prime office & residential investment opportunity

Premier House & Point CentralsydenHam road, Croydon, Cr0 2ee

Investment Summary

~ Well located town centre office and residential investment opportunity~ Located in the heart of Croydon in close proximity to East Croydon Rail Station ~ Freehold~ Good communications to Central London and the M25~ Prime office location in Croydon~ Potential lease regears~ Croydon undergoing significant development ~ The property is currently let to three commercial tenants and 14 ground rents~ The total current rent is £128,924 per annum~ We are instructed to seek offers in excess of £1,500,000 (One Million Five Hundred

Thousand Pounds) subject to contract and exclusive of VAT. This show an attractive net initial yield of 8.12% and a reversionary yield of 9.61%, after allowing for purchaser’s costs of 5.8%.

ProposedWestfield

RuskinSquare

EastCroydon

ChurchStreet

WellesleyRoad

LebanonRoad

GeorgeStreet

Centrale

ReevesCorner

WandlePark

East Croydon

West Croydon

Cherry O

rchar

d Road

Can

ning

Ro

ad

Addiscombe Road

Addiscombe Grove

Park H

ill Road

Par

k H

ill R

oad

Bedford Park

Land

sdow

ne R

oad

Syd

enha

m R

oad

Dingw

all Road

George Street

Sydenham Road

Tavi

sto

ck R

oad

Poplar Walk

London Road

Derby Road

High S

treet

High

Street

Tam

wor

th R

oa

d

Church R

oad

B243

B274

Park Lan

e

A2

12

Wellesley R

oad

A2

36 O

ld Town

A236 R

oman W

ay

A236 Mitcham

Road

Lower Coombe Road A212 Coombe Road

A222 St. Jame’s RoadLower Addiscombe Road

Southbridge Road

A2

12

Pa

rk Lane

A232 Chepsto w R

oad

Barclay Road Fairfield Road

A232 Duppas Hill Road

A232

Pump Pail South

LONDONHeathrow

LondonCity

Gatwick

StanstedLuton

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

J9

J6

J5

J3

J2

J29

J28

A5

A505

A418

A602A131A130

A138

A130

A127

A217

A331

A322

A339

A316

A309

A232

A264

A264

A229

A120

A404

A355

A404

A413

A4142

A4010

A414

A414

A414

A1

A2

A3

A3

A41

A34

A40

A31

A24

A22

A21

A20

A10

A10

A12

A12

A13

A26

A21

A23

A23

A420

A303

A34

A34

A44

A40

M1

M4

M4

M2

M3

M3

M10

M40

A404(M)

A329(M)

M25

M25

M25

M25

M25

M25

M23

M26

M20

M20

M11

M11

A1(M)

M1

Harlow

Bishop’sStortford

EppingPotters Bar

Knebworth

Hertford

LUTON

Aylesbury

Dunstable Stevenage

Hatfield

Dartford

Bromley

Gravesend

Gillingham

Shoreham

Rochester

Sittingbourne

Biggin Hill

Romford

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

Sheerness

StaplehurstPaddock

Wood

East GrinsteadCrawley Three Bridges

Horley

Horsham

Witley

Godalming

Cranleigh

NorthHorsham

HaywardsHeath

Burgess Hill

Redhill

Oxted

DorkingGUILDFORD Reigate

Staines

Slough

HemelHempstead

Chesham

St Albans

HighWycombe

Thame

Watford

WembleyUxbridge

RuislipHarrow Brent

Cross

Woking

SouthOxney

Rickmansworth

CROYDON

Harefield

Borehamwood

Enfield

Windsor

Famborough

Aldershot

Alton

BASINGSTOKE

Famham

Fleet

WokinghamBracknall

Egham

Ascot

SandhurstBagshot

READING

OXFORD

Henley-on-ThamesMaidenhead

EpsomSutton

Swanley

Fulham

Ashford

RichmondHounslow

KingstonUpon Thames

BillericayWickford

Stanford-le-Hope

Southend-on-SeaBenfleetCanveyIsland

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

Walton-on-Thames

Clapham

Harpenden

LocationCroydon is strategically located approximately 10 miles south of Central London. Croydon benefits from excellent communications with the M25/M23 interchange approximately 7 miles to the south, providing access to Heathrow and Gatwick Airports and the wider Motorway network.

Croydon is serviced by the national rail network providing regular services to Central London with a quickest journey time of 16 minutes. Croydon also benefits from a local tram service which provides access to Wimbledon to the west and Beckenham and New Addington to the east.

Gatwick Airport is located approximately 17 miles to the south and Heathrow Airport approximately 19 miles to the north west.

