Anglo Office Park Lincoln Road High Wycombe HP12 3RH MODERN MULTI-LET OFFICE INVESTMENT OPPORTUNITY - Buchanan Bond
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Anglo Office Park Lincoln Road High Wycombe HP12 3RH MODERN MULTI-LET OFFICE INVESTMENT OPPORTUNITY
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH
Investment Summary
• A modern and attractive office park investment located on the established Cressex Business • Currently let to 13 tenants producing a gross rental income of £274,321 per annum (subject
Park. to rental guarantee on the vacant unit) and a net income of £260,988 per annum reflecting
• Developed in 2005 the park offers flexible modern office accommodation of 10 individual £10.45 per sq ft.
units with ground and first floor accommodation. Set around a landscaped car park offering an • A weighted average unexpired lease term of 4.32 years to lease expiries and 2.04 years to
attractive ratio of 1:305 sq ft. breaks.
• The ten units total 26,249 sq ft (2,439 sq m). • Potential to increase rental income through active asset management with an ERV currently at
• Neighbouring occupiers include Jewson, Screwfix, Evans and Hovis on the Cressex Business Park. £13.95 per sq ft and vacant car parking spaces.
• Long Leasehold interest with approximately 140 years unexpired at a nominal ground rent. • Offers are invited in excess of £3,250,000 subject to contract and exclusive of VAT. This
reflects a Net Initial Yield of 7.54%, a reversionary yield of 10% and a low capital value of £123
• Notable occupiers include the Salvation Army and NHS.
per sq ft taking into consideration standard purchaser’s costs of 6.48%.
A120
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH
Location AYLESBURY
A1(M) HARLOW
OXFORD Wendover
High Wycombe is an affluent South East town with a large catchment A41 M1
population of 214,000 people (2011 census) and is the County town of Berkhamsted
Buckinghamshire. The town is situated approximately 33 miles (53 km) A10
north west of Central London, 30 miles (50 km) south east of Oxford, Chesham Kings M11
10 miles (16 km) north of Maidenhead and some 4 miles (6km) east of A413 Langley WALTHAM
the Chiltern Hills. The town benefits from excellent road communications Great Missenden ABBEY
being situated approximately 1.8 miles (3 km) north-west of Junction 4 West Wycombe
of the M40 Motorway and 9 miles (15 km) west of Junction 16 of the
M25 Motorway.
A4011
LUTON
HIGH
In addition, the town is also a popular London commuter satellite town
WYCOMBE WATFORD EDMONTON
by being well connected to the national railway network with a fastest Lane End M25
journey time to London Marylebone Station of 27 minutes. Heathrow
Airport is approximately 20 miles (32 km) to the south east and Luton Handy Cross M40
Airport some 37 miles (60 km) to the north east.
Gerrards Cross A12
Marlow
High Wycombe benefits from a variety of both local and national bus A404
SLOUGH A40
LONDON
services, many of which are serviced by the bus station located within the
Eden Shopping Centre. Destinations include: London, Oxford, Reading,
Heathrow Airport, Slough and Uxbridge. A406
READING
M4
Situation RICHMOND
HEATHROW
Anglo Office Park is situated at the junction of Lancaster Road and DARTFORD
Lincoln Road within the popular Cressex Business Park. High Wycombe
town centre and railway station are within 1 mile (1.6 km) of the property WOKINGHAM SUBJECT PROPERTY CROYDON
which is also less than half a mile from Junction 4 of the M40 motorway.
KINGST ON A232
The town is a strong commercial centre, attracting a number of major M3 -UPON-
corporates including Johnson & Johnson, Beckman Coulter, GMAC and THAMES
BT. Notable occupiers in the immediate vicinity to Anglo Office Park,
within Cressex Business Park, include Jewson, Screwfix, Evans and A217
Hovis.
A3 M25
A24
GUILDFORD
M23
10
A40
M40 (Jct 4) A22
M40 GATWICK
A404
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH
Description
Anglo Office Park is a modern office development, arranged as three
separate terraces, within a courtyard setting constructed in the early
2000’s. The property comprises ten well-presented office units arranged
over ground and first floor, totalling 26,249 sq ft (2,439 sq m).
The units benefit from raised floors, air conditioning, suspended ceilings,
majority LED lighting, CAT II lighting and car parking for approximately
86 vehicles with a ratio of 1:305 sq ft (1:28 sq m).
Tenure
The property is held on a long lease from High Wycombe District Council
expiring 6th March 2157. The current head rent is £13,333 per annum,
subject to a review in October 2017
Anglo andPark
Office every fifth year thereafter to 5%
of the market rent for the developed site.
