Lyndon House HIGH YIELDING OFFICE INVESTMENT FOR SALE - Amazon AWS
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Lyndon House HIGH YIELDING
NEWMARKET, SUFFOLK, CB8 7SG OFFICE INVESTMENT
FOR SALE
INVESTMENT SUMMARY
•M
ulti-Let office building •V
acant suites to be
on established estate in guaranteed for 12 months
Newmarket, Suffolk at £8 per sq ft
•P
roviding 11,779 sq ft •O
ffers are invited in excess
(1,094 sq m) of office of £1,600,000 which
accommodation represents a NIY of c8.25%
•A
sset Management assuming purchasers costs
Potential of 6.16%
•U
nexpired Lease term • Regional Strategic Location
of 5.19 years to expiry •6
0% of the income
and 2.12 years to break anchored by public sector
•C
urrent income of covenant
£141,048
LOCATION
Newmarket, the home of horse racing is a market town in the county of Stansted Airport is within easy reach of Newmarket providing flights across
Suffolk situated approximately 65 miles north of London. The town links Europe and beyond. Newmarket also boasts its own Train Station located
with the University city of Cambridge and Bury St Edmunds via the A14. along the Ipswich – Cambridge line providing links to Cambridge in 22
Newmarket is well positioned to give access to the Port of Felixstowe and minutes and London Kings Cross in 1 hour 18 minutes (Via Cambridge).
regional roads including A11/M11 and A1/M1.
Holt
Fakenham
King’s Lynn A142
A14
A47
Wisbech
A47 NORWICH EXNING
ASS
BYP
A47 KET
FO
PETERBOROUGH MAR
RD
B110
W
A10 NE
HA
March
A11 A14
M
A605
3
Attleborough
RD
A141
Chatteris Brandon A134
A1(M) A11
Ely Lakenheath Thetford
D
ROA
B
Diss
LYNDON W
11
Mildenhall IL
LL
A134 LI
0
RD
3
A14 HOUSE
ILWE
E
A11 A140 SN
A IT
H
SNA
A1 Milton BURY ST
NEWMARKET EDMUNDS LYNDON
St Neots Framlingham HOUSE
CAMBRIDGE Stowmarket
A421
B
M11 A14
11
A11
0
Haverhill A134
3
Biggleswade Newmarket
A505
FO
IPSWICH Racecourse
Sudbury
RDH
Saffron
A10 Walden A12 A14
AM
Letchworth
Garden City
RD
Felixstowe
B1
Bishop’s
A120
10
Stortford Braintree
Luton
3
A1(M) COLCHESTER
A120
3 04
M11 A12
A1
Frinton-on-Sea
A10
St Albans ET B1
Harlow RE 06
CHELMSFORD Maps not to scale. For indicative purposes only. ST 3
GH NEWMARKET
HI
M25
SITUATION
Lyndon House is situated along Willie Snaith Occupiers within the Kings Court Development
Road, to the north of the town, next to include AquAid Franchising Ltd, 2MS
a recently built Tesco Superstore and within Construction and Bronkhorst UK with
an established office development known as Essentra and NFU Mutual located opposite
Kings Court. Kings Court is positioned within the development.
the heart of Newmarket’s Business centre.
Newmarket is also home to larger occupiers
such as LGC, DS Smith and Computer Links
(UK) Ltd.
Maps not to scale. S
For indicative PAS
BY BUS
WAY
ET
purposes only.
MA
RK NIM
W
NE
FO BU
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DESCRIPTION
Lyndon House is a multi-let three storey office building currently
providing 17 office suites.
The property is currently 74% let with the office suites
ranging from 435 sq ft to 1,575 sq ft.
The office accommodation provides the flexibility to
combine multiple suites to create larger spaces for
occupiers. Access to the suites is via an attractive full
height glass atrium and reception area leading to lift
and stair access to the upper floors.
There are 42 parking spaces which are allocated
accordingly to each tenant. This represents a
parking ratio of 1:280.
The property lends itself to further asset
management opportunities such as:
• Providing more flexible office suites
• Increasing income from available
parking spaces
• Creation of a mezzanine to increase
the net internal area
Kings Court Surroundings
MARKET COMMENTARY EPC
Newmarket is an internationally renowned horse racing town situated approximately 15 miles east of Cambridge The office suites have been
and 15 miles west of Bury St Edmunds. Newmarket had a population of 20,384 (2011 Census) which is individually assessed.
understood to have grown and situated adjacent to the A14, granting access to the regional road network.
