Anglo Office Park Lincoln Road High Wycombe HP12 3RH MODERN MULTI-LET OFFICE INVESTMENT OPPORTUNITY

Transcription

1 Anglo Office Park Lincoln Road High Wycombe HP12 3RH MODERN MULTI-LET OFFICE INVESTMENT OPPORTUNITY

2 Investment Summary A modern and attractive office park investment located on the established Cressex Business Park. Developed in 2005 the park offers flexible modern office accommodation of 10 individual units with ground and first floor accommodation. Set around a landscaped car park offering an attractive ratio of 1:305 sq ft. The ten units total 26,249 sq ft (2,439 sq m). Neighbouring occupiers include Jewson, Screwfix, Evans and Hovis on the Cressex Business Park. Long Leasehold interest with approximately 140 years unexpired at a nominal ground rent. Notable occupiers include the Salvation Army and NHS. Currently let to 13 tenants producing a gross rental income of 274,321 per annum (subject to rental guarantee on the vacant unit) and a net income of 260,988 per annum reflecting per sq ft. A weighted average unexpired lease term of 4.32 years to lease expiries and 2.04 years to breaks. Potential to increase rental income through active asset management with an ERV currently at per sq ft and vacant car parking spaces. Offers are invited in excess of 3,250,000 subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.54%, a reversionary yield of 10% and a low capital value of 123 per sq ft taking into consideration standard purchaser s costs of 6.48%.

3 A120 Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH High Wycombe is an affluent South East town with a large catchment population of 214,000 people (2011 census) and is the County town of Buckinghamshire. The town is situated approximately 33 miles (53 km) north west of Central London, 30 miles (50 km) south east of Oxford, 10 miles (16 km) north of Maidenhead and some 4 miles (6km) east of the Chiltern Hills. The town benefits from excellent road communications being situated approximately 1.8 miles (3 km) north-west of Junction 4 of the M40 Motorway and 9 miles (15 km) west of Junction 16 of the M25 Motorway. In addition, the town is also a popular London commuter satellite town by being well connected to the national railway network with a fastest journey time to London Marylebone Station of 27 minutes. Heathrow Airport is approximately 20 miles (32 km) to the south east and Luton Airport some 37 miles (60 km) to the north east. AYLESBURY OXFORD Wendover Anglo Office Park is situated at the junction of Lancaster Road and Lincoln Road within the popular Cressex Business Park. High Wycombe town centre and railway station are within 1 mile (1.6 km) of the property which is also less than half a mile from Junction 4 of the M40 motorway. A10 Lane End Handy Cross Marlow A404 READING M40 LUTON M25 WATFORD EDMONTON A12 Gerrards Cross SLOUGH A40 M4 HEATHROW WOKINGHAM LONDON A406 RICHMOND DARTFORD CROYDON SUBJECT PROPERTY KINGST ON -UPONTHAMES M3 The town is a strong commercial centre, attracting a number of major corporates including Johnson & Johnson, Beckman Coulter, GMAC and BT. Notable occupiers in the immediate vicinity to Anglo Office Park, within Cressex Business Park, include Jewson, Screwfix, Evans and Hovis. M11 WALTHAM ABBEY A4011 HIGH WYCOMBE HARLOW M1 A41 Berkhamsted Kings Chesham A413 Langley Great Missenden West Wycombe High Wycombe benefits from a variety of both local and national bus services, many of which are serviced by the bus station located within the Eden Shopping Centre. Destinations include: London, Oxford, Reading, Heathrow Airport, Slough and Uxbridge. Situation A1(M) Location A232 A217 M25 A3 A24 GUILDFORD M23 10 A40 M40 M40 (Jct 4) GATWICK A404 A22

