MEDINA HOUSE 329 SILBURY BOULEVARD MILTON KEYNES MK9 2AE

Transcription

1 MEDINA HOUSE 329 SILBURY BOULEVARD MILTON KEYNES MK9 2AE

2 EXECUTIVE SUMMARY Promiet Tow Cetre Mixed Use buildig The property is extremely well located beig 500 metres away from the mai shoppig provisio Cetre:MK, 250 metres away from the Hub developmet which provides a umber of moder residetial blocks with retail, restaurat ad leisure uses ad 850 metres away from Milto Keyes Cetral trai statio. Freehold The Groud floor retail parade provides a icome of 110,130 per aum with a ERV of 130,130 upo lettig the vacat uit. Curret total icome icludig the office suite is 135,200 per aum. PDR/Plaig Coset has bee approved to covert ad exted the uppers floors ito 86 residetial uits. Full vacat possessio of the office space will be available by o later tha 28th September Offers i excess of 9,500,000 (Nie Millio, Five Hudred Thousad Pouds) subject to cotract ad exclusive of VAT equatig to a Capital Value of 177 per sq ft o the Net Saleable Area based upo the curret plaig coset icludig the groud floor.

3 LOCATION Milto Keyes is a tow i the couty of Buckighamshire i the orth easter part of the couty close to its border with Bedfordshire. The tow was desigated a ew tow durig the 1960s built aroud grid system aimed at relievig the housig cogestio i Lodo. Sice the the populatio has grow sigificatly ad as at the 2011 cesus had a estimated populatio of 229,941 withi its urba area. Nearby tows iclude; Northampto approximately 23 km (14 miles) to the orth, Bedford 18km (11 miles) to the east, Luto 26 km (16 miles) to the south east ad Oxford 45 km (28 miles) to the south west. The city of Lodo is approximately 71 km (44 miles) to the south east. Milto Keyes lies o the easter side of the M1 Motorway ad beefits from access via a umber of juctios; Juctio 14 closest to the cetre ad Juctio 13 just to the south of the tow. Other major roads iclude the A5 o the wester side of the tow which rus orth towards Rugby ad south towards Dustable. The A5 ad M1 Motorway are liked by the A509 ad A421 which ru through the tow. Milto Keyes Cetral railway statio has services ru by Lodo Midlad, Souther ad Virgi Trais, with a jourey time of approximately 35 miutes ito Lodo Eusto. There are also direct services ito Birmigham New Street with a jourey time of approximately 50 miutes. As well as Milto Keyes Cetral there are small statios o the edge of the tow; Wolverto to the orth, Bletchley ad Fey Stratford i the south. Retail ameities are provided i Milto Keyes Cetral, The Cetre - Milto Keyes shoppig cetre provides circa 240 stores ad restaurats icludig high street ad idepedet retailers. The sow dome at Milto Keyes provides a idoor ski slope, other sportig veues iclude the Stadium MK, home to Milto Keyes Dos Football Club ad also host to the Rugby World Cup i 2015.

4 Routeco Retail Park MK Cetral Trai Statio Residetial Dwelligs Residetial Dwelligs Vizio Apartmets 600 residetial apartmets Towergate - Sold i 2017 at 176 psf for residetail coset PDR for 32 uits approved Developmet Site- New Hotel (Palmer Capital) Saisburys The Hub MK. 550 residetial apartmets over six blocks. Leisure o Groud Floor All Bar Oe Jury s I Travelodge MK Satader HQ The Parago Buildig- 29 Residetial Apartmets 252 The Square. Sold Q at 224 psf 152 Silbury Boulevard Sold Q for PDR coversio at 187 psf. PDR approved for 39 uits 202 Silbury Boulevard- PDR Coversio - Offers received Q at 202 psf. PDR for 55 uits approved- Uder Costructio Media Network Rail Travelodge MK Cetral Baatye Health Club MK Magistrates Court Itu Milto Keyes / 20m The Cetre:MK / 20m Idicative

