7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company

 
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE
                  MILTON KEYNES, MK8 8ED

T W O   F R E E H O L D R E V E R S I O N A R Y L O W R I S E M U LT I L E T   O F F I C E S
                 W I T H F U T U R E D E V E L O P M E N T P O T E N T I A L
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED   2

INVESTMENT SUMMARY
• Situated 2 miles from Milton Keynes town centre                                  • 4.25 years AWULT to break and 7.17 years to expiry
• Two single storey detached office buildings constructed in the 1980s             • In 2016 (unit 7) and 2018 (unit 8) there was a complete replacement of the air-conditioning
                                                                                     systems
• Totals 40,512 sq ft
                                                                                   • Medium term development potential, subject to planning
• Freehold
                                                                                   • Offers in excess of £5,200,000 (FIVE MILLION, TWO HUNDRED THOUSAND POUNDS),
• Total site area of 4.55 acres
                                                                                     subject to contract and exclusive of VAT
• Low site cover of 29%
                                                                                   • A purchase at this level reflects a net initial yield of 8.62% and a reversionary yield
• 185 parking spaces, providing an excellent ratio of 1:219 sq ft                    of 9.68% based on ERV, allowing for purchaser's costs of 6.60%
• 100% occupied and multi let to 5 tenants producing a total rent of £477,879 pa   • The price reflects a low capital value of £128 psf
  equating to a low average rent of £11.80 psf
• New ERV established following completion of recent letting at £13.25 psf
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED   3

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                                                                                                                                      1. Unit 7 & 8 Clarendon Drive
                                                                                                                                      2. Sysmex
                                                                                                                                      3. Thyssenkrupp Aerospace
                                                                                                                                      4. Apex Linvar
                                                                                                                                      5. Pyrotek
                                                                                                                                      6. Brioche Pasquier
                                                                                                                                      7. Caxton Industrial Estate
                                                                                                                                      8. VW Group National
                                                                                                                                         Learning Centre
                                                                                                                                      9. Clarendon Industrial Park
                                                        Dansteed Way
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
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                                                                                                                                                          CLARENDON ROAD
       LOCATION
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                                                                                                        A411                                                                                                                                                                                                                                                                                 Newport                                                                              Biggleswade                                                                          Haverhill
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       Milton Keynes is one of the largest towns in the South East of England. In recent years it has become one of
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       SITUATION
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       The property occupies the southern most point of the Wymbush Estate to the west of the town   15  centre. The
                                                                                                                                                                                                                 16                                                                                                                                                                  Maidenhead
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                                                                                                                                                                                                                                                                                                                                                                                                                              SUBJECT PROPERTIES

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7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED   5

COMMUNICATIONS

Milton Keynes is strategically located to benefit from excellent road connections.
It is situated adjacent to Junction 14 of the M1 Motorway and the A5 trunk road.

LOCATION                                   DISTANCE                JOURNEY TIME
M1 Motorway (J14)                             2 miles                      6 mins
M25 Motorway (J64)                          34 miles                      37 mins
Central London                              54 miles                 1 hr 30 mins
Birmingham                                   71 miles                1 hr 15 mins
Cambridge                                   46 miles                  1 hr 7 mins
Oxford                                       41 miles                 1 hr 5 mins

Milton Keynes Central Station, offers a wide range of direct destinations.

LOCATION                                                           JOURNEY TIME
Northampton                                                               15 mins
Coventry                                                                  29 mins
London Euston                                                             30 mins
Birmingham New Street                                                     55 mins
Manchester Picadilly                                                 1 hr 38 mins

All London Airports are located within an hour and a half drive of Clarendon Drive
with London Luton only a 40 minutes drive.

LOCATION                                   DISTANCE                JOURNEY TIME
London Luton                                 27 miles                     40 mins
London Heathrow                              50 miles                1 hr 10 mins
London Gatwick                              90 miles                 1 hr 30 mins
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED    6

DESCRIPTION
The site comprises of two single storey detached office buildings
constructed in the 1980s. The buildings are of steel frame construction
with predominantly glazed elevations and a flat roof.
The properties provide a total of 40,512 sq ft. There are 185 car parking
spaces providing an overall ratio of 1:219 sq ft.
Both units are of similar configuration being predominantly open plan
around a central core.
In 2016 (unit 7) and 2018 (unit 8) the air-conditioning systems were
replaced.

TENURE
Freehold.

                                             8                                                                      Building No. 8

                            7

                                                 For illustrative purposes only
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED   7

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No. 8

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7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED                 8

ACCOMMODATION & TENANCY
The property is fully let to 5 tenants in accordance with the tenancy schedule below, producing a total rent of £477,879 pa, with a WAULT of 7.17 years to expiry and 4.25 years to break options.

