• Strategic Greater London location

• Modern office investment

• Investment value underpinned by VP value

• £570,000, subject to contract

• 8.02% Net Initial Yield

• £280 per sq ft Capital Value

Crossways is an office led scheme made up of 3 million square feet of high quality commercial buildings with a blend of hotels and amenities to satisfy the onsite demands of employees and occupiers. The environment has been carefully landscaped and is maintained to provide a high quality business setting and to give the opportunity for employees to enjoy the lakeside walks and wildlife.

Waterside Court is situated on the southern border of the Business Park neighbouring Schooner Park to the west, Moat Housing to the east and the lake to the north. The London to Gillingham railway line lies directly behind the subject property.

Access to the M25 (Junction 1a) is within 0.5 mile (800 metres) of the property and is some 0.8 miles (1.3 km) west of Stone Crossing Railway Station. Other well-known occupiers on the Business Park include, Laing O’Rourke, Kuehne and Nagel, HSBC, Mazda Motors, John Lewis Distribution Centre and Howdens.

The property comprises a modern mid-terraced, two storey office building completed in 2009. Constructed from a steel frame with brick and metal clad elevations, the property benefits from 12 marked car parking spaces (including one disabled space) set within a U-shaped office complex.

Internally the property provides attractive office accommodation benefitting from suspended ceilings, reception area, LG7 lighting, perimeter trunking, a Very Good BREEAM rating, DDA compliant WC facilities and comfort cooling.

We understand the Rateable Value for the property is as follows:

The Uniform Business Rate is 48 pence per pound for 2015/2016.

A Phase I Environmental Risk Assessment was carried out by BWB Consulting Limited in September 2016 which concluded that the site represents a low risk with respect to contaminated land and ground stability liability issues. A copy of the report is available to download and a reliance letter is available to a purchaser.

Freehold.

Tenancies

The ground floor is let to Graypen Limited on a full repairing and insuring lease for a term of 6 years from 2nd September 2015, expiring on 1st September 2021. There is a tenant’s break option on 1st September 2018, subject to 6 months’ prior written notice. The current passing rent is £24,000 per annum (£253.27 per sq m / £23.53 per sq ft). The lease is outside 1954 Act protection.

The first floor is let to Global Intelligent Logistics (UK) Limited on a full repairing and insuring lease for a term of 5 years from 27th July 2016, expiring on 26th July 2021. There is a tenant’s break option on 27th July 2019, subject to 3 months’ prior written notice. The current passing rent is £24,000 per annum (£253.51 per sq m / £23.55 per sq ft). The tenant benefits from a 3 month rent free period, expiring on 26th October 2016. The vendor will cover this shortfall by way of an adjustment on completion of the sale. A rent deposit of £14,400 (inclusive of VAT) is held by the Landlord. The lease is outside 1954 Act protection.

Therefore, the total income is £48,000 per annum.

Graypen Limited, (Co. No. 00964660) has reported the following figures:

Graypen was established in 1969 and provides services to the shipping industry which include port agency, hub agency, STS transfers, LNG Operations, customs clearance and EU-ACD. They operate from 25 offices around the UK and Holland.  For further information please visit www.graypen.com.   

Global Intelligent Logistics (UK) Limited, (Co. No. 09096729) has reported a Shareholders’ Deficit of £109,345 for the year ending 30^th June 2015.  A rent deposit of £14,400 (inclusive of VAT) is held by the Landlord. 

A purchase at the asking price reflects a capital value of £280 per sq ft.  Adjoining properties on Waterside Court have recently been sold, demonstrating that the investment value is underpinned by the vacant possession value:

We are instructed to seek offers in the region of £570,000 (Five Hundred and Seventy Thousand Pounds), subject to contract, reflecting a net initial yield of 8.02% and a capital value of £3,009 per sq m / £280 per sq ft, assuming purchaser’s costs of 4.96%.

1. An opportunity to acquire a modern Greater London office investment;

2. The property is strategically located within a highly established business park;

3. The investment value is underpinned by the vacant possession value;

4. A purchase at the asking price will provide an investor with an attractive net initial yield;

5. The investment provides a purchaser with an attractive lot size.