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Home , Central London, Ickenham, Kew, Kew Gardens, Richmond Green, Richmond Theatre

25 Foot Road

Richmond TW9 2SS

New build office let to the Government for 15 years with a break in year 10 02

TWICKENHAM STADIUM

HEATHROW AIRPORT

RIVER THAMES ROYAL MID M3 - 6 miles M25 - 11 miles GOLF CLUB Airport - 11 miles

TWICKENH AM ROAD RICHMOND ATHLETIC ASSOCIATION

A316

G EO RICHMOND RG E ST RE ET 25 Kew Foot Road

WAITROSE THE QUADRANT

RICHMOND

SHEEN ROAD 3 MINUTE WALK

SHEEN ROAD

Central - 8 miles

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 03

• Prime office investment opportunity in Richmond, the heart of • Provides investors with a 450 basis point return premium over Investment South . the equivalent government gilt

summary • Prominently positioned on Kew Foot Road, close to the A316 and a • The National Probation Service is relocating from 2 nearby offices, 3 minute walk to Richmond Town Centre and Railway Station and is committing c.£1m to a high quality office fit out.

• Exceptional connectivity with quick access to the , • Passing rent of £377,784 per annum; equating to £49.50 per sq and National Rail services. ft.

• Prime new build office comprising7,632 sq ft (709 sq m) over • Offers are sought in excess of£7,500,000 (Seven Million, ground and two upper floors. Five Hundred Thousand Pounds), reflecting an attractivenet initial yield of c. 4.75%, subject to standard purchaser’s costs. • Agreement for Lease to the undoubted covenant of The Secretary Alternatively, the property is held in an SPV which may be of State for Housing, Communities and Local Government available by separate negotiation. (National Probation Office) on a new FRI 15 year lease with a tenant break option at year 10. • Subject to Contract and exclusive of VAT.

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 04 Location

Richmond is situated ten miles south west of and With stunning Royal parks, historic houses, , museums, Richmond is one of London’s is one of London’s most attractive and affluent boroughs. The galleries, town centre retail and leisure facilities, Richmond is runs through the borough, connecting Hampton recognised as one of the most attractive and affluent places to most attractive and affluent Court , Richmond Town Centre and Kew with live and work in London: Central London. The town centre is a thriving commercial hub with boroughs superb office, retail and leisure amenities.

4.5 million tourists In 2019, for the fifth year visit Richmond each in a row, Richmond upon year Thames has been voted the happiest place to live in London by Rightmove

Significantly above average proportion of adults of working age categorised within the most affluent social group (AB)

House prices in Richmond currently stand 41% higher than the city’s average

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 05 Communications

Richmond is strategically located between from the property. The District line connects and the M25, to the west, London from west to east and is and central London to the east, and as such accessible via the Overground line. Richmond benefits from exceptional communications as National Railway Station provides regular direct follows: access to Junction (10 minutes) and ROAD RAIL UNDERGROUND London Waterloo (19 minutes). Road The A307 runs through the town centre and Bus Miles Mins Mins delivers access to the M25, via the M3. Access The immediate area is also well provisioned by M4 3 8 15 to the M3 is provided via the A316 ( numerous bus routes serving the immediate Road) to the north of the town centre. area. M3 6 London Waterloo 19 Earls Court 20 West End 8 Wimbledon 25 London 28 Rail Air Richmond (District & Heathrow International Airport, serving 203 M25 11 28 London Victoria 29 London Overground train lines) and National destinations in 84 countries, is located only 11 Heathrow Airport 11 Heathrow Airport 35 31 Railway Station is located just a short walk miles to the west.

A COMMUNICATIONS HUB

Willesden Junction / Heath

DISTRICT LINE

NATIONAL RAIL ACTON CENTRAL J15 PADDINGTON ROAD LONDON OVERGROUND 20 MINS 28 MINS 31 MINS M4

HEATHROW AIRPORT 35 MINS J1 EMBANKMENT SOUTH VICTORIA () BLACKFRIARS 23 MINS 28 MINS 29 MINS 33 MINS 35 MINS 38 MINS

GUNNERSBURY EARLS COURT READING ( PARK) Tower Hill / Docklands 20 MINS 60 MINS RICHMOND 6 MINS M25 10 MINS

J1 KINGSTON 17 MINS

M3 WIMBLEDON CLAPHAM JUNCTION VAUXHALL WATERLOO 25 MINS 8 MINS 16 MINS 19 MINS J12

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 06 Situation

The property is within a 3 minute walk of Richmond town centre. Situated on the eastern side of 25 Kew Foot Road, close to the junction with Rosedale Road and A316 (Twickenham Road), it is positioned in close proximity to leisure amenities, such as and the River Thames, and retail and office occupiers including Waitrose, Lululemon, Leon, Itsu, Gap, Marks & Spencer, eBay, PayPal, Gumtree, William Grant & Sons and Reed Exhibitions.

