,, SOUTH EAST OFFICE INVESTMENT OPPORTUNITY FOR SALE
INVESTMENT SUMMARY Surrey office investment within the M25 Excellent transport links, close to Junction 9 of the M25 Close proximity to Ashtead railway station Freehold Providing a total 638.75 sq m (6,875.43 sq ft) of office accommodation Let to BridgeHead Software Limited at a rental income of 139,000 pa expiring 14th November 2016 Offers in the order of 1,295,000 reflecting a net initial yield of 10.17% Redevelopment Opportunity
LOCATION Ashtead is a town situated within the Metropolitan Green Belt of Surrey, and is located outside of the suburbia of London within 4.5 km (2.8 miles) south west of Epsom, 2.8 km (1.8 miles) north east of Leatherhead, 32 km (20 miles) south west of Central London and 27 km (17 miles) north east of London Gatwick Airport. SITUATION The property is situated off Barnett Wood Lane within a predominately residential area adjacent to Barnett Wood Infant School and within a short walk to local shops. Ashtead railway station provides direct rail services to London Victoria, London Bridge and London Waterloo. The quickest journey time to London Waterloo is 40 minutes. BridgeHead House is easily accessible from the key local arterial routes being the A24 Leatherhead Road and A243 Kingston Road 2.4 km (1.5 miles) north east from Junction 9 of the M25 London Orbital with direct access to Central London via the A3. nhead 3 7 ndsor knell 6 M3 Woking 13 14 1 Slough A3 11 4 M25 A40 Staines Guildford 3 HEATHROW 10 1 A4 9 2 1 Sunbury Leatherhead A243 9 A24 A406 A24 8 41 Richmond Epsom A23 7 A22 M23 A205 Kingston upon Thames Croydon Dorking LONDON A232 6 A2 BRIDGEHEAD J9 M25 STATION BARNETT WOOD LANE LEATHERHEAD ROAD WOODFIELD LANE A24
DESCRIPTION The property is a two storey circa 1970s office building constructed with facing brickwork and tile hung cladding under a pitched concrete roof with felt covering. The property benefits from 28 car parking spaces and two additional garage spaces (1:205 sq ft). Internally the property has the following specification: UPVC double glazed windows ACCOMMODATION We have measured the property in accordance with the RICS code of measuring practice. The property benefits from a total net internal area of 638.75 sq m (6,875.43 sq ft), the areas are broken down as follows: Floor Area sq m Area sq ft Ground 318.29 3,426.04 First 320.46 3,449.39 TOTAL 638.75 6,875.43 Perimeter trunking Male and female toilets on each floor Wall mounted cassette air conditioning and heating systems ALTERNATIVE USES We consider that the premises would offer potential for re-development into residential use as it is located in a predominately high value residential area (subject to necessary planning consents). We calculate the area of the site at approximately 0.439 acres (0.178 hectares).
TENANCY The property is let in its entirety on a full repairing and insuring lease to BridgeHead Software Limited for a term of 5 years from 15th November 2011 at a rent of 139,000 pa. BridgeHead Software Limited recently extended their lease and has been in occupation since 2002. The lease is outside the Landlord & Tenant Act 1954 regarding security of tenure. COVENANT BridgeHead Software Limited (company number 02962777) is a Healthcare Data Management company registered and founded in England. The company sells backup and archival software which are used by more than 1,200 hospitals within the healthcare provider market. BridgeHead Software Limited also has subsidiary companies in America and Germany. The company has an ICC credit rating of low risk confidence for the year ending 30th September 2012. www.bridgeheadsoftware.com
EPC TENURE Freehold. VAT We understand that the property is elected for VAT and we anticipate the transaction qualifying as a TOGC. PROPOSAL We are instructed to seek offers in the order of 1,295,000 (one million, two hundred and ninety five thousand pounds), subject to contract and exclusive of VAT. A purchase at this price reflects a net initial yield of 10.17% based upon a rental income of 139,000 per annum and after purchaser s costs at 5.5%. On the instruction of the joint LPA Receivers, Matthew Samuel-Camps & Russell Miller, of Vail Williams LLP. FURTHER INFORMATION For access to the Dataroom, please email Liz Dixon: ldixon@vailwilliams.com For inspections and further information please contact: JULIAN WALKER 023 8082 0900 07836 774 406 jwalker@vailwilliams.com TOBY YATES 020 3589 0089 07881 500 995 tyates@vailwilliams.com MISREPRESENTATION ACT 1967 Vail Williams as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. Vail Williams LLP, a Limited Liability Partnership, registered in England (number OC319702). Registered Office: 540 Thames Valley Park, Reading, Berkshire RG6 1RA. Any reference to a Partner means a Member of Vail Williams LLP or an employee or consultant with equivalent standing and qualifications. A full list of Members is open for inspection at the registered office. Regulated by RICS. June 2013. WWW.VAILWILLIAMS.COM Brochure design by Pip Weller Design Limited 07971 552005