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1
THE JAMAICA PORTFOLIO
2
TEDDINGTON
REIGATE
• The Jamaica Portfolio represents an excellent opportunity
to acquire 5 office assets in strong occupational markets
located in the South East and a single asset in Birmingham.
• All of these assets are held freehold.
• Total floor area of 107,053 sq ft.
MAIDENHEAD BIRMINGHAM
SIDCUP
PROPOSAL
• 93.03% of income secured against “Very Low Risk”
Covenants.
• 79.19% of income is derived from London and the
South East with the remainder attributed to one asset in
Birmingham.
• The Portfolio produces a total gross income of £2,523,312
reflecting a low rent per sq ft of £23.57.
• The portfolio benefits from a range of excellent value
creation opportunities through exposure to rent reviews,
planning opportunities, refurbishment and redevelopment
opportunities.
• Offers are sought in excess of £31,500,000 (thirty one
million five hundred thousand pounds) reflecting an
attractive net initial yield of 7.5% based on purchasers
costs of 6.8%.
2
M18
M56
M50M11
A1(M)
A1(M)
A1(M)
A1(M)
M77
M80
M90
M9
M62
M62
M65
M54 M42
M42
M40
M23 M20
M26
M25
M2
M3
M4
M1
M1
M1
M6
M6
M6
M6
M4
M5
M5
LONDON
BRIGHTON
PORTSMOUTH
PLYMOUTH
EXETER
BRISTOL
COVENTRY
BIRMINGHAM
LEICESTER
CARDIFF
SOUTHAMPTON
NOTTINGHAM
SHEFFIELD
LEEDSHULL
MIDDLESBOROUGH
NEWCASTLE
EDINGBURGH
DUNDEE
ABERDEEN
GLASGOW
LIVERPOOL
MANCHESTER
05
04
03
01
02
ADDRESS/SECTOR PASSING RENT
OFFICE
1. ST CLOUD GATE Maidenhead £255,000
2. HEATHER COURT Sidcup £708,800
3. HARLEQUIN HOUSE Teddington £552,437
4. 45 LONDON ROAD Reigate £482,075
5. UNIT 2500 THE CRESCENT Birmingham £525,000
Total £2,523,312
3
A S S E T M A N A G E M E N T O P P O R T U N I T I E S
• Secure lease renewals and re-gears from several
tenants to increase the AWULT and income profile of
the assets.
• Refurbish a number of assets to achieve reversionary
rents which have sustained an attractive level of growth
across the South East in particular.
• Enter into rent review negotiations with tenants to
increase the rents to current market levels which are
continuing to show strong growth.
• Where the opportunity is available, develop further
space to achieve a higher site density and a larger
income by adding additional units.
• Negotiate a surrender premium from head tenants on
assets and enter into negotiations with the sub tenants
to sign new leases and increase the AWULT and extend
the income profile.
PO
RTFO
LIO O
VE
RV
IEW
n Fujitsu services Ltd
n SSP Ltd
n Crest Nicholson Operations Ltd
n Hansen Corp Europe
n Symantec
n Other
n Very Low Risk
n Below Average Risk
n Low Risk
n Low Risk
I N C O M E B Y C O V E N A N T C O V E N A N T S T R E N G T H B Y I N C O M E
Fujitsu Services Ltd
26%Symantec
10%
Hansen Corp Europe
8%
Crest Nicholson Operations Ltd
20%
Other 14%
SSP Ltd 22%
Above Average Risk 2.48%
Maximum Risk 2.56%
Below Average Risk 1.93%
Very Low Risk 93.03%
( E X P E R I A N R A T I N G )
4
PORTFOLIO OVERVIEW & ANALYSIS
Rank Tenant Asset Tenancies Area (sq ft) AWULT Rent (p.a.) Rent (psf) % of income
1 Fujitsu Services Ltd Sidcup 1 30,070 3.1 £632,000 £21.02 26%
2 SSP Ltd Birmingham Business Park 1 27,031 9.6 £525,000 £19.42 22%
3 Crest Nicholson Operations Ltd Reigate 1 19,266 3.2 £482,075 £25.02 20%
4 Symantec Maidenhead 1 9,705 1.5 £255,000 £26.28 10%
5 Hansen Corp Europe Multiple 2 7,192 5.3 £237,600 £33.00 8%
6 Fujitsu Carpark Sidcup 1 N/A 3.1 £76,800 N/A 3%
7 KMI Brands Ltd Teddington 1 3,596 0.7 £68,324 £19.00 3%
7 Indigo Service Solutions Ltd Teddington 1 1,954 5.4 £64,482 £33.00 3%
8 Beating Bowel Cancer Teddington 1 3,463 1.9 £64,066 £18.50 3%
Location area area % Income Income %
Birmingham 27,031 25.25% £525,000 20.81%
Maidenhead 9,705 9.07% £255,000 10.11%
Reigate 19,266 18.00% £482,075 19.10%
Sidcup 30,070 28.09% £708,800 28.09%
Teddington 20, 981 19.60% £552,437 21.89%
Total 107,053 £2,523,312
No of Assets 5
No of Tenancies 13
Total Area 107,053 sq ft
Vacant Area 0 sq ft
Vacancy Rate 0%
AWULT to break 4.44
AWULT to expiry 4.57
K E Y P O R T F O L I O T E N A N T S
P O R T F O L I O S U M M A R Y
AREA SPLIT
n Birmingham
n Maidenhead
n Reigate
n Sidcup
n Teddington
20,981 sq ft
19.60%
27,031 sq ft
25.25%
19,266 sq ft18.00%
9,705 sq ft
9.07%
30,070 sq ft
28.09%
5
Property Unit Tenant Name Area sq ft Lease Start Lease BreakLease Expiry
Rent Review Passing Rent Rent psf Comment
Birmingham Business ParkUnit 2500 The Crescent B37 7YE
Whole SSP Ltd 27,031 02/07/2016 06/05/2026 07/05/2021 £525,000 £19.42
Rent Review annual RPI cap and collar of 5% – 1.5%, minimum uplift of £565,574. Half rent receivable to May 2019. Vendor to top up rent free.
