HEADING REFURBISHED REVERSIONARY MULTI LET OFFICE INVESTMENT TILGATEONE FOREST GATEBUSINESS TILGATE BUSINESS PARK, PARK, CRAWLEY, CRAWLEY, RH11 RH11 9BP 9BP 1 INVESTMENT SUMMARY • Grade A, multi let office building arranged over ground and two upper floors. • Fully refurbished by the Landlord in 2018 at a cost of £2.9m, reflecting £118 per sq ft. • Excellent communications links, located at Junction 11 of the M23. • Attractive landscaped business park setting. • Let to the substantial covenants of KPMG LLP and Instant Managed Offices Ltd. • WAULT of 6.1 years to expiry and 2.8 years to breaks. • Instant Managed Offices Ltd has sublet their accommodation to the Secretary of State for Housing, Communities and Local Government. • Contracted rent of £601,326 per annum, reflecting an average rent of £24.49 per sq ft. • Reversionary to a rent of £664,317.50 per annum, reflecting £27.50 per sq ft. • Excellent car parking provision with 124 spaces at a ratio of 1:198 sq ft. Seeking offers in excess of£7,050,000 (Seven Million and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 8.00%, and a Reversionary Yield of 8.83%, after allowing for purchaser’s costs of 6.66%. This equates to a capital value of £286 per sq ft. ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 2 ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 3 STTANSTED 71mins CIRC NORTH ULAR LOCATION AND CONNECTIVITY Located approximately 25 miles south of Central M40 Crawley London and 19 miles north of Brighton, Crawley WATERLOO CITY Central London 27 80 mins is an important commercial town in West Sussex. miles READING PADDINGTON Benefitting from a strategic location adjacent to the 21 M4 CANARY WHARF Woking mins 50 mins M23 and 4 miles to the south of Gatwick Airport, the Guildford 20 45 mins town is surrounded by the affluent conurbations of CLAPHAM mins JUNCTION London Horsham, Guildford, Woking, Brighton and Royal HEATHROW Overground Royal Tunbridge Wells 20 45 mins Line mins Tonbridge Wells. WOKINGHAM 19 35 mins Brighton mins M3 WIMBLEDON Gatwick Airport 5 10 mins Road mins Crawley benefits from excellent access to the EAST CROYDON CROYDON motorway network with the M23 connecting the SO Crawley UT H C town with Gatwick Airport, the M25 and Central IRCUL AR Gatwick Airport 4 Southern London to the north, as well as Brighton and the M26 M20 mins M25 TO SEVENOAKS 25 South Coast via the A23 to the south. WOKING East Croydon mins Southern M25 & EUROTUNNEL A3 Clapham Junction 34 Southern Rail mins J8 J7 41 Southern London Victoria mins Access to the national rail network is provided at London Bridge 44 Thameslink Crawley Station and Three Bridges Station. Crawley mins Station benefits from direct services to London GUILDFORDREDHILL London Blackfriars 58 Thameslink 3 mins Victoria and London Bridge, with a journey time of M2 circa 47 minutes. Three Bridges Station links to and Brighton with a journey time of 28 minutes. Three Bridges GATWICK Gatwick Airport 4 Thameslink In addition, The Gatwick Express provides services CRAWLEY mins to Gatwick Airport every 15 minutes throughout the 29 Brighton mins Thameslink day, with a journey time of approximately 30 minutes Clapham Junction 39 Southern from London Victoria. mins London Bridge 35 Thameslink PORTSMOUTH mins SOUTHAMPTON 37 Southern London Victoria mins BRIGHTON 41 Thameslink London Blackfriars mins ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 4 SITUATION One Forest Gate is situated at the entrance to Tilgate Business Park. The park comprises four office buildings 9a 9 totalling approximately 122,000 sq ft with additional GATWICK development land to the rear. Occupiers on the park AIRPORT GATWICK include OCS Group, Bard Ltd, KPMG & Secretary of State for STATION B2037 Housing, Communities and Local Government. B2 A23 LONDON ROAD 03 The park is situated approximately 1.5 miles to the south 6 BA of Crawley town centre in a prominent position on the A23 LC OMBE Brighton Road, adjacent to Tilgate Forest Park. Junction HOTEL IBIS M23 11 of the M23 is located 0.5 miles to the south of One BETTS WAY RO FLEMING WAY Forest Gate, providing excellent access to Gatwick Airport, AD COUNTRY OAK Brighton to the south and the national motorway network RETAIL PARK to the north. CRAWLEY AVE 10 A2011 K2 Leisure Centre D A2 A O The park offers direct pedestrian access into the Tilgate R 21 B2 N 9 O Forest Recreation Centre. The centre offers access to A2004 THREE 03 D N BRIDGES 6 stunning lakes, lawns, gardens and bar and restaurant, as O BA L S OUTHG 3 LC well as miles of woodland walks, cycleways and bridleways. 