                            NET                        LEASE        LEASE        INSIDE/     NEXT RENT       BREAK                                                               CREDIT
                                          PARKING                                                                           RENT           RENT
TENANT         UNIT       LETTABLE                     START        EXPIRY       OUTSIDE      REVIEW          DATE                                      ERV P.A      ERV PSF      SAFE COMMENTS
                                           SPACES                                                                            P.A            PSF
                         AREA (SQ FT)                   DATE         DATE          ACT         DATE          (LL/T)                                                              RATING

                                                                                                                                                                                            Stepped rent as follows:
                                                                                                                                                                                            Feb 2019 - Feb 2020: £136,084 p.a.
Mirus IT                                                                                                    05-Feb-21
              Unit 7A        12,659          55      05-Feb-16     04-Feb-26      Inside      05-Feb-21                   £139,249        £11.00       £167,731       £13.25        95     Feb 2020 - Feb 2021: £139,249 p.a.
Solutions Ltd                                                                                                  (T)
                                                                                                                                                                                            Vendor to top up.
                                                                                                                                                                                            Break option subject to 6 months notice.

                                                                                                                                                                                            6 months rent free and 12 months half rent.
National                                                                                                    24-Jun-24
               Unit 7B       10,606          64      24-Jun-19     23-Jun-29      Inside      24-Jun-24                   £140,530        £13.25       £140,530       £13.25        70     Vendor to top up.
Locums Ltd                                                                                                     (T)
                                                                                                                                                                                            Break option subject to 6 months notice.

                                                                                                                                                                                            Service charge capped at £4.00 psf.
                                                                                                                                                                                            Stepped rent as follows:
Lucid
                                                                                                                                                                                            June 2019 - June 2020: £40,000 p.a.
Support        Unit 8A       4,887           22       01-Jun-17   31-May-22      Outside                                  £60,000         £12.28        £64,753       £13.25        52
                                                                                                                                                                                            June 2020 - June 2021: £50,000 p.a.
Services Ltd
                                                                                                                                                                                            June 2021 - May 2022: £60,000 p.a.
                                                                                                                                                                                            Vendor to top up.

Verify
               Unit 8B       4,260           14      26-Nov-17    25-Nov-22      Outside                                   £49,000        £11.50        £56,445       £13.25        84     Service charge cap: £4.00 psf.
Europe Ltd

RFE Europa
               Unit 8C       8,100           30      28-Mar-13    27-Mar-28      Outside      28-Mar-23                    £89,100        £11.00       £107,325       £13.25        56
Ltd

TOTAL                       40,512          185                                                                          £477,879         £11.80      £536,784       £13.25

                                                                                            Creditsafe rating (out of 100) * 71 - 100 Very Low Risk |  51 - 70 Low Risk |  30 - 50 Moderate Risk |  21 - 29 High Risk |  1 - 20 Very High Risk

                                                                                                                                                                                                                                  Building No. 8
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED          9

COVENANT INFORMATION
Mirus IT Solutions Ltd (04569266)                                                                                     Verify Europe Ltd (SC187289)
Mirus IT Solutions Ltd was founded in 2002 and provides award winning strategic IT, Telephony and Managed             Verify Europe are part of the Verify Group of companies, who have for almost 40 years been supporting
Print services and support to companies of all sizes from a wide range of industries including financial services,    the global aerospace, defence and high technology industries. Operating in over 40 countries, Verify delivers
marketing, recruitment and education. They have over 100 employees and also have strong relationships with            supplier performance management solutions through three main service categories, those being; supplier
many industry leading companies including Gamma, Vodafone, EE, Olivetti and Develop and are a Microsoft               performance management, engineering services and technical resources.
Gold Competency Partner. Mirus’s HQ is based in Milton Keynes.
                                                                                                                      Year to Date                Turnover                   Pre-Tax Profit             Shareholders Funds
Year to Date                 Turnover                     Pre-Tax Profit               Shareholders Funds             31/10/2017                  -                          -                          £2,924,656
31/10/2018                   £8,980,338                   £456,883                     £1,238,732                     31/10/2016                  -                          -                          £2,485,944
31/10/2017                   £7,576,817                   £310,968                     £1,178,491                     31/10/2015                  -                          -                          £1,993,673
31/10/2016                   £7,352,202                   £346,201                     £1,106,670

National Locums Ltd (06808451)                                                                                        RFE Europa Ltd (07162852)
National Locums was established by brothers David and Glenn Cook and is one of the World’s leading,                   RFE Europa Ltd are part of RFE International who are a global sports and fitness company specialising in the
and fastest growing, specialist recruitment companies, supplying locum doctors and nurses to NHS and                  design, manufacture, marketing and sales of fitness equipment to both the commercial and home markets.
independent hospitals throughout the UK. National Locums currently employ up to 200 people.                           RFE cover more than fifty countries worldwide and currently operate their HQ from the Milton Keynes office.

