Wavendon BUSINESS PARK

SOUTH EAST BUSINESS PARK INVESTMENT WITH IMMEDIATE DEVELOPMENT OPPORTUNITY

Wavendon, Milton Keynes, MK17 8LX INVESTMENT SUMMARY

• A rare opportunity to purchase a south east business • Multi-Let to HP Enterprise Services UK Ltd, Securitas - Refurbishment and re-letting of Victory House park investment located within the UK Growth Security Services (UK) Ltd and Unisys Ltd with further upon lease expiry in April 2022. Corridor, one of the most innovative and economically sub-leases to Boeing Defence UK Limited, ISP - Settlement of the forthcoming rent reviews. successful areas of the UK. Childcare Limited and Fisher Paykel. - Improving the provision of onsite amenities. • A prestigious campus environment, occupying a • Current passing rent of £2,547,296 per annum secure site in a core M1 office market. reflecting £17.40 per sq ft overall. - Exploring future alternative uses, most notably residential. • Highly strategic location with excellent connectivity • AWULT of 3.62 years to expiry and 2.83 years to to other leading cities via the M1 Motorway (junctions break. • We are instructed to seek offers in excess 13 / 14), and a mainline rail link via Milton Keynes • Freehold. of £32,500,000 (Thirty Two Million Central Station. Five Hundred Thousand Pounds), which • Overall site area of 16.16 acres (6.54 hectares). • Milton Keynes is consistently ranked as one of the reflects the following income profile:- UK’s fastest growing cities. • 3 acres of undeveloped land offering immediate opportunity for development of either further Grade - Net Initial Yield of 7.90% on the • Strong occupational market fundamentals with A offices or alternatively residential. contracted rent (after allowing for sustained tenant demand for both in-town and purchaser’s costs of 6.77%) out-of-town stock, with a continued lack of grade A • Excellent provision of 675 demised car parking office supply. spaces, a ratio of 1:219 sq ft. - Capital value of £205 per sq ft on the • Wavendon Business Park comprises four modern high • Wavendon Business Park provides a number of asset existing office accommodation. quality detached office buildings, together with a management opportunities to drive capital value. - £2,250,000 for the development land fifth period building which sits to the centre of the These may include: of 3 acres. site, significantly adding to its overall character. - Restructuring the head tenants lease and granting • Net Internal Area of 147,874 sq ft (13,738 sq m) new leases directly with the existing sub-tenants.

2 PARK OVERVIEW

TURING WAVENDON ENIGMA VICTORY COBRA 39,120 sq ft TOWER 39,212 sq ft 39,544 sq ft 22,693 sq ft Passing rent £16.89 psf Passing rent £21.50 psf Passing rent £16.92 psf Passing rent £12.86 psf 7,305 sq ft Expiry: 1.42 years Expiry: 9.33 years Expiry: 2.11 years Expiry: 9.80 years Passing rent £15.74 psf 177 car parking spaces 177 car parking spaces 167 car parking spaces 103 car parking spaces Expiry: 2.11 years (1:221) (1:222) (1:237) (1:220) 51 car parking spaces (1:143)

A prestigious campus environment, occupying a secure site in a core M1 office market

3 MILTON KEYNES

Milton Keynes is The City is a powerhouse consistently ranked at the top of economic benchmarking surveys and has one of the highest start- located in a highly up rates in the country. Thousands of growing local firms as well as strategic position leading global companies such as Volkswagen Financial Services, between London, Red Bull Racing, Santander and Network rail continue to thrive and expand here. Birmingham, Oxford With a significant population, employment growth and high levels and Cambridge in of productivity, the talent pool continues to expand with a fast- the heart of the UK growing concentration of knowledge intensive businesses. Growth Corridor. Milton Keynes has attracted more than 500 inward investors and is home to some of the largest concentrations of North American, European and Asian firms in the UK.

Milton Keynes sits in Highest percentage growth One of the the centre of the UK’s in jobs (29.19%) of any city fastest growing Growth Corridor between 2010 and 2016 cities in the UK (investmiltonkeynes, 2018)

Population growth is forecast to New road and rail routes Infrastructure improvements continue and is set to exceed are proposed across will facilitate the delivery of 1m 500,000 by 2050, creating a the Cambridge – Milton new homes by 2050, creating city bigger than Edinburgh, Keynes - Oxford arc. 700,000 new jobs & increasing Cardiff and Liverpool economic output by £163BN (investmiltonkeynes, 2018) (source: National Infrastructure Commission 2017)

£ £ £3rd 3rd3rd 3rd3rd £ £ £3rd 3rd 3rd 3rd highest Business stock 3rd highest GVA per Milton Keynes has (per 10,000 population) worker in the UK the fourth highest (centreforcities, 2019) (ONS, 2018) number of business start ups in the UK 4 THE UK GROWTH CORRIDOR

