FULLY REFURBISHED GRADE a OFFICE INVESTMENT St John’S Place

Easton Street, High Wycombe, HP11 1NL

FULLY REFURBISHED GRADE A OFFICE INVESTMENT St John’s Place

INVESTMENT HIGHLIGHTS • Improving and affordable Thames Valley office market • 61% of income secured against 4A2 covenant of Sabre Retail Fashions Limited (Mint Velvet) • Excellent town centre location, 5 minute walk from High • WAULT to break option 6.3 years Wycombe Train Station (25 mins to Marylebone) • Average passing rent is £26.22 psf • High quality character office building of 26,194 sq ft • Most recent letting at a market record rent of £28.50 psf • Fully refurbished in 2017 at a cost of £3.5 million • Offers sought in excess of £9,200,000 subject to contract and exclusive of VAT reflecting • 92 secure car parking spaces (1:280 sq ft) a Net Initial Yield of 6.75% on the topped up income after purchaser’s costs of 6.68%. • 1.05 acres landscaped site Assuming an ERV of £28.50 psf a purchase at this price gives a Reversionary Yield • Freehold of 7.33% St John’s Place Easton Street, High Wycombe, HP11 1NL

W W YC OM M 11 BE Y RD A L A505 Stevenage IL W Stansted H Luton H E Luton OX C M A120 FOR R D A418 A HA M1 R A5 A10 D RS SANDS A602 ME BEACON INDUSTRIAL A High Wycombe Station HIILL ESTATE A131 Aylesbury A130 HIGH WYCOMBE TOWN CENTRE Hemel M 11 St John’s Place Hempstead A1(M) A414

A41 Harlow UE A40 N Hatﬁeld E A 40 St Albans V A4010 Chelmsford A138 M10 The Rye A414 GH A A10 A414 U O

21 R ROAD

M25 Potters Bar O D B

N 20 N S

E E A40 23 E E 25 W D A130

A404 19 M25 27

R D

AN A

L O O

A LANC

Enﬁeld D N

Watford RD A1 O 4 A T A M25 ST 0 4 A355 4010 E A12 HIGH E R A RD LLING BarnetN E L L HIGH WYCOMBE A W I A130 L A A413 H S WYCOMBE 4 GOLF CENTRE WYCOMBE N Brentwood DAW 0 R 28 W S HI O O L MARSH M40 Harrow H L L LA OAD R NE RAF R A Fernie CORONATION W M DAWS HILL A10 BOOKER A127O Marlow Ruislip Fields Park 29 L A130 Romford AR Basildon CRESSEX M 16 Wembley Holloway A12 ROAD D ROA Benﬂeet A40 EX Stratford A404 SS M25 RE Slough C Ealing A4010 M4 A13 15 LONDON A40 Windsor Heathrow Clapham A20 4 Richmond Dartford M40 A316 A Staines Gravesend40 LOUDWATER 2 4

A20 HANDY CROSS A309 A2 12 Bromley A322 Croydon 3 M3 Weybridge A24 A232 M2 Sutton A21 M25 M20 A243

A Snodland40

10 4 Woking A217 A23 Biggin Hill M20 9 5 M26 FLACKWELL HEATH 3 Sevenoaks GOLF CLUB A331 M25 8 7 6 A21 Maidstone Oxted A3 Guildford Dorking Redhill A26 A31 A24 M23 A22 Horley Royal Gatwick Tunbridge LOCATION SITUATION Wells A229 Crawley High Wycombe is the dominant commercial centre The property is prominently located on Easton East Grinstead A21 A264 A26 in Buckinghamshire with a primary catchment Street approx. 5 minutes walk from High Horsham population of 214,000 (2011 Census). The town Wycombe Train Station and 5 minutes walk A22 A24 A23 is located 33 miles north west of Central London from the town centre retail and leisure facilities. Haywards Heath and is home to a large number of national and The landscaped grounds overlook The Rye, a international occupiers including Johnson & Johnson, 53 acre public park with outdoor swimming lido. GE Healthcare, Hyundai and GMAC. St John’s Place is located at the junction of Easton High Wycombe is an attractive office location with an Street and the A40 which provides access to the educated workforce, improved local amenities and M40 and the motorway network 2 miles to the excellent transport links. High Wycombe train station south. provides excellent services to London Marylebone with up to seven trains an hour and a fastest journey time of 28 mins. Road connections are excellent. The town is located on the A40 which provides access to Junction 3 two miles to the east and the A404 which provides access to Junction 4 two miles to the south. St John’s Place Easton Street, High Wycombe, HP11 1NL

