High Yielding Office Investment

Links Business Centre

Old Woking, Surrey GU22 8BF

gva.co.uk/4695

Home I Executive summary I Location I Situation I Description I Tenure I Tenancy I Floor plan I Site I Covenant status I Proposal I Contact Links Business Centre Old Woking, Surrey GU22 8BF

Executive summary

• Three well configured self-contained • A weighted unexpired term of 4.62 years office buildings comprising 1,693 sq m to lease expiries (3.70 to break options) (18,256 sq ft) of office accommodation • A current total income of £337,508 per together with a further three buildings annum which reflects a low average rent which have been sold off on a long of only £199 per sq m (£18.49 per sq ft). leasehold basis. • We are instructed to seek offers in excess • Old Woking is 2 km (1.25 miles) south of £2,600,000 (Two Million Six Hundred west of Woking which is an affluent south Thousand Pounds), exclusive of VAT which east M25 town. reflects a triple net initial yield of 11.67% • The Links Business Centre is situated after purchaser’s costs of 5.80%. adjacent to Hoebridge Golf Course and • Minimum reversion in Jan 2015 to 11.94% set in an attractive landscaped setting. • This provides a low capital value of only • Multi-let to Berkeley Group plc (5A1), £142 per sq ft. Subject to Contract. Avia Solutions (1A1), Oxford Strategic Marketing (2A1), Pilgrims Group Ltd (2A2) and Surrey Addictions Advisory Services.

Home I Executive summary I Location I Situation I Description I Tenure I Tenancy I Floor plan I Site I Covenant status I Proposal I Contact Links Business Centre Old Woking, Surrey GU22 8BF

Location

Please click on maps to link to online Bing maps Location Woking is one of the principal commercial centers in Surrey and Heathrow and Gatwick International Airports are Woking has attracted a number of established multi-national is situated 36.2 km (22.5 miles) southwest of London and 8.5 km situated 19.7 km (12.25 miles) and 31.4 km (19.5 miles) to the and national companies such as TAG McClaren, Phillips (5.25 miles) north of Guildford. northeast and southeast respectively. In addition there are Petroleum, Allianz Cornhill, Cap Gemini, SAB Miller, Yum excellent rail links from Woking Railway Station to London Restaurants Lastminute.com. and Telewest The town is strategically located with nearby access to the M25 Waterloo (quickest journey time of 24 minutes). Woking Railway Junction 11 being 6.4 km (4 miles) to the northeast, the M3 Station is located just 1.9 km (1.2 miles) to the northwest. being 11.3 km (7 miles) to the north, the M4 being 20.4 km (12.7 miles) to the north and the A3 London to Portsmouth trunk road 3.9 km (2.4 miles) to the south.

Home I Executive summary I Location I Situation I Description I Tenure I Tenancy I Floor plan I Site I Covenant status I Proposal I Contact Links Business Centre Old Woking, Surrey GU22 8BF

Home I Executive summary I Location I Situation I Description I Tenure I Tenancy I Floor plan I Site I Covenant status I Proposal I Contact

Links Business Centre Old Woking, Surrey GU22 8BF

Situation The Links Business Centre is situated 6.4 km (4 miles) west of the M25 between the M3, 11.3 km (7 miles) to the north and the A3, 3.9 km (2.4 miles) to the south.

All three of these major routes provide fast links with the rest of the country both to and from Woking. The site is situated just 1.9 km (1.2 miles) south east of Woking Railway Station which provides access to London with a journey time of approximately 24 minutes. The Links Business Centre is situated in landscaped grounds one mile southeast of the town centre and fronts on to Old Woking Road (B382) which leads in to Old Woking town centre. The site shares a turning with the Hoebridge Golf Club. Description The Links Business Centre, with its landscaped grounds offers a unique and picturesque working environment. • Excellent natural light Links 4 and 5 and the Farmhouse (which is converted to residential apartments) are sold off by way of long leaseholds • Double-glazed fenestration Completed in 2001, The Links Business Centre is a development at a peppercorn rent for a term of 125 years less 10 days from of 5 high quality buildings and a converted farmhouse of which • Clear open plan offices 8th June 2001 expiring 2126 (over 114 years unexpired term). Links 1, 2 and 3 are the income producing buildings. These These buildings are outlined on grey on the following site plan. • Full accessed raised floors with fitted carpet tiles throughout buildings are outlined in blue on the following site plan. The site All of these interests contribute to the estate’s upkeep by way of is served by 123 car parking spaces. an estate service charge available upon request. We understand that Links 1 and 2 are new buildings of steel frame construction while Link 3 is a converted timber framed Tenure building. All three properties are characterised generally by The property is held by way of a long leasehold at a providing good open floor plates and provide a high standard peppercorn rent for a term of 125 years from 8th June 2001 specification, including: expiring June 2126 (over 114 years unexpired term).

Home I Executive summary I Location I Situation I Description I Tenure I Tenancy I Floor plan I Site I Covenant status I Proposal I Contact Links Business Centre Old Woking, Surrey GU22 8BF

Tenancy The primary income producing parts of the property are let in accordance with the following tenancy schedule:

Area Area Lease Expiry Rent Rent Tenant Name Demise Break £/sq m Comments (sq m) (ft²) Start Date (pa) (£/sq ft) Vendor will top up the rent to the rent commencement date of 25/12/12. Tenant to receive a 4 month rent free Berkeley Group £171.69 Links 1 541.44 5,828 05/07/2012 04/07/2017 05/07/2015 £92,960 period if the break is not exercised. plc (£15.95) There is a service charge cap at £8,715 per annum which is increased with RPI. Southern £216.02 There is a service charge cap at Addictions Links 2 - part 189.62 2,041 07/06/2006 06/06/2016 07/06/2013 £40,960 Advisory ground floor (£20.07) £11,589 per annum. Services

Links 2 – part £236.81 Avia Solutions ground & 211.26 2,274 19/05/2008 18/05/2013 £50,028 Ltd part first floor (£22.00)

Oxford £216.48 Strategic Links 2 – part 216.26 2,328 10/08/2010 09/08/2015 £46,820 Marketing Ltd first floor (£20.11)

Fixed rental uplift to £112,000 per £198.61 annum on 24/01/15. Part ground floor Pilgrims Group Links 3 537.44 5,785 24/01/2005 23/01/2020 £106,740 Ltd (£18.45) sublet to Kentex Electric (Southern) Ltd until 22/01/2020.

TOTAL 1,693.02 18,256 £337,508

Note: All leases are subject to the exclusion of sections 24-28 Landlord and Tenant Act 1954.

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Links Business Centre Old Woking, Surrey GU22 8BF

Floor plan Site The following are typical of the Links Business Centre interior: The site area is 1.557 ha (3.848 acres).

Links 1

Links 2

Service Charge The service charge budget for 2011/2012 is to £96,896.25 per annum. This equates to £57.78 per sq m (£5.31 per sq ft). It should be noted that there is a service charge cap on Links 2, Unit 2 (Sothern Addictions Advisory Service) as a consequence there is a service charge short fall of £14,245 per annum. There is also a service charge cap on Links 1 of £8,715 per annum. This is increased in line with RPI annually.

Home I Executive summary I Location I Situation I Description I Tenure I Tenancy I Floor plan I Site I Covenant status I Proposal I Contact Links Business Centre Old Woking, Surrey GU22 8BF

Covenant status 31 Dec 2010(£) 31 Dec 2009 (£) 31 Dec 2008 (£) Comments Turnover 2,358,000 2,437,000 3,227,000 D&B – 1A1 Represents a Net Worth 1,026,000 995,000 1,110,000 Links 1 – The Berkeley Group Plc minimum risk Net Current Assets 1,005,000 967,000 1,056,000 of business The Berkeley Group comprises a number of development companies failure. including Berkeley, St James, St George, St Edward, Berkeley First, Berkeley Commercial and Berkeley Partnership. The Group has a Links 2 – Oxford Strategic Marketing Ltd number of joint venture development partners including Thames Water and Prudential. The Berkeley company is the Group’s longest The tenant are marketing consultants who have been established established brand, founded in 1976 creating medium to large-scale for over 20 years who are focused on providing high level strategic developments in towns, cities and the countryside, encompassing advice from a customer’s perspective. Further information can be executive homes, mixed use schemes, riverside apartments, found at: www.oxfordsm.co.uk refurbished historic buildings and urban loft spaces. For more Dun & Bradstreet have rated the company 2A1 and their information visit: www.berkeleygroup.co.uk summarised figures for the last three years are: Dun & Bradstreet have rated the company 5A1 and their 31 Dec 2010 (£) 31 Dec 2009 (£) 31 Dec 2008 (£) Comments summarised figures for the last three years are: Turnover 8,475,414 8,068,063 7,588,711 D&B – 2A1 30 Apr 2011 (£) 30 Apr 2010 (£) 30 Apr 2009 (£) Comments Represents a Pre-Tax Profit 1,253,033 824,062 1,010,201 minimum risk Pre-Tax Profit 108,526,747 56,813,193 159,944,308 D&B – 5A1 Net Worth 1,990,754 1,612,981 1,427,112 of business Represents a failure Net Worth 1,802,282,155 1,701,364,534 1,674,872,710 Net Current Assets 1,946,751 1,577,190 1,441,350 minimum risk Net Current 400,887,579 193,864,565 746,287,198 of business Assets failure. Links 3 – Pilgrims Group Ltd

Links 2 – SADAS The company is involved in risk management, security and service support that identifies and manages risk and operate as a detective Based in Guildford SADAS (Surrey Alcohol and Drug Advisory Service) agency and provide protective services. Further information can be is a voluntary organisation which is funded by Surrey County Council. found at: www.pilgrimsgroup.com Further information can be found at: www.sadas.org.uk Dun & Bradstreet have rated the company 2A2 with a tangible net worth of £3,753,844. Links 2 – Avia Solutions Ltd 30 Nov 2010 (£) 30 Nov 2009 (£) 30 Nov 2008 (£) Comments Established in 2001 Avia Solutions provide management consultancy services for the air transport industry. Further information can be Turnover 21,672,940 15,940,798 - D&B – 2A2 Represents Pre-Tax Profit 1,277,594 2,772,097 (170,425) found at: www.aviasolutions.com a lower than Net Worth 3,753,844 3,110,073 1,475,342 average risk Dun & Bradstreet have rated the company 1A1 and their summarised of business figures for the last three years are: Net Current Assets 2,600,680 2,572,314 1,117,212 failure

Home II Executive summary summary I I Location Location I I Situation Situation I I Description Description I ITenure Accommodation I Tenancy I I FloorTenure plan I TenancyI Site I I Covenant Covenant status status I ProposalI VAT I IProposal Contact Links Business Centre Old Woking, Surrey GU22 8BF

Proposal Further information The net income receivable equates Please click on an icon below: to £321,128 pa after allowing for the service charge shortfalls. We are instructed to seek offers in excess of Simon Eddy – 020 7911 2620 £2,600,000 (Two Million Six Hundred Simon Eddy [email protected] Thousand Pounds). Charles Fletcher – 020 7911 2654 Exclusive of VAT which reflects a triple net initial yield of Charles Fletcher 11.67% after allowing for the service charge shortfalls and [email protected] purchaser’s costs of 5.80%. This provides a low capital value of only £142 per sq ft. Subject to Contract. Property website GVA, 10 Stratton Street Minimum reversion in January 2015 to 11.87% following the and downloads fixed increase on Links 3. London W1J 8JR

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GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com

GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to 08449 02 03 04 this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. September 2012 08500 gva.co.uk/4695