Year to Date                 Turnover                     Pre-Tax Profit               Shareholders Funds             Year to Date                Turnover                   Pre-Tax Profit             Shareholders Funds
28/02/2018                   £17,771,921                  £234,034                     £478,382                       30/06/2018                  £19.894,121                £2,305,814                 £4,592,017
28/02/2017                   £19,228,166                  £290,112                     £559,187                       30/06/2017                  £22,384,723                £38,035                    £2,286,203
29/02/2016                   -                            -                            £633,446                       30/06/2016                  £21,287,881                £196,448                   £2,238,276

Lucid Support Services Limited (04419473)
Lucid was founded in 2002 and is an established, reliable and trusted IT Employment Services and IT Project
Delivery provider throughout the UK and parts of Europe. They currently employ up to 50 employees and
supply specialist qualified and certified IT Professionals for interim, project, temporary, back-fill and executive
level roles. Lucid’s HQ is based in Milton Keynes.

Year to Date                 Turnover                     Pre-Tax Profit               Shareholders Funds
31/03/2019                   -                            -                            £558,612
31/03/2018                   -                            -                            £351,780
31/03/2017                   -                            -                            £217,354
7&8 CLARENDON DRIVE MILTON KEYNES, MK8 8ED - TWO FREEHOLD REVERSIONARY LOW RISE MULTI LET OFFICES - Finn & Company
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED   10

FLOORPLANS

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                            FEMALE
                                            SHOWER       CL.

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                                                                                      Verify
                                                                                    Europe Ltd
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                               PLANT ROOM

                            SHOWER

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                            FEMALE               RAMP

                                                                                                                  RFE
                                                                National                                         Europe
                                                                 Locums                                         (Unit 8C)
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Up                                                                          Up              Lucid
                                                                                          (Unit 8A)
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED     11

                                              Building No. 7
A CITY OF GROWTH                                                                                                                                                    7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED                                                                12

