First Point, Buckingham Gate Gatwick Airport, Gatwick, RH6
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PRIME SOUTH EAST REFURBISHED MULTI LET OFFICE INVESTMENT FIRST First Point, Buckingham Gate POINT Gatwick Airport, Gatwick, RH6 0PP » Prime South East multi-let office investment located adjacent to Gatwick Airport, within INVESTMENT walking distance of the terminal buildings. » Highly specified Grade A building totalling SUMMARY 62,028 sq ft which has recently been significantly refurbished at a cost of £3.1m. » Excellent proximity to Gatwick Airport, the M23 and M25 motorways and access via train to central London within 30 minutes. » 92% let to 5 tenants on 6 leases providing and attractive WAULT of 7.2 years to expiry 4.2 years to break. » Currently producing £1,423,451 per annum reflecting an average rent on let space of £22.55 psf. Latest deals reflect up to £24.60 psf with £26.00 psf being promoted on the vacant element. » Strong tenant profile from a good balance of airport related users and large corporates. Major tenants include HSBC, Close Asset Management, Norwegian and Amadeus. » Outstanding parking provision of 270 spaces reflecting a ratio of 1:230 sq ft. » Freehold. » Offers are sought in excess of £17,210,000 (seventeen million two hundred and ten thousand pounds) subject to contract and exclusive of VAT reflecting a net initial yield of 7.75% assuming standard purchasers costs. Prime South East refurbished multi let office investment First Point, Buckingham GateGate, , Gatwick Airport, Gatwick, RH6 0PP M25 LOCATION/SITUATION 14 LONDON M4 First Point is located within immediate proximity to M25 Gatwick Airport within the eastern perimeter of the A2 airport boundary, and adjacent to junction 9A of the BROMLEY M23 motorway. The main terminal building is within 12 a few minutes walk. CROYDON M20 The property is highly accessible by road serviced M2 by the M23 motorway, and by rail serviced by WOKING 10 EPSOM mainline Gatwick Express and Southern Services M26 M3 9 5 to the Airport. The highways authority has recently M25 announced up to £211 million in funding to transform 7 6 T the M23 motorway into a “smart motorway” between DORKING T N A26 S R Junctions 10 (East Grinstead andFARNHAM Crawley) and 8 GUILDFORD I POI (M25). As part of the investment the M23 is set to A24 F 9A AIR become a four lane motorway in both directions. PORT W M23 AY TO J9 AIRPORT WAY The M23 Smart Motorway scheme is already 9 A B A229 A3 GATWICK U C committed for completion by 2020, increasing K H I N T H RT G A31 U U M23 ECO R H T O ROYAL O R F E S A capacity by around 30%. P R R MG P I HA U N M ING G O D BUCK A RD N R T G E TUNBRIDGE G A CRAWLEY N T L I E O R N D WELLS L E O A21 O W Gatwick benefits from fast, efficient and frequent A N W E S R E S T O R T W A W A D F connections to central London. Gatwick Express Y O A HILTON FIRST Y A23 A26R POINT HORSHAM E SOUTH LONDON C TERMINAL GATWICK services run nonstop between London Victoria and O COACH U AIRPORT R STATION TH GATWICK T U A272 GATWICK O AIRPORT S Gatwick Airport every 15 minutes with a journey time STATION D SOUTH R NG TERMINAL RI B of 30 minutes. Southern services are also frequent to London Victoria (30 minutes) via East Croydon A272 H P SOUT E R ING RD R A3 I A273 M (14 minutes) and Clapham Junction (24 minutes) E T E R R D A24 and London Bridge (31 minutes). E A21 A S B T A27 ROAD A27 RAIL FIRST POINT IS LOCATED WITHIN Central London 28 miles London Victoria (Gatwick Express) 30 minutesHASTINGS A FEW MINUTES WALK OF M23/M25 interchange 8.5 miles London Bridge 31 minutes GATWICK TERMINAL BUILDING Heathrow Airport 38 miles East Croydon 14 minutes EASTBOURNE Prime South East refurbished multi let office investment First Point, Buckingham Gate, Gatwick Airport, Gatwick, RH6 0PP TEN REASONS TO INVEST IN CRAWLEY/GATWICK » Located right by UK’s second largest international » Access to Heathrow Airport, 45 minutes » Manor Royal Business District, the biggest airport, London Gatwick Airport. via M23 and M25. business park in the South East. » Quick access to London, 30 minutes direct by » Strong sector presence and home to numerous » Prime property availability and development train every 10-15 minutes. global blue-chip companies and headquarters. opportunities offer excellent growth prospects. » Easy access to the national road network, » Independent research studies have confirmed » Access to talent, a skilled and educated