Pacific House Hazelwick Avenue, Three Bridges, CRAWLEY, Rh10 1Ex
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Energy House & Pacific House hazelwick avenue, three bridges, CRAWLEY, rh10 1ex fully let office investment with potential for conversion to residential. Investment Summary > Two Prime South East office buildings totalling 39,638 sq ft > Current rent of £679,000 per annum equating to a low average rent > Well located in Three Bridges, a major suburb of Crawley within 5 miles of of £17.13 per sq ft Gatwick Airport > 151 car park spaces providing an excellent ratio of 1:263 per sq ft > Situated within 500m of Three Bridges Station, with frequent fast train services > Potential to re-gear leases or convert to residential to provide 60 apartments to Central London, Gatwick Airport and the South Coast under permitted development > Excellent local amenities including a 24 hour Tesco supermarket, Lidl and Iceland > Large site affording the potential for future extension and nearby Town Centre > Offers are sought in excess of £7,500,000 (Seven Million Five Hundred Thousand > Fully let to EDF Energy and UK Power Networks with a WAULT of 3.61 years to Pounds) subject to contract and exclusive of VAT reflecting a net initial yield of expiry and 1.95 years to break 8.50% assuming standard purchasers costs. > Tenants are committed to location, EDF also occupy an adjoining building Pacific House Energy House EDF Energy plc UK Power Networks 13,373 sq ft 26,265 sq ft Break 25/3/2019 Expiry 21/8/2020 Expiry 25/3/2024 fully let office investment with potential for conversion to residential. Location/Situation Crawley is a key office location in the South West M25 region being the closest Reasons to invest in Three Bridges: significant commercial centre to Gatwick Airport (3 miles away). Located 32 > Affluent neighbourhood within Crawley miles south of London and 23 miles north of Brighton, the town lies adjacent > Unrivalled connectivity to Gatwick Airport to the M23 (between Junctions 10 and 11), providing excellent road access to > Excellent train links, being on the London/Brighton mainline the M25 and the south coast. > Fast and frequent journeys to London Victoria (36 min), London Bridge (39 min) and Croydon (23 min) Three Bridges is a major suburb of Crawley and an important business location > Highly affordable commercial rents within the town lying 1.5 miles east of the town centre. Three Bridges train > Strong demand for residential/PD conversions near to station station (located 500M to the South) is on the London to Brighton mainline, > Respectable local amenity including Tesco Extra, Tennis Club, Football Club and town centre retail providing direct access to Gatwick Airport, London Victoria, London Bridge > Good accessibility to M23 and M25 by car and the South Coast. > Frequent bus services to Crawley. Energy and Pacific House are situated on the eastern side of Hazelwick Avenue in an established office location. The location is enhanced by the proximity of To M25 A240 A24 A232 South many local retail and leisure amenities, including a 24-hour Tesco superstore d R Croydon k c 10 A217 i w and nearbyA3 retail facility housing Lidl and Iceland opposite the station. 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Description Energy House and Pacific House comprise two well configured office buildings situated on a 0.63 hectare/ 1.55-acre site. The buildings were developed in the late 1980’s under planning consent CR/595/85. Energy House totals 26,265 sq ft over ground and three upper floors and Pacific House totals 13,373 sq ft over ground and three upper floors. The buildings both benefit from recent upgrades and provide well specified office accommodation as follows: > Dedicated reception area > 800k lift to all levels (Energy House 2 x lifts) > Fully accessed raised floors > LED or fluorescent lighting > Suspended ceilings > Double glazing > Air conditioning > Male and female WCs on each floor and Disabled WC on ground floor. The tenant of Pacific House has