Medway Bridge House Riverside House
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MEDWAY BRIDGE HOUSE RIVERSIDE HOUSE MAIDSTONE, KENT ME14 1JP Multi-let office investment prominently located in an affluent South East town-centre M1 M11 M25 A127 M25 LONDON SOUTHEND INVESTMENT M4 ON SEA DARTFORD SHEERNESS A2 SUMMARY M3 GILLINGHAM CHATHAM A299 M20 A228 M2 A229 SITTINGBOURNE RAMSGATE J4 M26 J6 A3 M25 A249 CANTERBURY A20 J7 A20 • Modern, multi-let office buildings prominently DORKING A228 A26 A21 MAIDSTONE M20 located in the county town of Kent M23 ASHFORD A229 DOVER TUNBRIDGE FOLKESTONE GATWICK WELLS A28 • Maidstone is situated approximately 32 miles A21 A23 A272 A259 to the South East of Central London and A24 16 miles to the east of Sevenoaks. A267 HASTINGS BRIGHTON • The property comprises two self-contained EASTBOURNE office buildings comprising 38,814 sq ft across ground and 4 upper floors • Exceptional town centre car-parking ratio of 1:266 sq ft • Multi-let to 4 tenants with a WAULT of 4.9 years to breaks and 8.96 years to expiries. • Allianz are the major occupier, accounting for 53% of the total income, having been in occupation of Medway Bridge House since the early 2000s. • Riverside House has recently been refurbished at a cost of c.£50 per sq ft • Passing rent of £601,648 per annum (£15.50 per sq ft) including rent guarantee on top floor of Riverside House • Offers in excess of £7,300,000 Subject to Contract. A purchase at this level reflects a Net Initial Yield of 7.73% allowing for purchasers costs of 6.63%, and a capital value of £188 per sq ft. • The property is not currently elected for VAT purposes, as such VAT is not applicable. M1 M11 M25 A127 M25 LOCATION LONDON SOUTHEND M4 ON SEA DARTFORD SHEERNESS A2 Maidstone is situated approximately 32 miles south east of Central London, 16 miles east of M3 GILLINGHAM CHATHAM A299 Sevenoaks, 8 miles south of Chatham and 27 miles south west of Canterbury. M20 A228 M2 A229 SITTINGBOURNE RAMSGATE J4 M26 J6 A3 M25 A249 CANTERBURY The town is situated on the River Medway at the junction of the A20 with the A26, the A229 A20 J7 A20 DORKING A228 A26 and the A249. Junctions 5, 6 and 7 of the M20 Motorway are all within 2.5 miles distance of A21 MAIDSTONE M20 M23 ASHFORD Maidstone Town Centre giving rapid access to the M2, M26, M25 London Orbital Motorway, the A229 DOVER TUNBRIDGE FOLKESTONE Dartford Crossing and Heathrow, Gatwick, Stansted and London City Airports. The Channel GATWICK WELLS A28 A21 Ports/Tunnel and Central London are all within approximately 1 hours drive of the town. A23 A272 A259 A24 Maidstone is both a county town and the principal administrative centre of Kent, with a A267 population of approximately 150,000. HASTINGS BRIGHTON EASTBOURNE A DEMOGRAPHICS 2 2 9 Maidstone has a large skilled labour force due to its central position locationally amongst the affluent surrounding Kent areas of Tonbridge, Sevenoaks, West Malling and Sittingbourne. With current unemployment at 0.8% and a workforce of c. 85,000 people, the dominant MAIDSTONE employment sectors are focused on Finance and Business services, ICT and administration accounting for about 25% of total jobs. J6 POPULATION The town has a total office stock of some 2,000,000 sq ft with a current availability at circa 2% 150,000 APPROX which is the lowest recorded since 2000. In the last 4 years some 500,000 sq ft of offices in Maidstone town centre have been converted to alternative uses. There is no office space currently under construction across the Maidstone market therefore supply will become even tighter. M20 9 4 R A2 O Y A L E N G COMMUNICATIONS I N E E R J7 S Regular mainline train services connect Maidstone via its three stations to London Victoria, R O A Blackfriars, and London St Pancras with fastest journey times of approximately 53 minutes. D Ebbsfleet International Station is approximately 25 miles drive from the town, providing 4 trains per hour to London St Pancras with a journey time of just 18 minutes. A 2 2 9 D Y RO A E A O L D R X E O B N SITUATION . R R U W L O L B O HO L G LA N COUNTY ND N Medway Bridge House and Riverside House are located in a very prominent position overlooking R I D OA HALL D T O MAIDSTONE T I N EAST S R the River Medway at the junction of the High Street with Fairmeadow in Maidstone Town D O A A O R 9 D N 4 F A O 2 I Centre. Fairmeadow is the A229 dual carriageway and forms part of the Town Centre gyratory W I T R A A A E T M E 2 S E K 0 system. There is excellent access to Junction 6 of the M20 via the A229 dual carriageway. A S D T MAIDSTONE O R W EMLIN WALK