 sq ft
Remainder 13.47 sq m 145 sq ft
ITZA   386
Total Ground Floor 70.23 sq m 756 sq ft
First Floor Ancillary 22.57 sq m 243 sq ft
Second Floor 31.31 sq m 337 sq ft
Cellar 32.61 sq m 351 sq ft
Total 156.72 sq m 1,687 sq ft

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £375.00 + VAT.




Note that a small section extends of the building extends over the adjoining 5a West Street (Holland & Barrett). Please see the title plan and register within the data room for further information.


The property is let to OC Physio Limited (t/a Bodyset) on a full repairing and insuring lease for a term of 15 years from 20th July 2022, expiring on 19th July 2037. There is a tenant’s break option on 20th July 2027, subject to six months’ notice. If the tenant does not exercise their break option then they will benefit from a three month rent free period.

In accordance with a side letter, the rent is paid monthly.

There are five yearly rent reviews with the first rent review on 20th July 2027 reviewed to the lower of the market rent and 120% of the old rent. The subsequent rent reviews are upwards only to open market value.

The annual rent payable under the lease is as follows:

20th July 2022 to 14th January 2023 Peppercorn rent
15th January 2023 to 19th July 2023 £26,000 per annum
20th July 2023 to 19th July 2024 £28,000 per annum
20th July 2024 to 19th July 2025 £30,000 per annum
20th July 2025 to 19th July 2026 £31,000 per annum
20th July 2026 to 19th July 2027 £32,500 per annum

The tenant benefits from a rent free period expiring on 15th January 2023.

The permitted use in accordance with the lease is “for the provision of medical or health services or as a retail shop in each such case within Use Class E or for any other use in Use Class E (but not those set out in paragraph (g) of use Class E) previously approved by the Landlord”.



OC Physio Limited (Co. No. 13644104), trading as Bodyset, is a network of 24 clinics that provide a wide range of physiotherapy services with a unique blend of scientific, technological and customer service expertise. Locations include Victoria, Westminster, Paddington, Liverpool Street, Farringdon, Kings Cross, Clapham, Farnham, Cambridge and Newbury. For further information see

A rent deposit of £13,000 is held by the Landlord.


The property has been registered for VAT.  It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC). 



We are instructed to seek offers in the region of £400,000 (Four Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 6.24%, a guaranteed reversionary yield of 7.8% and an average yield over the first five years of 7.08%, assuming standard purchaser’s costs of 4.18%.

Please note that a purchaser will be re-charged the costs of the measured survey (£375 + VAT) and searches (£925.02) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1% of the purchase price plus VAT.

Investment Considerations

  1. An opportunity to acquire an attractive retail investment in an affluent South East town;

  2. The property occupies a prominent position in the heart of the town centre;

  3. Let to an established physiotherapy company with 24 clinics;

  4. New 15 year lease from July 2022 (tenant break option in year 5);

  5. Grade II listed, hence no empty rates payable;

  6. A purchase at the asking price reflects an attractive net initial yield;

  7. Attractive lot size to an investor.


Data Room and clicktopurchase®

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry +44 (0) 203 701 1356
Daniel Elia +44 (0) 203 701 1353

Vendors Solicitor

Robert McLaren Solicitors +44 (0) 179 834 2363
Robert McLaren