Penton House, Staines-upon-Thames

Overview

Sixteen completed and tenanted one and two bedroom apartments inside the M25, 300 metres from fast trains into London Waterloo. Every unit is let, managed and mortgageable, and every one comes with its own space in the secure underground car park.

Key details

• Sixteen Apartments Available, All Currently Let and Occupied
• Prices from £211,750 to £320,000, Averaging £481 per Square Foot
• 6.6% Average Gross Yield, Ranging 5.6% to 7.8%
• 5.4% Average Net Yield After Service Charge
• 999 Year Lease from 2019 with Zero Ground Rent
• One Allocated Underground Parking Space per Apartment, Included in the Price
• Built in 2021 and Continuously Let Ever Since
• 33 Minutes Direct to London Waterloo, 3.5 Miles to Heathrow

Verta's expert insight

Penton House is a 53 apartment conversion on London Road completed in 2021, and these sixteen units have been let without a break since. The developer retained them for its own rental portfolio and is now exiting, which is why they are available together at portfolio pricing rather than one at a time on the open market.

The case here is income that starts on completion. There is no void to fund, no furnishing to buy and no letting fee, because the tenancies, the parking spaces and the existing management arrangement transfer as they are. Tenancies are periodic, so rent begins when your purchase completes rather than after a marketing and referencing cycle.

The rental record is the strongest part of the story. Every one of the sixteen units has moved up since October 2023, the smallest increase 8% and the largest 28%, taking the combined rent roll from £19,690 to £22,750 a month in under three years. That is 15.5% growth, and 12% above the developer's own launch forecasts.

At £444 to £531 per square foot these are the lowest priced modern apartments in the town. Berkeley's Eden Grove, a 489 home regeneration immediately opposite, is asking £545 to £712. An Eden Grove studio costs more than a Penton House one bed that is 20% to 40% larger and comes with parking.

Demand comes from the employers around Heathrow, 3.5 miles away. bp, Samsung, Salesforce, Bupa, Ricoh, Juniper Networks and the Department for Work and Pensions all have a presence nearby, several of them together at Lotus Park, and Royal Holloway is 2.5 miles away in Egham with over 10,000 students.

Not high rise, no commercial use, no cladding or EWS1 issues. Two lifts, fob and video entry, secure cycle storage, fitted kitchens with integrated appliances, Karndean flooring and fitted wardrobes throughout. Eleven of the sixteen are duplexes over the second and third floors with the bedroom in the roof space, the other five are single level.

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