Units 2, 3 & 5, Meridian Office Park

Transcription

1 BARTLEY WOOD LONDON BARTLEY POINT PROPERTY TESCO M3 HOOK RAILWAY STATION OSBORN WAY J5 SOUTHAMPTON Units 2, 3 & 5, Meridian Office Park Osborn Way, Hook Freehold South East Office Investment

2 INVESTMENT SUMMARY Hook is an established office location with excellent road and rail communications Meridian Office Park is situated 0.5 miles from the M3 (Junction 5) and adjoins a Tesco superstore Within walking distance to the town centre and railway station Three office buildings set within an attractive landscaped environment Total net internal floor area of 17,458 sq ft Excellent car parking ratio of 1:16.55 sq m (1:178 sq ft) Freehold Multi-let to five tenants with a total net rental income of 299,022 pa Active management opportunities Offers in the region of 2,570,000 (two million, five hundred and seventy thousand pounds), subject to contract and exclusive of VAT, which reflects an attractive net initial yield of 11% assuming purchaser s costs of 5.75%

3 13 NEWBURY A34 A303 M4 A339 BASINGSTOKE READING M WOKINGHAM A33 5 HOOK CAMBERLEY 4 FLEET ALDERSHOT 8/9 3 7 BRACKNELL FARNBOROUGH 6 WOKING 5 4b/ /12 11 M25 A3 10 GUILDFORD HEATHROW 1 LOCATION Hook is strategically located immediately to the north of the M3 (Junction 5) within approximately 22 miles of the M25 motorway (Junction 12), 42 miles from central London and 11 miles from the M4 motorway (Junction 11) via the B349. Hook railway station is located on the main London to Southampton line with a direct and frequent service to London (Waterloo) with a fastest journey time of 53 minutes. London Heathrow is within approximately 30 minutes drive time. A31 SITUATION GRIFFEN WAY SOUTH B3349 Meridian Office Park is accessed via Osborn Way and situated less than 0.5 miles from the M3 (Junction 5). A Tesco superstore adjoins the Park. The town centre and railway station are both within walking distance. LONDON ROAD A30 HOOK HOOK Adjacent to Meridian Office Park is Bartley Wood Business Park which comprises 55,740 sq m (600,000 sq ft) of office accommodation in a landscaped environment of 17.4 hectares (43 acres). Bartley Wood has attracted a number of multi-national occupiers to Hook including NTL (3 buildings), EDS (4 buildings), Serco (3 buildings) and BMW (2 buildings). NEWHAM ROAD LONDON ROAD A30 STATION ROAD MERIDIAN OFFICE PARK BARTLEY WAY DESCRIPTION Meridian Office Park is a courtyard of five office buildings within a landscaped environment, three of which are included in this investment sale. OSBORN WAY GRIFFEN WAY SOUTH B3349 Units 2, 3 & 5 comprise two and three-storey self-contained office buildings constructed in 1990, with facing brick elevations featuring banding and soldier courses in contrasting red brick, under pitched slate roofs. The buildings incorporate grey powder coated aluminium double-glazed windows. A287 SOUTHAMPTON HOOK ROAD B3349 J5 LONDON Internally, the buildings have the benefit of suspended ceilings incorporating recessed modular lighting; raised floors; carpeting; clear 2.7m floor to ceiling height; male/female/disabled WCs; gas fired central heating; airconditioning (in part) and lift (Unit 5 only). The property has been attractively landscaped and includes 98 on-site designated car parking spaces providing an excellent ratio of 1:16.55 sq m (1:178 sq ft). M3

4 ENVIRONMENTAL CONSIDERATIONS The property has been given a low to moderate environmental sensitivity rating. A copy of the report is available on request. TENURE The property is held freehold. TENANCY SCHEDULE Unit Tenant Accommodation Car Parking Lease Details Current Income Comments sq m sq ft Spaces Start Expiry Review Break pa psf 2 Cashbox ATM Systems Ltd GF/1F , /09/ /08/ , Lease guaranteed by Cashbox plc. Total ,025 3 Omnivision Trading GF , /11/ /11/ /11/ , Rent deposit deed - 19, incl VAT. (Hong Kong) Company Ltd 2 months rent free if break not exercised. Tenant only break (6 months notice to be provided). R3 Holdings Ltd 1F , /09/ /09/ , Rent commencement 01/05/2009 (vendor will 'top up'). Total ,085 5 Old Mutual Asset Solutions Ltd GF , /12/ /12/ , Rent deposit deed - 35,000 + VAT. 1F ,188 Trimble Navigation Europe Ltd 2F , /03/ /03/ /03/ /03/ , Lease guaranteed by Trimble Navigation Ltd. Tenant only break (6 months notice to be provided). Total ,348 Total 1, , ,022

5 TENANT PROFILE Cashbox ATM Systems Ltd (24% of the income) Cashbox sells and maintains approximately 1,000 ATMs in the UK. Clients include Thresher, Greene King, Chevron and P&H. Omnivision Trading (Hong Kong) Company Ltd (11% of the income) Omnivision designs and markets high-performance semiconductor image sensors. 5 R3 Holdings Ltd (12% of the income) The companies within the R3 group cover a broad spectrum of skills and experience including financial services, specialist insurances, data processing, marketing and IT Old Mutual Asset Solutions Ltd (36% of the income) The company is part of Old Mutual plc, an international financial services group whose activities are focused on asset gathering and asset management. In 2006, Old Mutual acquired Skandia. As at 31/12/2007, Old Mutual plc had $279bn of funds under management Trimble Navigation Europe Ltd (17% of the income) Trimble makes navigation systems and software based on the US government-owned global positioning system (GPS) satellite network. Customers include Caterpillar and Nortel Networks. Trimble also runs a joint venture with Nikon. Summary accounts for each tenant are available on request.

6 MANAGEMENT COMPANY The estate roads are owned and managed by a separate management company, Meridian Park (Amenities) Limited. This is a private limited company that was incorporated when the estate was developed. The seller has a majority shareholding comprising seven ordinary shares. The remainder of the shares are divided between the owners of the other two office buildings on the estate. The seller shall transfer its shareholding to the purchaser on completion. CAPITAL ALLOWANCES The seller is the trustee of a pension fund. They do not therefore claim capital allowances. VAT The property is elected for VAT. FURTHER INFORMATION For further information or to arrange an inspection please contact: Noel Lander Jon Hollis noel.lander@kingsturge.com jch@hollishockley.co.uk Victoria Smith Nick Olliffe victoria.smith@kingsturge.com nwo@hollishockley.co.uk King Sturge LLP Hollis Hockley 30 Warwick Street 1 Alexandra Road London Farnborough W1B 5NH GU14 6BU PROPOSAL We are instructed to seek offers in the region of 2,570,000 (two million, five hundred and seventy thousand pounds), subject to contract and exclusive of VAT, which reflects an attractive net initial yield of 11% assuming purchaser s costs of 5.75%. Crown Copyright All rights reserved. Promap licence number King Sturge licence number This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. MISREPRESENTATION CLAUSE. The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Neither King Sturge or Hollis Hockley nor any of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the Property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the Property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. Subject to Contract Exclusive of VAT January 2009