CENTURY COURT RICKMANSWORTH | WD18 9RS - REVERSIONARY GREATER LONDON OFFICE/LIGHT INDUSTRIAL INVESTMENT - Lewis Ellis LLP
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CENTURY COURT
RICKMANSWORTH | WD18 9RS
REVERSIONARY GREATER LONDON OFFICE/LIGHT INDUSTRIAL INVESTMENT
INVESTMENT SUMMARY Watford Station
• Rare opportunity to acquire WATFORD
a modern reversionary quasi
office/light industrial block in Croxley Station
an attractive Greater London
location.
• Located between Rickmansworth
and Watford, within the heart of
London’s commuter belt.
A412
• The location benefits from Rickmansworth Watford
exceptional connectivity and Town Centre
Croxley Business Park
access to a wide, highly skilled Park
catchment.
• Multi-let block comprising
3 adjoining units totalling 7,800 Moor Park The Metro
Industrial Centre Centre
sq ft (724.65 sq m) NIA.
• The property is let to three tenants Wolsey
providing an AWULT of 2.75 years Business Park
to expiry and 1.96 years to break. Valley Park
E
Industrial Estate LAN Orbital 25
• Current passing rent of £101,700 P ITS
TO L Business Park
per annum, reflecting a low
average passing rent of £13.04
per sq ft. SUBJECT PROPERTY
• Total estimated rental value of
Peerglow Industrial
£120,900 per annum equating to Estate
£15.50 per sq ft.
• Freehold
• Excellent car parking ratio of Vale Industrial
1:195 sq ft. Estate
We are instructed to seek offers in
excess of £1,740,000 (One Million,
Seven Hundred and Forty Thousand
Pounds), subject to contract and
exclusive of VAT.
A purchase at this level reflects
a net initial yield of 5.50% and a
reversionary yield of 6.54% capital
value of £223 per sq ft, assuming
purchasers costs of 6.20%
CENTURY COURT | RICKMANSWORTH | WD18 9RS
Welwyn Garden City
A41
Harlow
Berkhamsted Hemel Hatfield
Hempstead St Albans A10
LOCATION A414 A1(M)
A414
A413 A41
Rickmansworth is an affluent town located in south-west Chesham M25
Potters Bar Cheshunt Epping
Hertfordshire. The town has emerged as an established and M1 M25
M25
desirable office location for national and international occupiers Amersham
within the north M25 market mainly due to its wide, highly skilled
catchment and excellent communications. The subject property is M25 Watford Borehamwood Enfield M11
located equidistant between Rickmansworth and Watford. High A355
Wycombe Chigwell
Watford is the principal commercial centre in the north west Edgware
quadrant of the M25, thanks to it’s high standard of amenity, Beaconsfield A406
communications and labour pool.
RICKMANSWORTH A12
M40 Harrow Romford
A503
The town is located 20 miles (32 km) north west of Central London A406
A12 Ilford
and benefits from exceptional connectivity with the M25 (J17 & 18) Uxbridge A40 Wembley A1
located approximately 2 miles (3.2 km) to the north west, providing
M25
Barking Dagenham
access to the M40/M25 interchange 8 miles (12.8 km) to the south Maidenhead
Slough
A312 A40
Hayes A13
west and the M1/M25 interchange 9 miles (14.4 km) to the north A13
M4 LONDON
east.
A102
Windsor A4
Rickmansworth sits within the heart of London’s commuter belt
benefitting from direct links to Central London via mainline rail Richmond A205
Bexleyheath
A30 A214 Dartford
(Chiltern Railways services to London Marylebone in approximately Twickenham
26 minutes) and London Underground services (Metropolitan line Egham Sidcup
Bracknell Kingston A23
to Baker Street in approximately 35 minutes). Ascot upon Thames Bromley
London’s Heathrow Airport is located 12 miles (19 km) to the south S
of the town and Luton Airport is also within close proximity (22
AR
WATFORD
RAT
miles to the north). JUNCTION
TR OAD
2
A41
E
L AN
A40
4
M25
WATFORD
GE
SITUATION
Watford Station
ID
BE
LO
BR
U
RR
Y DW
ES
ATE
L
1
NE R
SO
LA
LAN
41
E BAL A
D
Century Court occupies a prominent position on Tolpits Lane CHORLEYWOOD
D W IN S
L ANE
KM
ANSWORTH R
OA
Intu Watford
RIC
approximately 2 miles (3.2 km) equidistant from the town centres
A4
T HE GRE E N
17
CH WATFORD HIGH
OR
8
of Rickmansworth and Watford in an established commercial area. LE STREET
Croxley Park
YW
E
OO
AN
Croxley
Units 6, 7 and 8 occupy prominent positions on Century Court
SL
D RO
P IT
adjacent to the entrance. Century Court is surrounded by a mixture Watford General
AD
CROXLEY GREEN
L
BUSHEY
TO
BER
of commercial and industrial property with Croxley Park, Watford RY 2 Hospital
SUBJECT PROPERTY
1
M25
A4
25
Business Park, Moor Park Industrial Estate, Watford Metro Centre
L AN E
LO
Watford Business Park A4
1
N
LA
G
NE
and Wolsey Business Park all in close proximity. 2
RICKMANSWORTH Wolsey Business Park
1
A4
Tolpits Lane is the principal commercial thoroughfare linking
RICKMANSWORTH Peerglow Orbital 25 Business Park P
E
17
AN
A4 Industrial Estate TS L
RE
04 TOLPI
5
Watford Metro Centre
ST
12
Rickmansworth and Watford and is home to numerous office parks
A4
W
DE
OA D MOOR
IC
ER L A NE
NH
KR
and industrial estates. Local occupiers include Royal Mail, Camelot BRID
G
Vale Industrial Park Valley Park Industrial Estate
AM
O AD
UX
LO
Global, Nissan Motor Group, Travis Perkins, Cisco International,
WAY
ND
ON R
H AR
eChemist and Techna International. MOOR PARK
EFIEL D R D
O
D
A
REVERSIONARY GREATER LONDON OFFICE INVESTMENT
DESCRIPTION
Units 6, 7, and 8 are situated in one office block constructed in the 1980’s and are
arranged over ground and first floors. The building is of brick construction beneath
a pitched tiled roof.