‘The Growth Corridor is best understood as an alignment of highly successful, fast growing and productive towns and cities, each with a highly skilled labour force and with global strengths in knowledge-led business sectors’ (National Infrastructure Commission, 2017)

Globally competitive business clusters – the area has a concentration of businesses in the scientific research and development, life sciences, pharmaceuticals, high-tech £ Home to 3.3m people manufacturing, performance technology The Universities Milton Keynes’ £5.5 billion of and some of the most and motorsport sectors. of Oxford and engineering, financial infrastructure productive, successful Cambridge and professional service investment and one and fast-growing cities consistently rank businesses benefit from million new homes in the United Kingdom Supports some 1.8 million jobs and amongst the top 4 in 25% higher productivity planned (NIC, 2017) contributes £90.5 billion of annual GVA the world per worker than the UK

to the UK economy (SQW, 2016) average (NIC, 2017)

KEY

PETERBOROUGH GROWTH CORRIDOR A47 LEICESTER BIRMINGHAM M6 BRAIN TRAIN LINK

A14 NATIONAL RAIL KETTERING COVENTRY M1 Oxford M42Milton Keynes OxfordCambridge Milton Keynes Cambridge A5 A1 STRATFORD M5 NORTHAMPTON UPON AVON M40 CAMBRIDGE

Goldman Sachs BEDFORD Goldman A43 Sachs MILTON BISHOP’S KEYNES STORTFORD STANSTED BICESTER CHELTENHAM A10 LUTON A1(M) M11 M1 M25 Oxford Milton Keynes Cambridge OXFORD M40 CIRENCESTER

WATFORD A34 Goldman Sachs SWINDON M25 M4 LONDON HEATHROW M25 CITY A4 M3

5 CONNECTIVITY

Milton Keynes benefits from multi-modal connectivity to the rest of the UK, making it one of the most accessible cities in the country:

ROAD RAIL BUS

Wavendon Business Park benefits from excellent road Travel distances from Wavendon Business Park: Milton Keynes Central Station sits approximately 4.5 miles The Park also benefits from a shuttle bus which runs to connectivity to Milton Keynes City Centre and to the M1 to the north east of the property, providing a direct train and from Milton Keynes Central Station, providing a fast Motorway via Junctions 13 and 14 which lie approximately Milton Keynes Train Station 6 miles service into London Euston in just 33 minutes. and convenient transport link to the city centre. 2.5 miles to the east of the subject property. This gives full M1 Junction 13/14 3.5 miles access to the national motorway network including the M25 (Junction 21) approximately 25 miles to the south, M40 Milton Keynes Town Centre 6 miles (Junction 11) approximately 27 miles to the west and the M6 (Junction 19) approximately 33 miles to the north. London 52 miles AIR London Heathrow Airport 52 miles The park benefits

London Luton Airport 23 miles The Park is located 22 miles to the north west of London Luton Airport, the UK’s 5th largest airport, handling in from excellent road Stansted Airport 52 miles excess of 14.5million passengers in 2016, a 20% increase from the previous year. A terminal extension is currently Cambridge 43 miles under construction which will allow future expansion and connectivity to Milton Oxford 44 miles further increases in passenger numbers. In addition to Luton Airport, there is a comprehensive range of other Keynes City Centre and Reading 57 miles airports within close proximity including London Heathrow (52 miles), Birmingham International (63 miles) and London Birmingham 70 miles Stansted (74 miles). to the M1 Motorway.

