Sutherland House, Russell Way, Crawley RH10 1UH Office Investment Opportunity For Sale
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
ENTER Sutherland House, Russell Way, Crawley RH10 1UH Office Investment Opportunity For Sale
www.kingsbury-consultants.co.uk Sutherland House, Russell Way, Crawley RH10 1UH
HOME SUMMARY DESCRIPTION & LOCATION LAYOUT PLAN TENANCY TERMS
SUMMARY
• 5-Storey B1 office building of approximately 94,055ft2 with
approximately 199 car parking spaces
• Let to a FTSE listed Plc company for an unexpired 15 year
term until 4th August 2031 producing £1,100,000 per annum
with a fixed uplift in the 5th year to £1,250,000 per annum
• Located close to Crawley Town Centre and less than 5
miles from Gatwick airport
• Offers in the region of £18,000,000 which reflects 5.75%
NIY rising to 6.54% NIY and a capital value of £184 per ft2
www.kingsbury-consultants.co.uk Sutherland House, Russell Way, Crawley RH10 1UH
HOME SUMMARY DESCRIPTION & LOCATION LAYOUT PLAN TENANCY TERMS
DESCRIPTION Sutherland House
The property comprises a fully self-contained office building extending to approximately
94,055ft2 NIA situated on a site extending to 1.785 acres. The property benefits from 199 car
parking spaces and a central loading bay accessed via the front of the building (Russell Way).
The building is of concrete framed construction under a flat roof and is arranged over ground
floor and 4 upper floors. Each floor is well configured for occupation on a floor by floor or part
floor basis with each floor plate consisting of suspended ceilings, male and female WCs and a
passenger lift.
The subject property is fully let and adjoins a separate building (shaded in blue on the plan
opposite) which is not part of this sale, and this is to be retained by the seller.
LOCATION
Sutherland House is located in the West Sussex town of Crawley opposite the Three Bridges
playing field. It occupies a prominent position on the corners of Russell Way, Haslett Avenue
East (A2220) and Paymaster General’s Roundabout which is named after the tenant occupying
the building.
The property benefits from excellent access to the national motorway network being
strategically located 2.4 miles from the M23 Motorway providing access to the wider South
East and direct access to the M25. Gatwick airport is within a 20 minute drive (4.5 miles).
Crawley Town Centre is less than a mile away with Three Bridges train station 0.6 miles from
the property offering frequent services into Central London with the following journey times:
Gatwick Airport – 4 minutes | Clapham Junction – 31 minutes | London Bridge – 60 minutes
Sutherland House, Russell Way, Crawley RH10 1UH
HOME SUMMARY DESCRIPTION & LOCATION LAYOUT PLAN TENANCY TERMS
LAYOUT PLAN
The Seller is currently carrying out a programme of works which include demolishing the linking walls and bridge from Sutherland House building to the adjoining office building and making
good the walls and surfaces. We understand this programme of works has already begun and is due to be completed by December 2016.
Sutherland House
The subject property being sold
51,791ft2 Office being retained by the
Seller, currently subject to a planning
application for residential use
199 spaces
www.kingsbury-consultants.co.uk Sutherland House, Russell Way, Crawley RH10 1UH
HOME SUMMARY DESCRIPTION & LOCATION LAYOUT PLAN TENANCY TERMS
TENANCY CRAWLEY OFFICE MARKET
The entire property is let to Paymaster (1836) Ltd (trading as Equiniti) The occupational market in Crawley is undergoing a fundamental change with a significant
who have occupied the building for over 30 years on an unexpired amount of secondary accommodation being removed from the office market as a result of
15-year FRI lease until 4th August 2031 subject to a 9 month rent free the Permitted Development Rights to residential.
period. The current rent payable is £1,100,000 per annum with a fixed uplift to £1,250,000 per
annum from 4th August 2021 with the next open market rent review due on 1st April 2026. As such the property offers an excellent opportunity to increase rental income in a market
with limited competing stock and a strong imbalance between supply and demand. Occupiers
The current income reflects an average of approximately £11.34psf increasing to £12.88psf at who require accommodation have very few options within the town, therefore rents are
the first rent review. rising.
The lease is guaranteed by Paymaster’s parent company Equiniti Group PLC who specialise A schedule highlighting the most recent lease transactions can be found below:
in the development of complex administration, processing and payment services for a variety
of sectors and clients supported by leading technology and software design.
Address Date Size (ft2) Lease Length Tenant Rent (psf)
For the year ended December 2015 Equiniti Group PLC posted a revenue of £369,000,000 with
a market capitalization of £509,250,000. County Oak Way,
July 2016 1,426 5 Years N/A £12.50
RH11 7ST
Midtown House,
June 2016 8,035 N/A N/A £16.00
Floor Description NIA m 2
NIA ft
2 RH10 1BW
Manor Place, RH10 B&CE Financial
April 2016 28,588 3 Years £17.00
Ground B1 (Office) 1,390.9 14,971.5 9PY Services Ltd
65 Gatwick Road,
First B1 (Office) 1,695.3 18,248.0 EH10 9RD
March 2016 1,250 10 Years N/A £12.42
Second B1 (Office) 1,884.1 20,280.3 Kingsland Court,
February 2016 400 3 Years Service Vent £15.00
RH10 1HL
Third B1 (Office) 1,880.5 20,241.5 Astral Towers, RH10
December 2015 14,059 10 Years Aerdata UK £17.95
9UY
Fourth B1 (Office) 1,887.2 20,313.6 Balcombe Rd, RH10
December 2015 2,615 N/A FU3e Ltd £18.50
7NN
Total 8,738.0 94,055.0
Richmond House,
December 2015 1,293 N/A Jurox (UK) Ltd £15.00
RH10 1DD
*The above measurements exclude the core and toilet areas.
www.kingsbury-consultants.co.uk Sutherland House, Russell Way, Crawley RH10 1UH
HOME SUMMARY DESCRIPTION & LOCATION LAYOUT PLAN TENANCY TERMS
TENURE
The property is to be sold freehold subject to the existing tenancy remaining in-situ.
VAT
The property is elected for VAT although the transaction will be treated as a Transfer of a
Going Concern.
TERMS
Offers in the region of £18,000,000 which reflects 5.75% NIY rising to 6.54% NIY at the 5th
year, and a capital value of £184 per ft2.
ADDITIONAL INFORMATION
Further information including approved planning documents can be downloaded from our
dataroom using the password ‘Sutherland’.
CONTACT
To discuss any aspect of the property of disposal process, please contact the sole
selling agents:
Jordan Oldfield
020 7183 2529
jordan.oldfield@kingsbury-consultants.co.uk
Gale Atkins Ross Kemp
020 7183 2529 020 7183 2529
gale.atkins@kingsbury-consultants.co.uk ross.kemp@kingsbury-consultants.co.uk
Kingsbury
1st Floor, 81 Alie Street, London E1 8NH
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or
lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury
Investment & Development Consultants Ltd registered in England No: 06869268.
You can also read
