Blackburn House 22-26 Eastern Road, Romford, Essex, RM1 3PJ Well Secured Modern South East Office Click To Enter >
Modern purpose built office building with part red brick and part glazed façade in a prime central location. Total net internal area of 27,660 sq ft (2,570 sq m) on a self-contained site of 0.36 acres (0.14 hectares). Multi let to 5 tenants with 43.52% of the income secured against the excellent covenant of the Royal Bank of Scotland. 19 car parking spaces (1:1,456 sq ft). Current income of 358,000 including rental guarantee. Opportunities to enhance income and potential change of use. Average weighted unexpired lease term of 7.08 years and 4.49 years to break options. We are seeking offers in excess of 3,500,000 for our clients freehold interest. Attractive net initial yield of 9.67% assuming purchasers costs of 5.80% and a low capital value of 126.53 psf.
R D Home GOLF COURSE G RT C A MB R I D G E A414 25 26 6/27 A104 A10 A113 A112 LOUGHTON M25 A110 A121 5 A1112 A113 CHIGWELL EDMONTON M11 A406 A12 A1055 A123 4 A503 WALTHAMSTOW A12 A112 LONDON N C I R CU L A R R D LEYTONSTONE A406 A10 A414 HACKNEY WEST HAM EAST HAM A12 A13 A103 A2 GREENWICH A202 N CIR C U LA R R D E A S T E R N AV E HORNCHURCH ILFORD DAGENHAM BARKING RAINHAM London City R THAMES A13 28 A127 29 30 31 B174 COLLIER ROW B175 CROW LANE OLD CHURCH R D A124 WOOD LANE A12 EASTERN AVENUE A125 NORTH ST SUBJECT PROPERTY THE BREWERY STADIUM A118 LONDON RD CEMETARY EASTERN AVENUE RETAIL PARK WATERLOO RD THE MALL THE NEW QUEENS HOSPITAL A125 ROM VALLEY WAY A12 A125 THURLOE GDNS SOUTH ST RAPHAEL PARK A124 RUSH GREEN RD A118 MAIN RD EASTERN RD VICTORIA RD HEATH DRIVE BRENTWOOD RD ROM VALLEY RETAIL PARK GOLF COURSE GALLOWS CORNER BALGORES LANE CARLTON RD FAIRHOLME AVE HEATH PARK RD HORNC HURCH RD RD UPPER BRENTWOOD SLEWINS CRANHAM RD OSBORNE RD SQUIRRELS HEATH RD LANE HORNCHURCH A12 COLCHESTER RD GALLOWS CORNER RETAIL PARK HAYNES PARK HILLVIEW AVE HIGH ST HAROLD WOOD HOSPITAL STONE AVE HAROLD WOOD A127 SOUTHEND ARTERIAL RD EMERSON PARK H Romford is a large town to the East of London situated within the M25 and part of the London Borough of Havering. The town benefits from excellent accessibility to both road and rail with access to the A12, A118, A124 and the M25 (J28 and J29). Romford Station is less than a minute s walk at the end of Eastern Road and provides access to London Liverpool Street and Stratford. A wide range of retail, commerce and leisure amenities can be found within walking distance of the subject property including The Brewery Shopping Centre. Destination Distance Travel Times (Train) M25 J28 4 miles Stratford 11 miles 8 minutes City Airport 11 miles 21 minutes City of London 16 miles 17 minutes Blackburn House is situated on Eastern Road within the town centre Ring Road a short walk from Romford Overground Station. Eastern Road is the principle office location within Romford and provides good access to the main road network. Blackburn House is approximately equidistant from both The Brewery and The Mall Shopping Centres.
Blackburn House is an attractive five storey modern purpose built office building featuring part red brick and part glazed elevations. Primary access is via a main reception off Eastern Road. The reception houses a desk and provides access to stairs and two 8 person lifts. There is also a separate ground floor entrance that has been created for Hunt & Hunt Solicitors. Separate enclosed car parking is also provided at ground floor level with 19 marked spaces. Additional spaces are used by Hunt & Hunt to the eastern flank. Internally, the property provides five floors of flexible office accommodation with each floor being served by male and female WCs. The ground floor benefits from a disabled WC. The office areas are mainly served by suspended ceiling grids with CAT II lighting, carpeted floors with many floors benefitting from air conditioning. Heating is by way of gas fired radiators with majority of suites also benefitting from air conditioning/comfort cooling handling units set within the suspended ceiling grid. The premises have been measure on a Net Internal basis and we are advised of the following floor areas: Floor Sq M Sq Ft Ground Floor 373.37 4,019 First Floor East 395.76 4,260 First Floor West 162.30 1,747 Second Floor West 162.30 1,747 Second Floor East 395.76 4,260 Third Floor West 162.30 1,747 Third Floor East 401.90 4,326 Fourth Floor East 358.90 3,864 Fourth Floor West 157.00 1,690 Total 2,569.66 27,660
Home The property sits on a site of 0.36 acres (0.14 hectares). Strategies There are the following asset management strategies to pursue: Negotiate the removal of the 2017 break from lease to RBS. Negotiate the removal of 2014 and 2015 breaks from Logistics Plus and ATOS. Implement outstanding 2012 review (Total Assist) to increase income. Consider alternative uses such as residential and design layouts. New Parliamentary Guidance has recommended changes to the Permitted Development regulations. After a brief consultation with Local Authorities to highlight buildings they wish to retain as offices a change of use from offices to residential will be accepted. Blackburn House is one of the best office buildings in Romford but the potential to convert the property to an alternative use in future further underpins the property s future occupancy. Service Charge The total service charge budget is 206,542.17 ( 7.46 psf).
