queen’s square, ascot business park · 2018. 4. 19. · ascot business park 3 queen’s square,...

QUEEN’S SQUARE, ASCOT BUSINESS PARK3 Queen’s Square, Ascot Business Park, Lyndhurst Road, Ascot, SL5 9FE

Prime South East Office Investment

QUEEN’S SQUARE, ASCOT BUSINESS PARK

ASCOT RACECOURSE HIGH STREET

ASCOT STATION

TO BRACKNELL TO EGHAM/STAINES

3 QUEEN’S SQUARE


INVESTMENT SUMMARY • Modern Grade A south east office building

• Located in the affluent Berkshire town of Ascot

• Self contained building totalling 194 sq m (2,089 sq ft)

• Single Let to KSF Aquisitions UK Ltd until Jan 2020

• Rental income of £54,775 pa (£26.22 psf)

• Rack rented with future growth potential

• Established rental growth of around 7.5% pa over the last 6 years

• Virtual freehold (999 years)

• Offers in excess of £750,000 which reflects NIY of 6.93%, assuming standard purchaser’s costs of 5.40% and a capital value of £359.00 per sq ft

LOCATIONAscot is an affluent Berkshire town in the Thames Valley located 25 miles west of London, 5 miles from Bracknell and 10 miles from both Staines and Slough. With easy access to the M3, M4, M25 and M40 motorways, Ascot benefits from excellent road links to surrounding locations including Heathrow & Gatwick Airports, Bracknell, Staines, Windsor and Maidenhead. The town also has a frequent rail service to both Reading and London Waterloo. The average journey time is 27 minutes to Reading and 46 minutes to Waterloo.

Ascot Business Park is situated adjacent to Ascot mainline railway station just off the A330 and a short walk to both the High Street and the world renowned racecourse. Other occupiers in the area include Sytner, Howdens Joinery, Handelsbanken and FDD International.


ASCOT

A329A330

A330

STATION HILL

LONDON RD

LYNDHURST RD

CHURCH RD

VICTORIA RD

OLIVER RD

LIDDELL WAY

BOULDISH FARM RD

ASCOT RACECOURSE

ASCOT TOWN CENTRE

SOUTHASCOT

A329 To Bracknell

To Staines (A30)

A30

A332

ST GEORGE’S LANE

HIGH ST

A30

A30

M4

A329(M)

M4

M25

M25

M3

M25

M3

J10

J8/9 J4b

J12

J3

J10J4J4a

A329A329

A329

A30

J6

M3

ASCOT

WOKING

FARNBOROUGH

EGHAM

WINDSOR

ASHFORD

HEATHROW

MAIDENHEAD

BRACKNELL

WOKINGHAM


DESCRIPTIONAscot Business Park is a modern development providing an attractive mixed use scheme in a parkland setting, close to all the high street facilities and transport links. The Park totals around 8,715.80 sm (93,816 sf) divided between 3,947.73 sm (42,493 sf) of offices, 997.87 sm (10,741 sf) of studios and 3,770.19 sm (40,582 sf) of warehouse accommodation. The office element comprises four blocks in nine units, in a courtyard setting.

3 Queen’s Square is an end of terrace office building constructed in 2009. The property is arranged over ground and first floors and totals 194 sq m (2,089 sq ft).

QUEENS SQUARE

E1

E5

E2

E6

E3

E7

E4

E8

J1J2J3J4

H1 H2 H3

UNIT G

BLOCK F1

2

3 4 5 6 7 8 9

SUBJECT PROPERTY


AREAS

Typical Floor Floorplan - OFFICE 3

1st floor Ground floor

The offices are fitted out to a Grade A specification and include the following features:

• Suspended ceilings with motion activated LG7 compliant lighting.• Energy efficient air conditioning systems.• Full access raised floors.• Good floor to suspended ceiling height of 2.68m ( 8.8 ft).• WC facilities including disabled WC and shower.• 7 Allocated parking spaces with overflow and visitors parking area to the rear of the estate.• BREEAM rating – Very Good.

Level sq m sq ft

First 101.60 1,094

Ground 92.50 996

Reception - -

194 2,089

www.ascotbusinesspark.com

No.3 No.4 No.5

Entrance

DisabledWC & Sh.