     MILTON KEYNES – A CITY OF GROWTH
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                                                                                                                                                                                                                                                                                      w Milton Keynes is fast-becoming         w ‘the’
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       10 years with an 18% increase in jobs during this period.                      KEY     FACTS                w High quality but low cost – companies are increasing attracted to Milton Keynes due to the low total
     Since receiving new town designation in 1967, Milton Keynes has consistently been ranked at the top of the economic benchmarking
                                                                                                                          KEY      FACTS
                                                                                                                                                                                      ATTRACTING KEY GROWTH SECTORS                                                                   w Key educational centres include        w TheKeyOpen
                                                                                                                                                                                                                                                                                                                                          educational
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                                                                                                Milton
     w Milton Keynes has an unrivalled number of UK headquarters for a city of its size, withw75%       Keynes has anoccupational
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                                                                                                                                           of UK headquarters
                                                                                                                                   costs compared
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                                                                                                                                                                 for aCambridge
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                                                                                                                                                                                      Financial & Business Services
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                                                                                                                                                                                                                                                                                      w High quality but Low cost – companies
                                                                                                                                                                                                                                                                                                                                    Management
                                                                                                                                                                                                                                                                                                                                          Universities
                                                                                                                                                                                                                                                                                                                               w High quality
                                                                                                                                                                                                                                                                                                                                                       as in
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                                                                                                                                                                                                                                                                                                                                                                                     Cambridge,
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                                                                                                                                                                                                                                                                                                                                                                                                                 and Birmingham.
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                                                                                                                                                                                                                                                                                                                                                                                                             the low total
                                                                                                                                                                                                                                                                                                                                                                                                                         to Milton
                                                                                                                                                                                                                                                                                                                                                                                                                             occupational
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                                                                                                                                                                                                                                                                                                                                                                                                                                               due tocompared
                                                                                                                                                                                                                                                                                                                                                                                                                                                      the low total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 to London,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     occupational costs compare
                                                                                      w The city has experienced greater  w economic
                                                                                                                              The city has  growth
                                                                                                                                                experienced
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                                                                                                                                                                   other UKeconomic
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                                                                                                                                                                                                                                              increase
                                                                                                                                                                                                                                                  the past 10 years with an 18% increase
     drawn by its progressive layout and wide pool of skilled labour.
       based in the city having their HQ’s there.                                               their HQ’s there.
                                                                                         in jobs during this period.          in jobs during this period.                             w Milton Keynes is fast-becoming ‘the’ address for ambitious companies in the financial              Oxford, and     business
                                                                                                                                                                                                                                                                                                     Cambridge       services
                                                                                                                                                                                                                                                                                                                   and        sector.
                                                                                                                                                                                                                                                                                                                        Birmingham. Oxford, Cambridge and Birmingham.
                                                                                                                                                                                      w Wide access to a skilled workforce is helped by local college and university schemes, many of whom partner with local businesses.
     w Population growth of 20.2% over the past 12 years, well ahead of the average of 8.9% for England.
     KEY FACTS
                                                                                                                   IT, Software, Electronics & Communications
                                                                                      w Milton Keynes has an unrivalled   w number
                                                                                                                              Milton ofKeynes
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                                                                                                                                                                                                                                                  University      based in the in
                                                                                                                                                                                                                                                              (headquartered    city  IT, Software,
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                                                                                                                                                                                                                                                                                   Milton               Electronics
                                                                                                                                                                                                                                                                                           Keynes), Cranfield         & Communications
                                                                                                                                                                                                                                                                                                                   University’sIT, Software,
                                                                                                                                                                                                                                                                                                                                world    famousElectronics
                                                                                                                                                                                                                                                                                                                                                    School of & Communications
                                                                                         their HQ’s there.
     w In 2017, the town was the second fastest growing in the UK by GDV growth (1st in 2015).
                                                                                                                              their HQ’s there.
                                                                                                                                                                                       w Population growth of 20.2% over the past 12 years, well ahead of the average of 8.9% for England.
                                                                                                                                                                                           Management as well as other leading Universities in London, Oxford, Cambridge,
                                                                                                                                                                                      w High quality but Low cost – companies are increasing attracted to Milton Keynes
                                                                                                                                                                                                                                                                                      w MiltonWarwick
                                                                                                                                                                                                                                                                                                    KeynesandisBirmingham.
                                                                                                                                                                                                                                                                                                                a technological
                                                                                                                                                                                                                                                                                              due toinfrastructure
                                                                                                                                                                                                                                                                                      w Leading
                                                                                                                                                                                                                                                                                                                               w hotspot,
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                                                                                                                                                                                                                                                                                                                       investment
                                                                                                                                                                                                                                                                                                                                    Milton Keynes
                                                                                                                                                                                                                                                                                                                                      -costs
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                                                                                                                                                                                                                                                                                                                                              compared
                                                                                                                                                                                                                                                                                                                                        the city
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                                                                                                                                                                                                                                                                                                                                                  was the to
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                                                                                                                                                                                                                                                                                                                                                               a strong digitalhotspot,
                                                                                                                                                                                                                                                                                                                                                               fistLondon,
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                                                                                                                                                                                                                                                                                                                                                                     investment
                                                                                                                                                                                                                                                                                                                                                                                    cluster of
                                                                                                                                                                                                                                                                                                                                                                        the UK to offer
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                                                                                                                                                                                                                                                                                                                                                                                            city was the
                                                                                                                                                                                                                                                                                                                                                                                                           a strong
                                                                                                                                                                                                                                                                                                                                                                                                                companies
                                                                                                                                                                                                                                                                                                                                                                                                        broadband,
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                                                                                                                                                                                                                                                                                                                                                                                                           fist in theitUK
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                                                                                                                                                                                                                                                                                                                                                                                                                                     around
                                                                                                                                                                                                                                                                                                                                                                                                                                   early
                                                                                                                                                                                                                                                                                                                                                                                                                                        of people
                                                                                                                                                                                                                                                                                                                                                                                                                                              the world.
                                                                                                                                                                                                                                                                                                                                                                                                                                      superfast
                                                                                                                                                                                                                                                                                                                                                                                                                                                   and companies form around the world.
                                                                                                                                                                                                                                                                                                                                                                                                                                         pioneerbroadband,
                                                                                                                                                                                                                                                                                                                                                                                                                                                   of 4G and isitcurrently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  was an early pioneer of 4G and
     w The city has experienced greater economic growth than any other UK townwor City        over thegrowth
                                                                                                       past 10ofyears withwanthe
                                                                                                                               18%   increase
        in jobs during this period.
                                                                                         Population              20.2%  over  Population
                                                                                                                                   past   12 growth
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                                                                                                                                                        of 20.2%
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                                                                                                                                                                                past 12ofyears,
                                                                                                                                                                                              8.9%well
                                                                                                                                                                                           Oxford,
                                                                                                                                                                                                    for England.
                                                                                                                                                                                                                                           w Milton Keynes is a technological hotspot, attracting a strong digital cluster of people and companies from
                                                                                                                                                                                                         ahead of the average of 8.9% for England.
                                                                                                                                                                                                     Cambridge      and   Birmingham.                                                      trialling driverless   cars.             trialling  driverless      cars.
     w £1bn of investment has been committed over the past decade.                                                                                                                                             around the world.                                                      w    MK:Smart     is a £16m   partner  project
                                                                                                                                                                                                                                                                                                                               w    MK:Smart
                                                                                                                                                                                                                                                                                                                                        between   isbusinesses
                                                                                                                                                                                                                                                                                                                                                     a £16m      partner
                                                                                                                                                                                                                                                                                                                                                                     and   education
                                                                                                                                                                                                                                                                                                                                                                            project    between
                                                                                                                                                                                                                                                                                                                                                                                         aimed    at
                                                                                                                                                                                                                                                                                                                                                                                                  businesses
                                                                                                                                                                                                                                                                                                                                                                                                     boosting    and
                                                                                                                                                                                                                                                                                                                                                                                                                 economic
                                                                                                                                                                                                                                                                                                                                                                                                                      education
                                                                                                                                                                                                                                                                                                                                                                                                                             growth.aimed   at boosting  economic    growth.
                                                                                      w In 2016, the city was the second  w fastest
                                                                                                                              In 2016,
     w Milton Keynes has an unrivalled number of UK headquarters for a city of its size, with 75% of business based in the city having
                                                                                                                                      growing
                                                                                                                                           the cityinwas
                                                                                                                                                      UK by
                                                                                                                                                          theGDVsecond
                                                                                                                                                                     growth
                                                                                                                                                                          fastest
                                                                                                                                                                                       w In 2016, the city was the
                                                                                                                                                                               (1stgrowing
                                                                                                                                                                                                                   second  fastest growing in UK by GDV growth (1st in 2015).
                                                                                                                                                                                     in 2015).in UK by GDV growth (1st in 2015).
                                                                                                                                                                                      IT, Software, Electronics & Communications
     w Milton Keynes has the fourth highest number of business start ups in the UK.
        their HQ’s there.                                                             w £1bn of investment has been committed
                                                                                                                          w £1bn ofover   investment
                                                                                                                                                the pasthasdecade.                    w    Milton
                                                                                                                                                               been committed over the past decade. Keynes   is a  technological           w Leading infrastructure investment - the town was the first in the UK to offer superfast broadband, it was
                                                                                                                                                                                                                                      hotspot,   attracting  a strong digital cluster Advanced
                                                                                                                                                                                                                                                                                       of people    Manufacturing
                                                                                                                                                                                                                                                                                                   and   companies    form     Advanced
                                                                                                                                                                                                                                                                                                                            around     the   Manufacturing
                                                                                                                                                                                                                                                                                                                                           world.
                                                                                                                                                                                                                                                                                      w The City      is a powerhouse
                                                                                                                                                                                                                                                                                                                it was anofearly
                                                                                                                                                                                                                                                                                                                            British The
                                                                                                                                                                                                                                                                                                                                      manufacturing
                                                                                                                                                                                                                                                                                                                               w pioneer  City
                                                                                                                                                                                                                                                                                                                                            of is
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                                                                                                                                                                                                                                                                                                                                                     powerhouse
                                                                                                                                                                                                                                                                                                                                                           isfrom   motorsport
                                                                                                                                                                                                                                                                                                                                                                         of Britishtomanufacturing
                                                                                                                                                                                                                                                                                                                                                                                        soft drinks. from motorsport to soft drinks.
     w Recently ranked as the second best place to work in the UK.
     w Population growth of 20.2% over the past 12 years, well ahead of the average   w of 8.9%Keynes
                                                                                         Milton  for England.
                                                                                                         has the fourth highest
                                                                                                                          w Milton number
                                                                                                                                       Keynes  of has
                                                                                                                                                  business
                                                                                                                                                       the fourth
                                                                                                                                                               start ups
                                                                                                                                                                      highest
                                                                                                                                                                           in the
                                                                                                                                                                                      w Leading infrastructure investment - the city was the fist in the UK to offer superfast
                                                                                                                                                                                 number
                                                                                                                                                                                    UK. trialling
                                                                                                                                                                                             of business     an early
                                                                                                                                                                                       w £1bn of investment has beenpioneer
                                                                                                                                                                                                           start ups
                                                                                                                                                                                                     driverless             of 4G over
                                                                                                                                                                                                                      committed
                                                                                                                                                                                                                   cars.in the UK.and isthe
                                                                                                                                                                                                                                         currently trialling driverless cars.
                                                                                                                                                                                                                                            past decade.
                                                                                                                                                                                                                                                                                                  broadband,
                                                                                                                                                                                                                                                                                      w The collaborative environmentwallows        The collaborative
                                                                                                                                                                                                                                                                                                                                          innovative local
                                                                                                                                                                                                                                                                                                                                                               currently
                                                                                                                                                                                                                                                                                                                                                              environment
                                                                                                                                                                                                                                                                                                                                                                  firms to partner
                                                                                                                                                                                                                                                                                                                                                                                allowsalongside
                                                                                                                                                                                                                                                                                                                                                                                         innovative  global
                                                                                                                                                                                                                                                                                                                                                                                                       localgiants
                                                                                                                                                                                                                                                                                                                                                                                                              firms to
                                                                                                                                                                                                                                                                                                                                                                                                                     onpartner
                                                                                                                                                                                                                                                                                                                                                                                                                          next generation
                                                                                                                                                                                                                                                                                                                                                                                                                                 alongsidetechnologies.
                                                                                                                                                                                                                                                                                                                                                                                                                                               global giants on next generation technologies.