Lincoln Road
High Wycombe
HP12on
Negotiations are due to commence 3RH
the outstanding review which we
estimate will be agreed in the region of £18,300 per annum given the
ERV market rent of £13.95 per sq ft.
tre
4
3
5
6 El Sub Sta
2
7
oad
1
nR
8
col
Lin
9
10
Wycombe Trade Park
The Merlin Centre
For indicative purposes only
0m 30m
El Sub Sta
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH
Tenancy
The business park is currently let to 13 tenants in accordance with the tenancy schedule listed below.
Unit Floor Tenant Sq Ft Sq M Lease Start Lease End Rent p/a Rent/ft² Rent Review Break Comments
Fixed rental uplifts in year 3
1 Ground & First Clece Care Services Limited 1,989 185 01/04/2016 31/03/2021 £19,612.00 £9.86 31/03/2019 31/03/2019 to £22,667 pa and year 5 to
£24,638 pa
2 Ground TSC Security Limited 944 88 24/03/2017 23/03/2022 £13,168.80 £13.95 24/03/2020 *
Fixed rental uplift in year 3 to
2 First Purple Consulting Limited 1,024 95 03/06/2016 02/06/2021 £11,000.00 £10.74 02/06/2019 03/06/2019
£12,500 pa
Fixed rental uplift in year 3 to
3 Ground Leap Childrens Therapy Limited 946 88 27/04/2016 27/04/2021 £9,418.00 £9.96 26/04/2019
£11,832 pa
12 months rent, rates and
3 First Vacant 1,023 95 £14,270.85 £13.95
service charge guarantee
Fixed rental uplift in year 2
4 Ground Danly UK Limited 952 88 09/06/2016 09/06/2021 £10,948.00 £11.50 08/06/2018 09/06/2019 to £11,662 pa and year 5 to
£12,138 pa
4 First Volkmann UK Ltd 1,043 97 11/01/2016 10/01/2021 £10,377.85 £9.95 10/01/2019
5&6 Ground & First Classic Business Equipment Limited 4,672 434 04/05/2015 03/05/2020 £40,000.00 £8.56 04/05/2018
Hertfordshire Partnership University Fixed rental uplift in year 3 to
7 Ground 1,662 154 29/07/2016 31/08/2021 £20,775.00 £12.50 30/09/2019 30/09/2019**
NHS Foundation Trust £22,437 pa
7 First The Salvation Army Trustee Company 1,771 165 07/09/2016 07/09/2021 £23,368.00 £13.19 07/09/2019
8 Ground & First Chervon Europe Limited 3,393 315 27/01/2016 26/01/2021 £28,840.50 £8.50 26/01/2019
Fixed rental uplift in year 4 to
9 Ground Push to Talk International Limited 1,652 153 27/01/2016 26/01/2021 £16,427.45 £9.94 26/01/2020 27/01/2019
£20,637.50 pa
9 First Epoq-IT Limited 1,752 163 10/02/2014 09/02/2019 £8,322.00 £4.75
10 Ground & First CC Architecture 3,426 318 02/08/2017 01/08/2027 £47,792.70 £13.95 02/08/2022***
Total Area (NIA) 26,249 2,439 4.32 years 2.04 years
Total Gross
£274,321.15
Income
Less Head Rent -£13,333.00
Total Net
£260,988.15
Income
Notes
* 2 months rent free if tenant’s break is not excercised
** 1 month rent free if tenant’s break is not excercised
*** 3 month tenant break penalty
The current service charge budget of £36,960 pa equates to approx. £1.40/sq ft, based on an area of 26,249 sq ft. This does not include any electricity charges.
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH
Covenant Information
Clece Care Services Limited CHERVON Europe Limited
Clece Care Services (CCS) opened in the UK in 2013 to maximise the CHERVON is an innovative, global player in the power tool and outdoor
independence, well-being and quality of life of individuals in their own power equipment industries. They specialise in researching, developing,
home. The company has grown to a team of over a thousand care manufacturing, testing, sales, and after-sale services for electric power
and support professionals. Clece Care Services Limited has a Dun & tools and related product categories. CHERVON products are now sold
Bradstreet rating of 2A1. by more than 30,000 top chain stores in 65 countries. CHERVON is one
of the top-ten providers of power tools worldwide. CHERVON Europe
TSC Security Limited Limited has a Dun & Bradstreet rating of A2.
