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Parkside House Parkside House Ashley Road | Epsom | KT18 5BS M25 Town Centre Freehold Offi ce Investment Epsom & Ewell Epsom Train Station Borough Council High Street Ashley Shopping Centre To the A3 Epsom Gateway Global House Parkside House Roseberry Park To the M25 Parkside House | 2 Investment Summary • Epsom is a major offi ce market in the south west M25 quadrant and benefi ts from excellent road, rail and air communications. The town is located 16 miles south west of Central London and 3 miles north east of the M25 (Junction 9). • Parkside House is situated in a prominent position in the town centre overlooking Rosebery Park and within easy reach of Epsom’s amenities and railway station. • Modern offi ce building comprising approximately 3,201 sq m (34,454 sq ft) arranged over basement, ground and two upper fl oors with fl exible fl oorplates of approximately 1,115 sq m (12,000 sq ft). • Parkside House has an excellent town centre car parking ratio and one of the best ratios in Epsom of 1:17 sq m (1:183 sq ft). • Freehold. • Fully let to Aon Benfi eld Ltd until 24 December 2016, producing a rental income of £1,047,000 per annum. • Aon Benfi eld, the world’s leading reinsurance intermediary and full-service capital adviser, have a D&B rating of 5A1 representing a minimum risk of business failure. • Offers are sought in the region of £9,900,000 (Nine Million, Nine Hundred Thousand Pounds), subject to contract and exclusive of VAT, which refl ects an attractive net initial yield of 10% assuming purchaser’s costs of 5.8%. Parkside House | 3 3 2 HARROW MARLOW 1 HAMPSTEAD WEMBLEY A404 (M) 1A 1 HENLEY- SLOUGH CENTRAL LONDON ON-THAMES UXBRIDGE Location MAIDENHEAD A40 M25 EALING 7 WESTMINSTER 6 SOUTHWARK 8/9 M4 4B 1 5 4 3 2 Epsom is an affl uent Surrey town located 16 miles south west of READING Central London. The town has proximity to other key south west 14 HEATHROW AIRPORT WANDSWORTH RICHMOND M25 offi ce centres including Reigate and Redhill some 10 miles 13 FELTHAM 12 BERKS to the south east and Leatherhead 4 miles to the south. 10 1 KINGSTON 11 TO BRISTOL 2 UPON THAMES BRACKNELL WALES & WOKINGHAM CROYDON Epsom has a residential population of approximately 75,102 SOUTH WEST A329 M3 11 people (2011 census) of which some 62.1% are considered WEYBRIDGE 3 ESHER “Affl uent Households”, well above the national average of 39.1%. WOKING M25 EPSOM The town also has a higher than average provision of professional A30 10 4 A33 and managerial workers at 54.4% when compared with the 9 FARNBOROUGH A3 national average of 37.3%. LEATHERHEAD M25 8 5 8 FLEET 6 Epsom is a popular and established commercial centre due to GUILDFORD REIGATE M23 TO SOUTHAMPTON the combination of its attractive working environment, skilled A31 A24 labour force and excellent local facilities. Major commercial SURREY occupiers that have been attracted to the town include WS GATWICK Atkins, Taylor Nelson, Bunzl plc, Toyota, Mortgage Trust and A3 AIRPORT Royal Mail. Furthermore, Epsom has a rich heritage based around horse racing, playing host to the world famous, 200 year old Derby. Epsom benefi ts from a range of amenities including The Ashley Shopping Centre with over 50 shops including House of Fraser, M&S and Waitrose, the Playhouse Theatre, multiplex cinema and the Ebbisham Centre, which includes the County Library and Virgin Active Fitness Club. In addition, nearby recreational facilities include the RAC Country Club at Woodcote Park, including two championship golf courses, Horton Park Riding School and Epsom Downs Golf Club. Parkside House | 4 Communications Road communications are excellent, with the M25 (Junction 9) located 3 miles to the south west via the A24, which in turn connects with the national motorway network. The A3 is located 5 miles to the north which provides access to Central London and the M25 (Junction 10). The town has strong rail communications with direct services to London Waterloo, London Victoria and London Bridge stations, with up to 11 trains per hour during peak times. In addition, frequent services are provided to Leatherhead, Dorking and Horsham (with connections to the South Coast) and to Guildford (with connections to Portsmouth and Southampton). Road Central London 16 miles Leatherhead 4 miles Reigate 10 miles Guildford 18 miles Woking 20 miles Rail London Waterloo 36 minutes London Victoria 39 minutes London Bridge 44 minutes Air Gatwick Airport 20 miles Heathrow Airport 25 miles Parkside House | 5 A3 TO A232 Situation CENTRAL LONDON A24 EPSOM The property is prominently situated on the western side of Ashley B280 Road at the southern entrance to Epsom town centre. The EPSOM A240 building benefi ts from a unique aspect overlooking Rosebery Park. A244 A243 The property is a short walk from Epsom railway station which is Parkside House A2022 currently being redeveloped to include a number of new shops, A2022 fl ats and a Travelodge hotel (below right). A24 B284 EPSOM DOWNS The Ashley Shopping Centre which comprises 290,000 sq ft of prime retailing lies approximately 50 metres north of Parkside House. The Centre has over 800 parking spaces. 