E BARRACKS FR E THE MALL T D Maidstone town centre benefits from both the Chequers Mall Shopping Centre and the ST SHOPPING CENTRE A L R O EA T R RIVERSIDE Y S A T Fremlin Walk retail facility anchored by House of Fraser, with the pedestrianised Week Street RETAIL DW ME U HOUSE PARK C STREET G IN K G W ETER’S ST ETER’S T A linking these two centres. Close to the buildings is Earl Street which houses many of the P E B E R R I NE T E S L ST H ’S IG H towns restaurant offers. I Y H L L A A W SH PLAC FO B EY E R MEDWAY BRIDGE I CE AV ROMN R D R SHOP LA EN E OA S W PA L D A U Y There is also a significant quantity of offices in the town centre with occupiers including Kent HOUSE Y E T A20 T A W T RE E ER ST KNIGHTRID County Council, Maidstone Borough Council, Hidden Hearing, Invicta Law, MHA MacIntyre LAW MAIDSTONE COURTS A A26 WEST 2 AD C Hudson, Whitehead Monkton Solicitors and many professional firms. Other local office 2 RO O 9 GE L ID L R E occupiers include ASB Law, Wilkins Kennedy Chartered Accountants and Towergate Insurance. NB G TO LOCKMEADOW E ENTERTAINMENT R CENTRE O A Maps not to scale. For indicative purposes only. D DESCRIPTION Medway Bridge House and Riverside House comprise a RIVERSIDE HOUSE has recently been refurbished to a high MEDWAY BRIDGE HOUSE has the following specification: purpose built office development constructed in circa 1990 standard, including the following specification: Gas fired central heating and air conditioning on a self-contained site. Medway Bridge House comprises Gas fired central heating four storeys of office accommodation over undercroft parking, Suspended ceilings whilst Riverside House comprises five storeys with a surface Suspended ceilings Recessed lighting car park above the Medway Bridge House car park. LED lighting Raised access floors The buildings are constructed of steel frame under low pitch Raised access floors 87 undercroft on-site car parking spaces metal roofs to open plan specifications. Medway Bridge New lift Male and Female toilets in each core at each level House contains two 8 person passenger lifts, whilst Riverside New carpeting House has a single lift. Medway Bridge House comprises 19,718 sq ft of office 59 on-site car parking spaces accommodation over 4 floors, together with 87 car parking Male and Female toilets included within each demise spaces equating to a ratio of 1:227 sq ft. The tenant, Allianz, has recently committed to the fourth floor of the building Riverside House comprises 19,096 sq ft of accommodation and will be undertaking a fit-out, including provision of with 59 car spaces equating to a ratio of 1:324 sq ft. new air conditioning. Allianz already had leases of the three The ground floor is let to a Snap Fitness franchisee and is other floors. fully fitted out as a gym. The four upper floors are fitted out as offices with only the fourth floor currently not occupied. ACCOMMODATION The property has previously been measured in accordance with the then RICS Code of Measuring Practice. Our client has opted out of measurements under RICS Property Measurement IPMS3 Office except for the upper floors of Riverside House. SITE The property occupies a site of approximately 0.76 acres (0.31 hectares) TENURE The entire property is held Freehold. TENANCY MEDWAY BRIDGE HOUSE FLOOR NIA TENANT GUARANTOR COMMENCEMENT DATE TERM BREAK EXPIRY RENT PSF RENT REVIEW 1F 5,424 sq ft Allianz Management Services Ltd Allianz Holdings PLC 22.02.2018 10 years 21.02.2023 21.02.2028 £89,496 16.50 22.02.2023 2F 5,852 sq ft Allianz Management Services Ltd Allianz Holdings PLC 22.02.2018 10 years 21.02.2023 21.02.2028 £96,558 16.50 22.02.2023 3F 5,527 sq ft Allianz Management Services Ltd Allianz Holdings PLC 22.02.2018 10 years 21.02.2023 21.02.2028 £91,196 16.50 22.02.2023 4F 2,915 sq ft Allianz Management Services Ltd Allianz Holdings PLC 22.02.2018 10 years 21.02.2023 21.02.2028 £42,268 14.50 22.02.2023 19,718 sq ft £319,518 RIVERSIDE HOUSE GR 5,375 sq ft Enkay Investments Ltd (Snap Fitness Franchise) 08.05.2017 10 years NONE 07.05.2027 £80,625 15.00 08.05.2022 1F 3,776 sq ft Crowe Clark Whitehill LLP 01.09.2017 10 years 31.08.2022 31.08.2027 £112,530 15.00 01.09.2022 2F 3,726 sq ft Crowe Clark Whitehill LLP 3F 3,665 sq ft Questor Insurance Services Limited 01.10.2017 10 years 01.10.2022 30.09.2027 £54,975 15.00 01.10.2022 Includes 475 sq ft 4F 2,554 sq ft Vacant – 18 months rent, rates and service charge guarantee £34,000 15.00† restricted height 19,096 sq ft £282,130* TOTAL 38,814 sq ft TOTAL RENT £601,648 *Assumes letting of 4FL Upper floors of Riverside House IMPS3 Office.