     w Milton Keynes is a young and dynamic city with 48% of the population under 35 years old compared
     w In 2016, the city was the second fastest growing in UK by GDV growth (1st inw 2015).
                                                                                         Recently ranked as the secondwbest   Recently
                                                                                                                                 place toranked
                                                                                                                                             work inasthe
                                                                                                                                                        theUK.                      w MK:Smart is a £16m partner project between businesses and education aimed at boosting economic growth.
                                                                                                                                                                                      w MK:Smart is a £16m partner project between businesses and education aimed
                                                                                                                                                              second best place to work in the UK.
                                                                                                                                                                                                                                                                                           at boosting
                                                                                                                                                                                                                                                                                      w World      leading economic   growth.Red
                                                                                                                                                                                                                                                                                                             names include     w World
                                                                                                                                                                                                                                                                                                                                    Bull Racing,
                                                                                                                                                                                                                                                                                                                                            leading  Honda
                                                                                                                                                                                                                                                                                                                                                       names    F1,include
                                                                                                                                                                                                                                                                                                                                                                     Prodrive,
                                                                                                                                                                                                                                                                                                                                                                             RedAG Bull
                                                                                                                                                                                                                                                                                                                                                                                      Barr
                                                                                                                                                                                                                                                                                                                                                                                         Racing,
                                                                                                                                                                                                                                                                                                                                                                                            and CocaCola.
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      in housing, public space and access to skills and employment. This has included the first phase of a new £130m rail link into London                                                                                  generation technologies.                                        2.70%                                   2.70%
     Marylebone which completed in October 2015 with phase two scheduled for completion in March 2019.

