Are you sure you want to delete your account?
You have indicated you do not agree to our terms of use, do you wish to delete your account?
Why not sign up?

You will also be registered for the agent to contact you via other means you provide, with information relevant to your property search.

There was an error creating your account, please try again. If the problem persists, please contact us and we will investigate.
Password does not match
How would you like to be contacted?

New Zealand Avenue, Walton on Thames, Surrey, KT12

££1,725,000 Offers in excess

Retail Property - High Street Under Offer

Walton-on-Thames is a market town on the south bank of the River Thames. The town itself consists mostly of affluent suburban streets, with a historic town centre of Celtic origin. It is one of the largest towns in the Elmbridge borough and according to the 2011 Census, the town has a total population of 22,834 and the borough 136,400 . It is around 19 miles from Central London and is served by a wide range of transport links. The town is well located just to the south of the A308 trunk road, which provides direct access to junction 12 of the M25 (London Orbital Motorway) approximately 7 miles away. Walton is approximately 7.5 miles from Heathrow Airport and 31 miles from Gatwick.

The subject property was built in the late 1950’s which has subsequently been converted to provide excellent retail space at ground floor, and 2 floors of apartments above. The residential element is accessed via two entrances dividing the commercial units frontage and facing onto New Zealand Avenue. The block is quite distinct in its appearance and is of concrete frame construction with cavity brick walls beneath an expansive flat roof. The commercial aspect provides 3 independent units which are only broken to the frontage by the residential entrance. Each unit provides excellent trading space with ancillary to the rear along with welfare facilities. Loading is at the front whilst each has fire escape to the rear walkway. Homebase had a large format unit within ½ mile of this location, which is now closed due to it being redeveloped, this led to the current leasing of these premises where it has been trading for the last few months. The stores are fitted out in their parent company corporate identity.

Accommodation & Tenancy Schedule

TenantSq MSq Ft RentStart DateBreak DateRent ReviewEnd DateComments 

Homebase Rooms Ltd5926364£125,00004/01/202104/01/202604/01/202603/01/2031Break penalty £62,500

The property is let to Homebase Rooms Ltd (wholly owned subsidiary of Homebase) at a passing rent of £125,000 per annum with a lease term ending 3rd January 2031. There is tenant only break at the 5th anniversary, subject to 6 months prior notice, and, if exercised has a break penalty of £62,500. The rent will be subject to an upward only review on 4th January 2026 and assessed to Open Market Value. Retailing in Walton The Heart is an exciting retail and residential complex, which combines top high street fashion with alfresco style dining. The Heart of Walton is the name given to the redevelopment of Walton town centre alongside the High Street. This main area of the town centre was built in the 1960s and The Heart redevelopment includes a shopping mall and 279 one and two bedroom apartments, many with views over the private gardens, avenues and public section of Ashley Park. The main part of the centre, a covered walkway, has several brand retailers including Next, Waterstones, H & M and River Island. Restaurants along the New Zealand Avenue side of The Heart include Carluccios, Nando’s, Pizza Express and Wagamama. Further restaurants exist along the High Street axis and at the far north eastern and southern parades within the town boundaries.

Retail Commentary
The Heart Shopping Centre is considered as the prime retailing pitch, and we understand that recent transactions have been agreed and completed at Zone A rents of £62.50 per square foot. Rental values along both the High Street and New Zealand Avenue currently stand at circa £40.00 psf Zone A, suggesting that the passing rent on the subject property is highly reversionary, with excellent prospects for future rental growth.

We believe the premises fall under Class E of the Town & Country Planning (Use Class) (Amendment) Order 2005.

The properties afford the following ratings: C(74), C(62) & C(60). Copies of the EPC’s are available upon request.

Legal Fees
Each party to bear its own legal costs.

The premises are held on a long leasehold of 999 years from 1st February 2021 at a peppercorn rent.

Offers invited in excess of £1,725,000 leasehold.

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

Emily Bradshaw  D: 020 8222 9947 M: 07920 769395 E;
Varol Zafer           D: 020 8222 9946 M: 07900 224967 E;
Shahid Sadiq        D: 020 8222 9945 M: 07961 410931 E;  

Tenure: Leasehold


No floorplans available for this property

No EPC available for this property

Arrange a virtual or live viewing

Use this form to request specific information about this property or to arrange a viewing

Office Details

Willmotts Commercial
Willmotts Property Services Willmott House
12 Blacks Road
W6 9EU

020 8748 6644

Make an Offer on this Property

If you are interested in this property you can make an offer today.