M4 / CHISWICK

PUBS LEISURE / HOTELS 1 The Shaftesbury 20 2 Tap Tavern 21 Royal Mid-Surrey Golf Club

CENTRAL 3 The Orange Tree 22 Travelodge JOCELYN ROA LONDON A307 4 The Cricketers 23 The Bingham D EVELYN ROAD 21 25 Kew Foot Road T ROAD SHA O FTE O SB KEW ROAD F U 6 RY RESTAURANTS / CAFÉS OFFICE OCCUPIERS W 24 ROAD 7 A31 KE 5 The Ivy Cafe 24 Bandai Namco 1 LOWER ROAD 6 No1 Duke Street 25 William Grant & Sons 7 Rock & Rose 26 Notonthehighstreet OLD DEER PARK 8 Leon 27 Regus 26 16 3 9 Joe & The Juice 28 Sabre Holdings OAD A3 M R HA 10 Pret a Manger 29 Reed Exhibitions EN 25 28 K D 27 IC A 7 11 One Kew Road 30 eBay W 0 C T 3 HURCH A 11 T HOT RO PORTLAND TERR S N A 29 RICHMOND R R D OA A A D CE U PARK MAJOR RETAILERS Q 5 20 E AD 30 RO A RICHMOND H EEN 12 Whole Foods Market T SH 19

GREEN 2 16 KINGS 6 18 13 Zara Home 14 M3/M25/ EEN SHEEN ROAD R G HEATHROW 13 9 R

I THE 12 O 14 Jigsaw A R B D 10 8 M A STREET 15 Anthropologie H 4 15 GE N E R

K

C GEO 16 Waitrose

I 17 C

TW 07 M H

A3 O

URC U 22 N 17 Aesop PARADISE ROAD T O A H NS

R

A R

RIVER THAMES LO R O 18 Lululemon

HILL ST A W ROAD T A

R 5 O D

A

D 19 Sweaty Betty

30 23 RICHMOND BRI

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 07 Description

Occupying a prime position in the heart of South West London, 25 Kew Food Road will comprise 7,632 sq ft of office accommodation over ground and two upper floors. The building will benefit from the following specification:

HIGH QUALITY OPEN SECURE 400 KG CAPACITY WC’S ON SHOWERS ON-SITE TARGET BREEAM PLAN FLOOR PLATES CAR PARKING SPACES PASSENGER LIFT EACH FLOOR CYCLE STORAGE ‘EXCELLENT’

Computer generated image Computer generated image

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 08 Accommodation The Site The site extends to 0.17 acres (0.068 hectares).

Ground floor - 3,578 sq ft (332.4 sq m) Not to Scale. For identification purposes only.

Second floor - 1,462 sq ft (135.8 sq m)

First floor - 2,592 sq ft (240.8 sq m) Total - 7,632 sq ft (709.2 sq m)

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 09 Tenancy The property will be let for a term NATIONAL PROBATION SERVICE of 15 years to the Secretary of The National Probation Service is a statutory criminal justice service that manages low and medium risk offenders State for Housing, Communities who have been released in to the community. Each year they work with around 30,000 offenders, supporting their rehabilitation while protecting the public. The National Probation Service functions within 12 geographic divisions and Local Goverment at a rent of within helping 9 prisons across London. 25 Kew Road sits in the , Kingston and Richmond £377,784 per annum. division and will amalgamate 2 offices into one as the service consolidates. This equates to a rent of £49.50 psf. The lease is The property will deliver state of the art administrative and community based functions including court pre- subject to a tenant only option to determine in sentence report preparation, management of approved premises for offenders and assessment of offenders in year 10. The lease incorporates upwards only five prison to prepare them for release to the community on license. yearly reviews, subject to Open Market Value.

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS Computer generated image 10 Occupational Market

Richmond has experienced over Richmond is a key south-west London office market with notable tenants including the UK HQs of eBay, that has experienced over 25% rental growth over the Paypal, Gumtree and William Grant & Sons. Subsequently, 25% rental growth over the past past five years. Recently, tenants have become far less with demand outstripping supply, rents have grown and location specific provided an area suits their demands in prime rents now sit comfortably in the £50’s per sq ft. five years terms of amenity, transport communications and ability This is still an attractive discount to nearby Chiswick and to attract and retain talent. Demand has been driven by Hammersmith where rents stand at £56 per sq ft and £60 high profile occupiers, particularly from the Technology, per sq ft respectively. Media & Telecommunications (TMT) and Financial sectors, OCCUPATIONAL COMPARABLES

DATE ADDRESS TENANT FLOOR AREA (SQ FT) RENT (PSF)

Mar 20 Heron House, Richmond R M Sotheby’s Whole Building 3,133 £59.00

Aug 19 Shearwater House, Richmond Minesoft First & Third 5,206 £50.00

Jun 19 Richmond Place, Richmond Bazooka Candy First 3,289 £50.00

Mar 19 Richmond Place, Richmond Rayonier Adv Material Industries Second 1,387 £48.50

Jan 19 1 Printworks, Richmond Enterprise Commodity Third 940 £54.25

Jan 19 Westminster House, Richmond Because Experimental Marketing Fourth 4,176 £47.50

Jan 19 4 Duke Street, Richmond 9Yards Creative First 1,637 £48.86

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 11 Investment Market

Greater London continues to be a key investment destination for domestic and overseas capital

Both the South East and regional office markets began 2020 in strong demand, driven at the prime end Greater London continues to be a key investment destination for domestic and overseas capital due to by a lack of available supply and significant weight of money looking to invest into a sector expected to its transparent and mature market, liquidity, excellent growth prospects and attractive yields compared out-perform. As such, the South East enjoyed its strongest 1st quarter in 15 years (£997M transacted). to other asset classes.

