Well Let M25 South East Office Investment. Jubilee House

Transcription

1 Well Let M outh East Office Investment Jubilee House The Drive, Great Warley, Brentwood, CM FR

2 Investment ummary Excellent communications situated in a key geographical location in the north east quadrant of the M, adjacent to Junction 8. Brentwood is one of the stronger eastern M markets and has become a focus for major office occupiers including Amstrad, BT, tandard Life, BNY Mellon, The National Centre for ocial Research, Ford Motor Company and Countryside Properties. The property is located at the front of the Warley Hill Business Park, one of the main office locations in Brentwood, one mile to the south of the town centre. Nearby facilities include a LA Fitness Gym (adjacent). elf contained office building arranged over three floors totalling, ft² (,80 m²). Let to Regus Business Centres (UK) Limited for a further. years with a guarantee from Regus Limited (formerly Regus Plc). There are 8 car parking spaces providing an excellent car parking ratio of : ft². Brentwood is a host town for the London Olympics in 0. We are instructed to seek offers in the region of 9. million (Nine Million Four Hundred Thousand Pounds), subject to contract and exclusive of VAT for the benefit of our client s freehold interest. A purchase at this level reflects a net initial yield of 8.%, allowing for purchaser s costs of.%.

3 8 TEVENAGE LUTON TANTEAD AIRPORT DUNTABLE BRAINTREE LUTON AIRPORT A (M) 0 6 M 9 AYLEBURY Location A HATFIELD M A EEX HEMEL HEMPTEAD A8 WITHAM T. ALBAN 8 A HERT BUCK Brentwood is located in Essex, approximately miles north east of London, miles south west of Chelmsford and 0 miles north west of Basildon. HARLOW CHELMFORD A 6A A00 A A 0 9 AMERHAM 6 M 6 HIGH WYCOMBE M0 A A8 A0 M A BRENTWOOD 8 Brentwood lies at the centre of a number of good road communications. It is situated at the junction of the A8 and A0, the principal arterial routes running through the heart of the town. The A0 provides direct access to Junction 8 of the M, approximately miles to the west and the A to the east. The A8 provides direct access to the A to the north and the A and A to the south. The A dual carriageway is situated to the east of the town which provides access to Colchester, Ipswich and the ports of Felixstowe and Harwich to the east and the M and central London to the west. 8 M A0 (M) BAILDON A 9 6 A MARLOW MAIDENHEAD HENLEYON-THAME 9B 9A LONDON A8 6 A A M LOUGH 8/9 0 M B A WINDOR READING Brentwood railway station provides a direct service to London Liverpool treet every 0 minutes with a fastest journey time of minutes. All trains stop at tratford where the new tratford International tation is being built to serve the Olympic Village and provide a direct link to Continental Europe. The introduction of Crossrail will benefit Brentwood as it will be one of the key stations east of central London. Brentwood is well positioned for London s airports with tansted (6 miles north west), Gatwick ( miles south west) and Heathrow (6 miles west) all easily accessible. GRAVEEND A WOKINGHAM M ROCHETER M M0 WOKING WHARF ROAD T. JAME ROAD BRENTWOOD KING ROA D R HUBE T ROAD GR E HA M RO AD AND CORNL BRENTWOOD The mountain biking events at the 0 Olympics will be held at Weald Country Park, Brentwood. This event and the Olympics in general are expected to have a positive impact on many businesses in Brentwood and the surrounding area. LE ROAD MYRT ELL ROAD OMW CR CENT MOUNT CRE C LEY H E AD AD WHARLEY MOUNT D AVE ROAD RO TON MIL CRECENT ROA HA E T JOHN B86 ILLIAM W NW AY GHA VAU WARLEY MOUNT TRE ET ROAD MAN BR KEN D RIV E N HA WOOD AC AL WAY OR G AU AY W NUE AVE D OUTH T WA RLE YH ILL PA ILL IA M A0 A9 QUE EEN BRACKNELL V M HEATHROW AIRPORT 0 W CHINDIT LANE THE D JUBILEE HOUE RIVE Demographics Brentwood has a resident population of,600 (ON 00) and a catchment population of 0,86. The population is highly prosperous with.% classified as wealthy achievers by CACI compared to the national average of 8.6%. RIVE

