anglo office park - buchanan bond · the current head rent is £13,333 per annum, subject to a...

MODERN MULTI-LET OFFICE INVESTMENT OPPORTUNITY

Anglo Office Park Lincoln RoadHigh Wycombe HP12 3RH

Investment Summary• A modern and attractive office park investment located on the established Cressex Business

Park.• Developed in 2005 the park offers flexible modern office accommodation of 10 individual

units with ground and first floor accommodation. Set around a landscaped car park offering an attractive ratio of 1:305 sq ft.

• The ten units total 26,249 sq ft (2,439 sq m).• Neighbouring occupiers include Jewson, Screwfix, Evans and Hovis on the Cressex Business Park.• Long Leasehold interest with approximately 140 years unexpired at a nominal ground rent.• Notable occupiers include the Salvation Army and NHS.

• Currently let to 13 tenants producing a gross rental income of £274,321 per annum (subject to rental guarantee on the vacant unit) and a net income of £260,988 per annum reflecting £10.45 per sq ft.

• A weighted average unexpired lease term of 4.32 years to lease expiries and 2.04 years to breaks.

• Potential to increase rental income through active asset management with an ERV currently at £13.95 per sq ft and vacant car parking spaces.

• Offers are invited in excess of £3,250,000 subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.54%, a reversionary yield of 10% and a low capital value of £123 per sq ft taking into consideration standard purchaser’s costs of 6.48%.

Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH

LocationHigh Wycombe is an affluent South East town with a large catchment population of 214,000 people (2011 census) and is the County town of Buckinghamshire. The town is situated approximately 33 miles (53 km) north west of Central London, 30 miles (50 km) south east of Oxford, 10 miles (16 km) north of Maidenhead and some 4 miles (6km) east of the Chiltern Hills. The town benefits from excellent road communications being situated approximately 1.8 miles (3 km) north-west of Junction 4 of the M40 Motorway and 9 miles (15 km) west of Junction 16 of the M25 Motorway.

In addition, the town is also a popular London commuter satellite town by being well connected to the national railway network with a fastest journey time to London Marylebone Station of 27 minutes. Heathrow Airport is approximately 20 miles (32 km) to the south east and Luton Airport some 37 miles (60 km) to the north east.

High Wycombe benefits from a variety of both local and national bus services, many of which are serviced by the bus station located within the Eden Shopping Centre. Destinations include: London, Oxford, Reading, Heathrow Airport, Slough and Uxbridge.

SituationAnglo Office Park is situated at the junction of Lancaster Road and Lincoln Road within the popular Cressex Business Park. High Wycombe town centre and railway station are within 1 mile (1.6 km) of the property which is also less than half a mile from Junction 4 of the M40 motorway.

The town is a strong commercial centre, attracting a number of major corporates including Johnson & Johnson, Beckman Coulter, GMAC and BT. Notable occupiers in the immediate vicinity to Anglo Office Park, within Cressex Business Park, include Jewson, Screwfix, Evans and Hovis.

A4010

READING

LONDON

A24

M40

M4

M25

M25

M25

M1A1(M)

M3

M23

A41

A4011

A413

GUILDFORD

HIGHWYCOMBE

CROYDONKINGST

RICHMOND

ON-UPON-THAMES

DARTFORD

WATFORD

A3

A22

A12

A4A404

0

A10

A406

A217

A232

HEATHROW

GATWIC

LUTON

K

M11

A2

A229

A26

A249

A414

A130

A12

A120

M2

M20

MAIDSTONE

CHELMSFORD

W

AYLESBURY

OXFORD

ALTHAMABBEY

STANSTED

ROCHESTER

WOKINGHAM

SLOUGH

HARLOW

EDMONTON

�

SUBJECT PROPERTY


M40M40 (Jct 4)

A404

West Wycombe Great Missenden

Wendover

CheshamBerkhamsted

KingsLangley

Gerrards Cross

Lane EndHandy Cross

Marlow

DescriptionAnglo Office Park is a modern office development, arranged as three separate terraces, within a courtyard setting constructed in the early 2000’s. The property comprises ten well-presented office units arranged over ground and first floor, totalling 26,249 sq ft (2,439 sq m).

The units benefit from raised floors, air conditioning, suspended ceilings, majority LED lighting, CAT II lighting and car parking for approximately 86 vehicles with a ratio of 1:305 sq ft (1:28 sq m).

TenureThe property is held on a long lease from High Wycombe District Council expiring 6th March 2157. The current head rent is £13,333 per annum, subject to a review in October 2017 and every fifth year thereafter to 5% of the market rent for the developed site.

Negotiations are due to commence on the outstanding review which we estimate will be agreed in the region of £18,300 per annum given the ERV market rent of £13.95 per sq ft.


