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Elstead, Surrey Gu8 6Lb

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Elstead, Surrey Gu8 6Lb ELSTEAD, SURREY GU8 6LB OUTSTANDING SURREY FREEHOLD OFFICE INVESTMENT WITH EXCEPTIONAL TENANT HISTORY EXECUTIVE SUMMARY A rare Surrey Freehold multi let office investment Gross office rent income of £865,463.57 per annum (£22.04 per sq ft) Beautifully maintained modern office complex situated in mature Net rent after limited shortfall is £861,328 per annum picturesque grounds providing a stunning working environment in an All office leases contracted outside the Landlord & Tenant Act 1954 affluent Surrey location Imminent lease events to grow income and drive rents up from £22.00 per Exceptional tenant letting history and performance sq ft with recent rental evidence of £24.50 per sq ft Total NIA of 39,264 sq ft across three interconnecting Potential to add another standalone office building and (or) change the Grade A office buildings. use to residential subject to planning permission (further information is On site amenities including a Pavilion Café with external seating and available on request) bookable meeting rooms. Seeking offers in excess of £10,750,000 which reflects a net initial yield of Excellent on site car parking provision with 279 spaces reflecting an 7.50% assuming purchaser’s costs of 6.70%,and reflecting a capital value outstanding ratio of 1: 134sq ft on office areas. of £274 per sq ft for the NIA Situated in c.3.69 acres (1.49 hectares) reflecting a low site coverage of approximately 13.8%. SHACKLEFORD ROAD, ELSTEAD, SURREY GU8 6LB 1 19 M25 AMERSHAM WATFORD Loughton M25 HIGH M1 M11 WYCOMBE Brentwood M40 Basildon 1 WEMBLEY 16 1 M25 1 SLOUGH 14 LONDON M4 CITY READING CENTRAL M4 LONDON LOCATION M4 HEATHROW 13 AIRPORT CROYDON DARTFORD Elstead is located within the county of Surrey just outside the M25 and12 WATERLOO 10 STAINES BRACKNELL M25 approximately 7 miles south west ofNEWBURY Guildford. Neighbouring towns 1 11 BROMLEY include Haslemere, Godalming and Farnham. Rochester Mainline rail services to London Waterloo are available at Guildford, Gillingham M3 M25 Godalming and Farnham with a fastest journey time of 36 minutes from Chatham Guildford station. Heathrow and Gatwick airports are both located CROYDON 3 within 45 minutes of the property. A3 CAMBERLEY WOKING 10 EPSOM 4 BANSTEAD SITUATION M25 9 FARNBOROUGH A3 LEATHERHEAD Tanshire Park is situated ½ mile East of Elstead Village on the M3 Sevenoaks Shackleford Road, and only 1.5 miles from the A3. The A3 provides fast Maidstone BASINGSTOKE M25 8 and easy access to Guildford (8 miles), the M25 J10 (15 miles) and the6 national motorway network to the north and Portsmouth to the south. GUILDFORD Adjacent to Tanshire Park is a consented residential scheme comprising REIGATE FARNHAM ELSTEAD SURREY 69 new homes to be developed by Clarion Housing. Part of this site tonbridge includes a planning consent for a small care home. GATWICK The immediate and surrounding locations provide an array of private GODALMING AIRPORT schools such as Charterhouse in Godalming. Local golf courses in FRENSHAM Puttenham, Hurtmore and Milford and private leisure clubs. Surrey has A3 more £1M homes than any other county in the UK outside London. MEDSTEAD CRAWLEY BY CAR HASLEMERE GODALMING 10 mins GUILDFORD 17 mins M25 21 mins BY RAIL London Waterloo - Guildford 36 mins London Waterloo - Godalming 45 mins London Waterloo - Haslemere 58 mins AIRPORT Guildford to Heathrow 33 mins Guildford to Gatwick 45 mins SHACKLEFORD ROAD, ELSTEAD, SURREY GU8 6LB 2 DESCRIPTION Tanshire Park is a thriving business park in Surrey that comprises three attractive interconnecting office buildings; Oak, Ash and Elm Houses. Elm House was part of the original development and the park saw further expansion due to growing demand, initially of Ash and then Oak house in a similar style. The whole park OAK HOUSE ASH HOUSE ELM HOUSE is arranged around a beautiful landscaped courtyard that was home to the Elstead Bowling Club. On-site amenities include a Pavilion Café and bookable meeting rooms creating a stunning office complex and working environment with exceptional parking provision offering 279 parking spaces (1:134 sq ft) on office areas. The main buildings are arranged over three storeys and comprise of brick construction beneath a pitched tiled roof. The site underwent extensive refurbishment in 2010. The landlord has comprehensively refurbished all of the common parts in order to provide a Grade A specification as follows: Double Height atria Suspended ceiling with recessed LG7 variable lighting Auto sensing lights to each floor Dedicated Fibre Broadband with 100MBS Raised floors PAVILION CAFÉ Air conditioning through comfort cooling units throughout Double Glazing DDA compliant passenger lift Refurbished WC’s on each floor SHACKLEFORD ROAD, ELSTEAD, SURREY GU8 6LB 3 ACCOMMODATION The approximate net internal floor areas of the property comprises the following: OAK HOUSE ASH HOUSE ELM HOUSE PAVIION CAFÉ SQ FT SQ FT SQ FT SQ FT 2nd Floor 4,676 4,442 1st Floor 4,825 6,197 4,029 Ground Floor 3,541 6,129 3,725 1,700 Sub-total 13,042 16,768 7,754 1,700 Total 39,264 SHACKLEFORD ROAD, ELSTEAD, SURREY GU8 6LB 4 TENANCY OVERVIEW Oak and Ash House are multi-let on a floor by floor basis with 8 tenants occupying 29,810 sq ft. The leases are on conventional FRI lease terms with services recovered through a service charge. Oak and Ash House provide 79% of the net income. Elm House provides a more modern ‘serviced style office’ environment for 13 local businesses and provides 11% of the net income. The Pavilion Café is the fourth building on the site, providing a successful amenity for the park. Further revenue is received from surplus car parking spaces on the site and the onsite meeting room. SHACKLEFORD ROAD, ELSTEAD, SURREY GU8 6LB 5 TENANCY SCHEDULE SQ FT RENT DEMISE TENANT LEASE LEASE BREAK RENT REVIEW TENANT NOTES PSQ FT START DATE END (PA) SINCE OAK HOUSE OAK Hilding Anders International AB 8 months rent free. The Vendor will top 3,541 £23.50 2nd Floor 01-May-18 30-Apr-28 30-Apr-23 £83,213.50 01/05/23 01-May-18 Ltd T/A Feather & Black this up. 8 months rent free by way of half rent 4,825 £23.50 First floor Brairs Group Ltd 02-Jan-18 01-Jan-28 1st January 2023 £113,387.50 1st January 2023 02-Jan-18 for 16mths. The Vendor will top this up. 2,405 £23.28 Ground Floor N Health & Aesthetics 01-Dec-17 30-Nov-27 30-Nov-24 £56,000.00 1st Dec 2022 01-Dec-17 McMichen Brooks Dental Care "19-Jun-21 2,271 £22.24 Ground Floor S 20-Jun-11 19-Jun-31 £50,500.00 20-Jun-21 20-Jun-11 Ltd 19-Jun-26 “ 13,042 £23.24 £303,101.00 ASH HOUSE ASH 4,442 £23.50 2nd Floor Bond Events Ltd 01-Mar-18 28-Feb-23 28-Feb-21 £101,896.00 01-Mar-18 5,684 £21.75 First floor The Pelican Buying Company Ltd 11-Mar-11 10-Mar-21 £123,627.00 11-Mar-11 513 £24.50 First Floor, Suite 1 Fine Homecare Ltd 05-Jan-18 04-Jan-21 Annually £12,568.50 05-Mar-18 1,435 £21.50 Part Ground Floor Info Vista Ltd 27-Dec-13 26-Dec-18 £30,852.50 01-Oct-08 4,337 £21.50 Ground floor Info Vista Ltd 04-May-10 24-Dec-18 £93,245.50 01-Oct-08 357 £24.00 Management Office Tanshire Management Office 01-Apr-17 31-Mar-22 £8,568.00 01-Apr-17 16,768 £22.11 £370,757.50 ELM HOUSE 487 £22.50 Suite A AHPMA 01-Feb-18 31-Jan-22 Annually £10,957.50 01-Feb-18 570 £22.50 Suite H1 Quantum Consulting Ltd 01-Jun-18 31-May-21 £12,825.00 01-Jun-18 807 £20.50 Suite H2 Dixon Searle Partnership 01-Mar-18 01-Mar-23 28/2/20 & 28/2/22 £16,543.50 01-Mar-18 202 £25.00 Suite J Meeting Room £5,050.00 N/A Average annual income 458 £23.00 Suite B Brockington Carroll 02-Jan-18 01-Jan-21 £10,534.00 01-Jan-99 31/7/18 & then 195 £27.00 Suite C Oil and Gas London 01-May-17 30-Apr-20 £5,265.00 01-May-17 Annual on Anniversary 135 £31.11 Suite D Supertrust Limited 26-May-15 16-Aug-18 Annually £4,200.00 01-Apr-05 362 £35.20 Suite E Info Vista Ltd 23-Jun-16 24-Dec-18 £12,742.00 01-Oct-08 509 £23.00 Suite F and G Paul Chamberlain 01-Oct-17 30-Sep-20 £11,707.00 01-Oct-07 288 £31.08 Suite L Dance News Limited 11-Sep-15 10-Sep-18 £8,950.00 11-Sep-12 308 £31.66 Suite M Meirion Edwards (t/a UTI) 01-Nov-16 01-Nov-19 Annually £9,750.00 01-Nov every year 01-Oct-13 2,061 £22.80 Suite N ODB Group Ltd 09-Oct-17 08-Oct-22 £47,000.00 16-Jan-00 If break operated 1 month penalty for 1,110 £22.50 Suite O Innovation Visual Ltd 01-Jul-17 30-Jun-20 Annually £24,975.00 01-Jul-17 each year remaining on lease 167 £23.50 Suite P Tony Brown Accountancy Ltd 01-Mar-18 28-Feb-21 Annually £3,924.50 01-Mar-15 95 £31.05 Suite Q GlobalCAD 18-Jul-16 17-Jul-19 Annually £2,950.00 17-Oct-10 7,754 £24.16 £187,373.50 PAVILION CAFÉ 1,700 £4.23 Pavilion Chameleon Cuisine 01-Jun-14 31-May-19 £4,231.57 01-Jun every year 01-Mar-11 1,700 £4.23 £4,231.57 Total Sq Ft 39,264 £22.44 £865,463.57 Car Park Revenue £7,500.00 Less S/C Shortfall -£11,636.00 Total Net Income £861,327.57 SHACKLEFORD ROAD, ELSTEAD, SURREY GU8 6LB 6 EXCEPTIONAL TENANT HISTORY & LETTING PERFORMANCE There is currently no vacancy at Tanshire Park.
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