MaidenheadSt Cloud Gate, SL6 8XD
Whole Symantec 9,705 25/03/1998 24/03/2018 £255,000 £26.28Sublet to Objective Corporation who have Sub-underlet the second floor to Dice Communications.
Reigate45 London Road Reigate, RH2 9QP
Whole Crest Nicholson Operations Ltd 19,266 09/12/2004 08/12/2019 £482,075 £25.02Sublet: IBM (First floor), Wells Fargo (2nd floor), Brewin Dolphin (4th floor)
SidcupHeather Court 6 Maidstone Road, DA14 5HU
Whole Fujitsu Services Ltd 30,070 07/11/1994 06/11/2019 £632,000 £21.02Fujitsu occupy part of the 1st floor with the rest of the space being sublet.
Car Park
Fujitsu Carpark 30/10/1997 06/11/2019 01/10/2017 £76,800Uplift to a the higher of £76,800 or OMV. Vendor to top up.
Total 30,070 £708,800
TeddingtonHarlequin House 7 High Street Teddington, TW11 8EE
GF Rock School Ltd 3,285 09/08/2012 08/08/2017 £62,415 £19.00
1 KMI Brands Ltd 3,596 24/06/2014 24/06/2017 23/06/2019 £68,324 £19.00
2Beating Bowel Cancer Awareness Education & Support
3,463 08/09/2008 07/09/2018 £64,066 £18.50
3 Hansen Corp Europe 3,591 01/02/2017 31/01/2022 31/01/2024 31/01/2022 £115,200 £32.08
Agreement to Lease in place. Rent begins on 1st Feb 2017. Current tenant moves out on 19th December 2016.
4A Indigo Service Solutions Ltd 1,954 01/03/2014 28/02/2017 28/02/2022 £64,482 £33.00
Stepped rental increases,1st March 2017 - £48,8501st March 2018 - £54,7121st March 2019 - £64,482 Vendor to top up.
4B Survey Solutions Ltd 1,491 27/02/2016 23/06/2019 £48,450 £32.50
Stepped rental increases,26th February 2017 - £44,73026th February 2018 - £48,450Vendor to top up.
5 Hansen Corp Europe 3,601 01/02/2017 31/01/2022 31/01/2024 31/01/2022 £122,400 £34.00
Car Parking £7,100 8 spaces let on 6 licenses
Total 20,981 £552,437
TOTAL 107,053 £2,523,312
T E N A N C Y S C H E D U L E *
*areas at point of publish, please refer to measured survey schedules for confirmation.6
7
UNIT 2500, THE CRESCENT
BIRMINGHAM BUSINESS PARK, B37 7YE
BIRMINGHAM
I N V E S T M E N T C O N S I D E R A T I O N S
Sector Office
Floor Area (sq ft) 27,031 sq ft
Tenure Freehold
No. of Tenancies 1
Vacancy by Floor Area 0 sq ft
Contracted Income (PA) £525,000
Overall Passing Rent (psf) £19.42
AWULT (Yrs) 9.6 (Expiry)
• Good location in Birmingham's premier Business Park.
• Fully let with 9.6 years to expiry. Very attractive RPI
linked lease profile with a cap and collar at 5% and 1.5%
respectively.
7
BIR
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CO
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COLESHILL HEATH RD
YORKMINSTER DR
SOLIHULL PKW
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B4438
B4438
COLESHILL RD
CHELM
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PACKIN
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HELMSWOOD DR
A452
A452
A446
A452
M42
M6
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J4
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Lic
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0002
2432
L O C A T I O N & S I T U A T I O N
Birmingham Business Park is located on the eastern fringe of Birmingham. The area benefits from
excellent communication links being in close proximity to Junction 7 of the M42 and Junction 4 of
the M6.
