Greater London Investment / Residential Redevelopment Opportunity. Bournehall House, Bournehall Road, Bushey, Hertfordshire WD23 3HP

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Gladys Cannon
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1 Greater London Investment / Residential Redevelopment Opportunity Bournehall House, Bournehall Road, Bushey, Hertfordshire WD23 3HP

Location Bushey is located approximately 20 km (13 miles) north west of Central London, 4 km (3 miles) south of Watford, 6 km (3 miles) west of Borehamwood, 10 km (6 miles) south of Hemel Hempstead

2 Location Bushey is located approximately 20 km (13 miles) north west of Central London, 4 km (3 miles) south of Watford, 6 km (3 miles) west of Borehamwood, 10 km (6 miles) south of Hemel Hempstead and 27 km (17 miles) south of Luton. The town benefits from good road communications being some 3 km (2 miles) south of Junction 5 and 4 km (3 miles) west of Junction 4 of the M1 Motorway. The intersection of the M1 and M25 Motorways is approximately 9 km (6 miles) to the north. Bushey is situated on the A411 which provides direct access to Watford to the north and to North West London to the south. In addition, the A41 dual carriageway is situated some 2 km (1 mile) to the north east. The town is connected to the national railway network by Bushey Station, which is on the Silverlink Line. Fastest journey times are 19 minutes to London Euston and 4 minutes to Watford Junction. Heathrow Airport is located approximately 21 km (13 miles) to the south east and Luton Airport is 28 km (17 miles) to the north, easily accessible from the nearby motorway junctions. Situation Bournehall House is located within a predominantly residential / mixed use area, on the western side of Bournehall Road, to the immediate north of the junction with the A411 (High Street, Bushey). The High Street is the principal commercial location for Bushey and benefits from numerous shops, public houses and restaurants. Bushey Country Club and golf course is situated approximately 150 metres to the south east of the property. In addition, the property benefits from being in an affluent residential neighbourhood. Description Bournehall House comprises a modern, attractive, Georgian style office building constructed in 1990 with a modernised, Grade II Listed barn attached to the rear. The modern building provides good quality office accommodation arranged over ground, first and second floors. The Barn provides a distinctive, attractive and self-contained office suite. Bournehall House is of steel frame construction with brick elevations under a part pitched, part flat roof which is part clay tiled and part covered in mineral felt. The Barn is of timber frame construction with timber elevations beneath a pitched, clay tiled roof. There are two office suites on each floor, located either side of the central core, allowing for easy subdivision. The specification for Bournehall House includes: Comfort cooling Suspending ceilings Raised floors Fluorescent inset lighting Perimeter heating Male and female toilets on each floor plus disabled toilet on the second floor 8-person passenger lift providing direct access from the basement car park through to the second floor 59 car parking spaces The Barn was rebuilt during the development of Bournehall House in It retains many of its original features, including many of the original beams, and now provides modern office accommodation with a specification which includes a raised floor and comfort cooling.

Accommodation We have been advised that the property provides the following accommodation: Site We estimate the site area to be approximately 0.21 hectares (0.52 acres).

The property benefits from 59 car parking spaces; 19 surface spaces to the side and rear of the property and 40 spaces within a secure basement car park.

Rateable Value We have been advised that the rateable values for the property are as follows: Terms have been agreed with an occupier for the currently vacant Ground Floor, Suite 1 for a term of 10

