Copthall House 9 Grove Road
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Copthall House 9 Grove Road Sutton Greater London Office Investment with Residential Development Potential • Modern, multi-let, town centre office building, with excellent residential potential. • Freehold. Investment Summary • Sutton is the principal town of the London Borough of Sutton located 13 miles (21 km) south of Central London. • Situated within 300 metres of Sutton train station and in close proximity to excellent local amenities. • Comprising 40,126 sq.ft well specified office building, split into two wings. • Let to the undoubted covenant of UK Government and Fresenius Medical Care Renal Services Ltd, (with guarantee from Fresenius Medical Care (Holdings) Ltd). • WAULT of 3.35 years to expiry. • Current passing rent £388,399 per annum (average of £12.91 per sq.ft on the let space). • Full vacant possession can be achieved by April 2021. • Exceptional development potential through a consented 32 unit residential redevelopment of the West Wing and a positive pre-application meeting with Sutton Council to redevelop the entire site creating a 128 unit residential scheme with 9,258 sq ft of ground floor retail. • We are instructed to seek unconditional offers in excess of £11,000,000 (Eleven Million Pounds), subject to contract and exclusive of VAT. • Capital value of £275 per sq.ft. ST NICHOLAS SHOPPING CENTRE TIMES SQUARE SHOPPING CENTRE SEVENTEEN SUTTON SUTTON COURT POINT CIVIC CENTRE HIGH STREET QUADRANT HOUSE MORRISONS SUTTON RAILWAY STATION 4 Copthall House, 9 Grove Road, Sutton, SM1 1DA Copthall House, 9 Grove Road, Sutton, SM1 1DA 5 Location Sutton is the principal town of the London Borough of Sutton, an affluent Greater London suburb located 13 miles (21 km) south of Central London, 6 miles (10 km) west of Croydon and 8 miles (13 km) south east of Kingston-Upon-Thames. Sutton is a very popular commuter town. It higher than the London and national average. benefits from exceptional local amenity and Over 6,800 companies have chosen Sutton as connectivity to central London, which has their business base and since 2009, the number resulted in a high demand for residential of new business start-ups has almost doubled. housing from owner occupiers, ‘buy to let’ investors and the rental sector. Boasting some 1,500 acres of Parkland, the borough is one of London’s greenest. The Sutton has a highly-trained workforce with over Borough of Sutton also has some of the 40% of working age residents holding a degree best rated schools in the UK, including the level qualification. 80% of Sutton residents aged prestigious Sutton Grammar School. between 16 and 64 are economically active – A1M M11 M1 CHESHUNT WATFORD ENFIELD LOUGHTON BARNET EDGWARE M40 HARROW ROMFORD WEMBLEY ILFORD DAGENHAM STRATFORD M4 HEATHROW LONDON CITY AIRPORT HOUNSLOW M25 TWICKENHAM WIMBLEDON SIDCUP KINGSTON UPON THAMES MITCHAM BROMLEY WEYBRIDGE M3 ORPINGTON SUTTON CROYDON EPSOM M20 WOKING BANSTEAD CATERHAM M26 GUILDFORD DORKING M23 GATWICK EAST GRINSTEAD Not to scale. For indicative purposes only. 6 Copthall House, 9 Grove Road, Sutton, SM1 1DA Copthall House, 9 Grove Road, Sutton, SM1 1DA 7 Communications Road LONDON Sutton’s road communications are excellent with the A23 and A24 to the east and west of the town centre respectively, both providing direct access to Central London. The town has direct links via the A217 to junction 8 of the M25, 7.5 miles (12 km) to the south providing access to the wider VICTORIA FARRINGDON CITY ST PANCRAS LONDON motorway network beyond. THAMESLINK INTERNATIONAL BRIDGE Rail Air Sutton station (Thameslink and Southern services) Sutton is well located for swift road access to benefits from frequent, direct trains running to three of London’s business airports (Heathrow, several mainline Central London stations including Gatwick and London City). London Victoria, Farringdon (Crossrail), City Thameslink and St. Pancras International. NORTHERN LINE A3 THAMESLINK MORDEn SOUTHERN RAIL Rail Journey Times DESTINATION JOURNEY TIME WIMBLEDON 17 minutes LONDON VICTORIA 26 minutes CITY THAMESLINK 38 minutes SUTTON FARRINGDON 41 minutes ST PANCRAS INTERNATIONAL 46 minutes SITUATION A23 Distance to Airports The subject property is situated in Sutton town centre, in close proximity to excellent local AIRPORT DISTANCE amenities. The high street is within a short walking distance, providing a substantial retail and A217 London Heathrow Airport 16 miles (26 km) leisure offer including both the St Nicholas and Times Square shopping centres, as well-known London Gatwick Airport 18 miles (29 km) restaurants and gym’s. Sutton Central library is in close proximity to the subject site. London City Airport 23 miles (37 