Leo House. Railway Approach, Wallington, Surrey SM6 0DX. Greater London Investment Opportunity

Transcription

1 Leo House Railway Approach, Wallington, Surrey SM6 0DX Greater London Opportunity

2 summary Wallington is strategically located between the major south London centres of Croydon and Sutton. The property is situated directly above the railway station, adjacent to the main retail area of the town. 5 trains direct per hour to and from Central London running every 12 mins in peak hours. The property comprises office accommodation on the first to third floors with a reception at ground floor level. Net internal floor area is 2, sq m (22,930 sq ft). The property is let to three tenants. The total current income is 293,995 per annum (average rent of per sq ft), with a WAULT of 8 years (3.75 years to the break). There are 62 car spaces providing a ratio of 1:370 sq ft. The property is held long leasehold from Railtrack Plc, for a term of 125 years from 29th March 1983 at a peppercorn rent. Offers in excess of 2,500,000 subject to contract 11.12% net initial yield after acquisition costs of 5.80%. Capital value of 109 per sq ft.

3 Location Situation OS Map location Wallington is situated approximately 10 miles (16 km) south of central London, midway between the major south London centres of Croydon, 3.5 miles (5.5 km) and Sutton, 2.5 miles (4 km). The town benefits from good communications with Wallington mainline station providing a fast rail service to both London Waterloo and London Victoria of approximately 30 minutes. There are also connections to the adjoining centres of Croydon, Sutton and Epsom. Road communications are via the A327 connecting to the A23 leading to the London orbital motorway, approximately 7 miles (11 km) to the south. Situation Wallington is mainly a residential area, although the town does have a commercial office centre which is situated in the immediate vicinity of the railway station. Leo House is situated directly above the railway station, which is a short distance from the main retail area of the town. Adjoining occupiers include Homebase. RAIL London Victoria London Bridge London Gatwick West Croydon Sutton 35 minutes 35 minutes 36 minutes 6 minutes 6 minutes

4 Location Situation OS Map SITUATION Central London M4 M4 A4 A322 CROYDON ROAD A316 Hounslow Richmond A316 A205 A23 A205 HIGH STREET ACRE LANE RUSKIN ROAD PARK LAN B271 Wallington Rail BOUNDARY ROAD A237 PARKSGATE ROAD SPRINGFIELD ROAD GROSVENOR ROAD MANOR ROAD A237 MANOR ROAD BEDDINGTON GARDENS STANLEY PARK ROAD MALDON ROAD MONTAGU GARDENS PARK ROAD CLIFTON ROAD OSMOND GARDENS A237 CLARENDON ROAD BELMONT ROAD MORTON GARDENS MELBOURNE ROAD BUTE GARDENS ROSS ROAD B271 STAFFORD RO DEM M3 Woking A3 Guildford A3 M3 A3 Kingston A24 A3 upon Thames Bromley Chessington A243 A3 A217 A24 A240 A24 Ewell Epsom Sutton A232 Wallington Croydon A2022 Banstead A22 A23 A Boxhill Reigate A24 A217 A217 A217 A23 Gatwick Airport A23 A232 A2022 Warlingham Caterham A22 7 M23 6 To Maidstone A22 M23

5 OS Map

6 description The property comprises a purpose built office building constructed in the early 1980 s. The premises includes a double height reception on ground, and offices on the first, second and third floors. The property is of steel frame construction, with brick cladding under a flat asphalt covered roof with parapet walls. The windows were replaced as part of the 1990 s refurbishment programme, and are of anodised aluminium double-glazing. Internally the reception, 2nd and 3rd floors have recently undergone a comprehensive refurbishment along with the two 8 person Otis passenger lift cars. A new security and entry system has been installed to the building which also serves the car park. The office floors provide full access raised floors, comfort cooling, suspended ceilings with recessed light fittings. Each floor has a male, female and disabled toilet facility within the common parts on each floor. more the property has the benefit of the upper level of the station car park, with a total of 62 spaces providing a ratio of 1:370 sq ft. The car park is accessed via a ramp adjoining the building, and the car parking is constructed of reinforced concrete with brickwork cladding.

7 accommodation The property provides approximately 22,930 sq ft (2, sq m) of net internal accommodation. The site extends to approximately 0.21 acres (0.08 hectares).

