M MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE HUMBER ROAD, STAPLES CORNER, LONDON NW2 6DW N LEN L I M INDUSTRIAL AND BUSINESS CENTRE INVESTMENT OPPORTUNITY I UM M M IN BUS ES TRE N E SC
MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE HUMBER ROAD, STAPLES CORNER, LONDON NW2 6DW STAPLES CORNER BUSINESS PARK ATLAS BUSINESS PARK EDGE BUSINESS PARK THE OXGATE CENTRE STAPLES CORNER RETAIL PARK M1 A5 A406 Indicative purposes only.
MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE INVESTMENT CONSIDERATIONS Strategically located freehold industrial and business centre investment located on Staples Corner a major transport hub. Brent Cross Cricklewood is a planned new town centre development immediately to the east of the subject property. A secure site extending to 1.56 acres (0.63 ha) with a good yard and car parking for approximately 44 cars. A recently refurbished building extends to a total of 35,384 sq ft (3,287.25 sq m) made up of two elements being a 14,036 sq ft (1,303.97 sq m) business centre arranged over two floors and an industrial unit fitted out for self-storage extending to 21,348 sq ft (1,983.27 sq m). The occupancy rate of the Business Centre is currently 97.65% and let off average rents of 14.85 psf. The industrial element has an outstanding rent review off a low base rent of 7.17 psf with industrial rents in the area being in excess of 10 psf. Gross current income is 356,780 per annum. This year s actual running costs for the Business Centre amounted to 262,498 against which licensees are recharged 245,415 for utilities, rates and user charges leaving a landlord shortfall of 17,083. Net rent is therefore 339,697 per annum. Offers are sought in excess of 4,500,000 (Four Million, Five Hundred Thousand Pounds). After allowing for purchasers costs of 5.8% this reflects a net initial yield of 7.5% on the gross income and 7.13% on the net income.
MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE LOCATION The property is strategically located at Staples Corner a major road junction connecting the A406 North Circular Road with the A5 Edgware Road and the start of the M1 motorway. It is in the London Borough of Brent, 6 miles north of central London. Due to its excellent accessibility, consumer catchment and transport links it has become an established commercial centre and retail location. Retailing is provided at The Brent Cross Shopping Centre, Brent Cross Shopping Park and Staples Corner Retail Park which are all within one mile of the subject property. Industrial and trade counter uses are made up of The Oxgate Centre, Staples Corner Business Park and 1000 North Circular Road Industrial Estate. Other business centres offering smaller units in the area are the Edge Business Centre immediately adjacent to the subject property and Atlas Business Centre on Oxgate Lane. Cricklewood Railway Station (1.6 miles to the southeast) forms part of the Brighton to Bedford Thameslink Line, linking to London St Pancras International in 12 minutes. Hendon Railway Station (1.5 miles to the northwest) provides access to London, Wimbledon and Sutton southbound as well as St Albans and Luton northbound. Brent Cross Station (1.4 miles to the northeast) provides access to London Underground services via the Northern Line. SITUATION The property is situated on Humber Road which is accessed either off the A5 northbound carriageway or the A406 North Circular westbound carriageway. The property is located at the edge of the commercial area with residential in the immediate surroundings. A4088 Welsh Harp Open Space Neasden Recreation Ground B452 Neasden Lane Neasden Woodfield Park Randall Avenue Ta n field Avenue A4088 Dudden Hill Lane York Park A406 Brook Road Brook Road Dollis Hill Lane A5 West Hendon Broadway M1 Waterloo Road North Circular Road Crest Road Gladstone Park A44 A40 A420 Sturgess Park A4142 Brent Cross MILLENNIUM BUSINESS CENTRE & HENFIELD Clitterhouse SELF STORAGE Playing Fields Coles Green Road A34 Oxg ate Lane A34 A34 OXFORD Humber Road A303 A5 Edgware Road Oxgate Gardens Dollis Hill Lane A339 A5 Cricklewood Broadway A407 Chichele Road A505 Stevenage Dunstable Luton Luton B A418 Knebworth A5 A10 St A602 M1 A1(M) Aylesbury Harpenden Welwyn Garden City Hertford A414 A41 Harlo Berkhamsted Hemel Brent Cross Hempstead St Albans Hatfield Thame M10 A414 J21 A4010 A404 Chesham Potters Bar J20 Epping J23 J19 J25 Borehamwood M25 J27 M25 Watford A1 Enfield High Rickmansworth M11 A355 A413 South Wycombe Basing Hill Oxney Park M40 Harefield Brent A10 Harrow M1 Cross Ruislip A12 A404 J16 Wembley Hampstead Henley-on-Thames Uxbridge A40 Maidenhead STAPLES CORNER Slough Southall A404(M) LONDON Hammersmith London J15 M4 City Brentford Windsor Hounslow Fulham A2 M4 Heathrow A316Richmond Clapham A329(M) Staines A20 Wokingham Bracknall Egham Ashford Kingston Upon Thames Ascot J12 A309 5 A3 A23 Bromley A322 M3 Walton-on-Thames Croydon Bagshot A232 A21 Retail 8 Sandhurst M25 Epsom Sutton Commercial 16 S J10 Woking A217 Biggin Hill Commercial A22 J9 M3 Famborough Commercial Fleet 6 A331 A3 M25 J8 J7 J6 Oxted Aldershot GUILDFORD Reigate Dorking Redhill Famham A24 Godalming M23 Horley Gatwick Alton Witley 57a 35 37 Cranleigh A264 33 A31 31 Crawley Three Bridges 29 59 