BRUNEL HOUSE 21 BRUNSWICK PLACE SOUTHAMPTON SO15 2AQ FREEHOLD OFFICE INVESTMENT FOR SALE

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Lora Sims
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1 BRUNEL HOUSE 21 BRUNSICK PLACE SOUTHAMPTON SO15 2AQ FREEHOLD OFFICE INVESTMENT FOR SALE

2 INVESTMENT SUMMARY City centre office building Freehold 5 floors totalling 1,241 sq m (13,360 sq ft) NIA Single let to Irwin Mitchell LLP Strong covenant Very Low Risk 5 year lease from 17 December 2015 Rent 170,000 pa ( 12.72/sq ft) Potential for future alternative use subject to planning Price 2,150,000 subject to contract and exclusive of VAT Initial Yield 7.5% net of purchaser s costs of 5.5% Low capital value of 160/sq ft

LOCATION Southampton is an established commercial centre located on the south coast of England, 80 miles south-west of London and 20 miles north-west of Portsmouth.

time to London aterloo of approximately 80 minutes.

3 LOCATION Southampton is an established commercial centre located on the south coast of England, 80 miles south-west of London and 20 miles north-west of Portsmouth. The City benefits from direct motorway access to London via the M3 and to Portsmouth via the M27, and is well served by public transport including Southampton Central railway station with a journey time to London aterloo of approximately 80 minutes. There is a ferry terminal within the City operating a service to the Isle of ight and Southampton International Airport is located 4 miles north-east of the City centre. The City is home to two universities; Southampton University and Southampton Solent University and major employers including the National Oceanographic Centre, Carnival Cruises, Old Mutual, Ordnance Survey and RBS. SITUATION Brunel House is prominently situated on the corner of Brunswick Place and Kings Park Road within the traditional office sector towards the north of the City centre. It is adjacent to Brunswick Gate which is occupied by RBS and opposite Andrews Park that lies between Above Bar Street and East Park Terrace. Other significant office occupiers nearby include Smith & illiamson to the rear within Imperial House, Grant Thornton, Santander, Paris Smith, Carswell Gould and numerous tenants within the multi-let Charlotte Place. The property is situated close to the roundabout intersection of the City s two main arterial routes; the A3024 east-west route and the A33 north-south route. Southampton Central Railway Station and the prime retail areas around Above Bar and est Quay Shopping Centre are within walking distance. A number of buildings in the vicinity have been or are planned to be converted for alternative uses or subject to new-build development including Mayflower Plaza, Southampton Park Hotel, Brunswick Apartments and Park Vista Apartments on Brunswick Place, Guildhall Apartments within the Cultural Quarter on Above Bar Street, and new student accommodation is being constructed on the eastern side of Charlotte Place.

DESCRIPTION Brunel House is a 5 storey office building originally constructed in the 1950s with

It is of framed construction with stonework elevations beneath an asphalt covered flat roof.

stairwells, C and shower facilities and a passenger lift.

together with meeting rooms and C and kitchen facilities throughout.

The offices are of a good quality specification with painted plaster walls, Category II fluorescent

The third floor windows are Velux style and of coated metal construction, stained timber internally.

4 DESCRIPTION Brunel House is a 5 storey office building originally constructed in the 1950s with accommodation set over basement, ground, first, second and third floors. It is of framed construction with stonework elevations beneath an asphalt covered flat roof. There are service cores at the front and rear of the building incorporating the main entrance lobby, stairwells, C and shower facilities and a passenger lift. Internally the offices provide a mixture of open plan accommodation and partitioned cellular offices together with meeting rooms and C and kitchen facilities throughout. The lower ground floor and top floors are currently used for break out and archive/storage space. The offices are of a good quality specification with painted plaster walls, Category II fluorescent lighting, carpet and vinyl tiled floors and coated aluminium framed double glazed fenestration. The third floor windows are Velux style and of coated metal construction, stained timber internally. The building temperature is controlled by way of a gas fired central heating system with air conditioning units sited around the offices and in cassettes in the meeting rooms, installed in The building has a service area to the rear with some parking space.

