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MARLBOROUGH COURT, SUNRISE PARKWAY LINFORD WOOD, MILTON KEYNES MK14 6DY

REVERSIONARY MULTI-LET OFFICE INVESTMENT REVERSIONARY TWO STOREY OFFICE BUILDING LOCATED IN LINFORD WOOD BUSINESS PARK, AN ESTABLISHED MILTON KEYNES OFFICE LOCATION WITH EXCELLENT ACCESS TO THE

INVESTMENT CONSIDERATIONS PROPOSAL ■ Modern two storey office building totalling ■ Let accommodation producing a low ■ Offers sought in excess of£7,500,000 (Seven Million and 44,237 sq ft (4,109.8 sq m) of high specification rent of £15.03 psf, significantly below Five Hundred Thousand Pounds), subject to contract and accommodation competing buildings exclusive of VAT. A purchase at this level reflects aNet Initial Yield of 8.50%, a Reversionary Yield of 8.93% and a low ■ Located in Linford Wood, a premier office park, ■ 100% of income secured to low risk tenants capital rate of £170 psf, subject to standard purchaser’s costs. situated on one of the key arterial routes through ■ Resilient tenant line up with rent paid in full Milton Keynes over the lockdown period ■ Freehold ■ Vacant accommodation recently DATA ROOM ■ Multi-let to five tenants producing a rent of refurbished to a high specification ■ For access to the Allsop Marketing Data Room, £678,283 per annum, subject to rental guarantees ■ Various short-term asset management/ please use the following link: ■ AWULT of 3.4 years (2.1 years to break) value add potential, in particular https://datarooms.allsop.co.uk/register/marlboroughcourt benefiting from reversionary rents MK MILTON KEYNES CENTRE

WOODLANDS BUSINESS CENTRE

LINFORD WOOD BUSINESS PARK 19 CAPITAL DRIVE CONSENTED SCHEME 182 RESI UNITS

LINFORD WOOD BUSINESS CENTRE

MARLBOROUGH STREET

MONKS WAY A422

Outline for indicative purposes only. MARLBOROUGH COURT, SUNRISE PARKWAY REVERSIONARY MULTI-LET OFFICE INVESTMENT LINFORD WOOD, MILTON KEYNES MK14 6DY

Wisbech M6 A606 Stamford M54 TOLL Tamworth A1139 A47

Wolverhampton Walsall Sutton PETERBOROUGH Coldfield M69 A43

Nuneaton Dudley A605

Chatteris A45 A6116 A1 (M) M6 Solihull A141 Ely RUGBY Kettering A142 LOCATION & TRANSPORT LINKS M42 A4071 A508 A46 M45 Redditch Royal A43 A14 M5 Leamington A45 Spa A45 A6 St.Neots A435 A426 Milton Keynes is the centre point between (53 south), Worcester Stratford-upon-Avon A423 A428 A421 A509 M11 A11 A508 M1 Birmingham (69 miles north west), (40 miles south west) and A43 Newport A5 A429 Pagnell A421 A1 A505 Royston MILTON A5130 Cambridge (44 miles north east). Its location makes it ideal for moving KEYNES A6 Letchworth Garden City goods and people across the UK and Europe. Approximately 30% of Hitchin A10 A5 A4146 STEVENAGE A505 Stansted A44 A120 the country’s population can be reached within a 90 minute drive. A41 A418 A1 (M) Gloucester A435 A602 A34

A40 Welwyn A1184 Garden City Witney A433 A41 Hemel Harlow OXFORD Thame Hempstead Hatfield A4010 A414 A413 Cirencester M25 Cheshunt LONDON M25 Abingdon

ROAD RAIL AIR Milton Keynes is served by excellent road Rail services are available from Milton Luton International Airport is located communications located between junctions Keynes Central which serves many approximately 19.5 miles to the south 13 and 14 of the M1 motorway which is destinations directly including London east of the Milton Keynes. The airport currently being widened to four lanes in each Euston (35 minutes), Birmingham New currently serves over 30 destinations direction with the A5 trunk road situated Street (45 minutes) and Manchester across 3 continents. immediately to the west of the centre. Piccadilly (1 hour 48 minutes). M S A T

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S T R E E T E IV R D R E G E L T S SITE D R O FF The property occupies a 3.2 acre (1.29GI hec) apex site. SITUATION Linford Wood is a well-established commercial hub in Milton Keynes, located 1.5 miles from the town centre and only 3 miles (6 minute drive) to the M1 Motorway (Junction 14). The area provides a wide range of office and industrial uses within several distinct Business Parks, surrounding a large ancient woodland. The area 22 A4 AY benefits from excellent road links, situated within the Milton Keynes grid system. Monks Way (A422) provides S W NK O MO a primaryV east to west arterial road and a northerly boundary to Linford Wood. E

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The subjectS property is situated on a prominent apex site to the western side of Marlborough Street, T

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a dual carriagewayE road which links directly on to Sunrise Parkway, the primary entrance to the site and

