the jamaica portfolio - f.tlcollect.com · rent review annual rpi cap and collar of 5% – 1.5%,...

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

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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”


• 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


Sector Office

Floor Area (sq ft) 9,705

Tenure Freehold

No. of Tenancies 1





• 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

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Ordnance Survey, (c) Crown Copyright 2016. All rights reserved. Licence number 100022432


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.


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.


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


• 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


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


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

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SECOND FLOOR OFFICES


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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

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RECEPTION 108 sq.m x 50% (580 sq.ft )

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15

45 LONDON ROAD, RH2 9QP

REIGATE


Sector Office


Tenure Freehold

No. of Tenancies 1





• 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


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.


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


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



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.



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


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


Sector Office


Tenure Freehold

No. of Tenancies 1





• 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



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.


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


area of 1.59 acres.

20



SID

CU

P


• 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


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.


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


21

22

HARLEQUIN HOUSE, 7 HIGH STREET, TW11 8EE

TEDDINGTON


Sector Office


Tenure Freehold

No. of Tenancies 7




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


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.


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


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


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)


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


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


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.



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

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