DESCRIPTION SITE St John’s Place was constructed in the 1880’s and operated as the Royal Car parking for the property is located at lower ground and ground floor The site area is 1.05 acres. Grammar School then Wycombe Technical Institute before being converted levels. The gated car park is accessed by a ramp to the west of the building. to office accommodation. The building has been completely renovated There is a 41 space external parking deck to the rear of the property that is behind a period façade to provide Grade A office accommodation over held on a long leasehold by Buckinghamshire County Council who occupy the SERVICE CHARGE lower ground, ground and two upper floors. adjoining property. The service charge budget for the year ending The £3.5 million renovation works were completed in 2017 and include: Vehicular access to the site is direct from Easton Street close to the junction December 2019 is £243,120 (including Tenant’s •New entrance and feature reception with the A40 which provides access to the M40 two miles to the south east. electricity). Excluding electricity the service charge • New VRF air conditioning system (1:8 sq m) equates to £7.30 per sq ft. There are no service To the front of the site are the ruins of The Hospital of St John The Baptist, a charge caps in any of the occupational leases. •Full refurbishment of two passenger lifts and DDA lift 12th century hospital that has been in ruins since 1767. The ruins are Grade • Fully raised floors II listed. They have been strengthened in the past and have been maintained Full information is available on request. • Metal suspended ceilings with recessed LED lighting at minimal cost in recent years. They are located in the common areas so any • Shower facilities and changing rooms expenditure is recoverable through the service charge. • Covered bike storage and lockers St John’s Place Easton Street, High Wycombe, HP11 1NL

OCCUPATIONAL MARKET INVESTMENT MARKET Date Property Purchaser Tenant Average Price Cap Val NIY There is a limited supply of town centre office accommodation in Despite the continued political uncertainty, Term certain (psf) High Wycombe which has been constrained further by a number the south east office market continues Current St John’s Place, Multi let 6.3 years £9.2 M £350 6.75% of Permitted Development residential conversions. The highest to experience good demand for quality High Wycombe recorded rent in High Wycombe was achieved in the subject buildings. Under offer Portland Building, Crawley Multi let 3.6 years £12.6 M £302 7.0% property at £28.50 psf on the letting to Frontierpay. The lack of speculative development Nov 18 Beaconsfield and Private Multi let 3.75 years c.£8.2 M £ 137 6.9% High Wycombe has seen vast improvement in its retail and leisure and erosion of stock through permitted Colonnades, Hatfield facilities as well as a number of residential developments in recent development conversions has led to the Sept 18 One York Road, Worthing Multi let 6.5 years £10.63 M £447 6.5% years further improving the town. This combined with the excellent majority of south east centres seeing good Uxbridge Council transport connections should improve the wide gap between office rental growth in recent years. This supply Jan 18 3 Queens Road, Canal and Multi let 3 years £6.27 M £406 6.0% rents in similar surrounding centres such as Maidenhead (£38.50 psf). demand imbalance is predicted to continue Reading River Trust rental growth in the short to medium term There is currently only c.21,000 sq ft of Grade A space in High and attract further investment. Dec 17 Clarion House, Bucks. Co. Multi let 5.15 years £10.25 M £308 6.25% Wycombe available. Maidenhead Council St John’s Place Easton Street, High Wycombe, HP11 1NL

TENANCY SCHEDULE The property has been measured by Plowman Craven in accordance with RICS Code of Measuring Practice (6th Edition) and the RICS Property Measurement (1st Edition) 2015, which incorporates the International Property Measurement Standards (IPMS). The building provides the following IPMS 3 areas. A full measured survey is available upon request.