T Linford Wood Business Park. Linford Wood benefits from strong public transport links with local bus services available adjacent to the property on Marlborough Street providing easy access to the town centre. Milton Keynes Central Rail Station is located 2.6 miles (7 min drive) to the south west in addition to Rail Station located 22 A4 AY 2.9 miles (5 min drive) to the north west. S W NK MO DESCRIPTION The property comprises a detached, two storey provincial office building providing 44,237 sq ft (4,109.8 sq m) V 8 of flexible office accommodation arranged over ground and first floor levels. The building is accessed via M A R L an impressive double height glazed atrium providing dedicated access to each suite. The vacant B O R accommodation was recently refurbished to a high standard including new LED lighting, kitchen facilities O U G and general cosmetic updates. H

S T R The building occupies a prominent 3.2 acre corner site, set in mature landscaped grounds with a large car LINFORD WOOD E E BUSINESS PARK T park providing a total of 195 parking spaces, reflecting a very attractive ratio of 1:226 sq ft.

SPECIFICATION

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▲ W ▲ D E E T GENEROUS CAR PARKING (1:226 SQ FT) FULL ACCESS RAISED FLOORS S AN LINFORD D ▲ ▲ H4 WOOD REFURBISHED VACANT ACCOMMODATION CAT 2 & LED LIGHTING ▲ ▲ AIR CONDITIONING PASSENGER LIFTS ▲ ▲ IMPRESSIVE FULL HEIGHT ATRIUM RECEPTION SUSPENDED CEILINGS

© Crown Copyright, ES 100004106. For identification purposes only.

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9 50 A AY W RT PO MARLBOROUGH COURT, SUNRISE PARKWAY REVERSIONARY MULTI-LET OFFICE INVESTMENT LINFORD WOOD, MILTON KEYNES MK14 6DY

TENANCY SCHEDULE

UNIT TENANT AREA LEASE LEASE RENT BREAK AWULT AWULT RENT RENT COMMENTS (SQ FT) START EXPIRY REVIEW (EXPIRY) (BREAK) (£ P.A.) (£ PSF)

GF East Left Graphnet Health 6,365 01/04/16 31/03/23 31/03/21 2.63 2.63 £89,110 £14.00 GF East Right Right Choice 4,730 10/10/16 31/03/23 31/03/21 2.63 2.63 £66,220 £14.00 Conveyancing GF West CGI IT UK Ltd 11,110 07/06/19 30/06/24 30/06/22 3.88 1.88 £172,205 £15.50 The headline rent is £172,205 p.a. If tenant does not exercise their break on 30/06/22 they will benefit from the equivalent of 6 months’ rent free spread evenly over the remaining two years of the term reflecting £129,154 p.a. in years 4 and 5. FF East Left Vacant 6,676 13/08/20 13/08/21 1.00 1.00 £110,154 £16.50 Vendor to provide a 12 month rental guarantee. (12 month guarantee) FF East Right South Central 4,424 03/06/20 02/06/30 03/06/24 05/09/22 9.80 2.06 £73,000 £16.50 Ambulance Service 03/03/28 05/09/24 NHS Foundation Trust FF West Left Vacant 2,436 13/08/20 13/08/21 1.00 1.00 £40,194 £16.50 Vendor to provide a 12 month rental guarantee. (12 month guarantee) FF West Right Strictly Education 8,496 28/06/18 27/06/23 2.87 2.87 £127,400 £15.00

Totals 44,237 3.40 2.06 £678,283 £15.33

(*Please refer to the Data Room for historic letting activity)

AWULT OF 3.4 YEARS 100% INCOME SECURED (2.1 YEARS TO BREAKS) TO LOW RISK TENANTS SERVICE CHARGE The budget ending 30th September 2020 was £303,400 per annum, LOW PASSING RENT OF TENANTS HAVE PAID reflecting £6.85 psf. The service charge is apportioned on a weighted £678,283 P.A. (£15.33 PSF) RENT IN FULL OVER THE floor area basis. -DOWN PERIOD Further information available within the data room. FORTHCOMING RENT STRONG LETTING REVIEWS IN 2021 HISTORY SHOWING AND 2023 CONSISTENT GROWTH* COVENANT

South Central Ambulance CGI IT UK Limited Strictly Education Limited Service NHS Foundation Trust Experian: Very Low Risk Experian: Very Low Risk Experian: Very Low Risk CGI is a global business with 78,000 professionals in hundreds Founded in 2002, Strictly Education has grown to become the of locations across the Americas, Asia-Pacific and Europe who UK’s leading education specific provider of professional support South Central Ambulance Service NHS Foundation Trust (SCAS) provide end-to-end IT and business process services that facilitate services and solutions to schools, academies and multi-academy is the ambulance service for the counties of , the ongoing evolution of businesses. trusts (MATs). Oxfordshire, Berkshire and Hampshire. It is a foundation trust of the , and one of ten NHS ambulance trusts In the UK, the company employs over 6,000 professionals across They currently support over 2,000 schools, 500 academies and in . 17 town and city locations. 100 MATs in more than 100 local authorities. The subject property forms their UK headquarters. The trust was established on the 1 July 2006 following the merger of four ambulance trusts. On 1 March 2012, it became a foundation 30/09/2018 30/09/2017 30/09/2016 31/12/2018 31/12/2017 31/12/2016 trust. Emergency operations centres handle around 540,000 Turnover £832,197,000 £843,601,000 £840,804,000 Turnover £9,769,650 £9,787,232 £9,729,764 emergency and urgent calls each year. Pre –Tax Profit £189,944,000 £117,501,000 £77,955,000 Pre –Tax Profit £610,188 £1,091,143 £1,476,880 Please refer to the Allsop Marketing Data Room for supporting Total Net Worth £964,569,000 £929,006,000 £802,677,000 Total Net Worth £2,330,796 £1,947,952 £1,178,261 Experian and Dun & Bradstreet Financial Information.