56.8m

FBFB

LB

LANSDOWNE ROAD

El Sub Sta

El Sub Sta Car Park

YMCA

Canterbury

3 to 5

House Multistorey

7 to 15

Marco Polo Hse

Emerald House

CorinthianHouse

17

28

1 to8

2 to 6

House

(Government Offices)

Sunley House

Canterbury

55.8m

55.8m

56.4m

56.4m

TCB

LB

BEDFORD P

BEDFORD PARK

DING

WAL

L RO

AD

SYDENHAM ROAD

Sta

El

Sub

Sub Sta

El

Sta

Sub

El

ElSub Sta

4

5

House

1to44

16

33

30

32

2

1

26

11

SubSta

El

24

36

8

Melrose

34 to 35

6

4

1 to 62

PH

8

Vice

roy

Cour

t

Central

Premier

14b House

Point

PointBedford

Underhill Court

14a

Metro Point

Nursery

Richmond Lodge

34

42

29 to

30

31 to

32

HamptonHilton

Cygnet House

2022

12 to 14

Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

© Crown Copyright, ES 100004106. For identification purposes only.

Premier House & Point CentralsydenHam road, Croydon, Cr0 2ee

New access for East Croydon Station

floor tenant sq m sq ft lease start lease expiry (Break)

rent £pa

rent £psf

erv £pa

erv £psf

comments

Ground Southall Travel Limited 167.2 1,800 15/07/2011 14/07/2015 20,280 11.26 28,800 16.00 Rolling Break

First Square Mile Broking Limited

350.5 3,773 30/09/2013 30/09/2023 (30/09/2018)

(i)45,376 12.02 60,368 16.00 Rent rises to £45,376 p.a. in Sept 2015 Rent rises to £56,595 p.a. in Sept 2016

Second IDPP Consulting 350.5 3,773 18/10/2014 17/10/2016 60,368 16.00 60,368 16.00

Flats 1-12 Ground Rents 2,400 2,400

Flats 13 & 14 Ground Rents 500 500

Total 868.2 9,346 128,924 152,436

Tenancy

(i)vendor to top up

SituationPremier House and Point Central is prominently located within the prime office core at the junction of Sydenham Road and Dingwall Road. East Croydon Station has recently been refurbished to provide a new access way to Dingwall Road approximately 200m to the south – this is the proposed access way to the redeveloped Westfield Shopping Centre. West Croydon Station is located approximately 500m to the west.

Tenure Freehold

EPC Rating: C-65.

Croydon Regeneration Hammerson and Westfield have entered into a 50/50 joint venture with approved plans for:

~ £1 billion regeneration of the Whitgift Centre

~ 1.5 million square feet of retail and leisure space including a major department store and a range of shops designed to attract a variety of occupiers

~ Over 5,000 permanent local job opportunities for Croydon

~ New leisure facilities, new public realm, new car parking provisions

~ Approximately 500 new homes.

The development is due to begin in 2015 with a target date for opening in 2018.

Ruskin Square (East Croydon Gateway), a 9 acre site, situated 200 metres from the subject property is undergoing a £500 million development by Stanhope and Schroders. The completed development will include five buildings with up to 625 homes, approximately 240,000 sq ft of offices, retail units and a car park.

Over the next few years and looking forward to 2020 Croydon will transform significantly with extensive development of retail, leisure and commercial schemes. Croydon has received a £23 million support package from The Mayor of London’s Regeneration Fund and £70 million has already been committed by the Croydon Council and other partners to the regeneration of the town.

Croydon’s 2020 vision has received £3.5 billion of commitment to consented and proposed development projects with more to come. The vision seeks to effect the urban planning of Central Croydon extensively and promote Croydon as a hub of living, retail, culture and business in South London and South East England.

VATWe understand the property is elected for VAT which will be chargeable on the purchase price. We would expect the transaction to be treated as a transfer of a going concern (TOGC).

DescriptionPremier House and Point Central are arranged over basement, ground and 10 upper floors. Office accommodation is provided on ground, first and second floors with the residential accommodation on the upper floors, comprising 12 large apartments and 2 duplex penthouses. The flats have been sold off on long leases but provide annual ground rents.

The office accommodation is approached through an impressive entrance hall with the upper floors being served by an automatic 8 person passenger lift. The offices also benefit from air conditioning, raised floors, suspended ceilings, recessed lighting and carpeting. The property benefits from 7 car parking spaces – 4 have been sold to the residential tenants and 3 let to the office tenants.

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 www.commandHQ.co.uk 11.14

Alex Butler020 7543 6722alex.butler@allsop.co.uk

For further information or to make arrangements for viewing please contact:

Richard Lea020 7543 6832richard.lea@allsop.co.uk

www.allsop.co.uk

Proposal We are instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This show an attractive net initial yield of 8.12% and a reversionary yield of 9.61%, after allowing for purchaser’s costs of 5.8%.