recently completed an internal redecoration, including new ceilings in some areas and kitchen areas as well as re-painting/decoration. The buildings share a large car park located to the front and rear of the properties, a total of 151 parking spaces are provided (Energy House 100 spaces and Pacific House 51 spaces) providing a ratio of 1:263 per sq ft. Comprises two well configured office buildings on a 0.63 hectare/1.55 acre site. Accommodation: The property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition and provides the following Net Internal Area: Sq ft Sq m Reception 455 42.3 Ground 6,080 564.8 First 6,188 574.8 Second 6,774 629.3 Third 6,768 628.8 ENERGY HOUSE ENERGY Total 26,265 2,440.1 Sq ft Sq m Reception 366 34 Ground 3,201 297.3 First 3,269 303.7 Second 3,269 303.7 Third 3,269 303.7 PACIFIC HOUSE PACIFIC Total 13,373 1,242.4 Total 39,638 3,682 Tenancy: Energy and Pacific are fully let to two tenants UK Power Networks (67% of income) and EDF Energy PLC (33% of income) producing a rental income of £679,000 per annum equating to an average rental of £17.13 per sq ft. The property has an weighted average unexpired term of 3.61 years to expiry and 1.95 years to break. Building Tenant Area Car Spaces Rent Passing Rent Passing Lease Start Lease Break Lease Expiry Next RR Comments (sq ft) (£ pa) overall (£ psf) Energy House UK Power Networks Services (South East) 26,265 100 453,000 17.25 22/08/2005 21/08/2020 Tenant not required to replace roof covering Guarantor UK Power Networks Holdings Ltd or Air Conditioning system on expiry nis Ten Pacific House EDF Energy PLC 13,373 51 226,000 16.90 25/03/2014 24/03/2019 24/03/2024 24/3/2019 T break on 9m notice - 6m rent free if Scout Hall not exercised Total 39,638 151 679,000 17.13 Tennis Court 1 1 1 Tenure: Pacific Shelter House The properties are held freehold, a copy Energy House tream S k c i Allotment of the registered title tw a Gardens is available G on request. 12 5 68.2m El Sub Sta 1 2 7 52 63 For indicative purposes only. 0 5 7 2 o t 8 4 Energy and Pacific House are fully let to H Atlantic E 67.7m N House SO N R O A UK Power Networks and EDF Energy. 51 D 0m 10m 6 20m 30m 4 Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1042 Covenant: UK Power Networks Services (South East) – Tenant of Energy House EDF Energy PLC – Tenant of Pacific House UK Power Networks is a distribution network operator for electricity covering EDF Energy is an integrated energy company in the United Kingdom, South East England, the East of England and London. It manages three licensed with operations spanning electricity generation and the sale of gas and distribution networks (Eastern Power Networks PLC, South Eastern Power electricity to homes and businesses throughout the United Kingdom. It Networks PLC and London Power Networks PLC) which together cover an area employs 14,908 people and handles 5.7 million customer accounts. of 30000 square kilometres and approximately eight million customers. EDF Energy PLC - Tenant 31/12/2016 31/12/2015 UK Power Networks Services 12 months to 15 months to Turnover £6,191,900,000 £7,600,800,000 (South East) - Tenant 31/03/2017 31/03/2016 Pre-Tax Profit (£59,800,000) (£353,300,000) Turnover £1,300,000 £2,000,000 Net profit (loss) (£28,100,000) (£363,900,000) Pre-Tax Profit £700,000 £6,200,000 Shareholders’ Funds £2,697,300,000 £2,971,300,000 Net profit (loss) (£300,000) £4,500,000 Shareholders’ Funds £239,300,000 £239,600,000 EDF Energy Customers (trading as EDF Energy) is wholly owned by UK Power Networks Holdings Ltd – Guarantor the French state-owned EDF (Électricité de France) and was formed in UK Power Networks Services (South East) immediate parent company is UK 2002 following the acquisition and mergers of SEEBOARD Plc (formerly the South Eastern Electricity Board), London Electricity Plc (formerly Power Networks Services Holdings Ltd, and the ultimate parent (and guarantor the London Electricity Board or LEB), SWEB Energy Plc (formerly the to the lease) being UK Power Networks Holdings Ltd.