Surrey’s Hersham Green Shopping Centre has now been placed on the market, offering a number of opportunities to enhance profits including the potential to develop the site further in future.
Chartered surveyors from Coady Supple have been retained to sell the site on behalf of Markland Holdings, which is seeking a price of £15.29 million for the freehold of the 3.8 acre site.
At present, the shopping centre consists of 15 shop units and a large portion of office space, along with 223 car parking spaces and a large supermarket unit currently let to upmarket chain Waitrose.
A spokesman for Coady Supple told getSurrey; “It is a strong freehold site with opportunities for redevelopment in the future. There is no planning or intended scheme in place.”
While the centre is at present a popular destination for local consumers, local councillors and property experts do not believe that the site’s full potential has yet been realised. Therefore, although Hersham Green Shopping Centre presently has an estimated rental value (ERV) of £951,000 per annum, it is the general consensus that this figure could be built up rapidly should redevelopment activity take place by the eventual buyer.
A spokesman for Elmbridge Borough Council hinted that local councillors would fully support any activity of this nature in the future.
He said; “We have noted that the centre is on the market and hope that there will be strong interest by investors who appreciate that Hersham is a thriving centre with plenty to offer the community.
“Any prospective purchaser might also wish to hear that the council is continuing to show its support for Hersham through the Elmbridge Civic Improvement Fund (ECIF) which has supported numerous village businesses and initiatives including Hersham in Bloom, Okeechobees café and most recently Sparkle with Beauty.
“ECIF was established by the council in 2009 in order to support local businesses and to improve the business environment and to enhance the Borough’s villages and town centres.”
Anchor tenant Waitrose has already confirmed that it wishes to remain at the centre for the foreseeable future, and that nine and a half years remain on its lease for the site. The area will also soon welcome a new retailer in the form of budget supermarket chain Lidl, after plans for a four storey retail unit for the chain were approved in July.
Councillor Roy Green of Hersham North indicated that he would strongly back investors keen to redevelop the shopping centre, saying; “I think it would be a good thing for Hersham to have the shopping centre redeveloped.
“The shopping centre is due for a revamp, it was built 30 years ago and it is something I think we should all look forward to.”
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