PETERBOROUGH A47 LEICESTER BIRMINGHAM M6

A14 KETTERING COVENTRY M1 M42 A5 A1 STRATFORD NORTHAMPTON CAMBRIDGE UPON AVON M40

M5 BEDFORD A43 MILTON BISHOP’S STANSTED KEYNES STORTFORD BICESTER CHELTENHAM A10 LUTON M11 A1(M) M1 M25

OXFORD M40 CIRENCESTER

WATFORD A34 SWINDON M25 M4 LONDON M25 HEATHROW CITY A4 6 M3 WOLVERHAMPTON 10

8 7 9 2 West Bromwich Nuneaton 1 1 6 5 8 M1 2 Corby M69 Market A1 BIRMINGHAM Harborough 3 BIRMINGHAM 20 3 6 2 M6 Ely LOCATION SITUATION M5 Solihull Coventry 1 A14 Kettering M425 19 4 4 Rugby A14 2 18 Huntingdon Stourport- 1 3 on-Severn St Ives Milton Keynes is located in a highly strategic position Wavendon Business Park sits in an elevated position to the Bromsgrove 16 17 Wellingborough A14 Redditch Leamington Spa Rushden 5 A1 between London (50 miles south), Birmingham (70 miles south east of Milton Keynes, approximately 4 miles from Warwick Bury Droitwich 15 14 Daventry St Edmunds north west), Oxford (40 miles south west) and Cambridge the city centre. It is easily accessed from the Groveway 13 Northampton 14 CAMBRIDGE 16 St Neots 13 M40 (45 miles north east). The city benefits from multi-modal H9 ring road, which connects with the A4146 and A421, 6 12 Worcester Stratford upon Avon 12 15 connectivity and is one of the most accessible commercial, providing a dual-carriageway link with the M1 Motorway 11 7 M11 cultural and prominent sporting locations in the UK. (Junctions 13 & 14). M1 Bedford 10 Haverhill Great Biggleswade Milton Keynes sits in the centre of the UK’s Growth Malvern Newport Pagnell Evesham 9 11 Corridor running between the key educational centres of 14 Royston 8 Banbury Saron Walden SURROUNDING AREA 13 1 MILTON KEYNES Oxford and Cambridge. Their respective universities are 10 consistently ranked in the top 4 in the world, providing a 2 9 Letchworth 9 12 M50 M5 10 Hitchin highly skilled workforce and leading research faculties for The Park adjoins a largely residential area of Milton Keynes 8 10 the science, pharmaceutical and manufacturing sectors. known as Wavendon Gate, which sits to the west of the Stevenage Braintree Cheltenham Luton 7 STANSTED Bicester Dunstable 11 8 11 Bishop's property. The land to the immediate north and east of the 9 The city was designated as a ‘new town’ in 1967 which has 10 A1(M) Stortford LUTON 6 Welwyn Park is being developed for residential use by Abbey New Aylesbury 9 allowed it to benefit from very high levels of growth. In Garden Ware Witham Kidlington 5 City Homes in two phases. The plot to the east will consist of Tring M1 Hertford M11 2016, its economic growth of 2.70% made it the second 12 Witney Hemel 4 Harlow Hempstead St Hatfield 17 3-5 bed houses and the plot to the north will comprise 8 Albans 3 Hoddesdon fast growing city in the UK whilst its population growth 13 Stroud Berkhamsted 7 Thame 7 OXFORD 1 2 a further 134 dwellings. In addition to this the larger 8 7 22 since 2001 has been 20.2%, well ahead of a national M5 Cirencester 20 adjoining site to the North is currently being developed M40 Amersham 24 M25 25 26 average of 8.90%. Prominent corporate occupiers in 19 5 Watford Abingdon 5 by Crest Nicholson and will feature 240 homes, the area 6 18 M1 Barnet Enfield Brentwood Milton Keynes include; Network Rail, Santander, Mercedes 5 High Wycombe 17 4 Chigwell M11 28 known as Morton Park has been designed to cater for a Beaconsfield Rickmansworth Benz, PWC, Deloitte, KPMG and Volkswagen. 4 2 Rayleigh Didcot 3 4 2 variety of lifestyles, offering a contemporary selection of 29 Southend-on-Sea Harrow 1 Marlow 1 2, 3, 4 & 5 bedroom houses. M25 Swindon Henley-on-Thames A40 Canvey Island 16 Maidenhead Slough Uxbridge CITY M4 15 7 30 17 6 4 1 A4 Woolwich 18 3 2 31 Tilbury Windsor 14 LONDON M4 Reading HEATHROW Richmond Dartford Chippenham 13 A20 14 13 2 Gravesend 12 A24 10 BRISTOL Staines 1 Rochester Kingston 1 11 Bracknell Swanley Milton Keynes location within the core of the UK’s Newbury upon Thames 2 M20 11 Bath 4 4 3 3 5 Devizes Epsom Growth Corridor provides unparallel access to a Camberley M25 2 10 3 4 4 Woking 9 M26 5 6 Trowbridge 9 5 7 7 M3 Leatherhead 8 M25 Sevenoaks large pool of skilled labour. 9 5 6 Maidstone Basingstoke 8 0 6 5 Aldershot Guildford Dorking Redhill Oxted A Easily accessible from the GrovewayReigate H9 ring M20 Frome Andover 7 Warminster Farnham Tonbridge 8 M23 JCT road, which connects with theGATWICK A41469 and 14 M3 Crawley

9 A421, providing a dual-carriageway link with 0 5 A509 A A 5 1 the M1 Motorway (Junctions 13 & 14). Y 3 0 A B W R

S O U D G M1 IL H H T C ON VI LLA GE T ON G W E L L A S The Kingston 5 T Centre 1 3 BR 0 IC K N H E IL W L S P T O R M1 Y T A W R N A FRO D CHAF 4 1 4

6 B

K AY H NG W I I L AND L ST 21 S ING WA A4 T TAND Y 21 S 1 4 T A E 2 V O

A 4

N T A R JCT G

W W A S Y 4 N A 2 A A 1 13 E

R W B 5 L E 1 V 3 L O 0 R N 1 S E 2 G WP 4 T O A R T R D Wavendon AY W BUSINESS PARK VE O GR A 4 1 4 6

AY B W R VE O I GR C K 7

I L

S T ACCOMMODATION

The Property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) providing the following areas:

NIA Building Floor Sq Ft Sq M Reception 619 57.5 Ground 11,037 1025.4 Cobra House First 11,037 1025.4 Total 22,693 2108.2 Reception 1,050 97.5 Ground 19,247 1788.1 Victory House First 19,247 1788.1 Total 39,544 3673.8 Reception 1,506 139.9 Ground 18,840 1750.3 Enigma House DESCRIPTION First 18,866 1752.7 Total 39,212 3642.9 Wavendon Business Park comprises four modern high- Reception 1,516 140.8 quality detached office buildings, together with a Ground 18,794 1746.0 Turing House fifth period building which sits to the centre of the site, First 18,810 1747.5 significantly adding to its overall character. It is set across Total 39,120 3634.4 approximately 16.16 acres (6.54 hectares) of mature landscaping and provides a secure unbroken freehold in a Reception 391 36.3 private campus environment. Ground 3,071 285.3 Wavendon Tower The buildings offer modern, efficient office space with the First 3,843 357.0 flexibility to provide self-contained accommodation of up Total 7,305 678.7 to 39,500 sq ft. Each building benefits from a generous Total 147,874 13,738 provision of car parking spaces set amongst a managed Wavendon Business Park comprises landscape which staff can also utilise as a break out or recreational area. four modern high-quality detached office buildings, together SITE AREA HERITAGE with a fifth period building which Overall site area of 16.16 acres (6.54 hectares).

The park was originally constructed in 2006 having been sits to the centre of the site pre-let in its entirety to Electronic Data Systems Limited. Prior to this, it carried historical significance, having been used as an outstation for the Second World War codebreaking operations at Bletchley Park. Wavendon Tower itself was a large former country house, which was used by the intelligence services during the Second World War, most famously for the broadcast of ‘black’ propaganda into occupied Europe. The names of each of the buildings are derived from the “Turing Bombe” code breaking machine, with the names Turing, Victory, Cobra and Enigma all being different versions of it. Today, Wavendon Business Park, positioned at the heart of the Oxbridge Growth corridor, has attracted a host of exciting multinational companies to its unique and idyllic setting.

8 AMENITY

Wellbeing is at the heart of the business park, with its green working environment to new onsite amenities including a new café, table tennis, boules, and exercise routes within the grounds.

2 turing enigma

cobra wavendon 1 tower

victory

1 New café 6 2 Table tennis 5 3 Boules

4 Cycle storage

5 Boot camp

6 Yoga

In addition to the existing amenity the site is well positioned to accommodate further amenity and investment which will ultimately help attract a wider range of occupiers.

9 TENANCY SCHEDULE

Next Break Next Rent Passing Rent Demise Tenant Name Floor Area Term Start Term End 1954 Act Passing Rent Comments Date Review £ psf

Entserv/Hewlett Packard (sublet to ISP Childcare WAVENDON TOWER 7,305 09/01/2006 10/04/2022 Inside 10/04/2017 £115,000 £15.74 Limited) guaranteed by Fosterplus Limited

The passing rent is derived from a discounted headline rent which is stated in the lease as £389,095 per annum. This reduced by the sum of £97,273.75 per annum by way of a quarterly deduction of £24,318.43. This deduction is owing to an COBRA Securitas Security Services (UK) Limited 22,693 23/12/2014 22/12/2029 Inside 23/12/2019 £291,821 £12.86 incentive package agreed with the tenant at the commencement of the lease whereby they received a rent free package equivalent to 45 months, spread over the duration of the term.

VICTORY Entserv/Hewlett Packard (not in occupation of FF) 39,544 16/10/2006 10/04/2022 Inside 16/10/2021 £669,139 £16.92

TURING Entserv/Hewlett Packard (sublet to Boeing) 39,120 01/04/2008 01/08/2021 Inside £660,656 £16.89 Boeing have sub-let part of the ground floor to Fisher Paykel.

ENIGMA GF 12 months rent, rates and service charge guarantee provided by the vendor. Rental guarantee 18,840 £405,060 £21.50 (formerly Keen) Floor area does not include reception.

ENIGMA FF Tenant received 13 months rent free. Unisys Ltd 18,866 01/07/2019 30/06/2029 Inside 30/06/2024 30/06/2024 £405,619 £21.50 (formerly Keen) Vendor to top up outstanding rent free.

