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FREEHOLD OFFICE INVESTMENT 1 2 Investment Summary

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FREEHOLD OFFICE INVESTMENT 1 2 Investment Summary MANOR ROYAL BUSINESS PARK | CRAWLEY FREEHOLD OFFICE INVESTMENT 1 2 investment summary Asset Information • Highly specified, landmark South East office building arranged over 118,673 sq ft across ground and seven upper floors. Size: 118,673 sq ft • Prominent location on Manor Royal Business Park, one of the most established business locations in the South East, providing strategic access to Gatwick Airport. Vacancy: 4.2% • A total passing rent of £2,024,598 per annum. This equates to Rent: £2,024,598 pa £15.82 per sq ft overall on the let accommodation, excluding the car parking income. Rent psf: £15.82 (on let, excl. • Let to 11 tenants on 13 occupational leases, including British car park licence Airways, Avios, Elekta, Aerdata (with a guarantee from Boeing), income) Westcon, Tesco, Concur and Snap Fitness. • 95% of the income is let to tenants with a Credit Rating score of Market £2,505,682 pa over 80/100 ‘Secure’ (from FAME and Dun & Bradstreet). Rent: • Over 50% of the income is from tenants directly related to air travel and benefitting from Astral Towers’ proximity to Gatwick Market £19.64 (excl. car Airport. Rent psf: park licence • Significant eversionaryr potential, with the recent letting on the income) Third Floor to IAGO Solutions at £22.50 per sq ft providing the latest rental evidence within the building. The property has a WAULT: 3.6 years to total overall Market Rent of £2,505,682 per annum. expiries and 2.5 • A WAULT of approximately 3.6 years to expiries and 2.5 years years to breaks to breaks, which allows the opportunity to significantly increase rents in the short to medium term. Tenure: Freehold • A low vacancy rate of 4.2%. • Benefits from considerable recent capital expenditure, with over £2 million invested over the last three years (including £685,000 on refurbishing the cladding, £150,000 to replace the chiller and £390,000 on refurbishing the sixth floor). • An exceptional car parking provision, with 624 spaces providing a ratio of 1:190 sq ft. • Benefits from a number of asset management opportunities including letting the vacant accommodation. • Offers are invited in excess of £25,700,000 (Twenty Five Million Seven Hundred Thousand Pounds), Subject to Contract and exclusive of VAT. • This reflects aNet Initial Yield of 7.38% and a Reversionary Yield of 9.13% (assuming purchaser’s costs of 6.76%) and a capital value of £217 per sq ft. ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA 3 4 Prominently located on Manor Royal Business Park, one of the most established business locations in the South East. ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA 5 6 GATWICK AIRPORT ROYAL MAIL PREMIER INN HAYES & JARVIS VIRGIN ATLANTIC ELEKTA BOEING WICKES ELEKTA new headquarters ACORN RETAIL PARK building Now trading including M&S Food A23 LONDON ROAD THALES COUNTY OAK RETAIL PARK ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA 7 8 location situation 16 A M40 2 Gatwick / Crawley is an established office location 3 The property is situated on Manor Royal Business within the county of West Sussex, lying approximately LON Park, approximately 1.5 miles north of Crawley town St. Pancras/ DO 32 miles south of London and 22 miles north of King’s Cross N ROA centre and two miles south of Gatwick Airport. The Brighton. 15 M4 CENTRAL Jct 9a property is prominently located fronting the A23 D Jct 9 Heathrow (London Road), which acts as one of the major links The town benefits from excellent transport LONDON Farringdon between Crawley and Gatwick Airport. There is easy communications and Crawley town centre lies Gatwick Airport M3 Gatwick access to the M25 motorway via the M23 motorway approximately four miles south of London Gatwick B2037 Station from either Junction 9 (2.5 miles to the east) or Airport, the UK’s second largest airport serving over 12 B2036 BALCOMBE RO Victoria London Bridge Junction 10 (3.5 miles to the east). 220 locations around the world and generating A23 LONDON ROAD approximately 23,000 on-airport jobs and a further Clapham Manor Royal is one of the largest business districts in 13,000 related jobs. Junction the South East and a major mixed use employment East Croydon area. It consists of approximately 600 acres of There are also excellent road connections as the town industrial and office uses as well as leisure and is located approximately two miles west of the M23 BETTS WAY FLEMING WAY M25 retail offerings. Approximately 500 businesses motorway, which directly links (via Junctions 10, 10A AD create 30,000 jobs within the park. Occupiers are and 11) to Junction 7 of the M25 giving access to Jct 10 7 CRAWLEY AVE D from a wide variety of sectors including financial, London to the north and the South Coast to the south. A O R A2011 professional services, manufacturing and a number M23 N A O 221 Additionally, there is a fastest journey time of 28 D of airline and travel businesses due to the proximity B2036 BALCOMBE RO N GATWICK EXPRESS 9 minutes to London Bridge from Three Bridges Station O Three of the park to Gatwick Airport. Gatwick L 9 THAMESLINK Bridges (to the east of the town centre). 