st nicholas house, 15-17 george street, …st nicholas house, 15-17 george street, luton , lu1 2af...
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ST NICHOLAS HOUSE, 15-17 GEORGE STREET, LUTON, LU1 2AF
PRIVATECLIENT
TOWN CENTRE INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL
St Nicholas House, 15-17 George Street, Luton, LU1 2AF Town Centre Investment Opportunity with Development Ootential
INVESTMENT CONSIDERATIONS
■ Prominent investment opportunity in Luton town centre with residential potential
■ The property comprises a ground floor banking hall with mixed use office accommodation above
■ Potential to convert the upper floors to residential subject to the necessary consents
■ Luton has become one of the UKs most affordable London commuter towns and the property is situated a less than 10 minute walk from Luton train station
■ The property provides approximately 15,304 sq ft of net lettable area
■ The ground floor is let to the undoubted 5A1 covenant of RBS
■ Current total passing rent of £116,695 pa with 4,397 sq ft currently vacant
■ Luton has a population of 216,800 which is projected to see significantly above average growth in the next five years
■ The property is located opposite Debenhams and adjacent to Luton Crown Court, moments form one of the principle entrances to The Mall Luton
■ Offers are sought in excess of £1,500,000 (One Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.33% assuming purchaser’s costs of 6.10% and a low capital value of £98 psf.
St Nicholas House, 15-17 George Street, Luton, LU1 2AF Town Centre Investment Opportunity with Development Ootential
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A1(M)
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BurySt Edmunds
King’s Lynn
Wisbech
MarketDeeping
DownhamMarket
Stamford
Munford
Swaffham
Ely
PETERBOROUGH
LEICESTER
BIRMINGHAM
COVENTRY
Wigston
CAMBRIDGENORTHAMPTON Newmarket
Huntington
Thetford
Bedford
KetteringRugby
RoyalLeamington
SpaStratford-upon-AvonWorcester
Evesham
GloucesterCheltenham
Cirencester
Chippenham
Witney
Didcot
ChippingNorton
Stroud
Wolverhampton
Kidderminster
Banbury MiltonKeynes
Towcester
Buckingham
Stevenage
HarlowSt. Albans
Watford Enfield
Maidenhead
Reading
HighWycombe
Aylesbury
OXFORDHemel
Hempstead
Bishop’sStortfordLUTON Colchester
Chelmsford
BasildonSouthend-on-Sea
LONDONHeathrow
Luton
Stansted
Cambridge
LocationLuton is a major conurbation located in the County of Bedfordshire approximately 32 miles north of London, 14 miles south of Milton Keynes and 13 miles south of St Albans. The area has good road communications being served by junctions 10 and 11 of the M1 motorway, which links with the M25 approximately 10 miles to the south.
Luton benefits from regular train services to Central London with a quickest journey time of 23 minutes. It also benefits from an International airport which is located approximately 1.5 miles east of the town centre offering both scheduled and chartered flights domestically and across Europe.
Luton is a densely populated area with the district population estimated to be 216,800 in 2009 with a primary catchment population in excess of 350,000. The town is synonymous with the motor industry being home to the head office of Vauxhall Motors who still produce commercial vehicles in the town. Other major employers in the town include Randstad UK, Easyjet, Ocean Integrated Services Limited, IBC Vehicles Limited and The University of Bedfordshire.
Owing to the fast train service, Luton has become a popular commuter town and as a result has seen considerable investment from residential developers in the last five years.
St Nicholas House, 15-17 George Street, Luton, LU1 2AF Town Centre Investment Opportunity with Development Ootential
SituationThe property is located on the south side of George Street which is considered to be Luton’s prime retail pitch in the very centre of Luton town centre. The property is just set back from the prime retail thoroughfare moments from one of the principle entrances to The Mall Luton. The majority of the surrounding commercial units are of A3 and A2 use and there is a large amount of residential accommodation in the immediate area.
Luton Train Station is situated approximately 0.4 miles to the north of the property and Luton Crown Court is located directly adjacent. Other occupiers in close proximity include Debenhams opposite, Natwest, Poundland, Maplin, Yates, Primark, MacDonald’s, Bonmarche and Boots.