Description Tenant Floor IPMS 3 IPMS 3 Lease Start Lease Expiry Rent Review Break Option Rent PA Car Parking Comments (Sq Ft) (Sq m) (IPMS 3 psf)

Reception N/A Ground 592 (55.0) 1 space

LG 1,400 (130.1)

Ground 4,608 (428.1) Lower ground, ground £404,123 Sabre Retail Fashions Limited 01/08/2017 31/07/2027 01/08/2022 N/A 60 spaces Inside ’54 Act and first floor (£25.00)* First 10,535 (978.7)

Total 16,543 1,536.9

Buckinghamshire County First floor parking deck 41 car spaces 24/03/1993 23/03/2118 N/A N/A A peppercorn - Inside ’54 Act Council 31/05/2023 £109,896 Outside ’54 Act Second floor front Frontierpay Limited 3,856 (358.3) 29/05/2018 28/05/2028 29/05/2023 14 spaces (Tenant) (£28.50) £27,474 rent deposit £148,285 Second floor rear 24 month rent, rates and 5,203 (483.4) N/A N/A N/A N/A 17 spaces service charge guarantee (£28.50)

Electricity sub station Southern Electric Plc N/A 16/01/1992 15/01/2091 N/A N/A £1 - Inside ’54 Act

Total 26,194 2,433.6 £662,305 92 Spaces

*Lower ground at 75% of ground and first floor in accordance with rent review clause St John’s Place Easton Street, High Wycombe, HP11 1NL

TENURE Freehold.

COVENANT INFORMATION Sabre Retail Fashion Limited (Company Number 07920155) is a privately owned womenswear retailer founded in 2009 in High Wycombe. St John’s Place is their head office and houses approximately 100 staff.

The company’s main brand is Mint Velvet. Mint Velvet opened stores in Windsor and Chichester in 2009. In their first year of trading they also launched the Mint Velvet website. The growth in both formats brought sales of £63 million by 2015 when a significant stake of the company was sold to The Lewis Trust Group, the investment business set up by the founders of River Island. Despite structural difficulties in the retail sector Mint Velvet has continued to grow by achieving consistent sales with a successful mix of online sales and traditional stores. Mint Velvet currently trade from 40 stores and a number of department store concessions. For the year ending 28th April 2018, Sabre Retail Fashion Limited reported a Turnover of £101 million, Pretax Profits of £13.5 million and Net Assets of £28.6 million. The company has a D&B Rating of 4A2 reflecting a lower than average risk of business failure. Frontierpay Limited (Company Number 7061945) is a privately owned currency exchange service founded in 2009. In abbreviated accounts for the year ending March 2018 the company reported Net Assets of £695,000.

The company has a D&B Rating of A2 reflecting a lower than average risk of business failure. VAT The property is elected for VAT. The purchase could be structured as a transfer of a going concern.

ENERGY PERFORMANCE CERTIFICATE The property has an EPC rating of B(30). The full EPC is available on request.

PRICE We are instructed to seek offers of £9,200,000 (subject to contract and exclusive of VAT). A purchase at this level will reflect aNet Initial Yield of 6.75% on the topped up income. Assuming an ERV of £28.50 psf gives a reversionary yield of 7.33% after allowing standard purchaser’s costs of 6.68%.

Brian Gavin t: 0207 412 8948 m: 0759 562 0422 e: [email protected] 46 James Street, London W1U 1EZ www.gainproperty.co.uk

Misrepresentation Act: Gain, for themselves and for the vendors of this property, whose agents they are, give notice that: i) These particulars are only for the guidance of prospective purchasers and do not form part of any offer or contract. (ii) Whilst the information contained herein is issued in good faith, neither the firm nor their client guarantee its accuracy and it is not to be relied upon as statements or representation of fact. (iii) Any intending purchasers must satisfy themselves as to the correctness of each of the statements made herein. (iv) The vendor does not make or give, and neither do Gain nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. (v) Nothing in these particulars constitutes a statement that the property and/or any services or facilities are in good condition or working order. (vi) These particulars were completed in January 2019. (vii) Gain will not be liable, in negligence or otherwise, for any loss deriving from these particulars. (viii) Gain is the Trading name for Gain Property Services - Registration Number 6723449. Design: CommandD www.commandHQ.co.uk March 2019