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                                                                                                                                                                                                                   being       names
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                                                                                                                                                                                                                                      2.60%             a 2.60% Honda F1, Prodrive,
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                                                                                                                                                                                               2.80%
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                                                                                                                                                                                       in housing, public space and access to skills and
                                                                                                                                                                                                                                     2.50%
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                                                                                                                                                                                                                                                       This has included the first phase of a new £130m rail link into London
                                                                                                                                                                                           2.70%
                                                                                                                                                                                       Marylebone   which completed  in October
                                                                                                                                                                                                                 SANTANDER       2015HUB
                                                                                                                                                                                                                             UK TECH     with phase two scheduled for completion in March 2019.
                                                                                                                                                                                                                                                                                            2.40%                                   2.40%
                                                                                                                                                                                               2.60%
                                                                                                                                                                                                                                                                                                        Cambridge            Milton           Manchester
                                                                                                                                                                                                                                                                                                                                               Cambridge            Inner
                                                                                                                                                                                                                                                                                                                                                                      Milton         Coventry
                                                                                                                                                                                                                                                                                                                                                                                     Manchester             Inner            Coventry
                                                                                                                                 Santander will be opening a new                          London
                                                                                                                                                                                            Keynes
                                                                                                                                                                                               2.50%
                                                                                                                                                                                                           London                                                                                                            Keynes

                                                                                             World class occupiers located       state-of-the-art
                                                                                                                                            in Miltonfacility
                                                                                                                                                        Keynes  in 2022,
                                                                                                                                                                   include:
                                                                                                   2.40%
                                                                                                                                 known as their UK Tech Hub,
     ATTRACTING KEY GROWTH SECTORS:                                                                       Cambridge     Milton
                                                                                                                       Keynes
                                                                                                                                 Manchester
                                                                                                                                 to be located
                                                                                                                                                Inner    Coventry
                                                                                                                                                    opposite Milton
                                                                                                                                               London
                                                   “BETWEEN 2010“BETWEEN AND 2016,2010 MILTON
                                                                                            ANDKEYNES2016, MILTON KEYNES         Keynes Central train “HIGHLY
                                                                                                                                                           station.      SKILLED
                                                                                                                                                                               “HIGHLY
                                                                                                                                                                                 LABOURSKILLED
                                                                                                                                                                                         POOL LABOUR
                                                                                                                                                                                                   WITH POOL WITH
     A new index aimed at identifying the UK’s most  active techBASE
                                                   BUSINESS      innovation citiesBY
                                                                      BUSINESS
                                                                        GREW       was launched
                                                                                     BASE
                                                                                     34%”  GREW  in Q3 BY2017
                                                                                                           34%”by The                                      60% QUALIFIED60%     TO DEGREE
                                                                                                                                                                                   QUALIFIEDLEVEL”TO DEGREE LEVEL”
     Open Data Institute and Digital Catapult.                                                                                   The Tech Hub will accommodate
     “BETWEEN 2010 AND 2016, MILTON                 KEYNES                                        “HIGHLY        SKILLED         more thanPOOL
                                                                                                                                LABOUR          5,000 staff
                                                                                                                                                        WITH  and will
     The UK Tech Innovation Index unsurprisingly
                                               24 identified London,
                                                                  24 Edinburgh and Manchester as the three most                  be  Santander's      new world    class                                                                                                                                                                                                                                                                                                    25
     BUSINESS      BASE
     tech innovative cities,GREW     BY 34%”(6th), Milton Keynes (8th) and Oxford (9th) were all were
                             whilst Cambridge                                                     60%placed
                                                                                                          QUALIFIED
                                                                                                                 in the        TO DEGREE LEVEL”
                                                                                                                                 digital hub workplace.
     top 10 positions.
24                                                                                                                                                                                                                                                                                                                                                                             25
     The index is intended to inform private and public decision makers when making investment and growth
     decisions.

