HIGHLY REVERSIONARY MULTI LET INDUSTRIAL INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL - Allsop
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UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
HIGHLY REVERSIONARY MULTI LET
INDUSTRIAL INVESTMENT
OPPORTUNITY WITH
DEVELOPMENT POTENTIAL
UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
INVESTMENT CONSIDERATIONS
n 25,244 sq ft (2,345 sq m) mixed industrial n Multi let to Mountview Academy of Theatre Arts Ltd n Based on the agreed lease renewal the gross rent will rise to
and office accommodation and AKA Design Limited £220,175 pa, and the net rent will rise to £165,131 pa
from 10 October 2016
n Located in the Greater London suburb of Wood Green n AWULT of 1.8 years to expiry
n Highly reversionary with industrial rents in Haringey
n Situated in the Cultural Quarter of Wood Green n Terms agreed with Mountview to extend their
at £13 psf and offices in the vicinity achieving £30 psf
lease until October 2021 (tenant rolling break
n Long Leasehold to June 2075 with a 30 year
option after 2.5 years) at increased rent of £129,675 pa, n Total site area of 0.65 acres (0.26 hectares)
option to extend providing an effective unexpired
thus extending the AWULT to 2.98 years to break
term of 88 years n Development potential subject to obtaining all necessary consents
and 4.2 years to expiry
n The Head Rent is agreed to 25% of the occupational rent n Offers in excess of £2,600,000 (Two Million and Six Hundred
n Current gross rent of £172,448 pa reflecting a very low
or 25% of market rent on vacant accommodation. Thousand Pounds) subject to contract and exclusive of VAT.
rent of £6.83 psf, current net rent of £129,336 pa
The current Head Rent is £43,112 pa A purchase at this level reflects a capital value of approximately £103
psf and a net initial yield of 6% based on the net rent of the agreed
renewal to Mountview assuming purchasers costs of 6.4%
UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
< WOOD GREEN 300M
THE MALL
WOOD GREEN
Planning for 1,000+ residential units
7,000 sq ft B1
12,000 sq ft of retail and community space
SUBJECT PROPERTY
CULTURAL
THE
CHOCOLATE
FACTORY
QUARTER
KINGS CROSS 19 MINS
MOORGATE 21 MINS
M1 15 MINS
CENTRAL LONDON 28 MINS
LONDON HEATHROW 42 MINS
LONDON LUTON 37 MINS
Outlines for indicative purposes only.
ALEXANDRA PALACE 400M
>
UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
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LOCATION SITUATION
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located 2 miles south of the northern circular (A406), 7 Crossrail 2 is a proposed new railway serving London surrounding area is predominantly made up of light
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UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
Units 1 & 2 Clarendon Road, London N22 6XF
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© Crown Copyright, ES 100004106. For identification purposes only.
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© UKMap Copyright The GeoInformation Group 2016 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250
DESCRIPTION
The property comprises a 1980’s industrial building of two units with
steel frame construction and brick elevations.
Internally Unit 1 comprises a former industrial unit that has been
converted to office and studio accommodation arranged over ground
and first floor. The tenant, Mountview, utilises the space for a number of
self-contained studios for classes, canteen and office accommodation.
Unit 2 is fitted out as a manufacturing facility with ground floor ancillary
and first floor mezzanine office accommodation.
Both units have roller shutter doors with access from the car park.
The car park provides for 17 spaces.
SITE AREA
0.65 acres (0.26 hectares)
TENURE
The property is held on a 95 year lease from 25 June 1980 with
a 30 year option to extend.
The Head Rent is geared to 25% of occupational rent or 25% of market
rent on vacant accommodation.
Currently the Head Rent is £43,112 pa.
UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
COVENANT
AKA Design Limited
AKA Design Limited specialises in the design and manufacture
of studio interiors, technical furniture and related services for
audio and TV industries.
31 July 2015 31 July 2014 31 July 2013
Turnover - - -
Pre-Tax Profit - - -
Total Net Worth £123,733 £83,033 £103,508
Mountview Academy of Theatre Arts Limited
D&B Rating 2A 1
Mountview is one of the UK’s leading drama schools providing creative
vocational training for actors, directors and theatre production artists.
