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FOR SALE RARE HQ OFFICE REPOSITIONING OPPORTUNITY 24,038 SQ FT ON 0.57 ACRES SUPERB 47 CLARENDON ROAD • WATFORD • WD17 1HP OPPORTUNITY #2 ESTABLISHED The existing building provides 1970s built office accommodation over ground and 2 upper floors with basement parking. The property has been measured in accordance with the RICS Code of Measuring Practice and provides the following approximate areas: FLOOR NET INTERNAL AREA GROSS INTERNAL AREA SQ M SQ FT SQ M SQ FT Basement - - 2,104.62 22,654 Ground 942.61 10,146 1,037.28 11,165 First 646.48 6,959 746.82 8,039 Second 644.12 6,933 746.82 8,039 Third - - 262.88 2,830 TOTAL 2,233.21 24,038 4,635.54 49,897 PARKING SITE AREA 85 car spaces at grade and basement level. 0.57 acres (0.23 ha). PROPERTY 47 CLARENDON ROAD • WATFORD • WD17 1HP #3 First EXISTING FLOOR PLANS Basement Second Ground Third 47 CLARENDON ROAD • WATFORD • WD17 1HP #4 Hemel Hempstead A1(M) Cheshunt M25 Enfield M1 Watford A10 M11 Edgware FLAGSHIP Harrow M40 A1 • Situated on the edge of North London and the Romford commuter belt of Hertfordshire and South Wembley Bucks, Watford is ideally placed for continued A40 A406 A41 growth and to become even more dominant as Hayes an office location going forward Slough London A13 • Watford town centre has three mainline train M4 stations, Watford Junction, Watford High Street and North Watford, providing regular and direct access to Central London, with a fastest journey time of 16 minutes to London Euston, and numerous Greater London destinations Watford is the principal commercial Watford Junction centre in the north Station and Car Park M25 benefiting from LOCATION exceptional rail and road connections. Clarendon Road St Albans Road Additional direct rail connections to West Herts • College Birmingham, Central Milton Keynes, Hemel A412 Hempstead and St Albans Abbey from Watford P Radlett Road Playing Fields Junction and Rickmansworth, Amersham, Cassiobury Park CitiPark Sutton CitiPark Gade Car Park Chesham, Harrow-on-the-Hill from Watford Car Park Metropolitan Line P A411 Upton Road • The town lies 15 miles north west of Central Rickmansworth Road West Hertfordshire intu London, 6 miles south east of Hemel Exchange Road Sports Ground Watford Hempstead and 8 miles south west of St Albans A4178 • Junction 20 of the M25, 4 miles north west Watford provides quick access to the national motorway High Street network, and junction 5 of the M1, 2 miles to the Station north east, provides a direct route southbound into Central London 47 CLARENDON ROAD • WATFORD • WD17 1HP #5 Direct access to Central London, with a fastest journey time of 16 minutes to WELL London Euston CONNECTED M1 (J5) M25 (J20) Hemel Hempstead St Albans Central London 2 miles 4 miles 6 miles 8 miles 15 miles London Euston Milton Keynes Clapham Junction St Albans Birmingham New Street 16 mins 22 mins 41 mins 16 mins 69 mins Luton Heathrow Stansted Gatwick 18 miles 22 miles 45 miles 57 miles 47 CLARENDON ROAD • WATFORD • WD17 1HP #6 51 The building is on 42-44 Clarendon Road, the prime office district in Watford Victoria House 40 Cambridge House Edward Hyde Building Beechen Grove 45 Clarendon Road Clarendon PERFECTLY 41-43 36 34 Hannay 37 House SITUATED 47 CLARENDON ROAD • WATFORD • WD17 1HP #7 LOCAL OCCUPIERS 1 TJX 7 ACI 2 KPMG 8 Veale Wasbrough Vizards 3 PwC 9 HYDE – L&G refurbishment 4 Ralph Lauren 10 Wickes head office 5 Wunderman Thompson Commerce 11 Hilton Hotels Europe head office IN GOOD 6 Employment Tribunal Service 12 JD Wetherspoons head office 10 COMPANY 11 Intu Watford 12 Cineworld Watford Junction Station Holiday Inn 2 1 4 3 9 5 Jury’s Inn Watford Palace Theatre 7 6 8 NRG Gym TJK Europe New HQ 53CR site Sainsbury’s A412 St Albans Road Iceland CitiPark Gade High Street A411 Beechen Grove PLANNING Watford Borough Council has been supportive of major development projects in recent years, particularly on Clarendon Road where the retention of employment space has been at the forefront and high rise buildings have been permitted. Clarendon Road is subject to an Article 4 Direction restricting the conversion of the building to residential under Permitted Development. PRE-APPLICATION A pre-application has been undertaken with Watford Borough Council for the following: • Refurbishment and extension of existing building for office use, Class B1 (a) • Two storey roof extension to provide additional 1,020 sq m of office accommodation, NIA increasing from 2,294 sq m to 3,314 sq m (44% uplift), plus commercial amenity space on first and fifth roof levels • Facade enhancements to existing building, improvements to the ground floor entrance and public realm • Car parking provision retained within basement and cycle parking provided The response from the council is overwhelmingly positive for a design led