3 M23 SOUTHERN 2 The park also benefits from a number of amenities, A CRAWLEY NORTHGATE AVE with Tesco Express part of the subject property and 11 the adjacent recently developed Acorn Retail Park complementing the Tesco offering with an M&S A Crawley 221 Simply Food, an Aldi and a Smyths Toys. There is AD A2220 9 also a Premier Inn and Ibis Hotel nearby and County A23 Oak Retail Park lies to the south of the property, A264 having been completed in 2016, and providing one A264 of Crawley’s premier out of town retail destinations. Haywards Heath Jct 10a Jct 11 L ONDON RO GATWICK EXPRESS THAMESLINK A2 3 Brighton AD 7 8 ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA 5 STELLAR PARK, CRAWLEY’S PREMIER BUSINESS LOCATION 6 91 101 Astral Towers comprises 118,673 sq ft arranged • Suspended ceilings over ground and seven upper floors. The ground • Raised floors floor comprises a Tesco retail unit, the office • Perimeter trunking accommodation let to Concur and a Snap Fitness • Four pipe fan coil comfort cooling gym unit. The upper floors provide good quality office • Category II lighting accommodation consisting of a north and south wing • Double glazed windows constructed around a central core area. • Four 20 person passenger lifts • Male and female WCs on each floor The property was extensively refurbished in 2012 • Recently significantly refurbished external cladding and has also significantly benefitted from the recent description on the East and South elevations 2017 phased refurbishment of the external cladding • New chiller recently installed which serves the and replacement of the chiller. It benefits from the whole building. following specification including: • 624 car parking spaces providing an exceptional ratio of 1:190 sq ft. ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA 11 12 The property has benefitted from considerable capital expenditure in 2017 with the cladding recently refurbished and the chiller unit replaced. capital expenditure Over £2 million has been invested in the property over the last three years, following a significant refurbishment in 2012. 2012 The following improvement works were undertaken as part of an extensive refurbishment of the building’s common parts in 2012: - Creation of a new reception - Refurbishment of the lifts and installation of new operating gear - Male and female WCs on every floor - Refurbishment of the lift lobbies (including new ceilings, carpets and lighting) 2017 The asset has recently undergone considerable additional refurbishment, with extensive work undertaken to the cladding and the replacement of the chiller unit at a combined cost of £835,000. - £150,000 was spent on the replacement of the chiller, which is being recovered via the service charge over the 2017, 2018 and 2019 service charge years. - £685,000 was spent on the refurbishment of the cladding on the Eastern and Southern elevations. £185,000 of this is being recovered via the service charge over the same three year period, with the landlord contributing the remaining balance of approximately £500,000 as part of its original investment strategy. - Additionally, the landlord has undertaken works including: FCU replacement works totalling £352,000 (recovered over the last three years through the service charge); refurbishment of the sixth floor otallingt £390,000; conversion of ground floor cafe to office accommodation totalling £290,000; and car park works totalling £225,000. ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9XA ASTRAL TOWERS, MANOR ROYAL BUSINESS PARK, BETTS WAY, CRAWLEY, RH10 9AH 13 14 Floor NIA NIA accommodation (sq ft) (sq m) Ground Floor / Retail (by leased areas) The property has been measured in accordance with the RICS Code of Measuring Practise (6th Edition). A Unit B 4,144 385.1 Plowman Craven Measured Survey dated May 2017 is Unit C 7,603* 706.3 assignable on request and provides the following net internal areas: Offices (by leased areas) Part Ground Floor 630 58.5 (Store) First Floor 14,507 1,347.7 tenure Second & Third Floor 23,457 2,179.2 Freehold.
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