The property is owned freehold and subject to the tenancies set out below. Floor Tenant Rent ( psf) Area (Sq Ft) Term (Years) Start Date Rent Review Expiry (Break) Comments Ground Floor Hunt & Hunt 51,250 (12.75) 4,019 10 16/09/10 16/09/15 15/09/20 Ground floor self contained suite First Floor East The Royal Bank of Scotland PLC 62,835 (14.75) 4,260 15 24/06/07 24/06/12 24/06/2022 (24/06/17) First Floor West Logistics Plus UK Ltd 18,344 (10.50) 1,747 10 25/06/09 25/06/14 24/06/19 (25/06/14) Second Floor West Total Assist Recruitment Ltd 19,665 (11.26) 1,747 10 29/09/09 28/09/12 29/09/19 Potential to increase to 22,700 pa Second Floor East ATOS Origin IT Services UK Ltd 52,188 (12.25) 4,260 12 10/11/05 10/11/10 09/11/17 (10/11/15) Third Floor West Vacant 22,711 (13.00) 1,747 1 From completion Rent, rates and service charge guarantee Third Floor East Total Assist Recruitment Ltd 49,749 (11.50) 4,326 10 29/09/09 28/09/12 29/09/19 Fourth Floor East The Royal Bank of Scotland PLC 56,994 (14.75) 3,864 15 24/06/07 24/06/12 24/06/22 (24/06/17) Fourth Floor West The Royal Bank of Scotland PLC 24,927 (14.75) 1,690 15 24/06/07 24/06/12 24/06/22 (24/06/17) Total 358,663 27,660 Property finance team Conference and meeting rooms
Royal Bank Of Scotland The RBS Group is a large international banking and financial services company 81% owned by HM Government. As at Q3 2012 the Bank reported operating profit of 1,047m and a core operating profit of 1,633m. Experian report an A Credit Rating for the business. Date Of Accounts 31/12/2011 31/12/2010 31/12/2009 Currency GBP 000 GBP 000 GBP 000 Net Worth 49,489,000 45,775,000 43,237,000 Turnover 5,898,000 n/a n/a Pre-tax Profit -864,000-171,000-3,000 Credit Rating A Hunt and Hunt Hunt & Hunt have a long tradition in Romford being established in 1794 in the town. The firm of solicitors have an excellent reputation. The company concentrates on litigation, private client as well as property and commercial advice. The company trade as a Partnership so no accounts are available. Logistics Plus Europe Ltd Logistics Plus are a global company established in 1996 and originally manage transportation for GE Transportation Systems in USA. The company now manage freight for small to large businesses and operate across 19 countries. Logistics plus are assessed by Experian with a Credit Score of A. ATOS Origin IT As one of the UK s leading occupational health (OH) service providers, Atos Healthcare has extensive expertise in delivering healthcare solutions to large and complex organisations. The company employ medical professionals across disability assessment, and occupational health. In the UK, the company have a contract with the Department of Health and Primary Care Trusts to assess individuals ability to work. Date Of Accounts 31/12/2011 31/12/2010 31/12/2009 Currency GBP 000 GBP 000 GBP 000 Net Worth 1,406,265 1,291,887 1,353,245 Turnover 778,031 751,197 780,650 Pre-tax Profits 66,499 29,038 28,980 Experian Credit Rating A Total Assist Recruitment Ltd Total Assist Recruitment Ltd are a specialist healthcare recruitment company were established in 1999. The company are licensed to supply locum doctors under the terms of the NHS PASA National Framework Agreement. Blackburn House appears to be used principally as a call centre for the company. Date Of Accounts 30/11/2011 30/11/2010 30/11/2009 Currency GBP 000 GBP 000 GBP 000 Net Worth 1,091 1,366 1,208 Credit Rating A
We are advised the Estate is elected for. of a Going Concern We are advised the sale may be treated as a transfer of a going concern. We are seeking offers in excess of 3,500,000 (Three Million Five Hundred Thousand Pounds). A purchase at this level reflects a net initial yield of 9.67% assuming purchaser s costs of 5.80%. Contact If you require further information or would like to arrange to inspect the premises please contact: James McFeely T: 020 8532 6820 M: 07768 070249 Misrepresentation Act 1967. Glenny LLP for themselves and for the Vendors or Lessors of this property whose agents they are give notice that: 1. All descriptions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and 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. 2. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. 3. These particulars are produced in good faith, and set out as a general guide only and do not constitute part of any offer or contract. 4. No person in the employment of Glenny LLP has any authority to make or give representation or warranty whatsoever in relation to this property. 5. All prices and rents are quoted exclusive of unless otherwise stated. Designed and produced by Creativeworld. T 01282 858200. March 2013.