redevelopment as proposed. AND POTENTIAL 47 CLARENDON ROAD • WATFORD • WD17 1HP #9 47 CLARENDON ROAD • WATFORD • WD17 1HP #10 OPPORTUNITY TO REPOSITION THE BUILDING IN A CONTEMPORARY STYLE AS HAS BEEN DONE RECENTLY ON CLARENDON ROAD WITH EXCELLENT RESULTS. GNR8 - formerly Victoria House 40 Clarendon Road Hyde 47 CLARENDON ROAD • WATFORD • WD17 1HP #11 Ground PROPOSED FLOOR PLANS Basement First 8 Cycles 8 9 Cycles 9 POTENTIAL PRE-APP SCHEME (NET INTERNAL AREA) Floor Office Terrace Typical Second / Third / Fourth Fifth 420 sq m 4,517 sq ft Fourth 539 sq m 5,800 sq ft Third 539 sq m 5,800 sq ft Second 641 sq m 6,900 sq ft First 641 sq m 6,900 sq ft 439 sq m 4,723 sq ft Ground 725 sq m 7,803 sq ft Reception 229 sq m 2,469 sq ft Total 3,314 sq m 35,672 sq ft 859 sq m 9,240 sq ft 47 CLARENDON ROAD • WATFORD • WD17 1HP #12 WATFORD MARKET OVERVIEW • The total office stock for Watford is approximately 4.6 million sq ft and this includes both the town centre and out of town markets. • These statistics do not include the fact that • Rents in the town have hit a new high of £36.50 psf at Columbia TJX Europe (TK Maxx) will start to occupy Threadneedle’s 40 Clarendon Road, which is refurbished Grade A as its newly constructed 200,000 sq ft HQ on opposed to brand new Grade A. Record rent Clarendon Road during 2021 while retaining • Rents approaching £40.00 per sq ft might be expected in the next 24-36 achieved in 2020 a proportion of its current estate. months for the very best space. and sustained in • Key supply of c.370,000 sq ft comprising • Since June 2020, take-up of 100,000 sq ft and further space under subsequent letting. 170,000 sq ft in the town centre, 60,000 offer despite the Covid pandemic, other business headwinds, and a sq ft on Croxley Park and 134,330 sq ft diminished choice of space for occupiers. elsewhere out of town, most notably 97,748 sq ft tenant space at Leavesden on behalf of ASOS. • A notable lack of Grade A office readily available, only L&G’s 68,000 sq ft HYDE refurbishment and the 10,000 sq ft floor • Take-up shows a 5 year average of over 200,000 sq ft per at Columbia Threadneedle’s 40 Clarendon annum in Watford. Watford is the largest Road provide high quality Landlord space. • The total take-up for whole of the NW M25 in the past 5 years • A new building of 80,000 sq ft is under and most dominant equates to 2,500,000 sq ft meaning that Watford is responsible Less than 2 years construction at Croxley Park, known office market in the for 45% of all take-up. supply based on as Building 1, following the successful north London and • An interesting highlight of 2020 is that none of the tenants were typical take-up. development of the fully let Building 2. North M25 sector. originally from Watford but attracted from Harrow, Southall, Uxbridge, St Albans, Radlett and Denham. This suggests there is still outstanding churn to come from indigenous Watford occupiers as would be typical in other years. 47 CLARENDON ROAD • WATFORD • WD17 1HP #13 KEY TAKE-UP IN WATFORD Date Address Size (sq ft) Tenant Lease Details Rent (psf) Landlord U/O Royalty House, 10 King Street 23,379 Magistrates Court TBC TBC Aviva Department of Work & Jan 21 Egale 2, St Albans Road 17,076 5 year lease, 3 year break, 5 months’ rent free £32.00 Columbia Threadneedle Pensions Jan 21 GNR8, 49 Clarendon Road 1,907 Parasol Homes Ltd 5 year lease £34.75 RO Real Estate Oct 20 1 Blackmoor Lane, Croxley Park 10,147 Clinisupplies 11 year lease, 6 year break , 12 months’ rent free £19.71 Watford Borough Council Oct 20 Ground Floor, 40 Clarendon Road 8,696 15 Marketing 10 year lease, 5 year break, 12 months’ rent free £36.50 Columbia Threadneedle St Andrews House, Belfry Business Park, SpaMedica Oct 20 c.8,000 10 year lease, 5 year break and 6 months’ rent free £25.00 Columbia Threadneedle Colonial Way (Medical Use) 10 year lease, 5 year break, 18 months’ rent free Aug 20 Part Ground Floor, B3, Croxley Park 14,230 Vibrant Foods £27.60 av. Watford Borough Council (6 month rf or pen on break) Aug 20 Part 2nd Floor, B4, Croxley Park 10,045 CSL DualCom 10 year lease, 6 year break, 19 months’ rent free £28.50 Watford Borough Council June 20 2nd, 3rd & 4th, 40 Clarendon Road 28,211 PwC 15 year lease, 10 year break, 22 months’ rent free £36.50 Watford Borough Council 20 year lease, no breaks, 5 yearly rent review, Oct 19 Egale 2, 78 St Albans Road 17,071 Finest Dental £31.00 Columbia Threadneedle 31 months’ rent free May 19 2 Century Court, Tolpits Lane 9,500 Direct Save Telecom Freehold sale £1.7m £179 F/H Private vendor Oct 18 Building 2, Croxley Park 20,712 Regus 10 year lease, 28 months’ rent free £32.00 Columbia Threadneedle Oct 18 Building 6, Leavesden Park 9,548 Mane Contract Services 10 year lease, 5 year break, 9 months’ rent free £21.50 Warner
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