Description The property comprises a building of brick construction with a mansard roof arranged over ground, first, second and third floors. To the ground floor there is a large banking hall with offices to the rear, which is adjacent to an entrance lobby and caretaker’s office. The upper floors provides 11,415 sq ft of self-contained, office accommodation accessed via George Street. Within the building there is a lift with access to all floors and a stairwell. The offices benefit from suspended ceilings, Category II lighting, carpeting, plaster walls, perimeter trunking and WCs on each floor.
To the rear of the building the property benefits from a secure car park for approximately 8 spaces, accessed via Chapel Street.
Tenure Freehold.
St Nicholas House, 15-17 George Street, Luton, LU1 2AF Town Centre Investment Opportunity with Development Ootential
SCHEDULE OF ACCOMMODATION & TENANCIES
Floor Tenant Area Sq M
Area Sq Ft
Lease Start
Lease End Current Rent pa
£psf Comments
Ground floor Royal Bank of Scotland Plc 361.3 3.889 29/9/83 28/9/18 £40,000 £10.28 Current service charge cap of £7,452.49 against a share of the budget of £11,039.59
Part First Floor Brook East of England 247.9 2,668 6/5/08 5/5/18 £29,000 £10.87 Current service charge cap of £1,720 against a share of the budget of £2,031.91
Part First Floor (N109A) Brook East of England 45.6 491 1/10/11 6/5/18 £5,400 £11.07 Current service charge cap of £2,895.66 against a share of the budget of £3,084.60
Part First Floor (N112/114) Victim Support 69.2 745 16/1/15 15/1/18 £8,250 £10.19
Part Second Floor Kennedy Scott Limited 91.1 981 7/10/16 31/12/17 £10,000 £11.72
Part Second Floor (N208) Kennedy Scott Limited 72.1 776 7/10/16 31/12/17 £9,100 £11.02
Part Second Floor (N210) Victim Support 56.8 612 1/4/15 31/3/18 £6,750
Part Second Floor (N210a) Vacant 69.3 746
Part Second Floor (N213) Seetec Business Technology Centre Ltd
69.2 745 11/4/17 24/3/18 £8,195 £11.00 Current service charge cap of £4,901.58 against a share of the budget of £3,084.60
Third Floor Vacant 339.2 3,651
Total 1,421.7 15,304 £116,695
The Landlord is responsible for the shortfall between service cap and actual service charge.
Service Charge
The service charge budget for the year ending 31st December 2017 is £52,900 (£3.46 per sq ft overall). Further details are available upon request.
St Nicholas House, 15-17 George Street, Luton, LU1 2AF Xxxxxxxxx investment opportunity
Development PotentialSubject to obtaining the necessary planning consents the property provides a number of potential development and asset management opportunities including:
• The conversion of the first, second and third floors to residential use.
• A long term comprehensive redevelopment project including creating additional residential accommodation to the rear over the existing car park
• Let the vacant office units and maximise rental income.
• Potential to refurbish and re-let the vacant office accommodation, at rents of £10 psf+.
LUTON - A COMMUTER HOTSPOTIn March 2017 Luton was voted second in most affordable London Commuter town (The Telegraph) taking into account the average annual transport costs, average house price, and the time it takes to commute. This paired with a number of major regeneration plans in the pipeline for the town including the Luton Cultural Quarter, the Power Court stadium and the Napier Gateway has meant property values in Luton have jumped by nearly a fifth (19.4 per cent) over 2016 and are nearly £42,000 higher typically than in 2015.
FAST TRAIN SERVICE
LUTON TO LONDON ST PANCRAS INTERNATIONAL
23 MINSSource: National Rail
PRIVATECLIENT
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 11.17
PROPOSALOffers are sought in excess of £1,500,000 (One Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.33% assuming purchaser’s costs of 6.10% and a low capital value of £98 psf.
www.allsop.co.uk
For further information or to make arrangements for viewing please contact:
PRIVATE CLIENT TEAM
Liam Stray020 7543 [email protected]
Alex Butler020 7543 [email protected]
VATWe understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
EPCEPCs are available in the data room.
DATAROOMFor access to the Allsop Dataroom please use the following link:
https://datarooms.allsop.co.uk/register/StNicholasHouse