146,368 £2,547,296

CAR PARKING Building Number of Spaces Low 26% Cobra House 103 57% There is a total of 675 car parking spaces which represents passing rent of income subject to rent WAULT of income secured an excellent ratio of 1:219 sq ft, one of the best ratios in Victory House 167 of £17.40 psf reviews by Q4 2021 secured against occupiers rated Milton Keynes. 4.37 Years vs headline ERV against occupiers rated Enigma House 177 D&B 5A1 The spaces are all offered at surface level and are demised of £21.50 psf D&B 5A1 in each lease as follows: Turing House 177

Wavendon Tower 51

Total 675

10 ENIGMA

A newly refurbished high quality detached office building occupying a prominent central position within the park. The building is of steel frame construction with concrete floors, a red brick façade and pitched tiled roof. It is arranged over ground and first floors and extends to 39,212 sq ft.

The building was fully refurbished to a grade A The specification includes: specification in 2019, to include the following • Full height glazed reception improvements: • Open plan floor plates suitable for single • New air conditioning occupancy or sub-division • New metal tiled ceilings • Fully accessible raised floors • New LED lighting • Comfort cooling / heating via a 4 pipe fan • Remodelled reception and breakout area coil system • New showers and bike storage • Suspended ceiling incorporating new LED lighting • Electric car charging points • Floor to ceiling heights of 2.74 m • BREEAM - Very good. EPC - A • 2 x10 person passenger lift • Double glazed windows • Male, female and disabled toilet facilities TENANCY on each floor GROUND FLOOR PLAN • 177 car parking spaces reflecting an The First floor is let in its entirety to Unisys Ltd on a 10 excellent ratio of 1:225. year full repairing and insuring lease commencing on 1st July 2019. The current rent is £405,619 per annum which equates to £21.50 per sq ft. The lease is subject to an Open Market Rent Review on 30th June 2024. The tenants’ break option, is effective 30th June ACCOMMODATION 2024 subject to 12 months prior written notice. Vender to provide a 12 month rent, rates and service NIA charge guarantee on the ground floor area. Building Floor Sq Ft Sq M Reception 1,506 139.9 Enigma Ground 18,840 1750.3 House First 18,866 1752.7 Total 39,212 3642.9

11 COBRA

A modern high-quality detached office building occupying a prominent position adjacent to the main entrance to the park. The building is T-shaped and is of steel frame construction with concrete floors, a red brick façade and a pitched tiled roof. It is arranged over ground and first floors and extends to 22,693 sq ft.

The specification include:

• Full height glazed reception • Floor to ceiling heights of 2.65m • Open plan floor plates suitable for single • 1 x 10 person passenger lift occupancy or sub-division • Double glazed windows • Fully accessible raised floors • Male, female and disabled toilet facilities • Comfort cooling / heating via a 4 pipe fan on each floor coil system • 103 car parking spaces reflecting an • Suspended ceiling incorporating category excellent ratio of 1:213. II lighting

TENANCY ACCOMMODATION The building is let in its entirety to Securitas Security Services (UK) Limited on a 15 year full repairing and NIA insuring lease commencing 23rd December 2014. Building Floor Sq Ft Sq M The current passing rent is £291,821 per annum which Reception 619 57.5 equates to £12.86 per sq ft. Cobra Ground 11,037 1025.4 House First 11,037 1025.4 The passing rent is derived from a discounted GROUND FLOOR PLAN Total 22,693 2108.2 headline rent which is stated in the lease as £389,095 per annum. This reduced by the sum of £97,274 per annum by way of a quarterly deduction of £24,319. This deduction is owing to an incentive package agreed with the The building is T-shaped and is of steel tenant at the commencement of the lease whereby they received a rent free package equivalent to 45 frame construction with concrete floors, a months, spread over the duration of the term. The lease includes an Open Market Rent Review, red brick façade and a pitched tiled roof. outstanding from 23rd December 2019.

12 TURING

A modern high-quality detached office building occupying a prominent position to the north east of the park. The building is of steel frame construction with concrete floors, a red brick façade and pitched tiled roof. It is arranged over ground and first floors and extends to 39,120 sq ft.

The specification include:

• Full height glazed reception • Floor to ceiling heights of 2.65m • Open plan floor plates suitable for single • 2 x 10 person passenger lift occupancy or sub-division • Double glazed windows • Fully accessible raised floors • Male, female and disabled toilet facilities • Comfort cooling/heating via a 4 pipe fan on each floor coil system • 177 car parking spaces reflecting an • Suspended ceiling incorporating category excellent ratio of 1:223. II lighting

TENANCY ACCOMMODATION The building is let in its entirety to HP Enterprise Services UK Limited on a full repairing and insuring NIA lease commencing 1st April 2008 and expires 1st Building Floor Sq Ft Sq M August 2021. The current rent is £660,656 per annum Reception 1,516 140.8 which equates to £16.89 per sq ft. Turing Ground 18,794 1746.0 House First 18,810 1747.5 The tenant has sub-let the property to Boeing GROUND FLOOR PLAN Total 39,120 3634.4 Defence UK Limited with a guarantee from The Boeing Company who remain in full occupation of the building. The sub-lease commenced on 26th January 2012 and is due to expire on 31st July 2021. The sub-tenant is paying a rent of £670,758 per annum. Boeing Defence UK Limited have in turn sub-let part of the ground floor to Fisher Paykel.

