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PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES
LONDON KT1 2SLGREATER LONDON OFFICE INVESTMENT
Kingston Town Hall
Surrey County Council
Rose Theatre
John Lewis
The Bentall Centre
Kingston Bridge
PRINCESS MEWS
KINGSTON- UPON-THAMES
Kingston Station
Fairfield Recreation Ground
RIVER THAMES
PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL
INVESTMENT SUMMARY
• South West London Business Space Investment
• Located in the popular town of Kingston-upon-Thames
• Approximately a 15 minute walk from Kingston Railway Station
• Circa 13,284 sq ft of office and workspace accommodation
• Freehold
• Current occupancy rate of 100%
• Asset Management opportunities including potential lease regears and future site development subject to planning
• Total income is £169,028 pa which equates to £12.72 psf
• Offers are sought in excess of £2,150,000 (Two Million One Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 7.43%, a low capital value of £161.85 psf.
LOCATIONPrincess Mews is located in Kingston-upon-Thames, an affluent town in South West London. Kingston is approximately 10 miles south west of Central London, and 20 miles north east of Guildford.
The town benefits from good road communications with the A3 Kingston Bypass providing access to the M25 (Junction 9) approximately 7 miles to the south and the M3 (Junction 1) approximately 6 miles to the west. The town also benefits from excellent public transport links being served by Kingston, Surbiton, Norbiton and Berrylands rail stations providing frequent services to London Waterloo every 15 minutes, with a fastest journey time of 18 minutes.
London Heathrow and London Gatwick airports are approximately 9 miles north west and 23 miles south of the property respectively.
SITUATIONPrincess Mews is situated approximately one mile south east of Kingston town centre on the western side of Horace Road, just to the north of its junction with Portland Road. The property is situated in a mixed residential and commercial area and is adjacent to a Kingston University campus.
Kingston town centre provides an extensive retail offering, including the Bentall Shopping Centre.
Kingston Railway Station can be reached within an approximate 15 minute walk.
Kingston
Norbiton
Berrylands
KingstonCemetery
SurbitonCemetery
The FairfieldRecreation Ground
Kingston RoadRecreation
Ground
Glouceste
r RoadA
lbert R
oad
Beau
fort Road
Lingfield Avenue
Chapel Mill Road
High
Street
Eden
Str
eet
Ashdown Rd
Brook St
Portland Road
Denmark Road
Fassett Ro
ad
Grove Lane
Victoria Road
Bonner Hill Road
Surbiton Road
Lower Marsh Lane
Buckingham Rd
Hogsmill Lane
Kenley Road
Hawks Road
Fairfield South
Vill
iers
Ave
nue
Vill
iers
Ro
ad
Horace Road
A308 W
heat
field
Way
A308 Horse
Fair
Surbiton Hill Road
A2
40
P
enrh
yn R
oad
A30
7 P
orts
mo
uth
Ro
adH
igh
Str
eet
Cromwell Road
A308 K ingston
Hill
A238 Coombe Lane West
Kingston Road
A2043 Cambridge Road
PRINCESS MEWS
LONDONHeathrow
LondonCity
Gatwick
StanstedLuton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602A131A130
A138
A130
A127
A217
A331
A322
A339
A316
A309
A232
A264
A264
A229
A120
A404
A355
A404
A413
A4142
A4010
A414
A414
A414
A1
A2
A3
A3
A41
A34
A40
A31
A24
A22
A21
A20
A10
A10
A12
A12
A13
A26
A21
A23
A23
A420
A303
A34
A34
A44
A40
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Harlow
Bishop’sStortford
EppingPotters Bar
Knebworth
Hertford
LUTON
Aylesbury
Dunstable Stevenage
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Croydon
Biggin Hill
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
East GrinsteadCrawley Three Bridges
Horley
Horsham
Witley
Godalming
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingGUILDFORD Reigate
Staines
Slough
HemelHempstead
Chesham
Berkhamsted St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
Ruislip
Rickmansworth
BrentCross
Woking
SouthOxney
KINGSTONUPON THAMES
HarefieldHarrow
Borehamwood
Enfield
Windsor
Famborough
Aldershot
Alton
BASINGSTOKE
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
READING
OXFORD
Henley-on-ThamesMaidenhead
EpsomSutton
Swanley
Fulham
Ashford
RichmondHounslow
Southall
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
Clapham
Harpenden
Hor
ace
Road
Portland Road
888684
666462
74
87
60
72
7573
57
8581 83
77 79
58
Unit6 Unit
1Unit2
Unit3
Unit4Unit
5
Unit8 Unit
9
Unit7
61 6355
78
70
56545250
68
Middle
Brys
80
69 7165 67
82
59
76
0m 5m 10m 15m
© UKMap Copyright The GeoInformation Group 2015 Licence No. LANDMLON100003121118. Plotted Scale - 1:677
PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL
DESCRIPTIONThe property comprises 9 two storey office/workspace units totalling approximately 1,234 sq m (13,284 sq ft) constructed in an art-deco style. The units provide a mixture of workshop and office accommodation. Units 6 and 7 benefit from access to a roof terrace.
