• Strategic London location

• Modern office investment

• Secure income

• Investment value underpinned by VP value

• £565,000, subject to contract

• 7.48% 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 end of terrace, 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 currently 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.

The estimated service charge for Waterside Court for the year to 31st December 2016 is £27,750. Copies of the service charge accounts and service charge budgets are available to download.

Harsco Rail Limited, (Co. No. 0977100) has reported the following figures:

Established in 1905, Harsco Rail is a global supplier for railway track maintenance and construction. With a broad range of high quality equipment, cutting-edge technology, and worldwide support, Harsco Rail takes care of customers’ needs for virtually all major aspects of track maintenance and construction.  The company operates from nine main locations in the United States, United Kingdom, Germany, India, Brazil, China and Australia.  For further information please visit www.harscorail.com.    

Greater London Enterprise Limited, (Co. No. 01653116) has reported the following figures:

A rent deposit of £6,624.00 (inclusive of VAT) is held by the Landlord.

Greater London Enterprise (GLE) is a leading SME (Small and Medium Enterprise) specialist with more than 30 years’ experience of supporting enterprise and innovation in the SME sector. GLE works to create jobs, encourage enterprise and equip SMEs with the expertise and resources to compete. GLE receives no public subsidy, relies on commercially secured revenues and reinvests its profits. GLE’s activities are aimed at generating a commercial return but GLE takes a longer term view and aims to achieve a ‘social’ return on its investment and services. This is measured in businesses or jobs created, value added, people supported or space regenerated. For further information please visit www.gle.co.uk.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in the region of £565,000 (Five Hundred and Sixty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 7.48% and a capital value of £3,023 per sq m / £280 per sq ft, assuming purchaser’s costs of 4.93%.