Unit 6 provides office accommodation and benefits from 14 car parking spaces.
Unit 7 provides workshop accommodation on the ground floor and open plan office
accommodation on the first floor, and benefits from 15 car parking spaces. Unit 8
provides a testing centre on the ground floor and open plan office accommodation
on the first floor and benefits from 11 car parking spaces.
The units are fitted out to a good modern specification with suspended ceilings,
recessed lighting, raised floors, central heating and provide WC and kitchen facilities.
ACCOMMODATION
The property has been measured in accordance with the RICS Code of Measuring
Practice (6th Edition) and provides the following net internal floor areas:
15
10
8
5 to
13
11
2
El Sub Sta
52.7m
Floor Area (Sq M) Area (Sq Ft)
4
1
1 to
Unit 6 241.55 2,600
G
E CROSSIN
5
Unit 7 241.55 2,600
MOOR LAN
5 Unit 8 241.55 2,600
TOTAL 724.65 7,800
4
25
Century
3
Court
6 to 8
TENURE
3
1
Freehold.
Mast (Telecommunication)
The property benefits from rights to
2
use the car parking spaces outlined in blue.
OLD'S
GPF L
APPR
55.2m
OAC
LB
ew
is Hou
H
se
Tolpits Lodge
54.3m
El
0m 10m 20m 30m Sub Sta
nley House
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
CENTURY COURT | RICKMANSWORTH | WD18 9RS
TENANCY
The property is let to three tenants in accordance with the tenancy schedule below, providing a total rental income of £101,700 per annum. The AWULT to expiry is 2.75 years
and 1.96 years to break.
Unit Tenant Area Start Date Expiry Date AWULT Break Date AWULT Review Date Rent (pa) Rent ERV (pa) ERV
(Expiry) (Break) (psf) (psf)
Unit 6 Total Security 2,600 11/02/2014 10/02/2019 0.64 - 0.64 - £25,500 £9.81 £40,300 £15.50
Protection Ltd
Unit 7 Audio Ltd 2,600 24/02/2016 23/02/2021 2.68 - 2.68 - £36,200 £13.92 £40,300 £15.50
Unit 8 LED Linear UK Ltd 2,600 28/07/2017 27/07/2022 4.10 27/07/2020 2.11 - £40,000 £15.38 £40,300 £15.50
Total 7,800 2.73 1.94 £101,700 £13.04 £120,900
COVENANT VAT
The property is fully let to 3 tenants that are all classified as being in ‘Very Stable Condition’ and present ‘Lower than The property is elected for VAT and the sale
Average’ or ‘Minimum’ financial risk in accordance with Dun & Bradstreet credit checks. will therefore be treated as a TOGC.
A schedule of covenant information is set out below:
Unit Tenant
Latest Reported Tangible Net Net Current Assets D&B % of EPC
Financial Year Worth (Liabilities) Rating Income
Unit 6 – 89 (Grade D)
6 Total Security 2017 £955,486 £501,035 1A2 25% Unit 7 – 76 (Grade D)
Protection Limited Unit 8 – 74 (Grade C)
7 Audio Ltd 2017 £1,130,393 £1,092,843 1A1 36% Copies of the EPC certificates are available in
the data room or by request.
8 LED Linear UK Ltd 2017 £422,127 £412,831 A1 39%
DATA ROOM
There is a data room for the property with key
tenancy information, title documents and EPC
certificates available upon request.
REVERSIONARY GREATER LONDON OFFICE INVESTMENT
PROPOSAL FURTHER INFORMATION
We are instructed to seek offers in excess of £1,740,000 (One Million, Seven Should you require further information or wish to view the property, please
Hundred and Forty Thousand Pounds), subject to contract and exclusive of VAT. contact either:
A purchase at this level reflects a net initial yield of 5.50% and a reversionary David Kos Fred Daeche-Marshall
yield of 6.54% capital value of £223 per sq ft, assuming purchasers costs of Tel: 020 7493 3330 Tel: 020 7493 3330
6.20% Mob: 07709 813 267 Mob: 07785 741 700
Email: dkos@lewisellis.co.uk Email: fdmarshall@lewisellis.co.uk
Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do
not constitute part of an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but
any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment
of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. July 2018.
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