Commercial Industry 27 57 North A264 East Grinstead Horsham 4 2 Horsham 25 A41 Hendon Way Cricklewood READING A407 BASINGSTOKE Cricklewood Lane A502 Golders Green Road Horseshoe Close 4-5 Aneurin Court Hentfield Self Storage Millennium Business Centre 23 Humber Road 4 37 Ionna House 21 6 BRENT CROSS CRICKLEWOOD REGENERATION Brent Cross Cricklewood is a planned new town centre development immediately to the east of the subject property. The development, which will cover an area of around 350 acres, secured consent in 2010 and is planned to cost approximately 4.5 billion. The scheme will include 7,500 homes, 4 million sq ft of offices, four parks and a 592,000 sq ft extension of Brent Cross Shopping Centre. In addition to the above, an investment of around 500 million in transport infrastructure is planned as part of the development, including: A new bridge over the A406; The redevelopment of Brent Cross Bus Station; The redevelopment of Brent Cross Underground Station; The redevelopment of Cricklewood Railway Station; A new Brent Cross Thameslink Railway Station; 0m 10m 20m 30m 19 17 15 13 UKMap Copyright The GeoInformation Group 2015 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250 19-30 Aneurin Court 10 12 Haywards 14 1 Crown Copyright, ES 100004106. For identification purposes only. A23 3 Heath Redevelopment of the Staples Corner junction; A new junction with the A5 and a new link bridge over the road; A new junction with the A41; and The construction of five new pedestrian bridges. A new permission was granted in July 2014 and a public consultation explaining the revised plans was held through the autumn of 2014. The Brent Cross Cricklewood Development Partners have now submitted a Reserved Matters (RMA 1A North) application to Barnet Council for detailed works for the first phase of the regeneration. The developers of the scheme are Hammerson and Standard Life. For further information please visit http://brentcrosscricklewood.com Tankridge Road Burgess Hill 8
MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE DESCRIPTION The property is a two bay warehouse that has been subdivided to create a business centre over two floors extending to 14,036 sq ft and equating to approximately 25% of the built area. The remainder of the building is fitted out for self-storage and extends to 21,348 sq ft. The Business Centre has 75 business units ranging in size between 51 sq ft and 830 sq ft. A comprehensive refurbishment has been undertaken to include internal and external decoration, replacement boiler, electric upgrades, roof overhaul and upgrade of air conditioning. Henfield self-storage is located within a traditional industrial building. There are two points of access, the first through the front of the building onto a raised solid concrete platform with a ramp leading to the lower level that makes up the majority of the accommodation and the second access point to the rear. Internally the building has been fitted out by the tenant to provide for multiple self-storage units of varying size arranged over ground and two mezzanine floors and an office at the entrance. The site is surrounded by new palisade fencing creating a secure site extending to 1.56 acres. There are 44 parking spaces on site. TENURE The property is held freehold. NON RECOVERABLES The vendor has owned the property for 11 months and has total annualised costs associated with the building of 262,498. This is recharged to the licensees as set out in the tenancy schedule and the total amount generated through these charges is 245,417. There is a shortfall of 17,082 for the current calendar year. Full breakdown of the costs can be provided on request. COVENANT INFORMATION The business centre is primarily let to local covenants. The industrial is let to Henfield Hire Limited which makes up 43% of the income and has a net worth of 1,963,194. OCCUPATIONAL MARKET Both office and industrial accommodation has reduced over recent years as developers look to higher end land uses such as residential. This trend has been particularly pronounced in the office market where the second-hand supply has been removed by Permitted Development Rights creating upward pressure on prime rents and forcing smaller occupiers out to more fringe locations. Both Atlas Business Centre and the Edge Business Centre offer similar accommodation but are well let which is testament to the demand in the area. BUSINESS SPACE UNITS The evidence is self-perpetuating in the building and new leases have been created therefore this element is broadly rack rented however will benefit from further rental growth and the ability to benefit from additional revenue streams such as meeting rooms, telecoms and other services. INDUSTRIAL Currently let off 7.73 psf we are aware of the following evidence in the immediate area:- Unit 6, 1000 North Circular Road Extending to 28,578 sq ft with 7.66m eaves and 20% office content this is under offer having been quoting rents of 11.50 psf. Unit 1 South, Oxgate Centre Extending to 16,713 sq ft this let to Harrison Varma Joinery Limited in April 2015 at a rent of 10.06 psf. Unit 1 North, Oxgate Centre Extending to 9,172 sq ft this let to The English Cheesecake Co. Ltd in February 2015 at a rent of 9.75 psf.
MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE TENANCY SCHEDULE CONTRACTED RENTS RECHARGES Unit Tenant Name Net Area sq ft Contract Expiry Annual Rent (1) Rent psf Electric Gas Water Insurance Telephone Rates User Charge Meeting Room Income Total Unit 1 Managers Office 387 Unit 2 Customised Security Ltd 196 30/09/16 5,160 26.33 240.00 180.00 60.00 120.00 392.04 2,760.00 3,752.04 Unit 3 BNA Car Hire Ltd 163 30/09/16 2,460 15.09 120.00 60.00 60.00 120.00 420.00 960.00 1,740.00 Unit 4 BNA Car Hire Ltd 248 31/08/16 2,880 11.61 180.00 180.00 180.00 120.00 660.00 1,800.00 3,120.00 Unit 5 Ags Construction Recruitment 307 30/09/16 3,600 11.73 180.00 120.00 120.00 120.00 780.00 1,200.00 2,520.00 Unit 7 Soupologie Ltd 291 30/06/16 5,400 18.56 360.00 120.00 120.00 240.00 780.00 2,580.00 4,200.00 Unit 8, Anton Huka t/a Huka & Co Solicitors 168 30/09/16 4,860 28.93 540.00 180.00 180.00 120.00 960.00 3,600.00 5,580.00 9, 9A Unit 10 Sameer Faruqi t/a Uropa Design Agency 159 30/09/16 2,160 13.58 120.00 120.00 60.00 120.00 420.00 960.00 1,800.00 Unit 11 Tricome Leather & Synthetics Limited 490 30/09/16 3,840 7.84 180.00 180.00 0.00 240.00 979.92 2,040.00 3,619.92 Unit 12 Quick Hire (London) Limited 830 31/10/15 10,560 12.72 540.00 180.00 180.00 420.00 2,040.00 3,180.00 6,540.00 Unit 14, Outform Limited 783 31/03/16 11,700 14.94 540.00 540.00 240.00 1,020.00 2,280.00 2,820.00 7,440.00 15, 16 Unit 17 Meeting Room 481 7,080.00 7,080.00 Unit 18 BCD Construction Ltd 158 31/12/15 2,520 15.95 180.00 0.00 60.00 120.00 300.00 282.00 1,440.00 2,382.00 Unit 19 Secta Building Services Ltd 176 31/05/16 3,060 17.39 180.00 180.00 180.00 300.00 540.00 2,040.00 3,420.00 Unit 20 Peter Lowenberg 93 31/08/16 1,320 14.19 180.00 180.00 60.00 120.00 300.00 240.00 480.00 1,560.00 Unit 21, 82 & 83 Mardel Roofing Contractors Limited 90 31/01/16 2,940 32.67 120.00 120.00 60.00 120.00 240.00 1,320.00 1,980.00 Unit 21 - Storage Mardel Roofing Contractors Limited - 31/01/16 240 Unit 30/31 John Quick t/a Action Associates Insurance 333 31/10/15 6,720 20.18 0.00 0.00 0.00 240.00 555.00 4,740.00 5,535.00 Services Unit 32 L Landau Consulate of Benin 147 31/03/16 6,540 44.49 Unit 33 Born To Swim Limited 215 31/08/16 3,360 15.63 180.00 180.00 60.00 240.00 645.00 1,680.00 2,985.00 Unit 34 Kea Developments Ltd 220 31/01/15 3,000 13.64 180.00 180.00 180.00 120.00 540.00 1,800.00 3,000.00 Unit 35 Zenco Systems 220 31/01/16 3,600 16.36 180.00 180.00 180.00 120.00 540.00 2,400.00 3,600.00 Unit 35A V5 Loans Limited 400 31/12/16 11,880 29.70 180.00 180.00 180.00 180.00 1,200.00 7,740.00 9,660.00 Unit 36 Breakout Room 499 Unit 36A Vacant 171 Unit 37 G W Franklin M & E Services Ltd 430 30/06/16 4,560 10.60 240.00 180.00 180.00 360.00 1,080.00 3,000.00 5,040.00 Unit 37A, Jays Home Care Ltd 719 31/12/15 9,780 13.60 360.00 180.00 180.00 240.00 1,800.00 4,200.00 6,960.00 37B, 38 Unit 38A