Marlborough Court, Sunrise Parkway Linford Wood, Milton Keynes Mk14 6Dy
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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 M1 MOTORWAY 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 TRAIN STATION MILTON KEYNES TOWN 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 LEICESTER A1139 A47 Wolverhampton Walsall Sutton PETERBOROUGH Coldfield M69 A43 Nuneaton Dudley A605 Corby Chatteris A45 A6116 A1 (M) BIRMINGHAM COVENTRY M6 Solihull A141 Ely RUGBY Kettering A142 LOCATION & TRANSPORT LINKS M42 A4071 A508 Huntingdon A46 M45 Redditch Wellingborough Royal A43 A14 M5 Leamington A45 Spa Rushden Daventry NORTHAMPTON A45 A6 St.Neots A435 A426 Milton Keynes is the centre point between London (53 miles south), Worcester Stratford-upon-Avon A423 CAMBRIDGE A428 A421 A509 Towcester BEDFORD M11 A11 A508 M1 Birmingham (69 miles north west), Oxford (40 miles south west) and A43 Newport A5 A429 Pagnell A421 A1 A505 Banbury Royston Brackley MILTON A5130 Cambridge (44 miles north east). Its location makes it ideal for moving KEYNES Buckingham Bletchley A6 Letchworth Garden City goods and people across the UK and Europe. Approximately 30% of Hitchin A10 A5 A4146 STEVENAGE Bicester A505 LUTON Stansted A44 A120 the country’s population can be reached within a 90 minute drive. A41 A418 Dunstable A1 (M) Gloucester A435 A602 A34 A40 Aylesbury Welwyn A1184 Garden City Witney A433 A41 Hemel Harlow St Albans OXFORD Thame Hempstead Hatfield A4010 A414 A413 Cirencester Chesham 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 R L S E H G E D R R V I D 8 V R M E TE I A A V R G E L S B IN O L R A O M U G H 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 R The subjectS property is situated on a prominent apex site to the western side of Marlborough Street, T R E 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 Wolverton 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 Y A ▲ 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. AY V W * ED M E A ST N R A L D B 4 H O R O U G S H A X S O T N R E S E T R T E E T 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. LOCK-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 Buckinghamshire, the ongoing evolution of businesses.