workforce. connected by the M23 and 10 minutes to the M25. the area as a first class location for business. » A vibrant and active local business community. Prime South East refurbished multi let office investment First Point, Buckingham Gate, Gatwick Airport, Gatwick, RH6 0PP DESCRIPTION First Point was developed in 1997 and forms a well configured office building totalling 62,028 sq ft over ground and 3 upper floors on a large 1.45 hectare (3.58 acre) site. The floor plates are well configured, around a central atrium/ light well and offer excellent flexibility with numerous options for divisibility. The ground, first, part second, part third floors alongside the common areas have recently benefited from a substantial refurbishment costing in excess of £3,100,000 and now provide newly refurbished Grade A office specification as follows: » Refurbished entrance reception area » Full height glazed atrium » 2 x 13 person passenger lifts (recently refurbished) » Male and female WC’s on each floor » Disabled WC facilities on 1st and 3rd floors » Shower facilities on 2nd floor » New under floor AET Hiross air conditioning system and chillers » New fire alarm system » Full access raised floors » LED energy efficient lighting with metal suspended ceilings A total of 270 car parking spaces are provided offering an excellent ratio of 1:230 sq ft, with demised parking at the front and visitor parking at the rear. RECENTLY REFURBISHED TO A GRADE A SPECIFICATION AT A COST OF £3.1M Prime South East refurbished multi let office investment First Point, Buckingham Gate, Gatwick Airport, Gatwick, RH6 0PP GROUND FLOOR EXCELLENT FLEXIBILITY OF NORWEGIAN TENURE ACCOMMODATION AROUND The property is held freehold. A copy of the registered WC WC WC title is available on request. The site area totals 1.45 CENTRAL ATRIUM OFFERING ha/3.6 acres. POTENTIAL TO SUB DIVIDE OR LET AS A WHOLE FIRST FLOOR in a HSBC VACANT r D ACCOMMODATION WC WC WC The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) H El Sub Sta T U O and provides the following net internal areas: S Gantry D A O R G FLOOR USE SQ M SQ FT N I R SECOND FLOOR Ground Reception/Atrium First Point Ground Office 1,426.1 15,350 CLOSE ASSET First Office 1,424.9 15,337 MANAGEMENT SHOWER Second Office 1,418.3 15,266 WC WC 58.2m Third Office 1,493.4 16,075 LINKWAY FASTJET TOTAL 5,762.7 62,028 PLANNING THIRD FLOOR The vendor where necessary has achieved AMADEUS U/O a release of the Airport related user clause TO AMADEUS SHOWER on the building. WC WC E AT G Further information is available on request. For indication purposes only AM GH IN 0m 10m 20m 30m CK BU Prime South East refurbished multi let office investment First Point, Buckingham Gate, Gatwick Airport, Gatwick, RH6 0PP TENANCIES First point is 92% let to 5 tenants with an attractive WAULT of 7.2 years to expiry/4.2 years to break. Lease Area Car Rent Rent % Lease Break Lease Next Floor Tenant Sq Ft Spaces £ pa £ psf Rent Start (Notice) Expiry RR Comments Ground Norwegian Air UK 15,350 57 £377,472 £24.59 27% 19/04/2016 19/04/2021 18/04/2026 19/04/2021 Vendor to top up 9 months initial rent free. 3 Limited (12 months) months rent free if tenant does not exercise break. 1st (part) HSBC Bank PLC 8,132 33 £199,711 £24.56 14% 24/06/2016 23/06/2021 23/06/2026 24/06/2021 Vendor to top up 12 months rent free + further (6 months) 241 days rent free in respect of the capital contribution. 3 months rent free if tenant does not exercise break. Service charge cap £44,181.13 + RPI no shortfall. 1st (part) Rental Guarantee 7,205 – £187,330 £26.00 13% –––– The vendor will provide a rent, rates and service charge guarantee for a period of up to 24 months or until this element becomes income producing. 2nd (part) Close Asset 12,008 51 £265,320 £22.10 19% 20/11/2015 20/11/2020 19/11/2025 20/11/2020 Vendor to top up 12 months rent free. SC Management Ltd (6 months) cap £65,365.20 + RPI no shortfall. 3m months rent free if tenant does not exercise break. The landlord is to procure an extension of the temporary planning consent prior to 6/8/2024. If this is not achieved the tenant may break on 6/8/2025 on 6 months notice. 2nd (part) Fastjet Plc 3,258 13 £71,573 £21.97 5% 31/08/2012 – 30/08/2017 – Outside Act. 3rd Amadeus Marketing 11,105 48 £212,705 £19.15 15% 14/03/2013 – 22/05/2023 14/03/2018 SC cap £81,163.75 + RPI no shortfall. (UK) Ltd 3rd Under offer to Amadeus 4,970 20 £109,340 £22.00 8% TBC – 22/05/2023 14/03/2018 Under offer.