13 VICTORY

A modern high-quality detached office building occupying a prominent position to the south of the main entrance to the park. The building is of steel frame construction with concrete floors, a red brick façade and pitched tiled roof. It is arranged over ground and first floors and extends to 39,544 sq ft.

The specification include:

• Full height glazed reception • Floor to ceiling heights of 2.65m • Open plan floor plates suitable for single • 1 x 10 person passenger lift occupancy or sub-division • Double glazed windows • Fully accessible raised floors • Male, female and disabled toilet facilities • Comfort cooling / heating via a 4 pipe fan on each floor coil system • 167 car parking spaces reflecting an • Suspended ceiling incorporating category excellent ratio of 1:230. II lighting

TENANCY

The building is let in its entirety to HP Enterprise Services UK Limited on a full repairing and insuring lease commencing 16th October 2006 and expires 10th April 2022. The current rent is £669,139 per annum which equates to £16.92 per sq ft.

GROUND FLOOR PLAN The lease includes an Open Market Rent Review on 16th October 2021.

ACCOMMODATION

NIA Building Floor Sq Ft Sq M Reception 1,050 97.5 Victory Ground 19,247 1788.1 House First 19,247 1788.1 Total 39,544 3673.8

14 WAVENDON TOWER

Wavendon Tower is a period building which occupies a prominent position in the centre of the park. It has benefited from substantial modernisation, having been utilised as a recording studio during the Second World War. The building is of brick construction and totals 7,305 sq ft.

ACCOMMODATION

NIA Building Floor Sq Ft Sq M Reception 391 36.3 Wavendon Ground 3,071 285.3 Tower First 3,843 357.0 Total 7,305 678.7

TENANCY FIRST FLOOR PLAN The building is let in its entirety to HP Enterprise Services UK Limited on a full repairing and insuring lease commencing 9th January 2006 and expires 10th April 2022. The tenant has sub-let the property to ISP Childcare Limited with a guarantee from Fosterplus (Fostercare) Limited who remain in full occupation of the building. The current rent is £115,000 per annum which equates to £15.74 psf.

15 Development land

The land to the south of the property comprising circa 3 acres is currently undeveloped ABBEY NEW HOMES 17 x 3-5 bed houses and offers the opportunity for currently under construction development of either further Grade A offices or alternatively residential.

DEVELOPMENT LAND The land to the immediate north and east of the Park is being developed for residential use by Abbey New Homes in two phases. The plot to the east will consist of 17 3-5 bed houses and the plot to the north will comprise a further 134 dwellings. In addition to this the larger adjoining site to the north is currently being developed by Crest Nicholson and will feature 240 2-4 bed Homes. Rapid growth has taken place around Oxford, Milton Keynes and Cambridge over the last 10 years and many of the best connected sites have already been developed. The undersupply of housing coupled with sustained increases in demand for homes, driven by population growth and job growth have led to a sharp rise in house prices. The NIC suggests that up to one million new homes will need to built across the ‘Growth Corridor’ by 2050. This ambition will require significant investment in new infrastructure, as well as commercial property development to support new jobs.

The NIC suggests that up to one ABBEY NEW HOMES million new homes will need to Outline planning for a further 134 dwellings built across the ‘Growth Corridor’

