ASHLEY HOUSE HOUNSLOW HIGH STREET TW3 1NH HIGH YIELDING MIXED USE INVESTMENT

Transcription

1 ASHLEY HOUSE HIGH STREET TW3 1NH HIGH YIELDING MIXED USE INVESTMENT

2 ASHLEY HOUSE HIGH STREET TW3 1NH INVESTMENT CONSIDERATIONS Prominent town centre mixed use building comprising a ground floor supermarket and retail unit with offices above. Freehold. 18,074 sq ft (1, sq m) on ground and four upper floors. Multi let with tenants including Victim Support, Airwave Solutions Limited, Seetec Business Technology Centre Limited, Reed In Partnership Limited and The Mayor & Burgesses of the London Borough of Hounslow. Current rental income of 311, per annum. Average income weighted lease expiry of 4.55 years (2.77 years to breaks). Excellent transport links with Hounslow East (Piccadilly line) approximately 300 metres to the north east and Hounslow Bus Station approximately 200 metres to the east. Potential for alternative uses subject to the necessary consents. Offers in excess of 2,670,000 (Two Million Six Hundred and Seventy Thousand Pounds) subject to contract and exclusive of VAT. Low capital value of only per sq ft ( 1, per sq m). High yielding investment of 11.00% initial yield net of purchase costs at 5.80%.

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4 A205 LOCATION The London Borough of Hounslow is located in Greater London with Hounslow, being the principal town, situated approximately 19 km (12 miles) to the west of Central London. The Borough is bordered by Heathrow International Airport to the west, the M4 Motorway to the north, the A205 South / North Circular to the east and the River Thames to the south. Hounslow is an established office location which has attracted a diverse base of national and international companies from the pharmaceutical, IT, financial services and airline industries together with various local government departments. Major occupiers include GlaxoSmithKline, BSkyB, Pernod Ricard, Sabre, GE Capital, British Airways, Alitalia and American Airlines. The town benefits from an excellent communications network ROAD KM MILES Central London M40 (jcn 1a) 13 8 M4 (jcn 3) 3 2 M25 (jcn 15) 10 6 M3 (jcn 1) 5 3 AIR London Heathrow International 5 3 STATION DESTINATION APPROXIMATE JOURNEY TIME Hounslow Mainline London Waterloo 38 mins Hounslow Central Heathrow International Airport 10 mins West End 37 mins City 43 mins J15 M25 M25 13 A30 J12 M25 J2 M3 J4b M4 A4 LONDON HEATHROW AIRPORT ASHFORD M3 A30 A315 FELTHAM 1 A312 3 A312 WEST MOLESEY M4 ASHLEY HOUSE ISLEWORTH A316 EAST MOLESEY BUSHY PARK A4 TWICKENHAM 2 A307 KEW ROYAL BOTANIC GARDEN RICHMOND RICHMOND PARK KINGSTON UPON THAMES A406 CHISWICK 1 A4 A316 A205 A3 PUTNEY WIMBLEDON COMMON TOWARDS M25 HATTON FAGGS RD (A312) CAUSEWAY (A312) FELTHAM A312 A30 RD TOWARDS M4 HARLINGTON RD W TOWARDS A316 STAINES RD BATH RD (A315) HEATH WEST WELLINGTON RD SUTTON LN LAMPTON PARK HANWORTH ROAD (A314) LAMPTON RD TOWARDS M3 A4 TOWARDS CENTRAL LONDON CENTRAL EAST HIGH ST WHITTON LONDON RD A316 (A315) ASHLEY HOUSE ISLEWORTH RICHMOND RD (A310) TWICKENHAM RD TWICKENHAM (A305) Maps not to scale - for identification purposes only. SITUATION Ashley House is prominently located in the town centre to the north side of the High Street, within 50 metres to the west of the junction with the A315 Hanworth Road / London Road. Situated in an established office and retail location, the towns main retailing facilities are within a few minutes walk to the west. Ashley House benefits from excellent transport links with Hounslow East (Piccadilly line) underground station approximately 300 metres to the north east. Hounslow mainline railway station is situated 1.1 km (0.7 miles) to the south west, providing services to central London (Waterloo). Central Hounslow Bus Station is situated on Kingsley Road approximately 200 metres to the east. Tenant Use Floor Net Internal Area Sq Ft Sq M Start A Hadi Retail Ground Nov- WJF (London) Limited Supermarket Ground 2, Sep- The Centre for Nepalese & Gurkhas Limited Offices 1 - Rear Oct- Faysal Mahamoud Offices 1 - Rear Dec- Raymond Daniel Offices 1 - Rear Nov- Ashley School of Management Limited Offices 1 - Front 2, Feb- Reed in Partnership Limited Offices 2 - Front 2, Mar- Victim Support Offices 2 - Rear 1, Mar- Seetec Business Technology Centre Limited Offices 3 - Rear 1, Dec- The Mayor & Burgesses of the London Borough of Hounslow Offices 3 - Front 2, Feb- Redwood Education and Skills Limited Offices 4 2, Jan- CfBT Advice and Guidance Car Park Feb- Licence Seetec Business Technology Centre Limited Car Park Feb- Licence Airwave Solutions Limited Aerial Roof Apr- Everything Everywhere Limited & Hutchison 3G (UK) Limited Aerial Roof Sep- Vodafone Limited Aerial 1 Roof Mar- - TOTAL: 18,074 1, All tenancy information is from our clients management records. (i) All leases are excluded from s24-28