31 July 2015 31 July 2014 31 July 2013
Turnover £5,268,005 £5,288,733 £4,747,084
Pre-Tax Profit £18,074 (£33,279) £75,499
Total Net Worth £1,983,713 £1,891,762 £1,925,041
TENANCY SCHEDULE
MOUNTVIEW ACADEMY OF THEATRE ARTS LTD
Floor Area NIA Area GIA Lease Start Lease Expiry Rent pa Rent psf Comments
sq ft sq m sq ft sq m
Unit 1 Ground 7,113 660.9 7,696 714.9 10/10/2011 09/10/2016 £81,948 £5.32 9 car parking spaces. Terms have been
First 7,459 693.0 7,696 714.9 agreed for a new 5 year lease from 10 October
2016 with a tenant rolling break option after
2.5 years at a rent of £129,675 pa (£8.40 psf)
Total 14,573 1,353.9 15,392 1,429.9
AKA DESIGN LTD
Floor Area GIA Lease Start Lease Expiry Rent pa Rent psf Comments
sq ft sq m
Unit 2 Ground 6,522 605.9 25/12/2009 24/12/2019 £90,500 £9.19 8 car parking spaces
Mezzanine 3,331 309.5
Total 9,852 915.3
Total gross rent £172,448 Less Head rent £43,112
Total net rent £129,336
UNITS 1 & 2
CLARENDON ROAD
CULTURAL QUARTER
WOOD GREEN
LONDON N22
POTENTIAL DEVELOPMENT ASSET MANAGEMENT
n Wood Green is set to see significant n A major scheme is planned for the n Units 1 & 2 Clarendon Road offer significant redevelopment n There is a lack of available office and industrial accommodation in
redevelopment with proposals for c.6,000 gas holder site to the south of the potential and are located within the ‘Wood Green Cultural Haringey and according to CoStar industrial availability currently stands
new homes with new commercial and urban property on Clarendon Road which Quarter Design’ focused around Workspace’s Chocolate at 49,488 sqft and office availability currently stands at 15,970 sqft.
centres. Highlights include a major new public will include a new ‘Urban Square’, Factory. The proposed Cultural Quarter is designed to create Space within the Chocolate Factory is currently on the market at quoting
square around a new Wood Green Crossrail 2 over 1000 residential units and to a dynamic social, economic and physical environment. rents of c.£30 psf highlighting the opportunity to increase rents further
Station, nearly 60,000 sq ft of new employment associated commercial space as part The subject property itself is conceptually included in subject to refurbishment.
space, with more high-street shops, and the of Haringey’s Regeneration Project. designs with a relocated drama school with residential n Flexible accommodation providing the possibility to break up the
redevelopment of The Mall shopping centre above. A copy of ‘Wood Green Cultural Centre Initial property into smaller units.
and Vue cinema. Concept Design’ is available upon request.
n There is the option to increase the mezzanine floor area in Unit 2 to full
coverage to provide approximately 3,100 sqft of additional accommodation.
CULTURAL QUARTE
CLARENDON ROA
WOOD GREE
UNITS 1 &
VAT EPC
The property is elected for VAT and it is Unit 1 has an EPC Rating of F (143).
anticipated that the sale will be treated Unit 2 has an EPC Rating of D (82).
as a Transfer of a Going Concern (TOGC).
Proposal
Offers in excess of £2,600,000 (Two Million and Six Hundred Thousand
Pounds) subject to contract and exclusive of VAT. A purchase at this level
reflects a capital value of approximately £103 psf and a net initial yield of
6% based on the net rent of the agreed renewal to Mountview assuming
purchasers costs of 6.4%.
Important Note:
The property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties, representations or guarantees are given or will be given in
respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance
placed on it and the Insolvency Practitioners are acting without personal liability.
Commercial Residential
Mark Dansky Lottie Hayward James Hood Richard How
020 7543 6813 020 7543 6750 020 7344 2637 020 7344 2652
mark.dansky@allsop.co.uk lottie.hayward@allsop.co.uk james.hood@allsop.co.uk richard.how@allsop.co.uk
www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these
particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are
to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person
in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties,
undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale
or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as
to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be
included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary
searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 09.16
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