Birmingham International Rail Station is less than 2.5 miles (4 km) to the South and provides journey
times of 1 hour 13 minutes to London Euston as well as regular trains to Birmingham New Street,
Coventry, Manchester Piccadilly and Glasgow Central.
The site is also located less than 3.1 miles (5 km) from Birmingham International Airport which
flies regular routes to major global destinations. In addition regular shuttle buses run between
Birmingham Business Park, the National Exhibition Centre and Sutton Coldfield.
Major local occupiers include Atos, Opus International, Pinewood Technologies, ABP Food Group
and Vector GB.
D E S C R I P T I O N
The property is situated on The Crescent in the centre of Birmingham Business Park.
The property is a self contained office building built in the late 1990s, comprised of steel
frame construction with brick-clad elevations. The building forms 27,031 sq ft of office
accommodation arranged over ground and 2 upper floors.
The open plan office floors are air conditioned and feature suspended ceilings with Cat II
lighting offering flexible floor space, which is currently a mix between open plan, partitioned
offices and a staff canteen. The tenant is currently extensively refurbishing the accommodation
with a budget of c. £100 psf (£3m).
There is on-site surface car parking with 152 spaces available providing an excellent ratio of
approximately 1:178 sq ft. The property benefits from a very low site density of 12.66% on a total
site area of 1.64 acres.
BIRMINGHAM BUSINESS PARK
8
B I R M I N G H A M K E Y O C C U P A T I O N A L T R A N S A C T I O N S
• In 2015 Birmingham Out of Town Office Market (OOT) saw 450,000 sq ft of occupational
transactions with the most significant of these being Changan Automotive who acquired an
office complex, totalling 80,000 sq ft, at Birmingham Business Park for their own phased
occupation.
• Supply of space has stayed at a similar level with new office stock coming to market at a
similar rate to take-up and currently sits at 800,000 sq ft.
• Current prime Grade A Birmingham Business Park rents are c.£23.00 psf.
T E N A N C Y D E T A I L S
The subject property is let SSP LTD generating £525,000 p.a. which reflects a low passing
rent of £19.42 per sq ft. The property is fully let with 9.6 years to expiry. The property benefits
from an attractive RPI Linked Rent Review in May 2021, with a cap and collar of 5% and 1.5%
respectively.
A C C O M M O D A T I O N *
B I R M I N G H A M O C C U P A T I O N A L S U M M A R Y
B I R M I N G H A M K E Y O C C U P A T I O N A L T R A N S A C T I O N S
Address Size (sq ft Let/ Sold to Date
Parkside 80,000 Changan Automotive 2015
Trident Court 22,200 Pinewood Technology 2015
Aquarius House 20,000 BT 2014
2610 The Crescent 16,700 Ryder Trucks 2015
Unit NIA (sq ft)
Ground Floor 9,065
1st Floor 8,896
2nd Floor 9,070
Total 27,031
Total sq ft take-up 2015 450,000
Total sq ft supply 800,000
Rental growth % 12 months 4.2%
Prime Grade A rent £23.00
BIR
MIN
GH
AM
*areas at point of publish, please refer to measured survey schedules for confirmation.
9
C O V E N A N T I N F O R M A T I O N
The covenant details for the tenant are shown below:
SSP Limited (Company No: 04234499)
Delphi Score: 100 (Very Low Risk)
Accounts Dated 2015 2014 2013
Turnover (£) 68,542,000 65,710,000 59,465,000
Pre Tax Profit (£) 4,470,000 6,897,000 5,494,000
Net Worth (£) 21,220,000 12,700,000 3,047,000
BIR
MIN
GH
AM
BIRMINGHAM OOT OFFICE TAKE UP 2000 - 2015
BIRMINGHAM BUSINESS PARK PRIME RENTS 2000 - Q1 2016
“A strengthening occupational market”
A S S E T M A N A G E M E N T O P P O R T U N I T I E S
• The tenant is currently spending £3 million (c. £100 psf) on improving
the property, highlighting their long term plans for the property.
• The rent review in May 2021 will offer a good level of rental uplift given
the attractive RPI linked lease structure.
• The tenants improvements include updating the M&E, full internal
re-model and redecoration, installation of new delivery facilities and
complete roof repair.
10
11
ST CLOUD GATE, SL6 8XD
MAIDENHEAD
I N V E S T M E N T C O N S I D E R A T I O N S
Sector Office
Floor Area (sq ft) 9,705
Tenure Freehold
No. of Tenancies 1
Vacancy by Floor Area 0 sq ft
Contracted Income (PA) £255,000
Overall Passing Rent (psf) £26.28
AWULT (Yrs) 1.5 (Expiry)
• Located adjacent to the St Cloud Regeneration area giving
the potential for a purchaser to partner with Windsor &
Maidenhead Council on a large regeneration project.