8 TENURE The property is held by way of long leasehold from Railtrack Plc, for a term of 125 years from 29 March 1983 at a peppercorn rent (96 years unexpired). tenancy schedule Address floor/use Areas sq ft sq m tenant lease terms rent p.a. ( PSF) +rent review erv p.a. (psf) lease expiry (break option) comments 1954 act excluded Leo House First Floor / Office 7, Integral UK Ltd 10 years from 24/04/ ,600 ( 11.92) 27/04/12 98,774 (13.00) 26/04/2017 Note 1 NO Leo House Second Floor / Office 7, Babcock Networks Ltd. 10 years from 16/03/ ,995 ( 13.00) 10/02/ ,995 ( 13.00) 15/03/2022 (15/03/2015) (15/03/2017) Note 2 YES Leo House Third Floor / Office 7, Crimestoppers Ltd. 10 years from 07/07/ ,400 ( 13.50) 07/07/15 100,321 ( 13.00) 06/07/2020 (06/07/2015) Note 3 NO TOTAL 22,930 2, , ,090 Note 1: There is a service charge cap of 77, which shall be increased by reference to RPI as from 27/04/2011 and annually thereafter. The tenant has the right to use 20 car parking spaces. Note 2: The floor has been fully refurbished. Tenant break option on not less than 6 months notice. There is an initial rent free period of 9 months which will be topped up by the vendor. If the tenant does not exercise its right to determine at the end of the 3rd year, a further 6 months rent free will apply. If the tenant does not determine the lease at the end of the 5th year of the term, a further 12 months rent free period will apply. There is a service charge cap of 57, for the period up to 30/06/2013 (which shall be increased by reference to RPI as from 01/07/2013 and annually thereafter). The tenant has the right to use 20 car parking spaces. Note 3: The floor has been fully refurbished. The letting to Crimestoppers includes three years rent free, which will be topped up by the vendor. The rent is inclusive of VAT. The break clause is subject to 6 months notice, however, if the break is exercised the tenant is liable to pay a rent penalty of 182,700 (1.75 years rent). There is a service charge cap of 48, which shall be increased by reference to RPI as from 30/06/2011 and annually thereafter. The tenant has the right to use 20 car parking spaces.

9 tenants covenants Integral UK Limited The principal activities of Integral UK Limited is the provision of facilities services, including mechanical, electrical and fabric maintenance. 31/12/ /12/ /12/2008 Turnover 175,466, ,392, ,361,000 Profit before Tax 15,709,000 9,435,000 9,220,000 Tangible Net Worth 14,094,000 16,629,000 7,186,000 Babcock Networks Limited The principal activities of Babcock Networks Limited is the provision of services in industries, which include mobile and fixed line telecoms, broadcasting, leisure and power transmission. Proposal Offers in excess of 2,500,000 (Two million, five hundred thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 11.12% after acquisition costs of 5.80%. A purchase price at this level reflects a capital value of 109 per sq ft. VAT We are advised that the property is not elected for VAT, and therefore VAT will not be payable on the purchase price. 31/03/ /03/ /03/2009 Turnover 104,348, ,065, ,671,000 Profit before Tax 1,257,000 3,510,000 ( 11,960,000) Tangible Net Worth 6,345,000 5,012,000 2,524,000 Crimestoppers Limited. Crimestoppers trust is a registered charity, and further information on this company is available through their website:

10 further information For further information, or to arrange an inspection, please contact: Antony Leech: Alastair Tyrrell: Jon McGloin: Maddox Street, London W1S 2PD T: F: W: tudortoone.com Misrepresentation Act 1967 TUDOR TOONE LLP, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT: These particulars do not constitute, nor constitute any part of, an offer or contract. Tudor Toone LLP and its members accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued or any correspondence entered into by them and whether made in any antecedent present or subsequent enquiries or negotiations. Neither Tudor Toone LLP nor their principals, members, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely upon the same unless he has satisfied himself accordingly. Unless otherwise stated all prices and rents are quoted exclusive of Value Added Tax (VAT), any intending purchasers or lessees must satisfy themselves independently as to the incidence of vat in respect of any transaction. Subject to contract & exclusive of VAT. Tudor Toone LLP is a limited liability partnership registered in England and Wales with registered number OC Registered office: 41/43 Maddox Street London W1S 2PD. Details prepared March 2012.