16 TENANT COVENANTS

Originally HP Enterprise Services (UK) Ltd, a business HP Enterprise Services UK Limited has sub-let the Turing Securitas Security Services (UK) Limited is a leading Unisys Limited is a global information technology and technology services subsidiary of Hewlett Packard building to Boeing Defence UK Limited (BDUK). The security company specialising in protective services company that solves complex IT challenges. They Enterprise renamed to ENTSERV UK Limited On 1st company has more than 1,200 employees at 23 locations for people, technology and knowledge. The company work with many of the world’s largest companies and December 2016. The company provides a range of throughout the United Kingdom, supporting Ministry of employs more than 15,500 people in the UK, making it government organisations to secure and keep their services including Infrastructure Technology Outsourcing Defence and US Department of Defence programmes. one of the country’s largest provider of security services. mission critical operations running at peak performance. and Business Process Outsourcing. In addition, BDUK also works with selected UK industry Their offerings include outsourcing and managed services, Securitas Security Services (UK) Limited is part of the partners to deliver improved operational capabilities. systems integration and consulting services, high-end The company’s clients include very large companies and Securitas Group (Securitas AG). The group has worldwide server technology, cyber security and cloud management governments including General Motors, Coca-Cola and BDUK is part of The Boeing Company, founded in 1916 coverage and employs more than 300,000 people in software and maintenance and support services. Unisys NASA as well as partnerships with Microsoft, Oracle, it has grown to become the second largest defence over 60 countries. Securitas AG has been listed on the has more than 20,000 employees serving clients around Deloitte and PwC. contractor in the world and the largest exporter in the Stockholm Stock Exchange (now Nasdaq Stockholm) the world. Some of their established business in the UK United States by dollar value. The company is listed on since 1991. In April 2017, HP Enterprise Services merged with includes working with clients such as Lloyds Banking Group, the New York Stock Exchange and is a component of Computer Sciences Corporation to create a new IT Securitas Security Services (UK) Limited – D&B: 4A2 MET Police, and BT to name a few. the S&P 100 Index. services company DXC Technology. The new company Securitas Security Services (UK) Limited have a D&B Unisys Limited – D&B: 5A2 employs 170,000 people and generates sales revenues Boeing Defence UK Limited - D&B: 5A1 rating of 4A2, representing a lower than average risk of of $25 Billion. It is listed on the New York Stock Exchange Unisys Limited have a D&B rating of 5A2, representing a Boeing Defence UK Limited have a D&B rating of 5A1, business failure. and is a component of the S&P 500 index. lower than average risk of business failure. which represents a minimal risk of business failure. A summary of their latest published accounts are shown EntServ UK Limited - D&B: 5A1 A summary of their latest published accounts are shown A summary of their latest published accounts are shown below: below: EntServ UK Limited have a D&B rating of 5A1, which below: represents a minimal risk of business failure. A summary of their latest published accounts are shown below:

ENTSERV UK BOEING SECURITAS 31/03/2019 31/03/2018 31/10/2016 UNISYS LIMITED 31/12/2018 31/12/2017 31/12/2016 LIMITED. DEFENCE UK 31/12/2018 31/12/2017 31/12/2016 SECURITY 31/12/2018 31/12/2017 31/12/2016 LIMITED SERVICES (UK) LIMITED Sales / Turnover £1,520,335,000 £2,479,559,000 £1,954,085,000 Sales / Turnover £139,766,000 £136,676,000 £150,980,000 Sales / Turnover £305,292,000 £306,674,000 £378,664,000 Sales / Turnover £260,798,249 £254,306,754 £294,024,135

Profit / (Loss) £81,287,000 £126,742,000 £134,784,000 Profit / (Loss) Profit / (Loss) Before Taxes £26,605,000 £5,034,000 £25,744,000 Profit / (Loss) Before Taxes £18,360,000 £37,328,000 £34,571,000 Before Taxes Before Taxes £4,218,367 £4,051,712 £3,214,111 Tangible Net Tangible Net £2,248,608,000 £2,107,769,000 £266,209,000 Tangible Net £122,634,000 £96,163,000 £87,215,000 Tangible Net £77,208,000 £46,258,000 -£64,956,000 Worth Worth Worth £19,452,797 £16,597,252 £13,441,843 Worth

HP Enterprise Services UK Limited has sub-let the Tower building to ISP Childcare Limited with a guarantee from Fosterplus (Fostercare) Limited. Fosterplus is an independent fostering agency, established in 1996 and is now a subsidiary of Partnerships in Children’s Services Limited (PICS). Fosterplus provides long and short term child placements across the UK, providing care for 1,100 children and young people per year. The company is based at Wavendon Tower although it also operates a further 10 regional offices across England and Scotland. 17 MILTON KEYNES / SOUTH EAST OFFICE MARKET INVESTMENT COMPARABLES

Milton Keynes continues to be one of the fastest growing • The M1 office market has performed very strongly over Comparable single ownership Business Park transactions towns in the UK. Over the decade to 2018, Milton Keynes’ the past 12 months – occupational demand has been Transaction Cap val population grew by 14.5%, almost double that of the resilient and the strong fundamentals of the location Address Area Tenant WAULT Price Yield Purchaser date £ psf UK, at around 7.5%. The town has experienced robust have continued to attract leading occupiers to the Caldecotte Lake fundamentals over the past few years, with vacancies City. Oct-19 Business park 172,000 sq ft Multi let 6.2 £35.25 M 7.60% £188 Galliard at cycle lows in recent quarters and new space in short Milton Keynes • Net absorption in 2019 surpassed 126,000 sq ft, 22% supply. Robust job creation has been a significant driver The Heights, above the historical average. Sep-19 330,000 sq ft Multi-let 4.8 £136 M 7.06% £394 Kennedy Wilson for Milton Keynes’ strong performance, with the market Brooklands Burystead Court, adding around 6,000 office jobs over the past five years • There are currently no proposed out of town office Sep-19 57,787 sq ft Multi-let £19.29 M 5.66% £333 Consilio Europe developments in Milton Keynes. Milton Keynes Multi-let • The current vacancy rate is significantly below the Lakeside North (IBM, Regus, Portsmouth City Aug-19 Harbour Western Rd 594,000 sq ft LexisNexis 3.15 £ 138.0 M 7.03% £232 UK average at 4.9%. Council Portsmouth and Babcock International.