The Security Company “TSC” is a leading provider of creative employee
security awareness programmes. They provide security education Push to Talk International Limited
programmes that minimise organisational risks and strengthen business. Established in 2007 Push to Talk International Limited is the largest
TSC Security Limited has a Dun & Bradstreet rating of D1. supplier of Push to Talk services in the UK. With customers ranging
from security teams, rail companies, hospitals, retail chains, football
Purple Consulting Limited stadiums and parking enforcement, they provide companies with instant
Purple Consulting offers a professional bookkeeping, management group communications. Push to Talk International Limited has a Dun &
accounts and accounts preparation service to small and medium Volkmann UK Limited Bradstreet rating of N3.
businesses across Buckinghamshire and the surrounding areas. Purple Volkmann was founded in 1973 as a consulting company for production
Consulting Limited has a Dun & Bradstreet rating of G3. automation. Today, Volkmann is a specialist in the transport and EPOQ-IT Limited
handling of bulk materials. In particular, Volkmann offers customers Founded in 2002, EPOQ- Limited provide IT consultancy services for
Leap Childrens Therapy Limited from the Chemical, Food Processing and Pharmaceutical Industry regulated businesses and SMBs. EPOQ- Limited has a Dun & Bradstreet
Leap Children’s Therapy is an independent company based in class leading standards. Volkmann employs nearly 100 employees and rating of E2.
Buckinghamshire and London providing Occupational Therapy services operates subsidiaries in Great Britain, France and the USA. Volkmann is
to children and young people. The team combined provides over internationally present in many countries with local agencies. Volkmann CC Architecture Limited
experience of 40 years working for the NHS, privately and on behalf of UK Limited has a Dun & Bradstreet rating of 1A1. CC Architecture Ltd is a Registered Chartered Architectural Practice
Buckinghamshire County Council. Leap Children’s Therapy Limited has a consisting of Chartered Architects, Chartered Architectural Technologists,
Dun & Bradstreet rating of F2. Classic Business Equipment Limited Technicians and Structural Engineers. Based at Anglo Business Park,
Established in September 1997, the company was formed with an the company specialises in domestic projects, which range from full
DANLY UK Limited objective of providing a high quality product and customer service in the planning permission for a single storey extension to complete new build
Established in 1922 DANLY is an international company, engaged in the Thames Valley area. The Company now supplies and services printing properties. CC Architecture Ltd has a Dun & Bradstreet rating of N3.
manufacture and distribution of die sets and toolmakers’ supplies. Over machines to many organisations throughout the UK. Classic Business
10,000 companies worldwide already work successfully with DANLY Equipment Limited has a Dun & Bradstreet rating of 2A1. Further information including company financial data can be provided
products. Their customers include automotive, domestic appliance and upon request.
other metal working and toolmaking companies. DANLY UK Limited has Hertfordshire Partnership University NHS Foundation Trust
a Dun & Bradstreet rating of 2A2. The Trust provides health and social care for over 400,000 people
with mental ill health, physical ill health and learning disabilities across
Hertfordshire, Buckinghamshire, Norfolk and North Essex. They employ
nearly 3,000 staff. Hertfordshire Partnership University NHS Foundation
Trust has a Dun & Bradstreet rating of 5A1.
The Salvation Army Trustee Company
The Salvation Army is an international charitable organization structured
in a quasi-military fashion. The organisation reports a worldwide
membership of over 1.5 million, consisting of soldiers, officers and
adherents known as Salvationists. It is present in 127 countries, running
charity shops, operating shelters for the homeless and disaster relief and
humanitarian aid to developing countries. The Salvation Army Trustee
Company has a Dun & Bradstreet rating of H1.
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH EPC Individual EPC ratings are available upon request. Please note each of the ratings are currently above an E rating. VAT The property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC). Asset Management Opportunities The most recent lettings have achieved rents of £13.95 per sq ft which provide excellent evidence for those units with potential medium term reversions such as Unit 9 at £4.75 per sq ft and Units 5&6,8 which are currently let at rents of circa £8.50 per sq ft. The car park is not currently fully let and there is a potential opportunity to increase the total rent. Individual spaces are anticipated to achieve circa £800 per annum, there are currently 7 available spaces. Additionally, there could be future break up opportunities on a floor by floor basis, individual unit basis or a terrace basis. Further details are available upon request.
Anglo Office Park, Lincoln Rd, High Wycombe HP12 3RH
Proposal
Offers are invited in excess of £3,250,000 subject to contract and exclusive of VAT. This reflects a Net Initial Yield
of 7.54%, a reversionary yield of 10% and a low capital value of £123 per sq ft taking into consideration standard
purchaser’s costs of 6.48%.
Further Information
Should you require further information or wish to view the property please contact either:-
3-5 Barrett Street
STEVEN POLLACK JONATHAN SKERRY St Christopher’s Place
T: 020 7042 6002 T: 020 7042 6004 London W1U 1AY
M: 07530 424 019 M: 07736 300 594
E: steven@buchananbond.com E: jonathan@buchananbond.com 020 7042 6000
www.buchananbond.com
Misrepresentation Act 1967 & Declaration
Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that: i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must
satisfy themselves by inspection or otherwise as to the correctness of each of them. iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property. OCTOBER 2017.
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