DisabledWC & Sh.

KitchenKitchen Kitchen

DisabledWC & Sh.

Entrance Entrance

3 - 5 Queen’s Square - FIRST FLOOR

3 - 5 Queen’s Square - GROUND FLOOR

No. 3 No. 4 No. 5

No. 3 No. 4 No. 5

Plans are not to scale. For indicative purposes only.

www.ascotbusinesspark.com

No.3 No.4 No.5

Entrance

DisabledWC & Sh.

DisabledWC & Sh.

KitchenKitchen Kitchen

DisabledWC & Sh.

Entrance Entrance

3 - 5 Queen’s Square - FIRST FLOOR

3 - 5 Queen’s Square - GROUND FLOOR

No. 3 No. 4 No. 5

No. 3 No. 4 No. 5

Plans are not to scale. For indicative purposes only.

A measured survey has been undertaken by Carless & Adams Partnership LLP and the recorded IPMS 3 floor areas are summarised as follows:-

KSF Acquisitions UK Limited was incorporated on 2 July 2014.For the year ending 31 December 2016 the company reported a revenue of £20,714,000, a gross profit of £8,344,000 and total assets of £26,284,000.


COVENANT

KSF Acquisitions UK Limited

KSF Acquisitions UK Limited is an investee of Kainos Capital, with a responsibility for the Slimfast brand in the UK, Ireland and Germany. Kainos Capital acquired the Slimfast brand from Unilever in 2014.

TENANCYThe property is single let as set out in the tenancy schedule.

Tenant ParkingAreas (IMPS 3) Lease Terms Rent ERV

sq m sq ft Term yrs From To Break £ pa £psf £ pa £psf

KSF Acquisitions UK Limited 7 194 2,089 5 12-Jan-15 11-Jan-20 - £54,775 £26.22 £54,775 £26.22


SERVICE CHARGEThere are 3 elements to the current service charge for this property being –

• The Estate charge, which covers the maintenance of the entire estate, is currently budgeted at £46,150 for the year ending 31st December 2018. Of this the anticipated share for 3 Queen’s Square is £1,153.75 (£0.51psf) based on their apportionment.

• Refuse collection (office units 1-9 Queen’s Square) which totals £4,820 with 3 Queen’s Square current element being £245.34.

• The Building charge which includes maintenance for the actual building (subject to KSF’s internal repairing lease obligations) is currently budgeted at £2,750 for the year ending 31st December.

EPC RATINGEPC - B35. A copy of the certificate is available if required.

VATThe property is elected for VAT and the sale will be treated by way of a Transfer of a Going Concern (TOGC).

RENTAL VALUERents have risen steadily on the estate with first lettings in 2012 at just under £17 psf with the most recent letting achieving £26 psf.

We are of the opinion that the subject property is rack rented with excellent prospects for further growth.

TENUREA new 999 year lease at a peppercorn rent is to be granted from completion.


FURTHER INFORMATIONFor further information or to make an arrangement for viewing, please contact:

DISCLAIMERHoddell Stotesbury Morgan ltd. for themselves and for the vendors of this property whose agents they are give notice that:- (i) the particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to conditions and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser should not rely upon them a statement or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Hoddell Stotesbury Morgan ltd. has any authority to make or give any representation or warranty whatever in relation to this property. (iv) unless otherwise stated all rents or prices quoted are exclusive of VAT which may be payable in addition. (v) Hoddell Stotesbury Morgan ltd. has not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers must undertake their own enquiries and satisfy themselves in this regard. Date: March 2018.

Tim Morgan [email protected] DDI: 020 7318 1933

Andrew Taylor [email protected] DDI: 020 7318 1934

Hoddell Stotesbury Morgan115 Mount Street, London W1K 3NQTelephone 020 7629 2030

PROPOSALWe are seeking offers in excess of £750,000 for the virtual freehold, subject to contact and exclusive of VAT. A purchase at this level provides a net initial yield of 6.93% and a capital value of £359.00 per sq ft, assuming standard purchasers costs of 5.40%.

queen’s square, ascot business park · 2018. 4. 19. · ascot business park 3 queen’s square,...

Documents