Chancery Court, Lincoln Road, High Wycombe HP12 3RE - Singer Vielle
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South East Office Investment
Chancery Court, Lincoln Road,
High Wycombe HP12 3RE
South East office investment
Secure income – Galliford Try plc (Net Assets £367m)
In excess of 7.5 years unexpired lease term
Established commercial location
£1,700,000, subject to contract
12.5% net initial yield
Location
High Wycombe is situated approximately 48 km (30 miles) north
west of Central London, 43 km (27 miles) south east of Oxford
and 16 km (10 miles) north of Maidenhead. The town benefits
from good road communications being situated approximately
3 km (1.8 miles) north west of Junction 4 of the M40 Motorway
and 15 km (9 miles) west of the M25 Motorway.
In addition, the town is connected to the national railway network
with a fastest journey time to London Marylebone Station of 30
minutes. Heathrow Airport is approximately 32 km (20 miles) to
the south east and Luton Airport some 60 km (37 miles) to the
north east.
Situation Accommodation
The subject property is accessed via Lincoln Road and is
The property provides the following accommodation;
strategically located 1.6 km (1 mile) north of Junction 4 of the
M40 Motorway. High Wycombe town centre and rail station are
approximately 3.2 km (2 miles) to the north east. Ground Floor Reception 28.93 sq m 311 sq ft
Ground Floor Offices 589.37 sq m 6,344 sq ft
The property is located in Lincolns Inn, an established business
First Floor Offices 583.42 sq m 6,280 sq ft
village forming part of the surrounding Cressex Business Park
which houses a combination of office and light industrial uses. Total Net Internal Area 1201.73 sq m 12,935 sq ft
Nearby office developments include the Lincolns Inn Office Village
immediately to the rear and the Anglo Office Park.
Site
Description We estimate the site area to be approximately 0.26 hectares
(0.65 acres).
The subject property comprises a detached office building
constructed in the 1980’s arranged over ground and first floors
with brick elevations under a pitched roof.
Surface car parking for 28 vehicles is provided to the front of the
property with a further three spaces to the side and one space
Tenure
to the rear.
Long Leasehold from Wycombe District Council for a term of 125 years from
18th May 1990, expiring 17th May 2115 (101 years unexpired) at a current
The specification includes:
ground rent of £24,000 per annum. The lease is subject to 5 yearly upward only
rent reviews to 12.5% of the open market value of the property. The next rent
• Suspended ceilings
review is on 18th May 2015.
• Double glazing
• Wall mounted convector heaters
• Some suites benefit from air-cooling provided from The permitted uses according to the Headlease are as a serviced office centre,
individual wall and ceiling mounted cassettes which we research & development, industrial or offices (other than for: (i) financial services,
understand are tenant’s improvements (ii) professional services or (iii) any other services (including use as a betting
• Male, female & disabled WC’s office) which it is appropriate to provide in a shopping area). A copy of the
• 8-person passenger lift Headlease is available to download in the data room.
Linden Homes is a top 10 housebuilder offering a distinctive and diverse
Tenancy product range of new homes and properties in prime locations throughout
the United Kingdom. The ultimate parent undertaking and controlling party
The property is let to Linden Limited, guaranteed by Galliford Try plc on is Galliford Try Plc. For further information please visit
a Full Repairing and Insuring lease for a term of 15 years from and including www.lindenhomes.co.uk.
28th November 2006, expiring on 27th November 2021.
Galliford Try Plc (Co. No. 00836539) has reported the following figures:
The current passing rent is £225,600 per annum (£188 per sq m / £17.44
per sq ft overall), payable quarterly in advance, and is reviewed 5 yearly to 30th June 2013 30th June 2012
the higher of the Open Market Value and the Retail Price Index. The next Group Revenue £1,467.3 million £1,504.1 million
rent review is due on 28th November 2016.
Pre-Tax Profits £74.1 million £63.1 million
The tenant also pays an Additional Rent of £24,000 per annum which is not Net Assets £367.1 million £394.1 million
subject to review, payable every six months in advance.
Galliford Try is a FTSE 250 house-building and construction group with
Therefore, the total rent received is £249,600 per annum. approximately 4,000 employees. It provides whole-life solutions, delivering
housing and regeneration schemes and construction projects, ranging
A section of the car park at the rear of the property has been underlet for a from public and commercial buildings to civil engineering works. The
term of 125 years (less 3 days) from 18th May 1990 at a peppercorn rent. construction business mainly operates under the Galliford Try and
Morrison Construction brands. For further information please visit
www.gallifordtry.co.uk.
There is an electricity sub-station at the property which is let to Southern
Electric plc for a term of 42 years from 24th June 1990, expiring 23rd June As a result in a rise in mortgage approvals sparked by the Government
2032 at a rent of £1.00 per annum. The tenant has an option to renew the backed Help to Buy equity loan initiative, as well as the Funding for
term of this lease by giving the landlord not less than 6 months’ notice in Lending scheme, in January 2014 the Group reported a healthy rise in
writing prior to the expiration of the term. sales, anticipating a record half year profit.
The property is used as a serviced office centre which at present is running
Covenant at virtually full capacity with only 3 suites available out of 27. We are
advised that the centre has historically maintained a high occupancy rate.
Tenant - Linden Limited (Co. No. 01108676) has reported the following Fur further information see www.chancerycourt.co.uk.
figures:
30th June 2013 30th June 2012 Value Added Tax
Revenue £292,526,000 £332,944,000
The property has been elected for VAT. It is anticipated that the sale will
Pre-Tax Profits £23,984,000 £16,784,000 be treated as a Transfer of a Going Concern (TOGC).
Net Assets £67,197,000 £42,472,000
Contact Proposal
Our client is seeking offers in the region of £1,700,000 (One Million,
Singer Vielle Seven Hundred Thousand Pounds), subject to contract, reflecting a net
94-96 Wigmore Street dale@singervielle.co.uk initial yield of 12.5%.
London W1U 3RF
Tel: 020 7935 7200 richard@singervielle.co.uk
Fax: 020 7486 8511 Investment Considerations
www.singerviellesales.com neil@singervielle.co.uk
Faye@singervielle.co.uk
Shendl@singervielle.co.uk
Vendors Solicitor
Mayer Brown
201 Bishopsgate CHumble@mayerbrown.com
London EC2M 3AF
Tel: 020 3130 3328
Subject to Contract & Exclusive of VAT
Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor 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 must satisfy themselves by inspection or otherwise as to the correctness of each of them.
3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property.
4. All maps are for identification purposes only and should not be relied upon for accuracy.
5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject.
Under no circumstances shall Singer Vielle be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Property.
Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment.
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concerned who are solely
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Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the
Properties or any dimensions which have been given by the Vendors or Lessors.
6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.
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