5 FLOOR AREAS The office building was measured in December 2015 on a Net Internal Area (NIA) basis in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following floor areas: FLOOR USE SQ M SQ FT Basement Stores and Kitchen/break out ,416 Ground Reception Ground Offices ,520 First Offices ,259 Second Offices ,281 Basement Boxinexposed pipe work Gasinlet/meter Apply graphic to face of cupboard 'Gate' bench seating 'Dean' chairs Large all Graphics Copier Post Room Vend Zip boiler Integral tallfridge D/ Breakout Micro Telecom Inlet&switch.C. Shower Electrical Switch /Fuse Room 2hrFire Door Deeds Room 2hr Fire Rated Third Offices (>1.5M headroom) ,372 TOTAL 1, ,360 Racking (1000x500) Collating Table Bench Up Clnr's Cup'd Boiler Room Lift motor room (no access) A separate schedule of floor areas measured in accordance with the RICS Property Measurement First Edition dated May 2015 in line with the International Property Measurement Standard 3 (IPMS3) is available in the data room. Spur shelving Newdoortocreate cleanerscupboard TENURE Freehold. Ground Floor External post boxslot Vertical blinds Company Sign Vertical blinds FD30S1mwide door. On holdopendeviceor tohave an anti-inpactvision panel FD30Sslabtoslab partitioning 3% density meshblindstothese windows Meeting Room 1 Meeting Room 2 Meeting Room 1 Blackout blinds Blackoutblinds Blackout blinds Blackout blinds Meeting Room 3 Meeting Room 4 Conference Room 1 Conference Room 2 Moveble wall-maple Moveble wall-maple Ceiling mounted projector Fire Exit Brochure stand VP R07 R08 R09 Coat cup'd Reception 30 mins blockworkinfill Stair ell Lift Lobby Door toremainunlocked or has a'thumbturn' on lobbyside Vertical blinds allmountedsign aiting Area Stair ell H/L elec. items R15 R14 Chair Store R13 R Hospitality Team VP R11 Large larderfridge R10 Extrasoundproofing to toilet walls and good air extraction Visitor C's.C. R03 Meeting Rm 7 Meeting Rm 6 Meeting Rm Copier Accessible.C. Ambulant Cfitted with grab bars & coathook 1400mmabovefloor level. Also fitted with an audible & visual fire alarmindicator & emergency light. Smaller StoreDoor dimensions to be checkedonsite 3% densitymeshblindsto allwindows Lockable base units forwine L/Lwall mounted waterheater

6 First Floor S S Comms Room S21 S Special unit S05 S06 S07 S08 S09 S S Meeting Room 1 Stair ell S01 Store Open library shelving Collating Area S H/L elec. items Male.C. Up S11 Meeting Room 2 S15 Cladding S03 Meeting Rm 3 S S16 S13 S17 S14 S18 Cladding Stair ell R03 Second Floor Fire Cabinet S19 S20 S Special unit S05 S06 S07 S08 S09 S S03 S02 Open library shelving Meeting Rm 1 H/L elec. items Collating Area S01 Store S S S17 S14 S18 Relocate doorset FD30S VP Store / Electrical Switches R03 Meeting Rm 1 Meeting Rm 2 Open library shelving all Mounted Heater (As Existing) Female.C. Male.C. Collating & Printing Area Female.C. Meeting Rm 3 R S13 Lift Lobby Maple orktop on legs Meeting Room 2 Remove or relocate A/C Unit Up S15 S11 Third Floor Lift Lobby B R U N E L H O U S E 2 1 B R U N S I C K P L A C E S O U T H A M P T O N S O 15 2 A Q Cladding

7 TENANCY The property is subject to a new tenancy to Irwin Mitchell LLP on the following terms: TERMS 5 years COMMENCEMENT 17th December 2015 RENT REPAIR INSURANCE ALIENATION 1954 L&T ACT Excluded 170,000 per annum exclusive fixed Good repair and condition subject to a Schedule of Condition Recovered from tenant Assignment of whole/ subletting of whole or part (floors) with landlord s consent COVENANT STATUS Irwin Mitchell and Thomas Eggar announced their merger on 17th December 2015 creating a 250M legal business in 15 locations and with nearly 300 partners. The Group is now the 11th largest legal business in the UK. The freehold is currently owned by Thomas Eggar LLP. As at the end of April 2015 Irwin Mitchell reported a turnover of 191M with an operating profit of 55M. For the same period Thomas Eggar reported a turnover of 40M with an operating profit of 10.7M. According to Experian Irwin Mitchell LLP has been rated Very Low Risk with a score of 98/100. VAT e understand the property is registered for VAT and therefore VAT will be payable on the purchase price unless acquired by way of a Transfer of a Going Concern (TOGC). EPC The E-Rating EPC for the building is available in the data room. DATA ROOM Access to the data room is available by request and requires a user name and password; documents present include the completed lease, schedule of condition, air conditioning report, detailed floor plans and areas, EPC and recommendations, Irwin Mitchell and Thomas Eggar Financial Accounts, an Experian Credit Report and Official Copy Register Title documents. For access please contact Sharon Price on or sprice@vailwilliams.com. PROPOSAL e are instructed to seek a price of 2,150,000 (two million one hundred and fifty thousand pounds) subject to contract and exclusive of VAT for our client s freehold interest. This price shows an initial yield of 7.5% net of purchaser s costs of 5.5%. VIEINGS Strictly by appointment through the sole agents. CONTACT Russell Miller rmiller@vailwilliams.com Julian alker jwalker@vailwilliams.com MISREPRESENTATION ACT 1967 Vail illiams for themselves and for the vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute nor constitute part of an offer or contract. 2. All descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Vail illiams has any authority to make any representation or warranty whatsoever in relation to this property. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T.). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of V.A.T. in respect of any transaction. Vail illiams LLP, a Limited Liability Partnership, registered in England (number OC319702). Registered office: 550 Thames Valley Park, Reading, Berkshire RG6 1RA. Any reference to a Partner means a Member of Vail illiams LLP or an employee or consultant with equivalent standing and qualifications. A full list of Members is open for inspection at the registered office. January Regulated by RICS

Virtual Freehold Office Investment for Sale

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