km) Sutton train station is situated on the High Street, approximately 300 metres from Copthall House and provides a variety of routes into central London and the rest of the home counties. J8 J7 M25 M23 GATWICK Not to scale. For indicative purposes only. 8 Copthall House, 9 Grove Road, Sutton, SM1 1DA Copthall House, 9 Grove Road, Sutton, SM1 1DA 9 Sutton Regeneration Sutton is an expanding and developing town. It has over 50 Sutton Point A landmark mixed-use apartments, a health & designated development currently fitness centre as well as under construction by retail and office space (with Sutton Court development sites in Ardmore and CMN Estates, basement parking), as in the heart of Sutton follows: 73 apartments developed its planning policy, town centre, offering a by Inspired Homes. The selection of one, two and 332 apartments. development completed in and approximately 150 three-bedroom apartments. 59 serviced apartments. Q2 2017 and to date they Practical completion is 80 bed hotel. are 93% sold out. scheduled for mid-2018. It 25,000 sq ft grade A office. in its draft Local Plan, will include a hotel, serviced 20,000 sq ft retail space. of which 47 are in the Town Centre. Subsea 7, Brighton Road Subsea7, a world leading subsea Seventeen, Sutton Court Road engineering company, recently competed their new 150,000 sq ft project office On This project developed by L&Q Homes, Brighton Road for their London Global consists of 96 residential units and one Projects division. The £40m BREAM commercial kiosk unit, arranged over 14 ‘Excellent’ building, currently employing storeys. PC was in Spring 2017. The units over 500 staff, was officially opened in are a mix of high quality 1 and 2 bed shared February 2017. ownership and private rented apartments. 10 Copthall House, 9 Grove Road, Sutton, SM1 1DA Copthall House, 9 Grove Road, Sutton, SM1 1DA 11 Description Copthall House was built in the early 1980’s. It is an L-shaped office building, providing two wings of office accommodation. The northern wing fronting Grove Road is arranged over ground and four upper floors whilst the western wing fronting Bridge Road is arranged over first and second floors. The property benefits from the following specification: • Comfort cooling. • Double glazing. • Suspended ceiling with integral lighting. • Two 10 person lifts (800 kg). • Raised floors. • Male & Female WC’s on every floor. • 2.4m floor to ceiling height. • Large reception area. • Gas fired boilers. • Undercroft car park with security barrier. 12 Copthall House, 9 Grove Road, Sutton, SM1 1DA Copthall House, 9 Grove Road, Sutton, SM1 1DA 13 Accommodation We have been provided with the following Net Internal areas. FLOOR USE AREA (sq.m) AREA (sq. ft) 4 FOURTH Office 545.8 5,875 Ancillary 4.8 51 Fourth Floor Total 550.6 5,926 THIRD Office 545.5 5,872 Ancillary 1.8 19 Third Floor Total 547.3 5,891 SECOND Office - North Wing 546.9 5,887 3 Office - West Wing 426.8 4,594 Ancillary 1.9 20 Second Floor Total 975.6 10,501 FIRST Office - North Wing 553.6 5,959 Office - West Wing 423.7 4,561 Ancillary 8.2 87 2 First Floor Total 985.5 10,607 GROUND Office 602.9 6,490 Reception 62.4 672 Ancillary 3.6 39 Ground Floor Total 668.9 7,201 1 GRAND TOTAL 3,727.9 40,126 The property is situated on a total site area of approximately 0.55 acres (0.22 hectares) providing a site cover of 57%. G Bridge Road Grove Road RECEPTION Not to scale. For indicative purposes only. 14 Copthall House, 9 Grove Road, Sutton, SM1 1DA Copthall House, 9 Grove Road, Sutton, SM1 1DA 15 Tenancy SCHEDULE FLOOR / SUITE Size (sq ft) Tenant Lease Rent Rent Term Certain Security of Use Class Comments Tenure Start Expiry Passing (per sq.ft) (Years) NORTH WING- GROVE ROAD Ground & Part First 12,449 Fresenius Medical Care Renal Services 02/04/2011 31/12/2020 £155,000 £12.45 3.20 No D1 £650,000 surrender premium Ltd (Guaranteed by Fresenius Medical payable on expiry. Care (Holdings) Limited Second, Third & Fourth 17,634 Secretary of State for Communities 18/04/2011 01/04/2021 £233,398 £13.24 3.45 No B1(a) New 3 year reversionary lease and Local Government from 02.04.2018. Rent reduced to £220,425 pa in lieu of rent free. WEST WING- BRIDGE ROAD Part First 4,561 Vacant B1(a) Rates payable: £30,255 per annum. Part Second 4,594 Vacant B1(a) Rates payable: £30,255 per annum. - 7 Sutton 29 32 Reception 672 34 Car Park 30 25 Ancillary / Storage 216 26 28 Substation The South Eastern Electricity Board 31/03/1982 30/03/2081 £1.00 23 21 TOTAL 40,126 £388,399 £12.9119 gton nnin 16 Do e ous S H o u t Tenancy Tenure Covenant Information h P o i 14 n Retail t B r i 12 1 g 3 h t The property is let in accordance with the Tenancy The property is held freehold. The Secretary5 of State iso an undoubted covenant.