Edge 10 Corporation Limited 528 30/06/16 6,720 12.73 180.00 180.00 180.00 240.00 900.00 1,176.00 4,260.00 7,116.00 Unit 40 Mr Jeffery Norman Shine t/a Gordon Shine & Co 270 31/05/16 4,440 16.44 300.00 300.00 120.00 240.00 840.00 2,160.00 3,960.00 & 55 Unit 41 Broadways Ltd t/a Explora Haven 302 29/02/16 4,980 16.49 240.00 180.00 180.00 180.00 755.04 2,940.00 4,475.04 Unit 41A Explora Haven 140 29/02/16 2,280 16.29 180.00 180.00 120.00 120.00 360.00 660.00 1,620.00 Unit 42 Reach & Teach Sports Network Limited 815 30/04/16 11,340 13.91 540.00 240.00 240.00 120.00 2,040.00 4,260.00 7,440.00 & 43 Unit 44 Laxbridge Ltd 132 31/12/15 2,220 16.82 360.00 120.00 120.00 120.00 360.00 780.00 1,860.00 Unit 45 Muzika Ltd 150 30/09/16 2,400 16.00 120.00 120.00 60.00 120.00 420.00 120.00 960.00 Unit 46 Pitstop Car Hire Ltd 66 30/09/16 1,500 22.73 180.00 120.00 60.00 120.00 180.00 600.00 1,260.00 Unit 47 Serkan Daysak 217 19/04/16 2,700 12.44 180.00 180.00 120.00 120.00 540.00 960.00 2,100.00 Unit 48 Ismat Bint e Ahmad Din 126 31/12/15 1,440 11.43 180.00 0.00 60.00 120.00 300.00 315.00 1,140.00 2,115.00 Unit 49 Scopus Properties Ltd (795703) 147 31/05/16 2,280 15.51 180.00 180.00 60.00 180.00 420.00 1,140.00 2,160.00
MILLENNIUM BUSINESS CENTRE & HENFIELD SELF STORAGE CONTRACTED RENTS RECHARGES Unit Tenant Name Net Area sq ft Contract Expiry Annual Rent (1) Rent psf Electric Gas Water Insurance Telephone Rates User Charge Meeting Room Income Total Unit 52 Bayt Ul Maqdis Foundation 206 30/06/16 4,140 20.10 180.00 180.00 120.00 120.00 480.00 1,020.00 2,100.00 Unit 53 JCAV Ltd 456 31/07/15 6,060 13.29 180.00 180.00 180.00 240.00 1,140.00 2,220.00 4,140.00 & 54 Unit 56 Archingtons Ltd (07197638) 113 31/03/16 2,700 23.89 180.00 180.00 120.00 120.00 300.00 600.00 1,500.00 Unit 57 Abayomi Adesina t/a Oracle Consultants 110 31/08/16 1,920 17.45 120.00 120.00 60.00 120.00 240.00 720.00 1,380.00 Unit 58 AKR Car Rentals 110 30/11/15 2,400 21.82 180.00 180.00 60.00 120.00 300.00 960.00 1,800.00 Unit 59 Geoffrey Grant t/a Trustees Louis Goldstein 151 30/04/16 2,640 17.48 180.00 180.00 120.00 180.00 360.00 1,140.00 2,160.00 Pension Fund Unit 60 Vacant 158 Unit 80 Secta Building Services Ltd 30/11/15 840.00 Unit 81 Quick Hire (London) Limited 20 30/09/16 780.00 Unit 86, 87, TrackCam Limited 254 30/06/16 3,000 11.81 180.00 180.00 60.00 240.00 786.00 2,160.00 3,606.00 115 & 117 Unit 100 Leach Electrics Limited 64 29/02/16 1,140 17.81 180.00 60.00 60.00 120.00 300.00 223.92 840.00 1,783.92 Unit 101 Anas Ahmed t/a Airbridge Travel 64 31/08/16 1,560 24.38 180.00 180.00 180.00 120.00 180.00 600.00 1,440.00 Unit 102 World Without Borders LLP 53 31/08/16 1,200 22.64 120.00 60.00 60.00 120.00 120.00 720.00 1,200.00 Unit 103 Faughnan Developments Ltd 51 29/02/16 1,200 23.53 180.00 120.00 60.00 120.00 120.00 600.00 1,200.00 Unit 104 Lee Hyams t/a LS International 72 30/11/15 