                                                                                                                                                                                                                                                                                                                                                                                                                                                         CGI
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED              13

MILTON KEYNES OFFICE MARKET                                                                                                    THE GROWTH CORRIDOR
OVERVIEW                                                                                                                       The UK government has forecast the ‘growth corridor’ encompassing Oxford, Milton Keynes and Cambridge
Milton Keynes is one of the most active markets in the South East, with increasing rents, strong demand and a                  as the top 3 locations in the UK for economic expansion. Targeted infrastructure improvements will facilitate
welcome return of development. With the town set to benefit from key transport infrastructure improvements,                    the delivery of 1,000,000 homes and 950,000 new jobs in this corridor by 2050, estimated to increase
the fundamentals for continuing rental growth and inward investment are in place over the short and medium                     economic output by £163bn.
term, both in town and out of town.
                                                                                                                               This will include a new Oxford to Cambridge Expressway road link via Milton Keynes, construction of which is
TAKE-UP                                                                                                                        due to commence 2021/2022. Further plans for the East West rail link have also been announced, which will
Take-up was strong in 2018, with 12 month with a take-up figure of 12% above the 10 year average. The TMT                      re-establish a rail link between Oxford and Cambridge, also via Milton Keynes.
sector continues to contribute to a growing occupier base, accounting for a number of the key deals in the last
12 months. Milton Keynes also continues to see inflows of occupiers relocating from London who are attracted by                At the heart of the corridor, Milton Keynes is uniquely placed to benefit from future growth, with the Council’s
significantly lower occupational costs, strong connectivity and access to a highly skilled workforce.                          MK Futures 2050 commission aiming to double the size of the city by 2050 through the delivery of six big
                                                                                                                               projects.
SUPPLY
There is currently only 2.3 years supply in Milton Keynes, indicative of a 5 year consecutive reduction in availability,
in part due to the continued depletion of stock through PDR schemes.
                                                                                                                                                                                                                            A1            A14
                                                                                                                                       A423                         M1             NORTHAMPTON
                                                                                                                                                                                                                        ST NEOTS

RENTAL GROWTH
                                                                                                                                                                   A5                                                                                 CAMBRIDGE
                                                                                                                                                                                                                                                      CAMB
                                                                                                                                                                                                                                                        MB
                                                                                                                                                                                                   A421
                                                                                                                                                                                                                 BEDFORD
                                                                                                                     A429              M40                                                                                                        M11

                                                                                                                                                                   A413                                                     A1
This lack of Grade A stock and healthy levels of occupier demand has put upward pressure on headline rents,
now standing at £27.50 per sq ft, marking a 22% increase on the previous level. This favourable demand-supply
dynamic paired with forecasts for substantial economic growth and infrastructure improvements bodes well for                                                                       MILTON KEYNES                  A6
                                                                                                                                                                                                                  A
                                                                                                                                                        UCKINGHAM
                                                                                                                                                        UCK
                                                                                                                                                       BUCKINGHAM
future rental growth in Milton Keynes.                                                                                                                                          A421
                                                                                                                                                                                       BLETCHLEY          M1
                                                                                                                                                                                                          M
Notable and recent lettings include:
                                                                                                                                                                                                                                          A10
                                                                                                                        A361          A44
                                                                                SIZE         LEASE           RENT                                                         A41
                                                                                                                                                                           41            A418
 DATE         PROPERTY                                   TENANT
                                                                              (SQ FT)       LENGTH           (PSF)
                                                                                                                                                             M40
                                                                                                                                                               0                                                  M1        A1(M)
 Q2 2019      Ashton House, Silbury Boulevard            Viva Wallet            7,008           5           £19.50              A40

 Q1 2019      The Pinnacle, Midsummer Boulevard          Technip               19,500           5           £21.50                            OXFORD

                                                                                                                                                                                                                                    M25
 Q4 2018      100 Avebury Boulevard                      Shoomiths             19,800           15          £27.50              A420
                                                                                                                                                     ABINGDON
                                                                                                                                                     ABIN
                                                                                                                                                        N                                                  M25
                                                                                                                                                                                                                                                M11
 Q4 2018      Ashton House, Silbury Boulevard            CityFibre             10,279           5           £18.00                            A34        A4074
                                                                                                                                                                                                   M40
                                                                                                                                                        O
                                                                                                                                                    DIDCO
                                                                                                                                                    DIDCOT
 Q3 2018      100 Avebury Boulevard                      Spaces                47,000           12          £25.00

 Q3 2018      7 St Annes, Caldecotte Lake                Computacentre         10,115           5           £19.50
                                                                                                                                                                                                                       M4
 Q2 2018      Bank House, Midsummer Boulevard            Xero                   7,000           5           £22.50                                                   READING                                                LONDON
                                                                                                                                                        M4

We believe that the property is highly reversionary following the recent letting to National Locums Limited (Unit                      NEWBURY                                                      M3
7B) at £13.25 psf. This has consequently established the rental tone for the remainder of 7 and 8 Clarendon Drive.
7&8 CLARENDON DRIVE, MILTON KE YNES MK8 8ED          14

SOUTH EAST MULTI-LET OFFICE INVESTMENT TRANSACTIONS
Investment volumes in the south east office market remain resilient as a result of the robust fundamentals, improving occupational backdrop and prospects for rental growth. The sector remains a target for both domestic
institutions and property companies while overseas buyers have also recognised the relative attractiveness of regional investment.