Graphnet Health Limited Right Choice Conveyancing Ltd Experian: Very Low Risk Experian: Low Risk Graphnet Health Limited was formed 25 years ago and is today the UK’s A specialist conveyancing business focusing solely on residential no.1 leading supplier of integrated care record software to the NHS and property transactions and regulated by the Council for Licensed care services and is part of the System C and Graphnet Care Alliance. Conveyancers. Product lines use leading edge technologies - including mobile, The company is an independent owner/managed business with wearables, instant messaging, the cloud and machine learning - the full legal team based at the subject property. to radically improve services and the way care professionals and patients interact together.

31/03/2019 31/03/2018 31/03/2017 31/03/2019 31/03/2018 31/03/2017 Turnover Turnover

Pre –Tax Profit Pre –Tax Profit

Total Net Worth £1,048,408 £462,047 £171,447 Total Net Worth £5,812 (£91,382) £21,919 MARLBOROUGH COURT, SUNRISE PARKWAY REVERSIONARY MULTI-LET OFFICE INVESTMENT LINFORD WOOD, MILTON KEYNES MK14 6DY

OCCUPATIONAL MARKET SUBJECT PROPERTY Milton Keynes continues to be one of the most active, fast growing 2 5 office markets in the South East experiencing consistent rental growth, resilient occupier demand 4 and a weight of inward investment.

3 Over the decade to 2018 Milton Keynes population grew by 14.5%, almost doubling the UK average. This has resulted in a large and 2 highly skilled workforce with over 205,000 people employed in the town. 4 The demographic profile, excellent transport communications and supply of high quality office accommodation has attracted a number of high profile occupiers to Milton Keynes with Redbull, Santander, , Sainsbury’s, Shooesmiths and all locating their UK corporate headquarters within the town. 1 1 2019 witnessed a net office absorption in excess of 126,000 sq ft reflecting 22% above the historical average. This resulted in a low 5 vacancy rate of 4.9% putting pressure on prime headline rents which currently stand at 27.50 psf. Whilst prime rents have continued to grow, Milton Keynes office rents still reflect a 3 significant discount to competing south east centres providing an attractive and viable alternative to occupiers considering a relocation from expensive city centre locations.

RENTAL TRANSACTIONS INVESTMENT TRANSACTIONS

MAP DATE ADDRESS SIZE TENANT TERM RENT MAP DATE ADDRESS PRICE NIY CAP VAL AREA RENT UXP REF (£PSF) REF (£PSF) (SQ FT) (£PSF) (CERTAIN)

1 Q1 2020 100 Avebury 55,918 Xero 10 £27.50 SUBJECT PROPERTY £7.5M 8.50% £170 44,237 £15.36 2.1 yrs

1 Available Business Park £32.5M 7.90% £205 147,872 £17.41 2.8 yrs 2 Q4 2019 Ash House, Breckland 4,969 Ostara Systems 10 £17.50 2 Q4 2019 249 Silbury Boulevard £4.6M 7.63% £220 20,894 £17.89 2.7 yrs 3 Q2 2019 Ashton House, Silbury Boulevard 7,008 Viva Wallet 5 £19.50 3 Q2 2019 Bell House, Seebeck Place £2.925M 7.27% £273 10,695 £20.70 5.2 yrs 4 Q1 2109 The Pinnacle, Midsummer Boulevard 19,500 Technip 5 £19.50 4 Q3 2019 Eskan Court £5.675M 6.62% £227 24,958 £16.10 6.9 yrs

5 Q1 2019 Enigma House, Wavendon Business Park 18,886 Unisys 10 (5) £21.50 5 Q1 2019 Nobel House, Linford Wood £3.625M 7.10% £178 20,299 £13.58 2.5 yrs EPC EPC’s available via the data room.

VAT The property is elected for VAT and we therefore anticipate the transaction to be treated as a Transfer of a Going Concern.

ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATA ROOM For access to the Allsop Marketing Data Room, please use the following link: https://datarooms.allsop.co.uk/register/marlboroughcourt

PROPOSAL Offers sought in excess of£7,500,000 (Seven Million and Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects aNet Initial Yield of 8.50%, a Reversionary Yield of 8.93% and a low capital rate of £170 psf, subject to standard purchaser’s costs.

For further information or to make arrangements for viewing, please contact:

James Salmon Tom Dales 07720 400 306 07799 663 631 [email protected] [email protected] allsop.co.uk

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 09.20