4 Description Anglo Office Park is a modern office development, arranged as three separate terraces, within a courtyard setting constructed in the early 2000 s. The property comprises ten well-presented office units arranged over ground and first floor, totalling 26,249 sq ft (2,439 sq m). The units benefit from raised floors, air conditioning, suspended ceilings, majority LED lighting, CAT II lighting and car parking for approximately 86 vehicles with a ratio of 1:305 sq ft (1:28 sq m). Tenure The property is held on a long lease from High Wycombe District Council expiring 6th March The current head rent is 13,333 per annum, subject to a review in October 2017 and every fifth year thereafter to 5% of the market rent for the developed site. Negotiations are due to commence on the outstanding review which we estimate will be agreed in the region of 18,300 per annum given the ERV market rent of per sq ft. Lincoln Road Wycombe Trade Park For indicative purposes only

5 Tenancy The business park is currently let to 13 tenants in accordance with the tenancy schedule listed below. Unit Floor Tenant Sq Ft Sq M Lease Start Lease End Rent p/a Rent/ft² Rent Review Break Comments 1 Ground & First Clece Care Services Limited 1, /04/ /03/ , /03/ /03/ Ground TSC Security Limited /03/ /03/ , /03/2020 * 2 First Purple Consulting Limited 1, /06/ /06/ , /06/ /06/ Ground Leap Childrens Therapy Limited /04/ /04/2021 9, /04/ First Vacant 1, , Ground Danly UK Limited /06/ /06/ , /06/ /06/ First Volkmann UK Ltd 1, /01/ /01/ , /01/ & 6 Ground & First Classic Business Equipment Limited 4, /05/ /05/ , /05/ Ground Hertfordshire Partnership University NHS Foundation Trust 1, /07/ /08/ , /09/ /09/2019** 7 First The Salvation Army Trustee Company 1, /09/ /09/ , /09/ Ground & First Chervon Europe Limited 3, /01/ /01/ , /01/ Ground Push to Talk International Limited 1, /01/ /01/ , /01/ /01/ First Epoq-IT Limited 1, /02/ /02/2019 8, Ground & First CC Architecture 3, /08/ /08/ , /08/2022*** Total Area (NIA) 26,249 2, years 2.04 years Total Gross Income 274, Less Head Rent - 13, Total Net Income 260, Fixed rental uplifts in year 3 to 22,667 pa and year 5 to 24,638 pa Fixed rental uplift in year 3 to 12,500 pa Fixed rental uplift in year 3 to 11,832 pa 12 months rent, rates and service charge guarantee Fixed rental uplift in year 2 to 11,662 pa and year 5 to 12,138 pa Fixed rental uplift in year 3 to 22,437 pa Fixed rental uplift in year 4 to 20, pa Notes * 2 months rent free if tenant s break is not excercised ** 1 month rent free if tenant s break is not excercised *** 3 month tenant break penalty The current service charge budget of 36,960 pa equates to approx. 1.40/sq ft, based on an area of 26,249 sq ft. This does not include any electricity charges.

