• Affluent South East town

• Ten years unexpired to Pizza Express

• Prominent site with large surface car park offering medium term development potential

• Offers in the region of £1,250,000, subject to contract

• 7.5% Net Initial Yield

The subject property occupies a prominent position on the corner of Goldsworth Road and Oaks Road.   Woking Train Station and Woking Shopping Centre are both less than 0.8 km (0.5 miles) away. 

Nearby occupiers close by include Zizzi (opposite), Kwik Fit.

Victoria Square Development

The subject property is within 300 metres of the Victoria Square development which is on track for phased completion in 2020.  Sir Robert McAlpine is spearheading the £500 million pound transformation, which is a joint venture between Woking Borough Council and Moyallen Group. 

At 34 and 32 storeys high, the two residential towers will feature over 400 high specification apartments which will benefit from full concierge facilities, an external garden, and an amenity space for residents.

The 23 storey third tower will be home to a 189 room flagship Hilton Hotel which will include senior and junior suites, a new lobby bar, all-day dining restaurant, sky bar, conference facilities and an on-site café.

The new development will be anchored by 11,612 sq m (125,000 sq ft) of commercial space featuring a new Marks & Spencer food and clothing store across 4,645 sq m (50,000 sq ft), multi-storey car park, a medical centre and two public plazas.

In addition to the new car park, sited under the M&S and retail units, the project has also incorporated the demolition and redevelopment of the Shoppers’ Red car park. When combined, the rebuilt 1,382 space Shoppers’ Red car park and the new M&S car park, will provide an additional 740 car parking bays for Woking town centre. (Source: Woking.gov.uk)

The property comprises a prominent terrace, of restaurant, bar and residential accommodation, arranged over ground and two upper floors, occupying a prominent corner position. 

The ground floor comprises a Pizza Express restaurant at 65-67 Goldsworth Road and “Archee’s” bar at 69-71 Goldsworth Road.

The upper floors provide five self-contained residential flats accessed from the rear of the property.  Three have been sold off on long leases (but these are within the lease of the entire property to Pizza Express).

 Furthermore, the property benefits from a large surface car park at the rear.

With the exception of Number 67 Goldsworth Road, the entire property is held freehold.

Number 67 Goldsworth Road is held on a 200 year leasehold from 1^st March 1991 at a fixed rent of £16,000 per annum.

The entire accommodation, including the residential upper floors, is let on full repairing and insuring terms to Pizza Express Limited (Co. no 01404552) for a term of 25 years from 30^th June 2004 expiring 29^th June 2029.  The current passing rent is £115,207.61 per annum with the lease providing for five yearly upward only rent reviews.

Hence, the total investment gross income for a purchaser will be £115,207.61 per annum and the net income £99,207.61 per annum.

Pizza Express opened its first restaurant in London on Wardour Street in 1965.  The company floated on the London Stock Exchange in 1993, become private again in 2003, before re-floating in 2005.  The company was acquired in 2007 by private equity group Cinven and more recently acquired in 2014 by Hony Capital at a figure reported of £900m.  It is reported that the company has 470 restaurants across the United Kingdom with a further 100 overseas.

For the year ending 31^st December 2017, Pizza Express (Restaurants) Limited (Co. no 02805490) reported a pre-tax profit of £68.473m on turnover of £396.559m, with a balance sheet of £713.637m.

For the year ending 31^st December 2017, Pizza Express Limited (Co. no 01404552) reported a pre-tax loss of -£4.519m.  The accounts report that the loss is based upon the disposal of Firezza Holdings including a write off of intercompany balances and costs which amounted to -£11.295m.  In the meantime, the balance sheet is reported at £106.198m. 

For further information see www.pizzaexpress.com

Archees Bar & Restaurant Limited (Co. no. 04286065) has reported for the year ending 30^th November 2017 shareholder’s funds of -£13,161.

We are instructed to seek offers in the region of £1,250,000 (One million, Two hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 7.50%, assuming standard purchaser’s costs of 5.96%. 

Please note that a purchaser will be re-charged the costs of searches and surveys which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.

1. An opportunity to purchase an investment in an affluent South East town

2. Ten years unexpired lease term to Pizza Express

3. Prominent site with a large surface car park offering medium term development potential

4. There is an opportunity to obtain vacant possession of the two residential flats above Number 65 Goldsworth Road at lease expiry. We suggest that the potential value of these flats is in the region of £400-500,000

5. £1,250,000, subject to contract

6. 7.50% Net Initial Yield