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  • The Heights59-65 Lowlands Road,Harrow HA1 3AW

    Greater London Multi-Let Offi ce Investment Opportunity

  • St Georges Shopping & Leisure Centre

    Morrisons Supermarket

    To Watford

    To Pinner

    To London

    A404 Lowlands RoadA312

    St Anns Shopping CentreA312/A404 Interchange

    Headstone Road

    Bus Station

    Harrow-on-the-Hill StationMetropolitan LineNational Rail (Chiltern services)

    59-65 Lowlands Road, Harrow

    The Heights

    Executive Summary Prime multi-let Greater London offi ce investment

    with 101 car parking spaces.

    Located within the commercial and retail centre of Harrow.

    Excellent communications via the M40, M25 & M1 motorways.

    Situated adjacent to Harrow-on-the-Hill train and underground station providing services into Central London with a fastest journey time of only 15 minutes.

    High quality offi ce building with air conditioning, raised fl oors and suspended ceilings.

    Ground, lower ground and four upper fl oors comprising total accommodation of 3,627.40 sq m (39,045 sq ft).

    WAULT of 3.45 years to expiries and 3.02 years to breaks.

    Multi-let producing 622,582 per annum inclusive of vendor rent guarantee of 38,550 per annum.

    Low average passing rent of only 16.53 per sq ft off ering excellent rental growth potential.

    Excellent car parking ratio of 1:373 sq ft (101 spaces).

    Freehold.

    Reversionary with an ERV of approximately 865,978 per annum (23.00 per sq ft).

    We are instructed to seek off ers in excess of 8,340,000 (Eight Million, Three Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level refl ects a net initial yield of 7.00% after acquisition costs of 6.67%.

    This refl ects a low capital value of approximately 228 per sq ft.

    2 The Heights, 59-65 Lowlands Road, Harrow HA1 3AW

  • DescriptionThe property was constructed in the early 1990s and comprises a high quality offi ce building arranged over ground and four upper fl oors. The building benefi ts from air conditioning, raised fl oors and suspended ceilings with recessed lighting.

    The fl oor plates are arranged around a central core which has two 10 person passenger lifts serving all levels. Male and Female toilets are located on each fl oor and toilet facilities for the disabled are located on the second and fourth fl oors. The entrance hall is marble clad and has a full height atrium above. Basement and surface parking is provided for a total of 101 cars (1:373 sq ft).

    St Georges Shopping & Leisure Centre

    Morrisons Supermarket

    To Watford

    To Pinner

    To London

    A404 Lowlands RoadA312

    St Anns Shopping CentreA312/A404 Interchange

    Headstone Road

    Bus Station

    Harrow-on-the-Hill StationMetropolitan LineNational Rail (Chiltern services)

    59-65 Lowlands Road, Harrow

    The Heights

    LocationHarrow is a major commercial and retail centre in the affl uent north west London borough of Harrow. The borough borders Hertfordshire to the north and the London boroughs of Ealing, Barnet and Hillingdon. Central London is 12 miles south east, and Wembley is 3 miles to the south.

    The town has excellent communications with easy access to the M40 and M25 motorways, whilst the M1 is only 4 miles to the east. Rail communications into Central London are provided via Harrow-on-the-Hill railway station, which provides a regular service to London Marylebone every 30 minutes, with a fastest journey time of 15 minutes. London Underground services to Baker Street via the Metropolitan Line are also available with a journey time of 18 minutes. Heathrow airport is 11 miles to the south west.

    The town centre has excellent shopping, amenity and recreational facilities. There are two shopping centres, St Georges and St Anns, with retailers including Primark, Boots, H&M and a Vue Cinema.

    SituationThe Heights is situated on Lowlands Road on the south west side of the town centre in an established commercial area. The property is adjacent to Harrow-on-the-Hill station.

    A406

    A406

    A316

    A40

    A41

    A41

    A4

    A1

    A1

    M1

    M25

    A1(M)

    M25

    M40

    M25

    M4

    M3

    WATFORD

    EDGWARE

    BARNET

    BRENT CROSS

    WEMBLEY

    RICHMOND

    HARROW

    RUISLIP

    NORTHWOOD

    HEATHROW

    UXBRIDGE

    CENTRALLONDON

    EDGWAREEDGWARE

    HARROW

    NORTHWOODNORTHWOODNORTHWOODNORTHWOOD

    59-65 Lowlands Road, Harrow

    The Heights

    3 The Heights, 59-65 Lowlands Road, Harrow HA1 3AW

  • AccommodationThe property has been measured in accordance with the guidelines as described in the Sixth Edition (September 2007 of the Code of Measuring Practice, published by the RICS:

    LEVEL USE SQ M SQ FT

    Ground Floor Offices 694.73 7,478

    First Floor Offices 703.74 7,575

    Second Floor Offices 703.74 7,575

    Third Floor Offices 693.06 7,460

    Fourth Floor Offices 703.18 7,569

    SUB-TOTAL: 3,498.45 37,657

    Ground Floor Reception 100.71 1,084

    Lower Ground Floor Storage/Ancillary 28.24 304

    TOTAL: 3,627.40 39,045

    TenureThe property is held Freehold.