• Prominent frontage on an arterial transport link through
Maidenhead's business district.
• Fully let with an unexpired lease of 1.5 years to expiry.
• Excellent opportunity to refurbish and/or redevelop to gain
a higher rent with current grade A rents in Maidenhead
reflecting a 42.6% increase on the current rent.
• The Crossrail/Elizabeth Line will stop at Maidenhead Station
when it begins operation in 2018.
11
MA
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NH
EA
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NORFOLK ROAD
RAY MILL ROAD
BLA
CK
AM
OR
E LANE
QU
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STR
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HIGH STREET
YORK ROAD
CASTLE ROAD
CRAUFU
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BRIDGE ROAD
SAINT-CLOUD WAY
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Maidenhead
COO
KHA
M RO
AD
SAINT-CLOUD WAY
St Cloud Gate
Surgery
CRCar Park
Subway
Ordnance Survey, (c) Crown Copyright 2016. All rights reserved. Licence number 100022432
L O C A T I O N & S I T U A T I O N
Maidenhead is a large and affluent town in the Thames Valley sitting just outside the M25 in the
Royal Borough of Windsor and Maidenhead. The Town sits in Berkshire on the banks of the River
Thames with a total population of approximately 67,404 (2011 Census). Maidenhead benefits
from good communication links via Junction 8 and 9 of the M4 into both Central London
heading East and Reading heading West.
Maidenhead Rail Station is located 0.7 miles (1.1 km) to the South and sits on the Reading main
line which offers links of 38 minutes into London Paddington as well as links to Oxford, Bourne
End and Reading, placing it well within the affluent West London commuter belt. The arrival of
the Crossrail/Elizabeth Line to Maidenhead Station in 2018 will also aid the town with journey
times to Bond Street of 41 minutes and Reading of 12 minutes.
Major local occupiers include Adobe, Maersk, Concur Technologies and Acenden.
D E S C R I P T I O N
The property has a prominent frontage on the corner of St Cloud Way and Cookham Road.The
property is a self contained office building of steel frame construction comprising 9,705 sq ft of
accommodation arranged over ground and 2 upper floors.
The open plan office floors are air conditioned and feature raised floors, double glazing and a high
quality reception area.
There is on-site surface car parking, with 44 spaces available providing a very good ratio of
approximately 1:220 sq ft. The property benefits from a low site density of 16.26% on a total site
area of 0.51 acres.
ST CLOUD REGENERATION AREA
ST CLOUD REGENERATION AREA
12
M A I D E N H E A D K E Y
O C C U PA T I O N A L T R A N S A C T I O N S
• In 2015 Maidenhead saw 127,020 sq ft of occupational
transactions with the most significant of these being the
16,719 sq ft at The Pearce Building to Blackberry at a rent of
£37.50 psf on a 10 year lease with with a 7 year break.
• Availability of space has continued to fall and currently sits
at 612,000 sq ft.
• Current prime Grade A rents sit at a level of £37.50 psf.
T E N A N C Y D E T A I L S
The subject property is solely let to Symantec Security (UK)
Ltd, guaranteed by Symantec Corporation with an AGA from
Veritas, generating a current passing rent of £255,000 p.a
which reflects a low passing rent of £26.28 psf. The property
is fully let with an unexpired term of 1.5 years to expiry. The
tenant has sublet the building.
C R O S S R A I L
Maidenhead is one of the terminals for Crossrail to provide a
high frequency and accessible railway transportation system
for London and the South East; the target date is 2018.
Crossrail trains will travel from Maidenhead and Heathrow in
the west to Shenfield and Abbeywood in the east, via newly
constructed tunnels under Central London. As a consequence,
Crossrail will link Maidenhead to Heathrow Airport, the West
End and Canary Wharf.
The new crossrail line will link Maidenhead to Bond Street in
41 minutes reducing current travel times from 1 hour and 12
minutes and providing direct links to Bond Street, Tottenham
Court Road, Liverpool Street and Stratford.
S A I N T C L O U D W A Y
Maidenhead is undergoing a significant regeneration initiative
of council owned sites covering more than 6.3 hectares. Sites
include; York Road, West Street, Reform Road and Saint Cloud
Way, adjacent to the subject property.
This initiative is to provide more than 1,000 new homes,
offices, community facilities, a cultural quarter, shops,
restaurants and entertainment provision.
The council is currently preparing a Development Framework
plan.