5 SITUATION The property is situated withi the tow cetre, kow as Cetral Milto Keyes (CMK), to the south side of Silbury Boulevard west of Upper Fifth Street ad east of Wita Gate. Reflectig the plaed ature of its developmet, Milto Keyes tow cetre is divided ito distict office ad retail grid zoes, ad this, i combiatio with the dual carriageway etwork, gives the cetral area more of a out of tow feel. The core area of CMK is cetred o the eastwest thoroughfares of Silbury, Midsummer ad Avebury Boulevards, extedig from the trai statio i the west to Campbell Park i the east. The buildig occupies a promiet positio o the corer of Silbury Boulevard ad Wita Gate. Alogside Midsummer Boulevard ad Avebury Boulevard, Silbury Boulevard is recogised as oe of the prime cetral office locatios i Milto Keyes. Despite this over the last decade more residetial ad retail/leisure uses have occurred i this area. This icludes the Hub developmet which provides a umber of moder residetial blocks with retail, restaurat ad leisure uses at groud floor level. This scheme is approximately 250 metres to the south of the subject property. The mai shoppig provisio Cetre:MK is also close by beig approximately 500 metres to the east of the subject property. Milto Keyes Cetral trai statio is approximately 850 metres to the south west. DESCRIPTION Media is a detached, four storey office buildig costructed i the 1980s. It has a frame costructio arraged i a grid formatio to support the floors ad roof structure with part polished stoe ad part alumiium claddig to all elevatios. The widows are grey, alumiium full height double glazed casemets with bay widows at first floor level. The upper floors overhag the groud floor supported by alumiium pillars to the frot elevatio to provide a covered walkway outside the retail uits ad to the mai etrace to the buildig. We uderstad the roof was recovered with asphalt i 2014 ad there is a decorative alumiium framed arc situated o the roof directly over the etrace to the buildig. The accommodatio is set out over four floors, with two wigs accessed off a cetral core. The cetral core is situated over a walkway through the cetre of the buildig at groud floor level ad is accessed via two separate etraces either side of the walkway. The easter etrace has a stairwell providig access to all floors, whilst the wester etrace has two 8 perso lifts also providig access to all floors. The buildig is multi-occupied with seve A2 retail uits o the groud floor which offers fairly basic office/retail specificatio which vary uit to uit depedig o the teats fit out. These uits each have their ow access ad full height glazed widows o the groud floor. The office accommodatio is arraged over first, secod ad third floors aroud a cetral core with a plat room ad flat roof o the fourth floor. The upper floors of the buildig overhag the groud floor creatig a caopy walkway alog the frot elevatio There is also a car park to the rear of the property accommodatig up to 25 vehicles; public pay ad display parkig is also available to the frot of the buildig ad alog Silbury Boulevard. We uderstad that 7 of these are allocated to the groud floor ad the remaiig 18 are allocated to the upper floors

6 The upper floors uderwet sigificat refurbishmet works durig 2015 ad the specificatio broadly comprises: Suspeded ceilig. Recessed LED lightig ad air coditioig cassettes. Full access raised floors. Floor to ceilig height of 2.60 metres o first to third floors. 2 x 8 perso automatic passeger lifts withi the mai core. Refurbished Male, female ad disabled W/Cs o each floor. SITE The property occupies a rectagular shaped site boud by the public highway to the orth west, orth east ad south west. The south west boudary is formed of a private car park. We calculate, by referece to the Ordace Survey Extract, the site area is 0.37 acres (0.15 hectares). TENURE Subway Media 302 to 340 Freehold 206 to 216 UPPER FIFTH STREET bway 218 to to to 211 Sovereig Court

7 LEASES Six of the seve retail uits are curretly let o effective full repairig ad isurig terms as per the teacy schedule below with a total ret roll of 110,130 pa ad a ERV of 130,110 oce the vacat retail uit is let. The majority of the upper floors are curretly vacat bar oe suite o the 3rd floor of 2,180 sq ft which is curretly let to Hays Recruitmet Specialist at a retal of 25,070 pa util July The vedor has egotiated a surreder with the teat ad they will be vacatig their space o later tha 28th September Curret total icome is 135,200 pa. ADDRESS Uit G1 Media TENANT NAME AREA LEASE START LEASE EXPIRY RENT RENT REVIEW BREAK VACANT 776 A2 USE Uit G2 Media Urba & Rural MK Ltd /02/ /02 / , A2 Uit G3 Media New Staff Employmet Services Ltd /10/ /09 / ,000 30/09 /2021 A2 Uit G4 Media Marshsalls Estate Agets LLP /12/ /12 / , A2 Uit G5 Media Ala Fracis Lettigs Ltd /12/ /12 / ,073 A2 Uit G6 Media Ala Fracis Lettigs Ltd /12/ /12 / ,477 A2 Uit G7 Media Capital Busiess Services Ltd 1,027 22/12/ /12 / ,625 22/12 / /03 /2022 A2 TOTAL 110,130 PLEASE NOTE: Uit G2 has the followig stepped retal provisio; February ,988 per aum; February ,604 per aum ad Years 4 & 5 22,220 per aum.