Aug-19 Concorde Park 45,328 sq ft Multi-let £ 14.60 M 4.03% £322 Circle Property LOW RENTS VS COMPETING CENTRES Keats House Longmead Capital Apr-19 Springfield Drive 50,354 sq ft CGI IT UK Ltd 4.6 £ 15.910 M 8.25% £316 £45.00 psf LL The Office Park Four10 Thames Valley Aventis Reading Borough Apr-19 71,676 sq ft 10 £ 38.0 M 5.35% £530 Park Reading Pharma Ltd Council £40.00 psf Frimley4 Business Rushmoor Borough Mar-19 128,703 sq ft Multi-let 6.0 £ 23.2 M 7.54% £173 Park Frimley Council British Kitemark Court, Surrey County Dec-18 55,071 sq ft Standards 8.1 £ 14.4 M 6.11% £261 Davy Avenue Council £35.00 psf Institution

INVESTMENT RATIONALE £30.00 psf

Wavendon Business Park offers an excellentIncome Profile opportunity for a purchaser to benefit from a secure • The property has an average weighted unexpired £25.00 psf income stream with a number of value enhancing lease term of 3.62 years, providing a strong income initiatives to progress throughout their ownership. stream with a mix of expiry dates. • Given the strong market fundamentals, the average £20.00 psf Lease Renewals / Re-gears rental level of £17.40 sq ft should offer strong growth The head tenant HP Enterprise Services UK Ltd have sub- prospects over the next 5 years. The refurbishment Milton Slough Oxford Keynes Staines Woking let the Tower and Turing buildings in their entirety. This and reletting of Enigma has proved this setting a Watford Reading Uxbridge Guildford Bracknell Heathrow

Cambridge may offer the opportunity to renegotiate their leases new rental tone of £ 21.50 psf Basingstoke Maidonhead which could include the following:

• Surrender and re-grant of new leases to the current Improving Amenities KEY LEASING TRANSACTIONS sub-tenants Boeing and Fosterplus. This would • Further amenities such as a nursery and health club diversify the tenant mix and improve the AWULT would enhance the attractiveness of the Park to across the Park. Date Address Area Tenant Lease term Headline Rent psf occupiers and would also be well supported by the • Negotiate early surrender with HP Enterprise Services surrounding residential population. Jan-20 100 Avebury Boulevard 55,918 Xero 10 £27.50 in Victory house. This would offer a compelling

opportunity to refurbish and re-let the space to Enigma House, Wavendon Development and Alternative Uses Feb-19 18,866 Unisys Ltd 10 (5) £21.50 Business Park a new occupier, for a longer term, enhancing the quality of accommodation on the Park and improving • Develop out the 3 acre site to the south of the property Dec-18 170 Midsummer Boulevard 19,500 Technip 5 £21.50 the tenant mix. currently unutilised • Whilst the Park’s location is well suited as an out of Sep-18 100 Avebury Boulevard 45,000 Spaces 12 £27.50 town office park, its clear that its positioning next to an expanding residential suburb offers future potential Sep-18 100 Avebury Boulevard 20,000 Shoosmiths LLP 15 (10) £27.50 for a change of use. Building 4, Caldecotte Lake Sep-18 12,146 Goldman Sachs 10 (5) £22.00 • This may include residential, care home or educational Business Park uses in line with the Councils Core Strategy.

O R T E N Pond S IA D R IV E TENURE CAPITAL ALLOWANCES

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The service charge budget for 2020 equates to £1.68 psf. We are instructed to seek offers in excess of £32,500,000 (Thirty Two Million Five Hundred Thousand Pounds), which The additional 2020 Service charge for the Enigma reflects the following income profile:- building equates to £5.05 psf. • Net Initial Yield of 7.90% on the contracted rent A copy of the past three years budgets will be included in (after allowing for purchaser’s costs of 6.77%) the data room. • Capital value of £205 per sq ft on the existing office accommodation. EPC RATINGS • £2,250,000 for the development land of 3 acres.

WAVENDON TOWER C COBRA E VICTORY E TURING C ENIGMA A

CONTACT Stuart Atkinson Brook Wannop Will Bishop 0203 824 9416 0203 889 1011 0203 8249414 07771 966 453 07834 493 552 07714 733128 [email protected] [email protected] [email protected]

SUBJECT TO CONTRACT & EXCLUSIVE OF VAT – March 2020 Important Notice M1 Agency LLP, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and M1 Agency LLP have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Creativeworld. Tel 01282 858200.