S U B - L E T T E N A N C Y
Tenant Name Unit Area Lease Start Lease Break Lease Expiry Passing Rent Rent psf Comment
Objective Corporation UK Ltd
Sublease of whole 9,705 15/08/06 21/03/2018 £230,391 £23.73
Dice Communications Sub underlease, 2nd Floor 2,524 17/10/16 01/10/2017 17/03/2018 £50,480 £20.00Rolling break effective from break date with 3 months notice. Also includes 11 car parking spaces
MA
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13
A S S E T M A N A G E M E N T O P P O R T U N I T I E S
• Maidenhead has benefitted from excellent rental
growth over the last 5 years with prime rents now
£37.50 psf which is substantially ahead of current
passing rents.
• The owner of this building has the potential to
partner Windsor & Maidenhead Council on the
regeneration of this building.
MAIDENHEAD PRIME RENTS 2000 - Q1 2016
MAIDENHEAD TAKE UP 2000 - Q1 2016
C O V E N A N T I N F O R M A T I O N
Covenant details for the tenant are shown below:
D E V E L O P M E N T P L A N S
MA
IDE
NH
EA
D
Symantec Security (UK) Ltd is guaranteed by Veritas Technologies
(UK) Limited under an Authorised Guarantee Agreement.
Veritas Technologies (UK) Limited (Company No: 02575013)
Delphi Score: 100/100
Accounts Dated 2015 2014 2013
Turnover (£) £164,801,000 £170,221,000 £171,230,000
Pre Tax Profit (£) £1,534,000 £4,889,000 £4,520,000
Net Worth (£) -£689,000 £3,799,000 £4,077,000
• The vendor has investigated the ability to redevelop this site.
DEVELOPMENT OPTIONS
The vendor is working up two schemes;
1 28,000 sq ft office extension
2 45,000 sq ft new build
FIRST FLOOR OFFICES
GEA - 806 sq.m (8,675 sq.ft)GIA - 758 sq.m (8,159 sq.ft)NIA - 656 sq.m (7,061 sq.ft)81.4% Net / Gross
up
male wc
lift
lift
female wc
wc
cl
SECOND FLOOR OFFICES
GEA - 734 sq.m (7,900 sq.ft)GIA - 692 sq.m (7,750 sq.ft)NIA - 586 sq.m (6,307 sq.ft)79.8% Net / Gross
up
male wc
lift
lift
female wc
wc
cl
THIRD FLOOR OFFICES GEA - 605 sq.m (6,510 sq.ft)GIA - 565 sq.m (6,080 sq.ft)NIA - 475 sq.m (5,115 sq.ft)78.5% Net / Gross
dn
male wc
lift
lift
female wc
wc
cl
RECEPTION 108 sq.m x 50% (580 sq.ft )
up
wc
wcwc
services intake room
lift
lift
GROUND FLOOR OFFICES
GEA - 517 sq.m (5,565 sq.ft)GIA - 470 sq.m (5,059 sq.ft)NIA - 354 sq.m (3,810 sq.ft)68.5% Net / Gross
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14
15
45 LONDON ROAD, RH2 9QP
REIGATE
I N V E S T M E N T C O N S I D E R A T I O N S
Sector Office
Floor Area (sq ft) 19,266
Tenure Freehold
No. of Tenancies 1
Vacancy by Floor Area 0 sq ft
Contracted Income (PA) £482,075
Overall Passing Rent (psf) £25.02
AWULT (Yrs) 3.2 (Expiry)
• Situated in the centre of Reigate, on London Road, a
short walk from Reigate Rail Station.
• Fully let with 3.15 years to expiry.
• Excellent asset management opportunities to
negotiate a surrender premium with Crest Nicholson
Operations Ltd and re-gear the sub-tenant leases to
give a longer income profile.
15
RE
IGA
TE
BEAUFORT CLOSE YORKE ROAD
RUSHWORTH ROAD
DEERINGS ROAD
HOLMESDALE ROAD
A25 WEST STREET
HIGH STRE ET
A25 REIGATE ROAD
P
ARK
LAN
E
LON
DON
ROAD A25
A
217
R
EIG
ATE
HIL
L
A242
CROYDON ROAD
MANOR ROAD SOMERS ROAD
ALM
A R
OAD
WRAY PARK ROAD
NU
TLEY
LAN
E
ALD
ERS R
OAD
Reigate
1.5 milesM25 J8
4.4 milesM236.7 miles
A23
L O C A T I O N & S I T U A T I O N
Reigate is an attractive town located in Surrey just outside the M25 in the commuter belt, sited
at the foot of the North Downs with a total population of approximately 137,800 (2011 Census).
The town benefits from excellent communication links via Junction 8 of the M25 into both
Central London via the A23 heading North and the M23 heading South to Brighton.
The property occupies an excellent position in the centre of Reigate and is located less than
100 metres from Reigate Rail Station. Reigate sits on the Reading main line which offers journey
times of 43 minutes into London Victoria as well as departures to Reading, Redhill and Gatwick.