8 BELOW BELOW STAIR CASE 3 STAIR CASE 3 STAIR CASE 3 ENTRANCE ENTRANCE LOBBY LOBBY FLAT ROOF THIS AREA IS NOT PART OF THE APPLICATION MALE WC MALE WC MALE WC DDA WC DDA WC DDA WC FEMALE WC FEMALE WC FEMALE WC STAIR CASE 2 STAIR CASE 2 STAIR CASE 2 THIS AREA IS NOT PART OF THE APPLICATION FLAT ROOF STAIR CASE 1 STAIR CASE 1 STAIR CASE 1 BELOW BELOW EXISTING ACCOMMODATION The Groud floor comprises seve commercial uits which i total exted to approximately sq m (5,258 sq ft). First, secod ad third floors offer mostly vacat office accommodatio which provides a gross iteral area of 2,644 sq m (28,466 sq ft). Total accommodatio icludig the plat room is 34,832 sq ft. These areas have bee provided by the vedor: EXISTING FLOOR PLANS GROUND FLOOR N FLOOR UNIT USE SQ M SQ FT Groud G1 A G2 A G3 A G4 A G5 A G6 A G7 A , ,258 FIRST FLOOR FLOOR USE SQ M SQ FT First Offices ,222 Secod Offices ,259 Third Offices ,985 Roof / Plat room ,108 Total ,574 SECOND FLOOR THIRD FLOOR FOURTH FLOOR

9 PROPOSED ACCOMMODATION Permitted Developmet rights have bee secured uder plaig applicatio 17/02865/PANB1C o 19th December 2017 o the upper floors icludig the plat room for 62 residetial uits. PROPOSED FLOOR PLANS A further plaig applicatio 18/00160/FUL was submitted to exted the 4th floor ad build out a ew 5th ad 6th floor which will icrease the scheme to 86 residetial uits. Coset was grated o 12/04/2018. Based upo the plaig coset a et saleable area of 48,199 sq ft will be achieved o the upper floors. The total accommodatio icludig the groud floor retail therefore is 53,457 sq ft. 1 Bedroom Flat 2 Bedroom Flat

10 CGI

11 COMPARABLE TRANSACTIONS Address Area (sq ft) Teated Purchase Price Cap Val Date Plaig/PDR Other Icome Media, 329 Silbury Boulevard,MK9 2AE 53,879 Let Sep ,500, Curret YES 110,130 Towergate, 352 Avebury Boulevard, MK9 2JH EPC EPC s have bee commissioed ad are available o request. VAT The property has bee elected for VAT purposes. 18,257 Let util ,200, Q NO NO 152 Silbury Boulevard, MK9 1LT 17,144 Vacat 3,220, Q NO NO Grat Thorto, 202 Silbury Boulevard, MK9 1LW 27,000 Vacat 5,500, Q Yes NO Withdraw but bids received at this level 252 The Square, Milto Keyes, MK9 1DZ 22,229 Vacat 5,000, Q NO NO PURCHASE PRICE We are istructed to seek offers i excess of 9,500,000 (Nie Millio, Five Hudred Thousad Pouds) for the freehold iterest, subject to cotract ad exclusive of VAT. This price reflects a Capital Value of 177 psf based upo the coseted plaig permissio ad icludig the groud floor retail. INSPECTIONS AND FURTHER INFORMATION For further iformatio or to arrage a ispectio please cotact either: Athoy Friedma Steve Orzel DDI: DDI: M: M: E: athoy@parkdales.co.uk E: steve@parkdales.co.uk Misrepresetatio Act 1967 & Declaratio Parkdales Limited gives otice to ayoe who may read these particulars as follows: 1. These particulars are prepared for the guidace oly of prospective purchasers. They are iteded to give a fair overall descriptio of the property but are ot iteded to costitute part of a offer or cotract. 2. Ay iformatio cotaied herei (whether i the text, plas or photographs) is give i good faith but should ot be relied upo as beig a statemet or represetatio of fact. 3. Nothig i these particulars shall be deemed to be a statemet that the property is i good coditio or otherwise or that ay services or facilities are i good workig order. 4. The photographs appearig i this brochure show oly certai parts ad aspects of the property at the time whe the photographs were take. Certai aspects may have chaged sice the photographs were take ad it should ot be assumed that the property remais precisely as displayed i the photographs. Furthermore o assumptios should be made i respect of parts of the property which are ot show i the photographs. 5. Ay areas, measuremets or distaces referred to herei are approximate oly. 6. Where there is referece i these particulars to the fact that alteratios have bee carried out or that a particular use is made of ay part of the property this is ot iteded to be a statemet that ay ecessary plaig, buildig regulatios or other cosets have bee obtaied ad these matters must be verified by ay itedig purchaser. 7. Descriptios of a property are ievitably subjective ad the descriptios cotaied herei are used i good faith as a opiio ad ot by way of statemet of fact. Jue 2018