The property benefits from 18 car park spaces within a gated site.
SITE AREAThe property occupies a site of approximately 0.13 hectares (0.31 acres). Source Promap.
TENUREFreehold
SERVICE CHARGEThe budgeted service charge for the year ending 31 December 2015 is £35,721 equating to £2.69 psf.
Unit Tenant Area (NIA) Sq m
Area (NIA) Sq ft
Lease Start Date
Expiry (Break)
Rent p.a. (psf)
Service Charge (%)
Comments
1 Locate I.T. (UK) Ltd 123.4 1,329 22/12/2012 21/12/2017 £18,828 (£14.17)
9.16% Outside L&T 54 Act. Rolling mutual break option subject to 3 months written notice. Rent Deposit - £9,111.60
2 Vickery Associates Ltd
123.4 1,328 17/03/2005 16/03/2010 £18,900 (£14.23)
9.16% Tenant Holding Over. Outside L&T 54 Act. Schedule of condition in place. Rent Deposit - £5,000
3 Yellow Zebra Travel Ltd
126.2 1,358 01/11/2014 31/10/2019 (29/09/2017)
£18,500 (£13.63)
9.30% Outside L&T 54 Act. Tenant break option. If break option not taken then peppercorn to be paid between 30/09/2017 and 29/12/2017 Service charge cap in place. Reviewed annually. Rent Deposit - £4,625
4 Sarner International Ltd
268.8 2,894 18/05/2012 17/05/2017 £30,000 (£10.37)
19.48% Outside L&T 54 Act. Rolling tenant break option subject to 6 months written notice. Rent Deposit - £7,950
5 Sarner International Ltd
128.1 1,379 18/05/2005 17/05/2017 £11,200 (£8.12)
9.30% Outside L&T 54 Act. Rolling tenant break option subject to 6 months written notice. Rent Deposit - £3,360
6 Aloysha Evans (t/a B Clean Services)
153.8* 1,655* 30/07/2010 29/07/2015 £13,200 (£7.98)
9.59% Outside L&T 54 Act. Schedule of condition in place. Rent Deposit - £3,009.74
7 Canyon Bicycles UK Ltd
191.1 2,057 14/01/2013 13/01/2018 (13/01/2016)
£22,000 (£10.70)
14.54% Outside L&T 54 Act. Surety - Canyon Bicycles GmbH, Tenant Break Option. Fixed Rental Increases - 14/01/2016 - 13/01/2017 - £23,000 pa; - 14/01/2017 - 13/01/2018 - £24,000 pa; Rent Deposit - £5,000 plus £1,000 (VAT Element)
8 Coherent Technology Ltd
132.3 1,424 25/12/2010 24/12/2015 £20,400 (£14.33)
9.88% Outside L&T 54 Act. Rent Deposit - £9,987
9 Lewislive Ltd 140.8 1,515 18/05/2012 17/05/2016 £16,000 (£10.56)
9.59% Outside L&T Act. Rent Deposit - £3,600
1,234.1 13,284 £169,028 100.00%
* Not inspected by Allsop. Areas supplied by Vendor. (GIA)
Outline for indicative purposes only.