4 ituation Jubilee House is situated to the front of the Warley Hill Business Park approximately one mile to the south of Brentwood town centre. The property is located at the junction of The Drive and Chindits Lane accessed off the B86 Warley Hill which provides direct access to the A0 and A8. The area comprises the main commercial location outside the town centre and has become the focus for major national and international companies. Occupiers close by include Ford Motor Company, Ford Credit, wift Group, Countryside Properties and Commercial First Mortgages. The business park location is augmented by facilities such as LA Fitness Gymnasium, a Primary chool and a cricket pitch (adjacent), and a regular bus service (No. ) to the rail station and town centre. Description The property comprises a self contained three storey office building, arranged in two wings around a central core area. The property was built in the late 980s and is of steel frame construction with facing brick elevations beneath a pitched slate roof. The property benefits from a front and rear entrance and the ground floor reception area includes a dual height atrium. The property provides open plan, flexible space that has been subdivided by the tenant into cellular accommodation, in line with its business of providing serviced office accommodation. The property provides highly specified office accommodation to include: Full accessed raised floors. uspended ceilings incorporating recessed lighting (with spot lights at ground floor level). Air conditioning (recently modified on the second floor to give individual modular control). Feature double height reception area, with automated doors. Two passenger lifts serving all floors, each person (9 kg). Male, female and disabled WC facilities on each floor. Externally, the site extends to approximately.9 acres (0. hectares) and provides (visitors and disabled) car parking spaces to the front and a secure car park, controlled by a security barrier, to the rear which provides a further 6 spaces. This provides an excellent car parking ratio of : ft².

5 Number One CHINDIT LANE Chindits House Jubilee House THE DRIVE El ub ta Pavilion Accommodation The property has been measured on a Net Internal basis in accordance with the RIC Code of Measuring Practice (6th Edition), and provides a total of, ft² (,80 m²). DECRIPTION ft² m² Ground Floor Reception, Ground Floor,,8 First Floor,60,6 econd Floor,96,9 TOTAL,,80 Tenancies The property is let in its entirety on a full repairing and insuring basis to Regus Business Centres (UK) Limited and guaranteed by Regus Limited (formerly Regus Plc) for a term of 6 years from November 000, expiring on November 06 (approximately. years unexpired). A request has been received from Regus for assignment to Regus Brentwood Limited with the existing tenant as guarantor. We understand the existing guarantor, Regus Ltd, can be retained. The current passing rent is 8,000 per annum (. per ft² / 8 per m²), which is subject to yearly upwards only rent reviews, the next being November 0. The local office manager advises that until recently the serviced offices have been circa 90% occupied. In late May, Countryside Properties have consolidated into their headquarters opposite, vacating part of the first floor. New lettings are under negotiation. Tenure Freehold.

6 Tenant Covenant Regus Business Centres (UK) Limited (9688) Date //008 //00 //006 ( ) ( ) ( ) ales Turnover 6,8,000 6,69,000,6,000 Pre-tax Profit (,0,000) (60,000) (99,000) hareholders Funds,000,96,000,60,000 ource: ICC Regus Limited (formerly Regus Plc) (88) Date //00 //006 //00 ( ) ( ) ( ) ales Turnover Pre-tax Profit,90,000,08,000,69,000 hareholders Funds 9,,000 6,,000 60,0,000 ource: ICC Brentwood Office Market Brentwood is an established office market and due to its excellent road and rail communications and proximity to Central London, it is one of the stronger eastern M markets. There are three main office locations in Brentwood, namely in-town by the railway station, out-of-town leading west along London Road and on Warley Hill Business Park. Brentwood has attracted a number of major office occupiers including Amstrad, BT, tandard Life, BNY Mellon, The National Centre for ocial Research, Ford Motor Company, Ford Credit and Countryside Properties. upply has historically been limited by restricted planning policies. There is limited availability in the Brentwood office market with less than 0,000 ft² currently being marketed. This compares favourably to other office locations within Essex such as Romford, Ilford and Harlow. The development pipeline is also limited with the main site to come forward in the short term being the former NV Tool ite, t James Road, which has planning consent for a,8 ft² headquarters office. Development in not anticipated to be completed for at least years. Office rents in Brentwood have reached psf. The most recent letting in the town is the letting of the second floor at the Kingsgate, King Edward Road (,00 ft ) in March 008 at 0 psf. The space is similar in age and specification to Jubilee House. Juniper House, diagonally opposite on the Warley Business Park, comprises,0 ft available to let at a passing rent of 9.0 psf reflecting the fact that the building is not air conditioned and its lack of prominence. We understand it is likely to be refitted to an upgraded specification. It was formerly occupied by David Wilson Homes. Recent press reports suggest in the year to //008 Regus Group Ltd, the ultimate parent, recorded a % increase in pretax profits to 9.m, up from 9.m the previous year. ales also grew about % to. billion up from 86. million in 00. In the UK the group operates centres with 0,899 workstations and sales grew 6.% to. million with 8% occupancy rates.

7 Proposal We are instructed to seek offers in the region of 9. million (Nine Million Four Hundred Thousand Pounds), subject to contract and exclusive of VAT for our client s freehold interest. A purchase at this level reflects a net initial yield of 8.% allowing for purchaser s costs of.%. Further Information If you require any further information or wish to view the property please contact: Neville Pritchard Tel: neville.pritchard@kingsturge.com am Fairbairn Tel: sam.fairbairn@kingsturge.com Crown Copyright 009. All rights reserved. Promap licence number King turge licence number This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. Misrepresentation Clause: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Neither King turge LLP nor any of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. ubject to Contract Exclusive of VAT June 009