5 DESCRIPTION Built in the early 1980 s, Ashley House is a mid-terraced mixed use property providing ground floor retail with four upper floors of offices. Car parking is provided to the rear. The property is of concrete frame construction with fully glazed frontages to the ground retail units and brick clad elevations to the offices under mansard roofs to the third and fourth floors. The office specification includes: Versatemp comfort cooling Double glazed windows Suspended ceilings with integral category II lighting Perimeter and under floor trunking Male and female WC s to alternate floors with a disabled WC to the ground floor 8 person passenger lift serving all floors 24 hour access CAR PARKING There are 21 on site car parking spaces which are accessed from Prince Regent Road to the rear. SITE The site extends to approximately 0.16 hectares (0.41 acres). TENURE Freehold. The property benefits from rights of way over the land coloured brown and grants rights of way over the land hatched blue. Tennis Courts PRINCE R Pharmacia House c 102b 86 to m TENANCIES Ashley House is multi let at a current rental of 311, per annum. The average income weighted lease term is 4.55 years to expiry (2.77 years to breaks) with effect from 24 June RD 2 108a a HIGH STREET Crown Copyright - licence no Based on Ordnance Survey Not to Scale - For Identification Purposes Only. 101 to to Tankerville ease (i) Rent Rent Demised Comments (ii) Expiry Review Per Annum Per Sq Ft Car Parking (Break) (Per Sq M) Spaces Nov Nov-12 15, ( ) Sep Sep-13 71, ( ) 0 20-Oct-12-1, May-11-1, Dec-11-1, Nov-11-25, Nov-13 (30-Apr-11) Mar-15 (04-Mar-13) Dec-13 (10-Dec-11) 9 31-Jan-14 (31-Jan-12) 0 07-Jan-15 (30-Sep-12) 4.31 ( 46.40) 6.48 ( 69.73) ( ) 8.83 ( 95.03) - 36, ( ) - 17, ( ) - 22, ( ) - 41, ( ) - 42, ( ) 0 31-Jan Mutual break on 1 months prior notice Dec-13-1, Mutual break on 1 months prior notice Apr-24 (13-Apr-14) (13-Apr-19) Sep-25 (23-Sep-15) Mar-14 (30-Mar-06) 14-Apr Apr Sep Sep-20 1 Rent deposit held of 6, Service charge cap of Pays rent monthly. 5 Service charge cap of 3, of the 5 car parking spaces are held on monthly licences at 600 pa per space. - Rent deposit held of 2, Rent of 7, pa is inclusive of rates, insurance & service charge estimated at per sq ft. Current rent is 7,200 pa with a fixed rental increase on 22-Oct-11 to 7,500 pa. - Rent of 3, pa is inclusive of rates, insurance & service charge estimated at per sq ft. Solicitors instructed on lease renewal for term of 6 months at the current rent. - Rent of 3, pa is inclusive of rates, insurance & service charge estimated at per sq ft. 2 Rent of 63, pa is inclusive of rates, insurance & service charge estimated at per sq ft. Lease renewal agreed for term expiring 31-Dec-12 at 65, pa inclusive of rates, insurance & service charge. 2 Tenant rolling break on 6 months prior notice. Service charge cap of 16, Tenant in discussions on potential regear. 2 Tenant break on 3 months prior notice. Current rent is 15,708 pa with a fixed rental increase on 5-Mar-12 to 17,136 pa. Service charge cap of 8, Tenant break on 3 months prior notice. Service charge cap of 12, Tenant break on 6 months prior notice. Current rent is 39,000 pa with a fixed rental increase on 01-Feb-12 to 41,835 pa. Service charge cap of 16, Tenant break on 3 months prior notice subject to payment of a rental penalty of 4,000. Current rent is 26,885 pa with fixed rental increases on 08-Jan-12 to 29,715 pa; 08-Jan-13 to 42,450 pa. Rent deposit held of 7, Service charge cap of 16, , Mutual breaks - tenant on 6 months prior notice & landlord on 12 months prior notice. Rent reviews to RPI. 11, Tenant rolling break on 12 months prior notice. - 9, Mutual rolling break on 12 months prior notice. No service charge cap. 311, of the Landlord & Tenant Act (ii) Service charge figures are for the year ended 24-Dec-10. All service charge caps are increased annually to the higher of RPI or 2.50%.