6 Covenant Information Clece Care Services Limited Clece Care Services (CCS) opened in the UK in 2013 to maximise the independence, well-being and quality of life of individuals in their own home. The company has grown to a team of over a thousand care and support professionals. Clece Care Services Limited has a Dun & Bradstreet rating of 2A1. TSC Security Limited The Security Company TSC is a leading provider of creative employee security awareness programmes. They provide security education programmes that minimise organisational risks and strengthen business. TSC Security Limited has a Dun & Bradstreet rating of D1. Purple Consulting Limited Purple Consulting offers a professional bookkeeping, management accounts and accounts preparation service to small and medium businesses across Buckinghamshire and the surrounding areas. Purple Consulting Limited has a Dun & Bradstreet rating of G3. Leap Childrens Therapy Limited Leap Children s Therapy is an independent company based in Buckinghamshire and London providing Occupational Therapy services to children and young people. The team combined provides over experience of 40 years working for the NHS, privately and on behalf of Buckinghamshire County Council. Leap Children s Therapy Limited has a Dun & Bradstreet rating of F2. DANLY UK Limited Established in 1922 DANLY is an international company, engaged in the manufacture and distribution of die sets and toolmakers supplies. Over 10,000 companies worldwide already work successfully with DANLY products. Their customers include automotive, domestic appliance and other metal working and toolmaking companies. DANLY UK Limited has a Dun & Bradstreet rating of 2A2. Volkmann UK Limited Volkmann was founded in 1973 as a consulting company for production automation. Today, Volkmann is a specialist in the transport and handling of bulk materials. In particular, Volkmann offers customers from the Chemical, Food Processing and Pharmaceutical Industry class leading standards. Volkmann employs nearly 100 employees and operates subsidiaries in Great Britain, France and the USA. Volkmann is internationally present in many countries with local agencies. Volkmann UK Limited has a Dun & Bradstreet rating of 1A1. Classic Business Equipment Limited Established in September 1997, the company was formed with an objective of providing a high quality product and customer service in the Thames Valley area. The Company now supplies and services printing machines to many organisations throughout the UK. Classic Business Equipment Limited has a Dun & Bradstreet rating of 2A1. Hertfordshire Partnership University NHS Foundation Trust The Trust provides health and social care for over 400,000 people with mental ill health, physical ill health and learning disabilities across Hertfordshire, Buckinghamshire, Norfolk and North Essex. They employ nearly 3,000 staff. Hertfordshire Partnership University NHS Foundation Trust has a Dun & Bradstreet rating of 5A1. The Salvation Army Trustee Company The Salvation Army is an international charitable organization structured in a quasi-military fashion. The organisation reports a worldwide membership of over 1.5 million, consisting of soldiers, officers and adherents known as Salvationists. It is present in 127 countries, running charity shops, operating shelters for the homeless and disaster relief and humanitarian aid to developing countries. The Salvation Army Trustee Company has a Dun & Bradstreet rating of H1. CHERVON Europe Limited CHERVON is an innovative, global player in the power tool and outdoor power equipment industries. They specialise in researching, developing, manufacturing, testing, sales, and after-sale services for electric power tools and related product categories. CHERVON products are now sold by more than 30,000 top chain stores in 65 countries. CHERVON is one of the top-ten providers of power tools worldwide. CHERVON Europe Limited has a Dun & Bradstreet rating of A2. Push to Talk International Limited Established in 2007 Push to Talk International Limited is the largest supplier of Push to Talk services in the UK. With customers ranging from security teams, rail companies, hospitals, retail chains, football stadiums and parking enforcement, they provide companies with instant group communications. Push to Talk International Limited has a Dun & Bradstreet rating of N3. EPOQ-IT Limited Founded in 2002, EPOQ- Limited provide IT consultancy services for regulated businesses and SMBs. EPOQ- Limited has a Dun & Bradstreet rating of E2. CC Architecture Limited CC Architecture Ltd is a Registered Chartered Architectural Practice consisting of Chartered Architects, Chartered Architectural Technologists, Technicians and Structural Engineers. Based at Anglo Business Park, the company specialises in domestic projects, which range from full planning permission for a single storey extension to complete new build properties. CC Architecture Ltd has a Dun & Bradstreet rating of N3. Further information including company financial data can be provided upon request.

7 EPC Individual EPC ratings are available upon request. Please note each of the ratings are currently above an E rating. VAT The property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC). Asset Management Opportunities The most recent lettings have achieved rents of per sq ft which provide excellent evidence for those units with potential medium term reversions such as Unit 9 at 4.75 per sq ft and Units 5&6,8 which are currently let at rents of circa 8.50 per sq ft. The car park is not currently fully let and there is a potential opportunity to increase the total rent. Individual spaces are anticipated to achieve circa 800 per annum, there are currently 7 available spaces. Additionally, there could be future break up opportunities on a floor by floor basis, individual unit basis or a terrace basis. Further details are available upon request.

8 Proposal Offers are invited in excess of 3,250,000 subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.54%, a reversionary yield of 10% and a low capital value of 123 per sq ft taking into consideration standard purchaser s costs of 6.48%. Further Information Should you require further information or wish to view the property please contact either:- STEVEN POLLACK JONATHAN SKERRY T: T: M: M: E: steven@buchananbond.com E: jonathan@buchananbond.com 3-5 Barrett Street St Christopher s Place London W1U 1AY Misrepresentation Act 1967 & Declaration Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that: i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract. ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them. iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property. OCTOBER 2017.