 DATE                        ADDRESS                    SQ FT                       WAULT                      SALE PRICE (£)              PRICE (£ PSF)              NET INITIAL YIELD           PURCHASER
                                                                                    TO EXPIRY                                                                         (%)
                                                                                    (TO BREAK)

 Jun-19                      Bell House, Milton         10,965                      5.2 years                  £2,925,000                  £266                       7.27%                       South Somerset District
                             Keynes                                                                                                                                                               Council

 Apr-19                      Eskan Court, Milton        24,958                      6.9 years                  £5,675,000                  £227                       6.62%                       Adur District Council
                             Keynes

 Mar-19                      Theta Building, Frimley    51,575                      10.2 years                 £13,500,000                 £262                       7.74%                       Surrey Heath Council

                                                                                    (4.4 years)

 Mar-19                      Noble House, Milton        20,299                      3.5 years                  £3,625,000                  £179                       7.15%                       Salaft Properties Ltd
                             Keynes                                                 (2.5 years)

 Mar-19                      Building A, Watchmoor      22,124                      6.6 years                  £4,570,000                  £207                       8.50%                       London & County
                             Park, Camberley                                                                                                                                                      Estates
                                                                                    (2.4 years)

 Sep-18                      Medway Bridge House,       38,814                      8.96 years                 £7,400,000                  £191                       7.64%                       Eskmuir Properties Ltd
                             Maidstone
                                                                                    (4.9 years)

 Aug-18                      Melita House, Chertsey     13,980                      4.2 years                  £4,720,000                  £338                       7.05%                       Squarestone

                                                                                    (2.6 years)

 Jul-18                      Silbury Court, Silbury     78,545                      6.30 years                 £12,580,000                 £160                       7.68%                       Shaviram
                             Boulevard                                                                         (Net Price)
                                                                                    (3.57 years)
SERVICE CHARGE
The service charge budget for the year ending 31/12/2019 was £112,780, equating to £2.78 psf.

EPC
Unit 7 has an EPC rating of C (61).
Unit 8 has an EPC rating of E (110). We are expecting the EPC rating to improve following the air-
conditioning upgrade in 2018. A new EPC has been commissioned.

VAT
                                                                                                                     Mathew Finn                                                                        Ali Rana
It is envisaged that the property will be treated as a Transfer of a Going Concern for VAT purposes.
                                                                                                              mathew@finnandcompany.co.uk                                                      ali@finnandcompany.co.uk

                                                                                                                       Charles Curtis                                                                Tom Kerins
                                                                                                               charles@finnandcompany.co.uk                                                   tom@finnandcompany.co.uk
CAPITAL ALLOWANCES
Capital allowances may be available. Further information available upon request.
                                                                                                                                                                 1 Portland Place
                                                                                                                                                                 London W1B 1PN

PROPOSAL
                                                                                                                                                               Tel: 020 7631 1202

                                                                                                                                                        www.finnandcompany.co.uk
Offers in excess of £5,200,000 (FIVE MILLION, TWO HUNDRED THOUSAND POUNDS), subject to
contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 8.62% and a reversionary yield of 9.68%
based on ERV, allowing for purchaser's costs of 6.60%.
The price also represents a low capital of £128 psf.
                                                                                                       Misrepresentation Act: Finn & Company for themselves and for the vendors of these properties whose agent they are give notice that:1. These
                                                                                                       particulars do not constitute, nor constitute any part of the offer for sale or contract for sale. 2. All statements contained in these particulars
                                                                                                       as to these properties are made without responsibility on the part of Finn & Co or the vendors or lessors. 3. None of the statements contained
                                                                                                       in these particulars as to these properties are to be relied on as statements or representations of fact. 4. Any intending purchasers must
                                                                                                       satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. Any plans or

FURTHER INFORMATION
                                                                                                       photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the properties. The plans are
                                                                                                       photographically reproduces and therefore not to scale except where expressly stated. The plans or photographs or drawings are not intended
                                                                                                       to depict the interest to be disposed of. Where location plans are based on Ordnance Survey maps this is with the consent of HM Stationery
                                                                                                       Office, Crown Copyright Reserved. 6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items
                                                                                                       expressed to be included in the sale. 7. Any properties or drawings of the relevant properties or part thereof or the neighbouring areas may not
                                                                                                       depict the properties or the neighbouring areas at the date a prospective purchaser or tenant inspects the brochure. Prospective purchasers
For further information, please do not hesitate to contact one of the Finn & Company team.             or tenants are strongly advised to inspect the properties and neighbouring areas. 8. Finn & Company have not measured the properties and
                                                                                                       have relied upon clients information. Therefore Finn & Co give no warranty as to their correctness or otherwise and the purchasers must rely on
                                                                                                       their own measurements.9. All terms quoted are exclusive of value added tax unless otherwise stated. 10. The vendors do not give and neither
Inspections are strictly by appointment only.                                                          Finn & Co nor any person in their employment has any warranty whatsoever in relation to these properties. 11. These details are believed
                                                                                                       to be correct at the time of compilation but may be subject to subsequent amendment. 12. These details were prepared as of JULY 2019

                                                                                                       Adrian Gates Photography & Design: 07710 316 991
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