The onset of Covid-19 has inevitably slowed volumes but in recent weeks there has been significant During the last 3 months there has been an increasing appetite for secure, defensive income in core renewed appetite for the best buildings outside Central London, as both investors and occupiers focus locations, underpinned by strong alternative use values. As such, 25 Kew Foot Road provides an investor on core property fundamentals. We expect that, if anything, Covid-19 will accelerate the flight to quality with 10 years Government income at a yield of 4.75%, against the equivalent government gilts which from occupiers, keen to give their employees the most attractive working environment possible. currently yield 0.2% (Sept 2020).

INVESTMENT COMPARABLES

Date Address Price NIY WAULT Tenant

The Secretary of State for Communities and Local Available York & Wellington House, Feltham £14.5M 4.85% 12.25 years Government

The Secretary of State for Housing, June 2020 640-656 High Road, £7.0M 4.75% 8.0 years Communities and Local Government.

Dec 2019 Stratton Portfolio £20.4M 4.45% 8.8 years Secretary of State (DWP).

Dec 2019 Florence Building, Basingstoke £29.0M 4.16% 8.8 years Sovereign Housing Association.

Aug 2019 Temple Quay House, Bristol £73.7M 4.02% 17.8 years Secretary of State.

The Secretary of State for Communities and Local Aug 2019 7-8 Wellington Place, £211.0M 4.30% 25.0 years Government.

Jan 2019 Crickhowell House, Cardiff £47.0M 4.58% 14.0 years National Assembly for Wales.

“25 Kew Foot Road provides investors with a 450 basis point return premium over the equivalent Government gilt.”

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 12 Further Information

“25 Kew Foot Road provides investors with an exceptional opportunity to acquire a prime office investment let to an undoubted covenant for 10 years, in one of the most affluent areas in the UK”

VAT Further Information The property is elected for VAT and we would expect For further information or to arrange an inspection, please contact: the transaction to be treated as a Transfer of a Going Concern. Simon Rickards Clare Lane T: +44 20 7861 1158 T: +44 20 8332 4594 EPC M: +44 7787 844 384 M: +44 7866 622 013 E: [email protected] E: [email protected] Available upon request. Joshua Morris Chris Bulmer T: +44 20 7861 5112 T: +44 20 8332 4593 Proposal M: +44 7986 281 571 M: +44 7917 526855 E: [email protected] E: [email protected] Offers are sought in excess of£7,5 00,000 (Seven Million, Five Hundred Thousand Pounds), subject to contract and Alasdair Collins exclusive of VAT. A purchase price at this level reflects T: +44 203 826 0608 a Net Initial Yield of c. 4.75%, subject to standard M: +44 7532 380 285 purchaser’s costs. Alternatively, the property is held in an E: [email protected] SVP which may be available by separate negotiations.

Knight Frank LLP and give notice to anyone who may read these particulars as follows: IMPORTANT NOTICE (1) Particulars: These particulars are not an offer, an invitation or a contract, nor part of one. Any information about price or value contained in the particulars is provided purely as guidance, it does not constitute a formal valuation and should not be relied upon for any purpose. You should not rely on statements by Knight Frank in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Knight Frank has no authority to make any representations about the property. No responsibility or liability is or will be accepted by Knight Frank LLP, seller(s) or lessor(s) in relation to the adequacy, accuracy, completeness or reasonableness of the information, notice or document supplied or otherwise made available to any interested party or its advisers in connection with the Proposed Transaction. All and any such responsibility and liability is expressly disclaimed. (2) Images: Photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. (3) Regulations: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. (4) VAT: The VAT position relating to the property may change without notice. (5) Financial Crime: In accordance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and Proceeds of Crime Act 2002 Knight Frank LLP may be required to establish the identity and source of funds of all parties to property transactions. Knight Frank is the trading name of Knight Frank LLP. Knight Frank LLP is a member of an international network of independent firms which may use the “Knight Frank” name and/or logos as part of their business name and operate in jurisdictions outside the . No “Knight Frank” entity acts as agent for, or has any authority to represent, bind or obligate in any way, any other “Knight Frank” entity. Knight Frank LLP is a limited liability partnership registered in with registered number OC305934. Knight Frank LLP registered office is 55 , London, W1U 8AN, where you may look at a list of members’ names (this can also be found at http://www.knightfrank.co.uk/about-us). September 2020

25 KEW FOOT ROAD, RICHMOND-UPON-THAMES, TW9 2SS 25 Kew Foot Road

Richmond TW9 2SS