Major local occupiers include Kimberly Clark, Willis Towers Watson and Regus.
D E S C R I P T I O N
The property is a modern office building, constructed in 2003 by Crest Nicholson Operations
Ltd for their own occupation comprising 19,266 sq ft of accommodation arranged over 5
storeys with ground floor reception and offices on 4 upper floors.
The open plan office floors are serviced by 4 pipe fan coil air conditioned and feature
suspended ceiling with recessed light fittings and full access raised floors offering flexible floor
space.
There is on-site surface and 2 storeys of sub surface basement car parking with 59 spaces
available providing a good ratio of 1:327 sq ft. The property benefits from a site density of
40.73% on a total site area of 0.29 acres.
LB
ElSub Sta
23
40
30
34
2
45 LONDON ROAD
43
Fonteyn House
LON
DO
N R
OAD
92.4m
94.2mLC
Ordnance Survey, (c) Crown Copyright 2016. All rights reserved. Licence number 100022432
16
R E I G A T E K E Y O C C U PA T I O N A L T R A N S A C T I O N S
• In 2016 The Omnibus building saw a transaction of 11,015 sq ft to Deutsche Leasing at a
transaction of £25.50 per sq ft for a 10-year term with a break at year 5.
• Supply of space has continued to fall and currently sits at 212,472 sq ft.
• Current prime Grade A rents sit at a level of £27.50 psf. London Court, Reigate is currently
Under Offer to Hitachi Capital at an undisclosed rent at c 9,500 sq ft and 37 London Road is
currently on the market
A C C O M M O D A T I O N *
T E N A N C Y D E T A I L S
The subject property is fully let to Crest Nicholson Operations Ltd generating a current passing
rent of £482,075 p.a, reflecting a low passing rent of £25.02 psf. The property is fully let with
3.2 years to expiry. The site has been sublet to 3 occupiers: IBM, Brewin Dolphin and Wells
Fargo Bank, full details are available below.
Unit NIA (sq ft)
Ground Floor 362
1st Floor 4,968
2nd Floor 4,958
3rd Floor 4,948
4th Floor 4,030
Total 19,266
RE
IGA
TEA S S E T M A N A G E M E N T O P P O R T U N I T I E S
• Continue ongoing negotiations for a surrender premium with Crest Nicholson
and enter into negotiations with the sub tenants to sign new leases, increase the
AWULT and extend the income profile.
S U B - L E T T E N A N C Y
Tenant Name Unit Area Lease Start Lease Break Lease Expiry Passing Rent Rent psf Comment
IBM Sublease, 1st Floor 4,968 25/06/153-6 month
mutual rolling01/12/2019 £115,000 £23.15
Wells Fargo Bank Sublease, 2nd Floor 4,958 15/04/16 05/12/2019 £115,000 £23.19
Vacant Recently vacated by Deutsche Leasing
Brewin Dolphin Sublease, 4th Floor 4,030 11/12/16 05/12/2019 £91,890 £22.80
*areas at point of publish, please refer to measured survey schedules for confirmation.
17
RE
IGA
TE
£ pe
r sq
ft
£15.00
£17.00
£19.00
£21.00
£23.00
£25.00
£27.00
£29.00
200
0
200
1
200
2
200
3
2004
200
5
200
6
2007
200
8
200
9
2010
2011
2012
2013
2014
2015
2016
REDHILL & REIGATE PRIME RENTS 2000 - Q1 2016
REDHILL & REIGATE TAKE UP 2000 - 2015
Modern Secondhand Other SecondhandNew CompletedPre-Let
Address Size (sq ft Let/ Soldto Date
The Omnibus Building, Reigate 11,015Deutsche Leasing
2015
Gatton Place, St Matthews Road, Redhill 16,732National Health
Service2015
Red Central, 60 High Street, Redhill 22,350Lactalis
McLelland Ltd2014
The Omnibus Building, Reigate 19,172 Updata 2014
Total sq ft take-up 2015 16,732
Total sq ft supply 212,472
Rental growth % 12 mths 14%
Prime Grade A rent £27.50
R E I G A T E O C C U PA T I O N A L S U M M A R Y R E I G A T E K E Y O C C U PA T I O N A L T R A N S A C T I O N S
18
19
HEATHER COURT, 6 MAIDSTONE ROAD, DA14 5HU
SIDCUP
I N V E S T M E N T C O N S I D E R A T I O N S
Sector Office
Floor Area (sq ft) 30,070
Tenure Freehold
No. of Tenancies 1
Vacancy by Floor Area 0 sq ft
Contracted Income (PA) £708,800
Overall Passing Rent (psf) £21.02
AWULT (Yrs) 3.1 (Expiry)
• Situated at the junction of Maidstone Road and
Footscray High Street south east of Sidcup close to
the M25.
• Fully let with 3.1 years to expiry.
