PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL GREATER LONDON OFFICE INVESTMENT

Transcription

1 PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL GREATER LONDON OFFICE INVESTMENT

2 KINGSTONUPON-THAMES Station The Bentall Centre Fairfield Recreation Ground John Lewis Bridge PRINCESS MEWS Rose Theatre Town Hall R S AME TH IVER Surrey County Council

3 PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL INVESTMENT SUMMARY South West London Business Space Investment Located in the popular town of -upon-thames Approximately a 15 minute walk from Railway Station Circa 13,284 sq ft of office and workspace accommodation Freehold Current occupancy rate of 100% Asset Management opportunities including potential lease regears and future site development subject to planning Total income is 169,028 pa which equates to psf Offers are sought in excess of 2,150,000 (Two Million One Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 7.43%, a low capital value of psf.

4 ield Harrow J16 Ruislip Bren Cross A40 Wembley Uxbridge d Slough Southall Windsor J15 M4 Fulham Hounslow Heathrow A316Richmond Clapham Staines KINGSTON Egham Ashford cknall UPON THAMES Ascot J12 A309 A3 A23 A322 M3 Walton-on-Thames Croydon Bagshot A232 B M25 Epsom Sutton J10 Woking A217 B A22 J9 ough 31 A3 M25 J7 J8 J6 GUILDFORD Dorking Reigate Redhill A24 dalming M23 Horley Gatwick Cranleigh LONDO High Street Portsmouth Road Horse High Street Fair Surbiton Road A240 Penrhyn Road Brook St hdown Rd AsEden Street A308 Denmark Road Fa sett Road ld Way Wheatfie The Fairfield Recreation Ground Fairfield South Portland Road Grove Lane Beaufort Road Lingfield Avenue Surbiton Hill Road Cromwell Road PRINCESS MEWS Villiers Avenue Albert Road Horace Road Villiers Road A308 K Victoria Road Hogsmill Lane Chapel Mill Road Buckingham Rd ingsto Hawks Road Bonner Hill Road Cemetery Lower Marsh A2 LOCATION Princess Mews is located in -upon-thames, an affluent town in South West London. is approximately 10 miles south west of Central London, and 20 miles north east of Guildford. The town benefits from good road communications with the A3 Bypass providing access to the M25 (Junction 9) approximately 7 miles to the south and the M3 (Junction 1) approximately 6 miles to the west. The town also benefits from excellent public transport links being served by, Surbiton, Norbiton and Berrylands rail stations providing frequent services to London Waterloo every 15 minutes, with a fastest journey time of 18 minutes. London Heathrow and London Gatwick airports are approximately 9 miles north west and 23 miles south of the property respectively. SITUATION Princess Mews is situated approximately one mile south east of town centre on the western side of Horace Road, just to the north of its junction with Portland Road. The property is situated in a mixed residential and commercial area and is adjacent to a University campus. town centre provides an extensive retail offering, including the Bentall Shopping Centre. Railway Station can be reached within an approximate 15 minute walk.

5 PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL DESCRIPTION The property comprises 9 two storey office/workspace units totalling approximately 1,234 sq m (13,284 sq ft) constructed in an art-deco style. The units provide a mixture of workshop and office accommodation. s 6 and 7 benefit from access to a roof terrace. The property benefits from 18 car park spaces within a gated site. SITE AREA The property occupies a site of approximately 0.13 hectares (0.31 acres). Source Promap. TENURE Freehold SERVICE CHARGE The budgeted service charge for the year ending 31 December 2015 is 35,721 equating to 2.69 psf. Outline for indicative purposes only. Tenant Area (NIA) Sq m Area (NIA) Sq ft Lease Start Date Expiry (Break) Rent p.a. (psf) Service Charge (%) Comments 1 Locate I.T. (UK) Ltd ,329 22/12/ /12/ ,828 ( 14.17) 9.16% Outside L&T 54 Act. Rolling mutual break option subject to 3 months written notice. Rent Deposit - 9, Vickery Associates Ltd ,328 17/03/ /03/ ,900 ( 14.23) 9.16% Tenant Holding Over. Outside L&T 54 Act. Schedule of condition in place. Rent Deposit - 5, Yellow Zebra Travel Ltd ,358 01/11/ /10/2019 (29/09/2017) 18,500 ( 13.63) 9.30% Outside L&T 54 Act. Tenant break option. If break option not taken then peppercorn to be paid between 30/09/2017 and 29/12/2017 Service charge cap in place. Reviewed annually. Rent Deposit - 4, Horace Road 4 Sarner International Ltd 5 Sarner International Ltd ,894 18/05/ /05/ ,000 ( 10.37) ,379 18/05/ /05/ ,200 ( 8.12) 19.48% Outside L&T 54 Act. Rolling tenant break option subject to 6 months written notice. Rent Deposit - 7, % Outside L&T 54 Act. Rolling tenant break option subject to 6 months written notice. Rent Deposit - 3,360 6 Aloysha Evans (t/a B Clean Services) 153.8* 1,655* 30/07/ /07/ ,200 ( 7.98) 9.59% Outside L&T 54 Act. Schedule of condition in place. Rent Deposit - 3, Canyon Bicycles UK Ltd 8 Coherent Technology Ltd ,057 14/01/ /01/2018 (13/01/2016) 22,000 ( 10.70) ,424 25/12/ /12/ ,400 ( 14.33) 14.54% Outside L&T 54 Act. Surety - Canyon Bicycles GmbH, Tenant Break Option. Fixed Rental Increases - 14/01/ /01/ ,000 pa; - 14/01/ /01/ ,000 pa; Rent Deposit - 5,000 plus 1,000 (VAT Element) 9.88% Outside L&T 54 Act. Rent Deposit - 9,987 Portland Road 9 Lewislive Ltd ,515 18/05/ /05/ ,000 ( 10.56) 9.59% Outside L&T Act. Rent Deposit - 3, Crown Copyright, ES For identification purposes only. 1, , , % * Not inspected by Allsop. Areas supplied by Vendor. (GIA)