9 M25 EPSOM DOWNS Ashley Road’s desirable location has resulted in this area becoming RACECOURSE TO M3, M4 AND TATTENHAM the focus of a number of high profi le offi ce developments with HEATHROW AIRPORT CORNER 9 occupiers attracted to its prominence, accessibility and close-by A245 A24 amenities for the benefi t of their workforce. LEATHERHEAD A217 LEATHERHEAD A24 M25 TO M23 AND GATWICK AIRPORT Parkside House | 6 Description Parkside House was constructed in the early 1990’s and offers attractive, high specifi cation open plan offi ce accommodation totalling 3,201 sq m (34,454 sq ft) arranged over basement, ground and two upper fl oors. Car parking is located at lower ground and basement level with additional car parking located to the front elevation of the property around the perimeter. The property is of reinforced concrete frame construction with external masonry walls fi nished with attractive brickwork and rendering. The roof is mono-pitched around the perimeter of the building with a slate fi nish. Two sections of the roof are of mansard construction and to the centre of the building there is a fl at roof over the plant rooms at third fl oor level. Window units are double glazed aluminium framed to all upper fl oors. The building benefi ts from excellent natural light and has the following specifi cation: • Four pipe fan-coil air-conditioning • Fully accessible raised fl oors • Suspended ceilings with recessed Category II lighting • Floor to ceiling height of circa 2.70m • Two x 13 person passenger lifts serving the basement and all upper fl oors • Male and female toilet facilities on each fl oor • Disabled toilet facilities on the ground and second fl oors with shower facilities on the fi rst fl oor • 188 car parking spaces providing a ratio of 1:17 sq m (1:183 sq ft) Parkside House | 7 Car Parking Provision The property benefi ts from a total of 188 car parking spaces. 45 of these are provided at surface level with the remaining 143 located within the building’s two storey basement car park. This allocation provides the building with one of Epsom’s best car parking ratios at 1:17 sq m (1:183 sq ft). We understand that new car parking consents in Epsom would be allocated at a ratio in excess of 1:46.45 sq m (1:500 sq ft) net. We are therefore of the opinion that this could lead to the emergence of a two tier market where higher comparative rents will be achieved on those buildings benefi ting from historical car parking provisions rather than new developments as occupiers price car parking over perceived profi le. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice and provides the following approximate net internal fl oor areas: Floor Use sq m sq ft Ground Reception 67.17 723 Ground Offi ce 937.36 10,090 First Offi ce 1,106.72 11,913 Second Offi ce 1,089.53 11,728 Total 3,200.78 34,454 Parkside House | 8 Site Area The site is accessed directly from Ashley Road. It comprises a level, rectangular shaped site extending to approximately 0.35 hectares (0.86 acres). EPC The property has an EPC rating of D. Tenure The property is held freehold. Tenancy The property was originally let in its entirety to Bacon & Woodrow Properties Company with a guarantee provided by the Partners of Bacon & Woodrow for a term of 25 years commencing 25 December 1991 and expiring 24 December 2016. The lease has recently been assigned to Aon Benfi eld Ltd although privity of contract applies. The current passing rent is £1,047,000 per annum which equates to £327.10 per sq m (£30.39 per sq ft) overall. There is one further upwards only rent review rent on 23 December 2016. The lease is drawn on full repairing and insuring terms. Parkside House | 9 Covenant Information Aon Benfi eld Ltd, a division of Aon plc, is the world’s leading reinsurance intermediary and full-service capital advisor. Benfi eld Group Ltd was acquired by Aon in 2008 and now has 80 offi ces in 50 countries. Aon plc is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. The company as a whole employs 65,000 people in 120 countries.
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