© Crown Copyright, ES 100004106. For identification purposes only.
COVENANTS
LOCATE I.T. (UK) LTD was established in 2006 and is a European wide wholesaler of office machinery and equipment. In June 2014 Locate I.T. (UK) Ltd recorded a tangible net worth of £239,813.
VICKERY ASSOCIATES LTD was established in 1999 providing print and design services across the UK. In March 2014 Vickery Associates Ltd recorded a tangible net worth of -£198,372.
YELLOW ZEBRA TRAVEL LTD was established in 2012 and is a travel agency and tour operator specialising in African safari. In December 2013 Yellow Zebra Travel Ltd recorded a tangible net worth of £43,849.
SARNER INTERNATIONAL LTD was established in 1988 and is a leading company in the design and delivery of visitor attractions and leisure entertainment centres. In March 2014 Sarner International Ltd recorded a tangible net worth of £268,188.
CANYON BICYCLES UK LTD was established in 2012. In September 2014 Canyon Bicycles UK Ltd recorded a tangible net worth of -£13,132.
COHERENT TECHNOLOGIES LTD was established in 1990 and is a manufacturer of tv transmitters and telephony. In December 2013 Coherent Technologies Ltd recorded a tangible net worth of -£300,758.
LEWIS LIVE LTD was established in 1975 and is an event management and production business. In September 2014 Lewis Live Ltd recorded a tangible net worth of -£236,933.
VATThe property is elected for VAT purposes, however we anticipate the sale will be treated as a Transfer of Going Concern (TOGC).
REGENERATIONKingston is set to benefit from numerous developments including the Eden Quarter Development which is the largest development opportunity area in the town centre. The development is set to combine high quality retail, leisure and commercial uses with active public space and residential living. North Kingston is situated north of Kingston station and has been recognised for a future comprehensive redevelopment. The main uses considered for the area include residential, educational and other uses. Plans have been drawn up by Berkeley for 315 new homes, new commercial and educational accommodation and a linear park within the development area. An application from Goldcrest is also being considered to develop an office block and replace it with retail outlets, office accommodation, restaurants and cafes on the ground floor and accommodation for up to 210 student on the upper floors. Numerous development projects are
being considered by the riverside including Kingston Heights which will include a new housing project, a £70 million upmarket hotel and restaurants next to John Lewis. John Lewis is considering expanding itself which could include a Waitrose. In 2014 Kingston was awarded the ‘mini-Holland’ programme status by the Mayor of London which provides £30 million to transform the local cycling facilities. The programme will help to improve the road network and public spaces for all road users.
Ultimately the development of Kingston is being overseen by Kingston Futures which is an ambitious investment programme designated for Kingston Town Centre and its future development.
Further information can be found at www.kingstonfutures.org.uk
PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL
EPCs
Unit Assessment Rating
1 55 C
2 66 C
3 55 C
Unit Assessment Rating
4 56 C
5 53 C
6 102 E
Unit Assessment Rating
7 71 C
8 62 C
9 74 C
EPC certificates are available upon request.
HamptonCourt
Strawberry Hill
Teddington
Thames Ditton
Surbiton
Berrylands
Hampton Wick
KingstonNorbiton
New Malden
A308
A308
A307A313
A309
B351
A310
A2043
B358
A238
B283
A240A307
A3210
A308
A3
A3
A3
Strawberry Hill
Teddington
RichmondPark
HamCommon
Ham
HamptonWick
Surbiton
OakhillThames Ditton
Kingston Upon Thames
Hampton CourtPark
BushyPark
New Malden
Norbiton
THE PROPERTY
KEY:● Key areas of change
● Local Centres
● Housing Opportunity Areas
n Locally Significant Industrial Site
Major Movement Barriers
● Strategic Landmark
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 06.15
Andy Pointon020 7543 [email protected]
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
Jonathan Butcher020 7543 [email protected]
Richard How020 7543 [email protected] www.allsop.co.uk
PROPOSALWe are instructed to seek offers in excess of £2,150,000 (Two Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 7.43%, assuming purchaser’s costs at 5.8%, low capital value of £161.85 psf.