6 COVENANTS LOCATE I.T. (UK) LTD was established in 2006 and is a European wide wholesaler of office machinery and equipment. In June 2014 Locate I.T. (UK) Ltd recorded a tangible net worth of 239,813. VICKERY ASSOCIATES LTD was established in 1999 providing print and design services across the UK. In March 2014 Vickery Associates Ltd recorded a tangible net worth of - 198,372. YELLOW ZEBRA TRAVEL LTD was established in 2012 and is a travel agency and tour operator specialising in African safari. In December 2013 Yellow Zebra Travel Ltd recorded a tangible net worth of 43,849. SARNER INTERNATIONAL LTD was established in 1988 and is a leading company in the design and delivery of visitor attractions and leisure entertainment centres. In March 2014 Sarner International Ltd recorded a tangible net worth of 268,188. CANYON BICYCLES UK LTD was established in In September 2014 Canyon Bicycles UK Ltd recorded a tangible net worth of - 13,132. COHERENT TECHNOLOGIES LTD was established in 1990 and is a manufacturer of tv transmitters and telephony. In December 2013 Coherent Technologies Ltd recorded a tangible net worth of - 300,758. LEWIS LIVE LTD was established in 1975 and is an event management and production business. In September 2014 Lewis Live Ltd recorded a tangible net worth of - 236,933.

7 PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL 8 A310 A307 B351 Richmond Park KEY: Key areas of change Local Centres Housing Opportunity Areas n A308 Locally Significant Industrial Site Major Movement Barriers Strategic Landmark A3 Hampton Wick ampton Wick Norbiton A238 8 pton Court Park Upon Thames Norbiton A2043 B283 New Malden A307 A240 THE PROPERTY Berrylands New Malden A3210 Surbiton Surbiton Oakhill REGENERATION is set to benefit from numerous developments including the Eden Quarter Development which is the largest development opportunity area in the town centre. The development is set to combine high quality retail, leisure and commercial uses with active public space and residential living. North is situated north of station and has been recognised for a future comprehensive redevelopment. The main uses considered for the area include residential, educational and other uses. Plans have been drawn up by Berkeley for 315 new homes, new commercial and educational accommodation and a linear park within the development area. An application from Goldcrest is also being considered to develop an office block and replace it with retail outlets, office accommodation, restaurants and cafes on the ground floor and accommodation for up to 210 student on the upper floors. Numerous development projects are A3 being considered by the riverside including Heights which will include a new housing project, a 70 million upmarket hotel and restaurants next to John Lewis. John Lewis is considering expanding itself which could include a Waitrose. In 2014 was awarded the mini-holland programme status by the Mayor of London which provides 30 million to transform the local cycling facilities. The programme will help to improve the road network and public spaces for all road users. Ultimately the development of is being overseen by Futures which is an ambitious investment programme designated for Town Centre and its future development. Further information can be found at EPCs Assessment Rating 1 55 C 2 66 C 3 55 C EPC certificates are available upon request. VAT Assessment Rating 4 56 C 5 53 C E The property is elected for VAT purposes, however we anticipate the sale will be treated as a Transfer of Going Concern (TOGC). Assessment Rating 7 71 C 8 62 C 9 74 C

8 PROPOSAL We are instructed to seek offers in excess of 2,150,000 (Two Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 7.43%, assuming purchaser s costs at 5.8%, low capital value of psf. FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT: Andy Pointon andy.pointon@allsop.co.uk Jonathan Butcher jonathan.butcher@allsop.co.uk Richard How richard.how@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD