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One Park Lane, Hemel Hempstead, HP2 4YL Freehold M25 Headquarters Office Investment

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One Park Lane, Hemel Hempstead, HP2 4YL Freehold M25 Headquarters Office Investment One Park Lane, Hemel Hempstead, HP2 4YL Freehold M25 Headquarters Office Investment 64% of total income secured for 20 years with upwards only CPI increases every five years Investment Summary • One Park Lane is the premier office building in Hemel Hempstead town centre. • It is situated on a 0.87 acre site within a few minutes walk of the Riverside and Marlowes shopping centres, only 1.5 miles from the M1 motorway (J8) via the A414 and 4.5 miles from the M25 motorway (J20) via the A41. • The building was constructed in 1989 and comprises 9,057.40 sq.m. (97,490 sq.ft.) of air-conditioned office accommodation on ground and three upper floors with the benefit of 317 car spaces (1:308 sq.ft.). • The building is let at a total rental of £1,227,380 pa reflecting only £12.59 psf. • 75% of the income is from Bourne Leisure Limited who occupy the building as their UK headquarters and who have recently committed to a new 20 year CPI indexed lease on approximately 70% of the accommodation. • Bourne Leisure is one of the UK’s largest leisure companies operating under three major brands, Haven Holidays, Warner Leisure Hotels and Butlins, employing nearly 12,000 staff across 52 sites around the UK. • The average weighted unexpired term on the property is 13.5 years We are instructed to seek offers for the freehold interest in excess of £14,500,000 (Fourteen million, five hundred thousand pounds), subject to contract and exclusive of VAT, after allowing for the usual costs of purchase. This reflects a net initial yield of 8.00% with CPI linked upwards only reviews on the Bourne Leisure Limited lease in June 2016, 2021 and 2026. The quoting price reflects a capital value of only £149 psf. WICK PETERHEAD INVERNESS ABERDEEN FORT WILLIAM DUNDEE OBAN PERTH ST ANDREWS M90 M9 STIRLING M80 M9 GLASGOW EDINBURGH M8 M77 BERWICK UPON-TWEED DUMFRIES M74 NEWCASTLE UPON TYNE CARLISLE A66(M) MIDDLESBOROUGH M6 SCARBOROUGH A1(M) YORK BRADFORD LEEDS BLACKPOOL M55 M65 M62 M6 M66 M1 M180 M61 M58 M18 MANCHESTER DONCASTER LIVERPOOL M57 SHEFFIELD M53 M56 M56 LINCOLN M1 CAERNARFON CHESTER BOSTON WREXHAM NOTTINGHAM STOKE- ON-TRENT DERBY KING'S LYNN M6 Location NORWICH SHREWS BURY WELSHPOOL Hemel Hempstead is a key south east commercial centre benefitting from exceptional communication M54links and an abundant high quality workforce. LEICESTER Following it’s designation as a New Town in 1947, HemelM42 has grown rapidly and enjoyedWOLVERHAMPT significantON and continued inward investment. It is the PETERBOROUGH most populated urban area in Hertfordshire with a resident population of M69 approximately 83,000 (2001 Census), a district population of 138,000 and over 1 million people within a 12 miles catchment area. M6 A1(M) Hemel benefits from some of the best communicationBIRMINGHAM links in the south east located adjacent to the M1 motorway (junction 8), 25 miles north of COVENTRY ABERYSTWYTH central London close to its intersection withM42 the M25 motorway. Luton Airport is just 10 miles to the north and the town is served by the London Midland Rail service with regular links to London Euston (26 minutes), Milton Keynes, Birmingham and the north. NORTHAMPTON This unrivalled accessibility, skilled labour force (almost a quarter of local CAMBRIDGE residents have a degree or higher qualifications) and proximity to Central London and London Airports has attracted over 400 UK and international IPSWICH businesses such as BP, Next, Epson,M5 Toshiba, DSG, ASOS.com, Kodak, M40 Steria GroupHEREF andORD 3COM. As a result the Unemployment Claimant Count MILTON in the Hemel travel to work area has been dropping steadily since it briefly KEYNES peaked in October 2009 inM50 contrast to the Country as a whole and as at M1 BRECON January 2011 stood at 3.0% compared to a national figure of 5.3% (HMSO Claimant Count Data). LUTON STANSTEAD CHELTENHAM CARMARTHEN HEMEL A1(M) HEMPSTEAD 8 AYLESBURY A414 A41 ST ALBANS M11 21/6a OXFORD M25 CIRENCESTER HIGH 20 WYCOMBE SWANSEA WATFORD M40 M4 SWINDON A34 LONDON READING BRISTOL M4 A4 WINDSOR HEATHROW M5 A4 BATH M2 CANTERBURY M3 M25 M23 A36 M20 A303 GUILDFORD DOVER GATWICK BARNSTAPLE A30 A3 FOLKESTONE M5 SALISBURY WINCHESTER A303 A36 BIDEFORD A30 BRIGHTON M27 A3(M) CHICHESTER A31 HONITON A35 SOUTHAMPTON EXETER A30 A35 NEWPORT BODMIN PLYMOUTH TORQUAY PENZANCE A414 to M1 One Park Lane Marlowes Shopping Centre Riverside Debenhams, H&M, Next andTKMaxx).Debenhams, H&M,Next by (anchored ShoppingCentre Riverside the new Island)and LookandRiver New Marks &Spencer, by (anchored ShoppingCentre The Marlowes Marlowes, the within area shopping pedestrianised walkofthe minutes Itiswithinafew motorway. theM1 to access direct the A414whichprovides withjunction the to close Centre of theTown heart inthe site ona0.87acre issituated The property Situation S T J O H N S R O A D S TA LEIGHTON BUZZARD ROAD A4146 TIO N R Riverside OA D A4 14 6 Shopping Centr PL OU HOUSE STREET G TER Marl H WA R O A414 U owes N D A THE MARL B OWES O ES U T e WOLSEY STREET One ParkLane PAPARRKK LLAANE S T A L B A N S R O A D A 4 1 4 1.5 mil es toM1 Description One Park Lane is a headquarters office building constructed in 1989 and is the best office building within Hemel Hempstead town centre. It comprises 9,057.04 sq.m. (97,490 sq.ft.) of office accommodation on ground and 3 upper floors with two levels of basement car parking providing 317 spaces (an excellent ratio of 1:308 sq.ft). The office accommodation provides column free open plan space divided into two wings (north and south) and benefits from: • A full height fully glazed reception area with two 16-person scenic lifts • Three additional 13-person lifts • Four-Pipe Fan-Coil Air-Conditioning • Cat II Lighting • Fully Accessible Raised Floors • Floor to Ceiling Heights within offices of 2.64m • Internal courtyard • 317 Car Parking Spaces (Ratio of 1:308) The landlord has recently replaced the chillers within the building and will be funding the refurbishment of the main reception area, the lift cars, and the toilets and lobby areas on the ground to second floors at a total cost of £235,000. Accommodation The property comprises the following net internal floor areas: Accommodation Wing Area Sq.M. Area Sq.Ft. Ground Floor North 816.24 8,786 South 1,580.64 17,014 2,396.88 25,800 First Floor North 828.87 8,922 South 1,581.94 17,028 2,410.81 25,950 Second Floor North 828.87 8,922 South 1,581.94 17,028 2,410.81 25,950 Third Floor North 837.98 9,020 South 1,000.56 10,770 1,838.54 19,790 Total North 3,311.97 35,650 South 5,745.07 61,840 9,057.04 97,490 MALE LIFT LIFT LIFT GARDEN TERRACE FEMALE ATRIUM Typical Floor Plan Tenure - Freehold Tenancies Bourne, as principal tenant within the property, has been appointed as facilities • The property is let for an average weighted unexpired manager of the building and will be term of 13.74 years. responsible for the implementation of an agreed planned preventative • The total rental is £1,227,380 pa reflecting £12.59 psf. maintenance (PPM) programme. In • 75% of the income is from Bourne Leisure Limited, addition, they will be responsible for the one of the UK’s largest leisure companies, who main reception area within the building occupy the property as their UK headquarters. and will provide access to their restaurant • 64% of the total income is for a term of 20 years facility on the ground floor to other subject to upwards only CPI increases every 5 years. tenants within the building. Full details on the PPM programme and service charge are available upon request. Tenant Name Accommodation Area Area Car Current Rent Lease Term Expiry Rent Comments Sq.M. Sq.Ft. Spaces Rent pa PSF Start Date Review Bourne Leisure Ground Floor 2,396.88 25,800 227 £784,069 £11.40 10/6/2011 20 9/6/2031 5 yearly Basic Service Charge exclusive Limited First Floor 2,410.81 25,950 linked to of utilities capped at £5.40 psf. Second Floor South 1,581.94 17,028 CPI capped Additional service charge relating to 6,389.63 68,778 at 5% planned preventative maintenance capped at £1.50 psf. Both reviewed annually in line with CPI. Bourne Leisure Second Floor North 828.87 8,922 27 £138,291 £15.50 10/6/2011 10 9/6/2021 10/6/2016 Service charge provisions as above. Limited Tenant’s option to break from 10/06/2016 on 6 months notice Vacant Third Floor North 837.98 9,020 28 £135,300 £15.00 2 2 year rent, rates and service charge guarantee from completion. Spectrum Part Third Floor South 591.79 6,370 20 £95,500 £14.99 19/8/2008 4 18/8/2012 Service charge capped at £6.50 psf Interactive inclusive of utilities. Tenant has right Limited to use 15 additional car spaces. If cannot be provided on site, external parking to be secured at Landlord’s cost. Carestream Part Third Floor South 408.77 4,400 12 £68,820 £15.64 3/3/2010 10 2/3/2020 3/3/2015 Service charge capped at £8.50 psf subject Health UK, to CPI increases. Tenant option to break Limited on 02/03/2013 subject to 12 month penalty and 9 months notice. Additional Tenant option to break on 02/03/2015 subject to 9 months notice.
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