6 COVENANTS Reed In Partnership Limited Reed in Partnership is one of the largest employment and skills providers in the UK. Since 1998, Reed In Partnership have helped over 110,000 people move from benefits into work. For the 65 weeks to June 2009, the company reported pre-tax profits of ( 237,253) and net assets of 4,427,023 from a turnover of 57,460,436. For additional information: Victim Support Victim Support is the independent charity for victims and witnesses of crime in England and Wales. For the year ended March 2009, the charity reported a pre-tax profit of 371,000 and net assets of 16,608,000 from an undisclosed turnover. For additional information: Seetec Business Technology Centre Limited Seetec Business Technology Centre Limited is one of the UK s largest providers of government funded welfare to work and skills training programmes. For the year ended March 2009, the company reported pre-tax profits of 2,112,133 and net assets of 5,330,215 from a turnover of 21,203,872. For additional information: Airwave Solutions Limited Airwave Solutions Limited provides essential voice and data communications within and between the emergency services. For the year ended June 2009, the company reported a pre-tax profit of 40,581,000 and net assets of 45,234,000 from a turnover of 380,100,000. For additional information: Hutchison 3G UK Limited Hutchison 3G UK Limited is a wholly owned subsidiary of Hutchison Whampoa Limited. The company, which trades under the name 3 provides mobile communications, entertainment and information services in the UK. For the year ended December 2008, the company reported a pre-tax profit of ( 151,892,000) and net assets of ( 5,204,818,000) from a turnover of 1,493,218,000. For additional information: Everything Everywhere Limited Everything Everywhere Limited became Britains largest telecommunications company in July 2010 with the integration of T-Mobile UK and Orange UK. For the year ended December 2009, the company reported net assets of Billion and a pre-tax profit of ( 116,765,000) from a turnover of 3.02 Billion. For additional information: The Mayor & Burgesses of the London Borough of Hounslow Undoubted covenant. No financial data is available. Vodafone Limited Vodafone Group Plc is one of the world's largest mobile communications companies by revenue operating across the globe providing a wide range of communications services. Vodafone Limited is a wholly owned subsidiary of Vodafone Group Plc. For the year ended March 2010, Vodafone Limited reported a net worth of ( Billion) and a pre-tax profit of ( 323,100,000) from a turnover of Billion. For additional information: PLANNING Planning consent was granted on 4 April 2007 for Refurbishment of ground floor and erection of sixth storey, conversion of first floor from offices to retail, and erection of a first floor amenity deck and conversion of floors 2-6 to provide 12 x one and two bed flats.... CONTACT VAT The property is elected for VAT. PROPOSAL Offers in excess of 2,670,000 (Two Million Six Hundred and Seventy Thousand Pounds) subject to contract and exclusive of VAT equating to a low capital value of only per sq ft ( 1, per sq m). A purchase at this level provides an attractive initial yield of 11.00% net of purchase costs at 5.80%. De Souza and Co. 3 Maple Grove Business Centre Lawrence Road, Hounslow TW4 6DR Paul Flannery E: PaulF@DeSouza.co.uk Frank De Souza E: frank@desouza.co.uk T: Philip Hunt Associates Limited 26 Bruton Street London W1J 6QL Philip Hunt E: Philip@phainvest.co.uk T: IMPORTANT NOTICE De Souza and Co. and Philip Hunt Associates Limited and their clients give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and De Souza and Co. and Philip Hunt Associates Limited have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. May 2011.