Please contact the agents to obtain
Newmarket benefits from shopping and educational facilities and much employment use at the office and a copy of the EPC.
industrial parks within the town. These are predominantly based to the north of the town located close to the
A14. The horse racing industry also contributes to much employment in the area. The town also benefits from
a railway station with connections to Cambridge, Bury St Edmunds and Ipswich.
Over the past 10 years the Northern side of Newmarket where Lyndon House is located, has been a number
of new commercial developments including new offices, industrial units and retail premises. Notably industrial
speculative developments at Newmarket Business Park, a new 106,000 sq ft Tesco Extra Superstore and offices
in the pipeline at July Court.
TENANCY SCHEDULE
Unit Tenant Demise Area Car Rent Rent Lease Lease LTA54 Rent Break L/T Reversion yrs
SQ FT park £PA £PSF Term Type Review Option unexpired
spaces
1-4 Bedfordshire Police Office 6,382 22 £83,000 £13.01 8 yrs from Effective Inside 07 November 07 November 2019 T 06 November 2024
& Authority GF/FF 07 November FRI 2021 7.96
9-12 2016 (RPI)
5 Emily Borrell Office 447 2 £5,588 £12.50 5 yrs from Effective Outside 11 November 11 September 2019 T 10 November 2021
GF 11 November FRI 2019 4.97
2016 (RPI)
6 Manorcourt Care Office 490 2 £6,750 £13.78 3 yrs from Effective Outside N/A N/A – 30 September 2017
(Norflok) Ltd GF 01 October FRI 0.86
2014
7 Fletcher Thompson Office 520 2 £7,000 £13.46 5+yrs from Effective Outside 25 March 24 March 2016 T 24 March 2018
Practice Ltd (Guarantor GF 01 September FRI 2016 (Expired) 1.34
Kathryn Fletcher) 2012
8 Vacant Office 435 2 £5,437.50 £12.50 – – – – – – –
(UNDER OFFER) GF
9-12 See 1-2 above – – – – – – – – – – – –
14 Scimcon Ltd Office 850 3 £12,000 £14.12 3 yrs from Effective Outside N/A 30 November 2015 M 29 April 2017
FF 30 April 2014 FRI 3 months 0.44
15-16 Vacant Office 1,575 6 0 £8.00 Rent – – – – – –
FF Guaranteed for
12 months
17 Vacant Office 1,080 3 0 £8.00 Rent – – – – – 20 June 2020
FF Guaranteed for 3.58
12 months
TOTAL 11,779 42 141,048
COVENANT INFORMATION
The investment is anchored by Bedfordshire Police Authority
occupying 54% of the building and being responsible for 73% of
the rent currently or 60% if the vacant suites are guaranteed. The
vendor will guarantee the vacant suites at £8 per sq ft for 12 months
increasing the income from £114,338 to £139,091 per annum.
Bedfordshire Police Authority have signed an 8 year lease and have
taken the suites from the predecessors Hertfordshire Police Authority
who held the suites on a 6 year lease.
Other tenants include Emily Borrell who is a local sports
physiotherapist that obtained D2 use for Suite 5. Manorcourt Care
(Norfolk Ltd) (Company No. 04516799) occupy one unit and have a
credit safe rating of 95 (A) with a current turnover of £5,271,564.
Fletcher Thompson Practice Ltd (Company No. 03530296) is
personally guaranteed occupying one unit. They have a current credit
safe rating of 55 (B). Scimcon Ltd (Company No. 04844956) located
in one suite on the first floor has a credit safe rating of 95 (A).
QUOTING PRICE
Offers are invited in the region of £1,600,000 subject to contract
and exclusive of VAT. A purchase at this level would reflect a net initial
yield of c8.25% assuming purchasers costs of 6.16%
William Rooke Sebastian Denby These particulars do not form any part of an offer of contract, they are a general outline for the guidance of prospective purchasers/
lessees. All statements are given without responsibility on the part of Carter Jonas or the vendors/lessors and no responsibility
is taken for any omission, error or misstatement. All floor areas and other measurements are approximate. Intending purchaser/
01223 346640 01223 346640 lessees must satisfy themselves by inspection or otherwise as to the correctness of these particulars. Carter Jonas do not make
any or give any warranty or representation whatever in relation to this property. All prices and rentals are exclusive of VAT unless
William.Rooke@carterjonas.co.uk Sebastian.Denby@carterjonas.co.uk otherwise stated. January 2017.
01622 833880 | createwithimpact.com (E5261/AK)
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