2 OMBE A CRAWLEY AT The K2 Leisure Centre is a few minutes walk to the north of RO E A2 AV the property, providing a retail and leisure offer to the park AD 21 EN 9 comprising a range of facilities, including: UE CRAWLEY • Olympic-sized 50 metre swimming pool A2220CRAWLEY TOWN K2 CRAWLEY FC • Gym A2 FOREST • Climbing wall A264 3 GATE A264 M23 10a • Dance and fitness studios • Squash courts 11 • Artificial football pitch LO NDON • Sports hall A2 3 RO K2 also provides a range of further amenities with a bar, AD café, treatment rooms and a crèche. ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 5 Gatwick Airport Three M23 J9 M23 Bridges Crawley | stati o n stati o n M23 Town centre K2 leisure TILGATE centre FOREST ASDA RECREATION SUPERSTORE CENTRE Tilgate Forest Recreation Centre Tilgate Forest A23 Gatwick Airport M23 J11 | M23 Pease P ottag e services BRIGHTON 29 MILES ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 6 DESCRIPTION One Forest Gate is a grade A office building, arranged over ground and two upper floors totalling approximately 24,664 sq ft (2,291.4 sq m). In 2018 the building was subject to a comprehensive refurbishment by the landlord at a cost of £2.9m (£118 per sq ft). The specification includes the following: • New VRF air conditioning system • Metal suspended ceilings with new LG7 compliant LED lighting on PIR motion sensors • Fully refurbished glazed, double height feature reception • Full access raised floors • Two new 10 person passenger lifts • Refurbished common parts • Refurbished male, female and disabled WCs • Refurbished shower and changing facilities • 20 secure cycle spaces The property benefits from 124 car parking spaces providing an excellent car parking ratio of 1:198 sq ft. Tenure Freehold. ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 7 ACCOMMODATION ANd TENURE The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following approximate Net Internal Areas. Floor NIA (sq m) NIA (sq ft) Second 773.7 8,328 First 760.6 8,187 Ground 717.9 7,727 Reception 39.2 422 Second floor Total 2291.4 24,664 The site The site extends to approximately 0.64 hectares (1.57 acres). 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 96 97 98 46 45 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 99 100 44 101 43 102 42 103 41 104 40 105 106 GRAVEL GRAVEL 107 108 39 124 123 122 121 120 119 109 38 110 37 111 36 112 35 15 14 1 113 34 16 13 2 118117 116115 114 33 17 12 3 18 11 4 19 10 5 20 9 6 Ground floor 21 8 7 29 30 31 32 22 23 28 27 26 25 24 ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 8 ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 9 TENANCY The property is let to two tenants in accordance with the following tenancy schedule, providing a total passing rent of £601,326 per annum equating to a rent of £24.89 per sq ft. The AWAULT is 6.1 years to lease expiries and 2.8 years to breaks. Tenancy schedule Demise Tenant Area sq ft Lease Lease Rent Break Option Rent pa Rent psf ERV pa ERV psf Comments Start Expiry Review Part KPMG LLP 11,453 24/06/2018 23/06/2028 24/06/2023 24/06/2023 £251,966 £22.00 £314,958 £27.50 In occupation since 1993. Break subject to 6 Ground & months’ notice. Break penalty of £62,991.50. First Part Instant 12,704 20/11/2020 19/11/2025 N/A Tenant £349,360 £27.50 £349,360 £27.50 Sub let to the Secretary of State for Housing, Ground & Managed rolling break Communities and Local Government. Put and Second Offices Ltd option from call option agreement entered into with the 20/11/2023 Secretary of State. 6 months rent free to be on 6 months' topped up by the Vendor. Outside the Act. notice 24,157 £601,326 £664,317.50 ONE FOREST GATE TILGATE BUSINESS PARK, CRAWLEY, RH11 9BP 10 COVENANT INFORMATION KPMG LLP has a Dun and Bradstreet rating of 5 A1, representing a minimum risk of business failure. Logo A summary of its last three years’ published accounts can be seen below: KPMG LLP is one of the largest professional services companies in the world. KPMG 09/30/2019 09/30/2018 09/30/2017 member firms operate in 147 countries, collectively employing more than 219,000 people, (000s) (000s) (000s) serving the needs of business, governments, public-sector agencies, not-for-profits and Sales/turnover £2,398,000 £2,338,000 £2,172,000 capital markets.