• Excellent asset management opportunities to negotiate
a surrender premium with Fujitsu and refurbish and / or
re-let the offices directly to sub-tenants.
• Alternative higher value residential use.
19
20
SID
CU
P
EVRY RD
PALM
A
VE
ST GEORGE’S RD
B
EDEN
S R
D
ELLE
NB
OR
OU
GH
RD
SAN
DY
LN
B2173WATERY LNPOWERSCROFT RD
MOU N T CU
LVER
AVE
ST J
AM
ES W
AY
SIDCUP BY-PASS RD A20
A223
A223
A221
FOOTS CRAY HIGH ST MAIDSTONE
A223
N CRA
Y RD
A224
Sidcup
1.8 miles
6
Shelter
Court
116
Heather
El Sub Sta
River Cray
25.6m
Ordnance Survey, (c) Crown Copyright 2016. All rights reserved. Licence number 100022432
L O C A T I O N & S I T U A T I O N
The subject property is located South East of Sidcup along the A211. Sidcup has a total
population of approximately 10,844 (2011 Census).
The town benefits from excellent communication links via the A20 into both Central London
heading North West and Junction 3 of the M25 heading South East.
Sidcup Rail Station is located 1.7 miles (2.73 km) to the North West and sits on the Southeastern
line which offers journey times of 30 minutes into London Charing Cross as well as trains to
Gravesend, Woolwich Arsenal and London Cannon Street making it well within commutable
distance to Central London.
Major local occupiers include Coca-Cola, JJ Food Service and L&Q.
D E S C R I P T I O N
The property has prominent frontage onto Maidstone Road and is located less than 1 mile (1.6
km) from the A20 to the south. The property is a self contained, purpose built headquarters
office building constructed in the early 1990s comprising of 30,070 sq ft of accommodation
arranged over ground and 2 upper floors.
The open plan office floors are serviced by 4 pipe fan coil air conditioning and feature
suspended ceilings with Cat II lighting and full access raised floors offering flexible floor space.
There is on-site surface car parking with 183 spaces available providing a very good ratio of
approximately 1:164 sq ft. The property benefits from a low site density of 15.58% on a total site
area of 1.59 acres.
20
A C C O M M O D A T I O N *
S U B - L E T T E N A N C Y
SID
CU
P
A S S E T M A N A G E M E N T O P P O R T U N I T I E S
• Negotiate a surrender premium from Fujitsu and enter into negotiations with the sub
tenants to sign new leases and increase the AWULT and extend the income profile.
• Refurbish the property to achieve a reversionary rent for the new direct leases.
Unit NIA (sq ft)
Ground Floor 9,390
1st Floor 10,128
2nd Floor 10,552
Total 30,070
T E N A N C Y D E T A I L S
The subject property is let to Fujitsu Services Ltd at a passing rent of £708,800 p.a., the tenant
whilst still in occupation of part first floor has sublet the space full details are available below.
The property is fully let with 3.1 years to expiry.
Tenant Name Unit Area Lease Start Lease Break Lease Expiry Passing Rent Rent psf Comment
Office Depot Sublease, Ground Floor 9,390 01/11/2017 04/11/2019 £159,630 £17.00There are two sub-leases. One for each wing.Suite A: 24/4/2015 Suite B: 5/11/2014
Chime Comms Plc trading as Icon display Ltd
Sublease, Part 1st Floor 8,072 20/6/2013 03/11/2019 £75,000 £9.29Fujitsu occupy the remainder of the 1st Floor 1,993 sq ft.
Gallions HA Ltd Sublease, Second Floor 10,552 21/1/2010 03/11/2019 £160,740 £15.23
*areas at point of publish, please refer to measured survey schedules for confirmation.
21
22
HARLEQUIN HOUSE, 7 HIGH STREET, TW11 8EE
TEDDINGTON
I N V E S T M E N T C O N S I D E R A T I O N S
Sector Office
Floor Area (sq ft) 20,980
Tenure Freehold
No. of Tenancies 7
Vacancy by Floor Area 0 sq ft
Contracted Income (PA) £552,437
Overall Passing Rent (psf) £26.33
AWULT (Yrs) 4.3 (Expiry) / 3.8 (Break)
• Situated just off Teddington High Street in a prominent
position, a short walk from Teddington Rail Station.
• Fully let with an attractive AWULT of 3.8 years to break
and 4.3 years to expiry.
• Excellent asset management opportunities to progress
the rolling refurbishment programme across the
remaining office floors. Reposition ground floor with
higher value alternative use.
