A business proposal to Tellon Capital LLP

Our Thoughts in Relation to This Property

If you create a long leasehold on the upper parts, you will be offering a freehold retail investment with the benefit of income from WH Smith Retail Holdings Limited. Whilst WH Smith will be regarded as a good covenant, it is helpful that the subletting amounts to just under 50% of the rent since this provides additional cover. In marketing, we would stress the flexibility by having two in-situ tenants at the lease expiry in October 2026.

By providing a clean investment with “four rent cheques per year” to an investor, you will attract private investors who do not wish the hassle of investing in residential. Furthermore, whilst we avoid ideally selling to SIPP investors, occasionally they are the correct purchaser – a SIPP buyer will not be able to acquire residential so by the split I propose you are now bringing in this section of the market.

Furthermore, including the residential in the sale makes the lot size large for many private investors. Splitting has the advantage of reducing the money involved and widening your buyer pool.

So, we will have five years of income in a good South East town at a rent which can be shown to have been recently re-based.

Neil Singer

CEO, Founding Partner


We feel probably sensible to offer the freehold, subject to the residential sold off, at £990,000 which is 6.5%. We would not sign the long leasehold before marketing but have it drawn up, ready to complete by completion of the sale, were you to sell the freehold.

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