148.9m

Wycombe Trade Park

El Sub Sta

The Merlin Centre

El Sub Sta

The Lord Rank Centre

12

34

56 7

89

10

sexessk

0m 10m 20m 30m

Anglo Office Park Lincoln Road

High WycombeHP12 3RH

Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

Linc

oln

Road

For indicative purposes only

Unit Floor Tenant Sq Ft Sq M Lease Start Lease End Rent p/a Rent/ft² Rent Review Break Comments

1 Ground & First Clece Care Services Limited 1,989 185 01/04/2016 31/03/2021 £19,612.00 £9.86 31/03/2019 31/03/2019Fixed rental uplifts in year 3 to £22,667 pa and year 5 to £24,638 pa

2 Ground TSC Security Limited 944 88 24/03/2017 23/03/2022 £13,168.80 £13.95 24/03/2020 *

2 First Purple Consulting Limited 1,024 95 03/06/2016 02/06/2021 £11,000.00 £10.74 02/06/2019 03/06/2019 Fixed rental uplift in year 3 to £12,500 pa

3 Ground Leap Childrens Therapy Limited 946 88 27/04/2016 27/04/2021 £9,418.00 £9.96 26/04/2019 Fixed rental uplift in year 3 to £11,832 pa

3 First Vacant 1,023 95 £14,270.85 £13.95 12 months rent, rates and service charge guarantee

4 Ground Danly UK Limited 952 88 09/06/2016 09/06/2021 £10,948.00 £11.50 08/06/2018 09/06/2019Fixed rental uplift in year 2 to £11,662 pa and year 5 to £12,138 pa

4 First Volkmann UK Ltd 1,043 97 11/01/2016 10/01/2021 £10,377.85 £9.95 10/01/2019

5 & 6 Ground & First Classic Business Equipment Limited 4,672 434 04/05/2015 03/05/2020 £40,000.00 £8.56 04/05/2018

7 Ground Hertfordshire Partnership University NHS Foundation Trust 1,662 154 29/07/2016 31/08/2021 £20,775.00 £12.50 30/09/2019 30/09/2019** Fixed rental uplift in year 3 to

£22,437 pa

7 First The Salvation Army Trustee Company 1,771 165 07/09/2016 07/09/2021 £23,368.00 £13.19 07/09/2019

8 Ground & First Chervon Europe Limited 3,393 315 27/01/2016 26/01/2021 £28,840.50 £8.50 26/01/2019

9 Ground Push to Talk International Limited 1,652 153 27/01/2016 26/01/2021 £16,427.45 £9.94 26/01/2020 27/01/2019 Fixed rental uplift in year 4 to £20,637.50 pa

9 First Epoq-IT Limited 1,752 163 10/02/2014 09/02/2019 £8,322.00 £4.75

10 Ground & First CC Architecture 3,426 318 02/08/2017 01/08/2027 £47,792.70 £13.95 02/08/2022***

Total Area (NIA) 26,249 2,439 4.32 years 2.04 years

Total Gross Income £274,321.15

Less Head Rent -£13,333.00

Total Net Income £260,988.15


TenancyThe business park is currently let to 13 tenants in accordance with the tenancy schedule listed below.

Notes * 2 months rent free if tenant’s break is not excercised** 1 month rent free if tenant’s break is not excercised*** 3 month tenant break penalty The current service charge budget of £36,960 pa equates to approx. £1.40/sq ft, based on an area of 26,249 sq ft. This does not include any electricity charges.

Covenant InformationClece Care Services Limited Clece Care Services (CCS) opened in the UK in 2013 to maximise the independence, well-being and quality of life of individuals in their own home. The company has grown to a team of over a thousand care and support professionals. Clece Care Services Limited has a Dun & Bradstreet rating of 2A1.

TSC Security Limited The Security Company “TSC” is a leading provider of creative employee security awareness programmes. They provide security education programmes that minimise organisational risks and strengthen business. TSC Security Limited has a Dun & Bradstreet rating of D1.

Purple Consulting Limited Purple Consulting offers a professional bookkeeping, management accounts and accounts preparation service to small and medium businesses across Buckinghamshire and the surrounding areas. Purple Consulting Limited has a Dun & Bradstreet rating of G3.

Leap Childrens Therapy Limited Leap Children’s Therapy is an independent company based in Buckinghamshire and London providing Occupational Therapy services to children and young people. The team combined provides over experience of 40 years working for the NHS, privately and on behalf of Buckinghamshire County Council. Leap Children’s Therapy Limited has a Dun & Bradstreet rating of F2.