22
Teddington
Fulwell
STAN
LEY R
OA
D
QUEEN S ROADSTA
TION RD CROMWELL RD
RIVERSID
E
D RIVE
BROOM RO
AD
A313 BROAD STREET A313
HIGH STREET
STRAWBERR Y
VA
LE
A310
TWICKEN
HA
M R
OAD
A310
KING
STON
ROAD
WA
LDEG
RAVE ROAD
HIG
H S
TREE
T
A30
7
L O C A T I O N & S I T U A T I O N
Teddington is located in the London Borough of Richmond Upon Thames, South-West London
on the border with Surrey. Teddington is an affluent London Suburb on the banks of the River
Thames with a total population of approximately 10,300 (2011 Census). The town benefits from
excellent communication links via the A316 into both Central London heading North East and
the M3 and M25 heading South West.
Teddington Rail Station sits on the Twickenham loop line which offers journey times of 38
minutes into London Waterloo as well as shorter journey times to Kingston Upon Thames,
Putney, Wimbledon and Clapham Junction; placing it well within the affluent South West London
commuter band.
The High Street sits on several major bus routes with bus stops located directly adjacent to the
property departing to Tolworth, Kew Gardens, Hampton Court, Hammersmith and Heathrow
Airport. Major local occupiers include The National Physical Laboratory, Richmond Housing
Partnership and LGC Group.
D E S C R I P T I O N
The property has a prominent frontage in the centre of Teddington High Street and is located
less than 350 metres from Teddington Rail Station.
The property is a self contained office building built in 1984 clad externally of brick and panelled
elevations comprising 20,981 sq ft of accommodation arranged over ground and 5 upper floors.
The open plan office floors are air conditioned and feature suspended ceilings offering flexible
floor space. The top floor has been recently refurbished (2016) and terms have been signed at
£34 psf. The property benefits from improved air conditioning, suspended ceilings, perimeter
trunking as well as new WC’s.
There is on-site surface car parking with 36 spaces available providing a good ratio of
approximately 1:582 sq ft. The property benefits from a low site density of 18.39% on a total site
area of 0.41 acres and is located within a conservation area.
TED
DIN
GTO
N
1
Elm�eld House 19
11
2
PO
4
Harlequin House
Garages
8.5m
TCBs
Ordnance Survey, (c) Crown Copyright 2016. All rights reserved. Licence number 100022432
23
A C C O M M O D A T I O N * A S S E T M A N A G E M E N T O P P O R T U N I T I E S
• Complete the Rolling refurbishment programme floor by
floor upon lease expiry to increase passing rents.
• Repositioning ground floor to provide higher value use
subject to planning.
• Low site cover allows a number of redevelopment
opportunities for higher value alternative uses.
Hansen Corporation Europe Limited
(Company No: 03501989) Delphi Score: 96 (Very Low Risk)
KMI Brands Limited (Company No: 04276412)
Delphi Score: 100 (Very Low Risk)
Accounts Dated 2015 2014 2013
Turnover (£) 11,277,000 11,782,000 11,111,000
Pre Tax Profit (£) 665,000 738,000 649,000
Net Worth (£) 3,757,000 3,145,000 2,414,000
Accounts Dated 2015 2014 2013
Turnover (£) 9,348,451 8,663,356 8,600,387
Pre Tax Profit (£) 737,174 463,946 753,437
Net Worth (£) 1,805,191 2,156,932 1,796,022
Unit NIA (sq ft)
Ground Floor 3,285
1st Floor 3,596
2nd Floor 3,463
3rd Floor 3,591
4th Floor 3,445
5th Floor 3,601
Total 20,981
T E N A N C Y D E T A I L S
The property is multi let on 7 tenancies generating a current
passing rent of £552,437 p.a. reflecting a very low rent of
£26.33 psf. The property is fully let with an AWULT of 3.8 years
to break and 4.3 years to expiry.
*areas at point of publish, please refer to measured survey schedules for confirmation.
C O V E N A N T I N F O R M A T I O N
The covenant details for the largest tenants by income are
shown below:
24
S A L E C O N S I D E R A T I O N S
Purchaser Survey Reports
The vendor has commissioned a full suite of survey reports, including Measured, Building and
Environmental which will be assignable to the purchaser and, if appropriate, their funding
partner on purchase.
Data Site
Full information on Project Jamaica will be provided by way of a Data Site. For full details and
to arrange access please contact CBRE.
Price
We are instructed to seek offers in excess of £31,500,000 (thirty one million five hundred
thousand pounds). A purchase at this level reflects a Net Initial Yield of 7.5%, based on 6.8%
purchaser’s costs.
VAT
All properties are registered for VAT.
C O N T A C T
CBRE Portfolios & Special Situations Team
Will Prewer Director 020 7182 3410 [email protected]
Simon Laight Director 020 7182 2317 [email protected]
PJ Thibault Executive Director 020 7182 2868 [email protected]
SUBJECT TO CONTRACT & EXCLUSIVE OF VAT – October 2016
DISCLAIMER: CBRE LIMITED
CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst CBRE Limited uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE Limited as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts.
25