3 Accommodation We have been advised that the property provides the following accommodation: Site We estimate the site area to be approximately 0.21 hectares (0.52 acres). Tenure Freehold Tenancies The property is multi-let in accordance with the attached tenancy schedule, producing a current income of 151, per annum. The property benefits from 59 car parking spaces; 19 surface spaces to the side and rear of the property and 40 spaces within a secure basement car park. This provides a car parking ratio of 1:23 sq m (1:244 sq ft), which compares favourably with other nearby office schemes. Rateable Value We have been advised that the rateable values for the property are as follows: Terms have been agreed with an occupier for the currently vacant Ground Floor, Suite 1 for a term of 10 years with a mutual break option at the 7th year at a rent of 37,872 per annum ( per sq m / per sq ft) subject to 9 months rent free. Should the lease be completed the total income will rise to 189, per annum. The service charge budget for the year to 31st December 2013 is 60,500 which equates to per sq m ( 4.20 per sq ft). Covenants For the year ending 31st December 2011, Abacus Software Limited (Co. No ) reported Shareholders Funds of 1,179,731. For the year ending 30th April 2011, Insurance Claims Accommodation Bureau Limited (Co. No ) reported Shareholders Funds of 103,295. For the year ending 30th April 2012, WJ Groundwater Limited (Co. No ) reported a Turnover of 7,869,013, Pre-Tax Profits of 834,498 and Shareholders Funds of 4,385,096. The Uniform Business Rate is currently 43.3 pence per pound. For the year ending 31st December 2011, E.Surv Limited (Co. No ) reported a Turnover of 63,969,000, Pre-Tax Profits of 17,190,000 and Shareholders Funds of 30,822,000.

Planning As previously mentioned, the Barn is Grade II Listed. We have also been informed that the property is situated within the Bushey High Street Conservation Area.

uk Following a pre-application meeting, Hertsmere Borough Council has indicated in writing that it would support a change of use of the property to residential.

4 Planning As previously mentioned, the Barn is Grade II Listed. We have also been informed that the property is situated within the Bushey High Street Conservation Area. For further information please refer to Following a pre-application meeting, Hertsmere Borough Council has indicated in writing that it would support a change of use of the property to residential. A copy of the Council s Pre-Application Advice Report is available to download. The Planning Officer has confirmed that there is no objection in principle to the conversion of the existing building into either of the following: Option A: A residential scheme on the first and second floors of the main building comprising a mix of 13 one and two bedroom apartments whilst retaining the commercial floorspace at ground floor level. In addition, a conversion of the Barn to a single dwelling. Option B: A complete change of use of the property (Bournehall House and the Barn) from B1 to residential. Option C: Retention of Bournehall House for commercial (B1 adding D1) and conversion of the Barn only to a single residential dwelling. The Government has recently announced that proposed amendments to Permitted Development Rights will come into effect on 30th May In an effort to stimulate the housing market these amendments will specifically allow for the conversion of B1 office space to residential use without the requirement for full planning permission. If a development of Bournehall House is considered acceptable by the Local Planning Authority, we understand that it will not be necessary to provide any affordable housing or Section 106 payments since all conversion works will occur within the envelope of the property. If the rear Barn is converted to a single dwelling of approximately 1,800 sq ft (including a mezzanine of circa sq ft), we suggest that this warrants a residual value for the barn of approximately 400,000 based upon an exit price of XXX and a development cost suggested of XXXX. As a comparable, 145 Herkomer Road (0.5 miles north east of the subject property) comprising a 4-bedroom, 3-reception room, 2-bathroom newly developed detached house was sold in xx 2013 for xxx. We suggest that residential resale values in the surrounding area are currently in the order of XXX, giving rising to a potential to realise some XXX should the entire property being converted to residential use. We suggest this justifies a residual value for the property, excluding the barn, in the order of xxx. Value Added Tax The property has been elected for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).

Proposal We are instructed to seek offers in the region of 2.5 million (Two Million, Five Hundred Thousand Pounds), subject to contract, reflecting a capital value of 1,867 per sq m / 174 per sq ft.

5 Proposal We are instructed to seek offers in the region of 2.5 million (Two Million, Five Hundred Thousand Pounds), subject to contract, reflecting a capital value of 1,867 per sq m / 174 per sq ft. Investment Considerations Contact Singer Vielle Wigmore Street dale@singervielle.co.uk London W1U 3RF Tel: richard@singervielle.co.uk Fax: neil@singervielle.co.uk Preston Bennett 37/41 Church Road richard@prestonbennett.co.uk Stanmore Middlesex HA7 4AA Tel: Vendors Solicitor Yugin & Partners Solicitors Jubilee House Merrion Avenue Stanmore Middlesex HA7 4RY Tel: ks@yuginlaw.com Subject to Contract & Exclusive of VAT Singer Vielle 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 intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but 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 Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Under no circumstances shall Singer Vielle be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.

5 Somerville Court, Banbury Business Park, Banbury, Oxfordshire OX17 3NS

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