    TenanciesThe property is let in accordance with the tenancy schedule producing an annual current income of 622,582 per annum inclusive of a rent guarantee for the Ground Floor Front Right Suite. This reflects an average rent of only 16.53 per sq ft based on the NIA, providing excellent opportunities for rental growth.

    Typical floor plan

    SiteThe site fronts Lowlands Road and benefits from an extensive frontage. It is adjoined by other office buildings, with the railway station almost immediately behind the building.

    The site totals approximately 0.61 acres (0.25 hectares).

    The plan sets out the approximate position of the property and is for identification purposes only. We make no warranty, express or implied nor accept any responsibility for its accuracy or completeness.

    4 The Heights, 59-65 Lowlands Road, Harrow HA1 3AW

  • Tenancy InformationThe property is multi-let and currently produces a total rent of 622,582 per annum inclusive of a vendor rent guarantee on the Ground Floor Front Right, as set out in the schedule below. Our ERV is based on assumed refurbished accommodation. The highest rent achieved in Harrow recently is 27.50 per sq ft.

    UNIT AREA (SQ M) AREA

    (SQ FT) TENANTLEASE START DATE

    LEASE EXPIRY DATE

    BREAK CLAUSE

    NEXT RENT REVIEW RENT (PA)

    RENT ( PSF)

    ERV ( PA)

    ERV ( PSF)

    L&T ACT 1954 COMMENT

    Ground Floor Front Right 143.26 1,542

    Vacant - vendor 12 month rent guarantee N/A N/A N/A N/A 38,550 25.00 38,550 25.00 N/A Note 1.

    Ground Floor Rear Right 233.56 2,514

    RCN Publishing Company Ltd 01/05/2015 23/06/2020 N/A N/A 40,000 15.91 62,850 25.00 Inside

    7 car parking spaces. Note 2.

    Ground Floor Left 317.91 3,422

    Richard Hodkinson Consultancy Ltd 01/08/2014 31/07/2024 01/08/2019 01/08/2019 54,672 15.98 85,550 25.00 Outside

    10 car parking spaces. Note 3.

    First Floor 703.74 7,575 RCN Publishing Company Ltd 01/05/2015 23/06/2020 N/A N/A 130,000 17.16 170,438 22.50 Inside20 car parking spaces. Note 4.

    Second, Third & Fourth Floors 2,099.98 22,604

    Metsa Wood UK Ltd (not in occupation) 19/08/1996 21/03/2019 N/A 25/03/2014 359,360 15.90 508,590 22.50 Inside

    60 car parking spaces. Note 5.

    TOTALS 3,498.45 37,657 622,582 16.53 865,978 23.00

    *Floor area above excludes ground floor reception of 100.71 (1,084 sq ft) and lower ground storage/ancillary of 28.24 sq m (304 sq ft).

    Note 1. Vendor to provide 12 month rent guarantee.Note 2. Service charge capped at 20,240 pa + RPI uplift each year.

    Lease guaranteed by the Royal College of Nursing of the United Kingdom.Note 3. Service charge capped at 8.50 psf + RPI uplift each year.

    Tenant only break option on not less than 6 months notice.

    Note 4. Service charge capped at 60,480 pa + RPI uplift each year. Lease guaranteed by the Royal College of Nursing of the United Kingdom.

    Note 5. Tenant not in occupation. Sublet as follows: 2nd floor - the Royal Bank of Scotland until 18/03/2019. Part 3rd floor - Hussein Alibhai and other individuals until 31/01/2019. Part 3rd floor - Harrow Primary Care Trust until 25/02/2019. 4th floor - Harrow Primary Care Trust until 25/02/2019. Lease guaranteed by FinnForest OY.

    5 The Heights, 59-65 Lowlands Road, Harrow HA1 3AW

  • Covenant InformationProvided below is summary account information for the tenants:

    We have undertaken individual covenant reports for each tenant which we have set out below.

    RCN Publishing Company Ltd (Guaranteed by the Royal College of Nursing of the United Kingdom)RCN Publishing Company Ltd is a wholly owned subsidiary of the Royal College of Nursing of the United Kingdom, the worlds largest organisation for nurses. RCN Publishing produces one weekly, eight monthly and two quarterly nursing publications.

    COMPANY NO. 2119155 31/12/2014 31/12/2013 31/12/2012

    Turnover 14,257,634 10,683,717 13,478,233

    Pre-Tax Profits 910,741 1,052,559 1,410,290

    Shareholders Funds 3,676,391 3,505,274 3,947,419

    Vacant - rental guarantee (6% of income)

    RCN Publishing Company Ltd (27% of income) Guaranteed by the Royal College of Nursing of the United Kingdom.

    Richard Hodkinson Consultancy Ltd (9% of income)

    Metsa Wood UK Ltd (58% of income)Guaranteed by FinnForest OY.

    Royal College of Nursing of the United KingdomThe lease to RCN Publishing Company Ltd is guaranteed by the Royal College of Nu