New North House, 78 Ongar Road, Brentwood, Essex CM15 9BB Office Investment with Development Potential For Sale

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Dorothy Hudson
5 years ago
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1 DE VE P LO ER M AP PM IT PR EN TE OV T R D ED IG HT S ENTER Office Investment with Development Potential For Sale

HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT SUMMARY 5-storey office building of circa 27,604ft 2 Net Internal Area with approximately 64 car parking spaces Part

2 HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT SUMMARY 5-storey office building of circa 27,604ft 2 Net Internal Area with approximately 64 car parking spaces Part let at a current rent of 266,307 per annum on short term agreements outside the L&T Act, with an ERV of circa 552,080 per annum Prior Approval granted for conversion of part of the building to create 25 residential units (13,144ft 2 ) via Permitted Development Rights Potential to convert a further 14,708ft 2 NIA of A2 and vacant D1 space to residential, subject to planning permission Located in the affluent commuter town of Brentwood, with a direct link via Crossrail to Bond Street in 44 minutes Offers are invited in excess of 6,000,000 for the freehold interest which reflects 217 per ft 2 on the net area, a Net Initial Yield of 4.16% and a reversionary net yield of 8.63%

HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT DESCRIPTION New North House is a self contained 5-storey office building, extending to approximately 27,604ft 2 Net

The building is of concrete framed construction under a flat roof and is arranged over ground and 4 upper floors.

3 HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT DESCRIPTION New North House is a self contained 5-storey office building, extending to approximately 27,604ft 2 Net Internal Area. The property benefits from 64 car parking spaces, including some under-croft space. The property occupies a prominent corner site extending to approximately 0.58 acres. The building is of concrete framed construction under a flat roof and is arranged over ground and 4 upper floors. The floor plates are well configured for occupation on a floor by floor or part floor basis, as demonstrated by the current partitioning across the building. LOCATION New North House is situated in a prominent position fronting North Road at its junction with Ongar Road within Brentwood Borough Council. Brentwood train station is located approximately 0.8 miles from the property, providing frequent National Rail services to London Liverpool Street with journey times of approximately 29 minutes. Crossrail will also be operating from Brentwood station. Brentwood High Street is situated approximately 300m from the property offering a wide range of shops, restaurants and amenities. Stansted, City and Southend airports are all within a 40 minute drive from Brentwood.

HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT EXISTING ACCOMMODATION There is approximately 12,896ft 2 NIA of existing B1 (Office) space within the building, which

The entirety of the B1 space benefits from Prior Approval consent for conversion to residential under PDR.

4 HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT EXISTING ACCOMMODATION There is approximately 12,896ft 2 NIA of existing B1 (Office) space within the building, which is currently fully let on various tenancies producing a combined rental income of 179,908 per annum. The entirety of the B1 space benefits from Prior Approval consent for conversion to residential under PDR. There is circa 4,791ft 2 NIA of A2 (Financial Services) space across the ground and first floor of the building, which is let a solicitor s firm until November 2025 at a rent of 52,745 per annum, reflecting a low average of 11 per ft 2. The remainder of the floor space in the building, totalling 9,917ft 2 NIA, has D1 (Non- Residential Institutions) use; the entire second floor (7,575ft 2 NIA) is vacant and part of the third floor (2,342ft 2 NIA) is let to a recruitment and training company until April 2021 at a rent of 35,130 per annum. EXISTING AREAS Floor B1 with PD (NIA ft 2 ) A2 (NIA ft 2 ) D1 (NIA ft 2 ) Total (NIA ft 2 ) Ground 672 1,214 1,886 First 3,120 3,577 6,697 Second 7,575 7,575 Third 4,333 2,342 6,675 Fourth 4,771 4,771 Total 12,896 4,791 9,917 27,604