1,260 17.50 180.00 120.00 60.00 120.00 180.00 660.00 1,320.00 Unit 105 SKA Textiles Limited 75 31/07/16 1,260 16.80 180.00 180.00 60.00 120.00 187.80 780.00 1,507.80 Unit 106 Prime Connect Limited 91 31/10/15 1,440 15.82 180.00 60.00 60.00 120.00 300.00 600.00 1,320.00 Unit 107 Prime Connect Limited 92 30/06/16 1,680 18.26 180.00 180.00 60.00 120.00 420.00 600.00 1,560.00 Unit 108 Caretakers Office 148 Unit 109 Diana Solanki t/a Vandana One Extentions 79 31/07/16 1,680 21.27 120.00 60.00 60.00 120.00 240.00 720.00 1,320.00 Unit 110 Shield Facilities Management 100 31/01/16 2,040 20.40 180.00 60.00 60.00 120.00 240.00 600.00 1,260.00 Unit 111 Millennium Rose Associates Limited 84 31/12/16 2,220 26.43 120.00 0.00 60.00 120.00 210.00 1,200.00 1,710.00 Unit 112 PCO Care Rent Ltd 82 29/02/16 1,920 23.41 180.00 120.00 60.00 120.00 240.00 360.00 1,080.00 Unit 114 Spire Securities 65 31/01/16 840 12.92 240.00 60.00 60.00 120.00 240.00 360.00 1,080.00 Unit 116 Gemma Gee 71 31/08/16 1,500 21.13 120.00 60.00 60.00 120.00 180.00 600.00 1,140.00 Mailbox 1 Jeel Media Ltd 30/11/15 960 Mailbox 2 - Mailbox 3 ARS Solutions Ltd (8776001) 31/12/15 660 Mailbox 4 Oasis Estates Management 30/11/15 420 Mailbox 5 Super Tweaks Limited 31/01/16 660 Mailbox 6 Enopoli Ltd (5307131) 31/12/15 540 Mailbox 7 31/08/14 - Mailbox 8 AK Bijoux Minerals Ltd 30/04/16 540 Mailbox 9 31/05/14 - Subtotal 14,036 203,640 11,160.00 7,740.00 5,520.00 9,300.00 2,100.00 31,467.72 89,820.00 7,080.00 164,187.72 Warehouse Henfield Hire Limited (2) 21,348 17/02/28 153,140 7.17 7,700.00 10,530.00 180.00 55,170.96 7,646.96 Subtotal 21,348 153,140 7,700.00 10,530.00 180.00 55,170.96 7,646.96 81,227.92 Total 35,384 356,780 18,860.00 7,740.00 5,520.00 19,830.00 2,280.00 97,466.96 7,080.00 245,415.64 Actual Running Costs (3) 34,620.00 2,520.00 4,100.00 16,780.00 4,400.00 107,225.00 262,498.00 Landlord Shortfall - 17,082.36 Tenancies as at 23 October 2015. (1) All licences increase by 5% annually. (2) Lease from 02/07/08 with a outstanding rent review from 2013. This is subject schedule of condition. Tenant break option on 16/04/18 and 16/04/23. (3) Estimated annual costs.
EPC S The building has an EPC rating of E. A copy of the certificate is available on request. VAT The property has been registered for VAT purposes. It is anticipated that a sale will be affected by means of a Transfer of a Going Concern (TOGC). PROPOSAL Offers are sought in excess of 4,500,000 (Four Million, Five Hundred Thousand Pounds). After allowing for purchasers costs of 5.8% this reflects a net initial yield of 7.5% on the gross income and 7.13% on the net income. FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT: Guy Scott Plummer 020 7543 6726 guy.scott-plummer@allsop.co.uk Richard Lea 020 7543 6832 richard.lea@allsop.co.uk www.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 www.commandhq.co.uk 10.15