DANLY UK Limited Established in 1922 DANLY is an international company, engaged in the manufacture and distribution of die sets and toolmakers’ supplies. Over 10,000 companies worldwide already work successfully with DANLY products. Their customers include automotive, domestic appliance and other metal working and toolmaking companies. DANLY UK Limited has a Dun & Bradstreet rating of 2A2.

Volkmann UK Limited Volkmann was founded in 1973 as a consulting company for production automation. Today, Volkmann is a specialist in the transport and handling of bulk materials. In particular, Volkmann offers customers from the Chemical, Food Processing and Pharmaceutical Industry class leading standards. Volkmann employs nearly 100 employees and operates subsidiaries in Great Britain, France and the USA. Volkmann is internationally present in many countries with local agencies. Volkmann UK Limited has a Dun & Bradstreet rating of 1A1.

Classic Business Equipment Limited Established in September 1997, the company was formed with an objective of providing a high quality product and customer service in the Thames Valley area. The Company now supplies and services printing machines to many organisations throughout the UK. Classic Business Equipment Limited has a Dun & Bradstreet rating of 2A1.

Hertfordshire Partnership University NHS Foundation TrustThe Trust provides health and social care for over 400,000 people with mental ill health, physical ill health and learning disabilities across Hertfordshire, Buckinghamshire, Norfolk and North Essex. They employ nearly 3,000 staff. Hertfordshire Partnership University NHS Foundation Trust has a Dun & Bradstreet rating of 5A1.

The Salvation Army Trustee Company The Salvation Army is an international charitable organization structured in a quasi-military fashion. The organisation reports a worldwide membership of over 1.5 million, consisting of soldiers, officers and adherents known as Salvationists. It is present in 127 countries, running charity shops, operating shelters for the homeless and disaster relief and humanitarian aid to developing countries. The Salvation Army Trustee Company has a Dun & Bradstreet rating of H1.

CHERVON Europe Limited CHERVON is an innovative, global player in the power tool and outdoor power equipment industries. They specialise in researching, developing, manufacturing, testing, sales, and after-sale services for electric power tools and related product categories. CHERVON products are now sold by more than 30,000 top chain stores in 65 countries. CHERVON is one of the top-ten providers of power tools worldwide. CHERVON Europe Limited has a Dun & Bradstreet rating of A2.

Push to Talk International Limited Established in 2007 Push to Talk International Limited is the largest supplier of Push to Talk services in the UK. With customers ranging from security teams, rail companies, hospitals, retail chains, football stadiums and parking enforcement, they provide companies with instant group communications. Push to Talk International Limited has a Dun & Bradstreet rating of N3.

EPOQ-IT Limited Founded in 2002, EPOQ- Limited provide IT consultancy services for regulated businesses and SMBs. EPOQ- Limited has a Dun & Bradstreet rating of E2.

CC Architecture Limited CC Architecture Ltd is a Registered Chartered Architectural Practice consisting of Chartered Architects, Chartered Architectural Technologists, Technicians and Structural Engineers. Based at Anglo Business Park, the company specialises in domestic projects, which range from full planning permission for a single storey extension to complete new build properties. CC Architecture Ltd has a Dun & Bradstreet rating of N3.

Further information including company financial data can be provided upon request.


EPCIndividual EPC ratings are available upon request. Please note each of the ratings are currently above an E rating.

VATThe property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).

Asset Management OpportunitiesThe most recent lettings have achieved rents of £13.95 per sq ft which provide excellent evidence for those units with potential medium term reversions such as Unit 9 at £4.75 per sq ft and Units 5&6,8 which are currently let at rents of circa £8.50 per sq ft.

The car park is not currently fully let and there is a potential opportunity to increase the total rent. Individual spaces are anticipated to achieve circa £800 per annum, there are currently 7 available spaces. Additionally, there could be future break up opportunities on a floor by floor basis, individual unit basis or a terrace basis.

Further details are available upon request.


Further InformationShould you require further information or wish to view the property please contact either:-

STEVEN POLLACK JONATHAN SKERRYT: 020 7042 6002 T: 020 7042 6004M: 07530 424 019 M: 07736 300 594E: [email protected] E: [email protected]

Misrepresentation Act 1967 & DeclarationBuchanan Bond Real Estate 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 condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them. iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property. OCTOBER 2017.

3-5 Barrett StreetSt Christopher’s PlaceLondon W1U 1AY

020 7042 6000

www.buchananbond.com

ProposalOffers are invited in excess of £3,250,000 subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.54%, a reversionary yield of 10% and a low capital value of £123 per sq ft taking into consideration standard purchaser’s costs of 6.48%.


anglo office park - buchanan bond · the current head rent is £13,333 per annum, subject to a...

Documents