5 HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT TENANCIES The property is let to a range of tenants on short term agreements outside the Landlord and Tenant Act as per the schedule: The property benefits Current from detailed planning permission, granted Car 4th August 2016 under L&T Act Floor / Unit Tenant NIA ft reference EPF/1269/15, Use for demolition of the existing buildings 2 / p.a. / ft Spaces and the construction 2 Lease Start Next Review Lease Expiry ERV Comments of Protected two Ground new and buildings Part 1 st to provide a total of 30 self-contained residential units, comprising 8 x 1 B1 K&T McCormack Ltd 672 8, /02/ /02/2020 No 13,440 None bedroom Floor and 22 x 2 bedroom apartments. Ground and Part 1 st Fixed rent increase to 52,745 on A2 Pinney Talfourd 4, , /11/ /11/ /11/2025 No 95,820 Block A Floor (4-storeys) will contain 23 units and Block B (3-storeys) will consist of 7 apartments, 16/10/2017. with Part a total 1 st Floor of 45 off-street B1 parking spaces Tim Foxprovided within 3,120 the site. 3 43, /01/ /07/ /01/2019 No 62,400 Tenant has vacated and stopped paying rent The planning 2 nd Floorconsent is D1not subject to Vacant any Section 1067,575 obligations or CIL liabilities. No 151,500 3 rd Floor, Suite 3.1 B1 Square Mile Employment Services Vacant since June 2013 and openly marketed as D1 since 1, , /06/ /06/2018 No 21,760 Tenant has vacated and stopped paying rent 3 rd Floor, Suite 3.2 D1 Lifetime Training 2, , /04/ /04/2021 No 46,840 Tenant break in rd Floor, Suite 3.3 B1 Just Purely Limited 1, , /11/ /11/2018 No 30,720 Tenant has vacated and stopped paying rent 3 rd Floor, Suite 3.4 B1 Chris O Hare 1, , /02/ /02/ /02/2021 No 34,180 Fixed rent increase to 21, on 03/02/18 4 th Floor, Suite 4.1 B1 Emoov Ltd 1, , /12/ /10/2017 No 21,440 Unit 4.1 & 4.3 under one lease 4 th Floor, Suite 4.2 B1 Emoov Ltd 1, , /10/ /10/ /10/2017 No 20,000 Rent inclusive of service charge - net rent 10,751p.a. 4 th Floor, Suite 4.3 B1 Emoov Ltd 1, , /12/ /10/2017 No 20,000 Unit 4.1 & 4.3 under one lease 4 th Floor, Suite 4.4 B1 U/O Emoov Ltd , TBC 26/10/2017 No 15,460 None 4 th Floor, Suite 4.5 B1 Gryphon Surveys Ltd , /04/ /04/2019 No 18,520 Tenancy at Will Roof Aerial Everything Everywhere Ltd 10,000 09/09/ /09/2013 No Holding Over Roof Aerial Vodafone Ltd 7,896 25/05/ /05/2009 No Holding Over Car Parking x 9 ACE Travel Management Ltd 7, /01/ /05/2016 No 28 days notice to terminate Total 27, , ,080

HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT DEVELOPMENT POTENTIAL APPROVED PD SCHEME Prior Approval was granted on 11th April 2017, under reference

6 HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT DEVELOPMENT POTENTIAL APPROVED PD SCHEME Prior Approval was granted on 11th April 2017, under reference 17/00240/PNCOU, for the conversion of part ground, part first, part third and entire fourth floors to form 25 residential units by way of Permitted Development, with a Net Internal Area of 13,144ft2 as per the schedule. The approved Permitted Development drawings are available within the dataroom. The online Permitted Development application can be found here. There is approximately 14,708ft 2 (NIA) of existing A2 and vacant D1 space remaining which offers potential for residential conversion, subject to obtaining the necessary consents. Furthermore, there may be potential to construct additional storeys or develop beneath the under-croft area at ground floor level to create further residential accommodation, subject to planning permission. Typical Floor Plan Unit Floor Description NIA ft 2 NIA m 2 1 Ground 1 Bedroom Apartment Ground 1 Bedroom Apartment First 1 Bedroom Apartment First 1 Bedroom Apartment First 1 Bedroom Apartment First 2 Bedroom Apartment First 2 Bedroom Apartment Third 2 Bedroom Apartment Third 2 Bedroom Apartment Third 1 Bedroom Apartment Third 1 Bedroom Apartment Third 2 Bedroom Apartment Third 1 Bedroom Apartment Third 1 Bedroom Apartment Third 1 Bedroom Apartment Fourth 2 Bedroom Apartment Fourth 2 Bedroom Apartment Fourth 1 Bedroom Apartment Fourth 1 Bedroom Apartment Fourth 2 Bedroom Apartment Fourth 1 Bedroom Apartment Fourth 1 Bedroom Apartment Fourth 1 Bedroom Apartment Fourth 1 Bedroom Apartment Fourth 1 Bedroom Apartment Total 13,144 1,221

HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT TENURE The property will be sold freehold. VAT We understand that the property is not elected for VAT.

ADDITIONAL INFORMATION Additional information such as floor plans and lease documents can be found in our dataroom using the password NNH.

7 HOME SUMMARY DESCRIPTION & LOCATION EXISTING ACCOMMODATION TENANCIES DEVELOPMENT TENURE The property will be sold freehold. VAT We understand that the property is not elected for VAT. Offers are invited in excess of 6,000,000 for the freehold interest which reflects 4.16% NIY, a revisionary net yield at 8.63% and a capital value of 217 per ft 2. ADDITIONAL INFORMATION Additional information such as floor plans and lease documents can be found in our dataroom using the password NNH. CONTACT To discuss any aspect of the property of disposal process, please contact the sole selling agents: Paul Heale paul.heale@kingsbury-consultants.co.uk Keir Goldstein keir.goldstein@kingsbury-consultants.co.uk Kingsbury 1st Floor, 81 Alie Street, London E1 8NH Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No:

Dugard House, Peartree Road, Stanway, Colchester, Essex CO3 0UL. Office with Permitted Development Rights For Sale

Dugard House, Peartree Road, Stanway, Colchester, Essex CO3 0UL. Office with Permitted Development Rights For Sale ENTER Office with Permitted Development Rights For Sale HOME DESCRIPTION & LOCATION DEVELOPMENT TERMS 3-storey office building of circa 24,286ft 2 GIA with approximately 29 car parking spaces, positioned