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For Sale Tolworth, Surbiton Surrey Kt6 7Ld Income Producing Industrial Investment

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For Sale Tolworth, Surbiton Surrey Kt6 7Ld Income Producing Industrial Investment ARGENT COURT, HOOK RISE SOUTH FOR SALE TOLWORTH, SURBITON SURREY KT6 7LD INCOME PRODUCING INDUSTRIAL INVESTMENT OF INTEREST TO INVESTORS & POTENTIALLY OWNER OCCUPIERS INVESTMENT SUMMARY Modern Business Park Freehold of the entire site A development of one two storey office building and 6 two storey business units constructed in approximately 1990 Excellent on site car parking Two existing short leases contracted outside of the Security of Tenure Provisions of the Landlord and Tenant Act Currently producing an income of £76,100 Potential for rental uplift Opportunity to obtain vacant possession of Units B & E SURBITON TRAIN STATION SURBITON / KINGSTON A3 BY-PASS TOWARDS LONDON TOLWORTH TRAIN STATION A3 BY-PASS TOWARDS M25 (J10) A240 TOWARDS M25 (J9) ARGENT COURT 2 ARGENT COURT, HOOK RISE SOUTH, TOLWORTH, SURBITON, SURREY KT6 7LD LOCATION COMMUNICATIONS Argent Court is prominently located fronting the A3 Kingston by-pass dual carriageway. Hook Rise South runs parallel to the A3 and is accessed from either Road Rail (Source National Rail enquiries - the Tolworth Roundabout or off Hook Road and from the A240 through the fastest advertised journey times). Chessington Industrial Estate via Jubilee Way and Oackroft Road. Central London 14 miles 22.5 km London Waterloo 32 minutes Richmond 7 miles 11.2 Km Clapham Junction 21 minutes There are two main line stations within walking distance at Tolworth and Chessington North via Oakcroft Road, both of which provide a regular service to Kingston upon Thames 3 miles 4.8 km London Waterloo. Approximate journey times 32 minutes and 36 minutes M3 (Junction 1) 8 miles 12.8 km Air respectively. M4 (Junction 1 ) 12 Miles 19.3km Heathrow Airport 14 miles 22.5 km There is a wide range of shops and amenities, including a Marks and Spencer M25 (Junction 10) 10 miles 16.1 km Gatwick Airport 26 miles 41.8 km Food Hall at the nearby Tolworth Broadway which is about a 12 minute walk away. Tolworth, are all within walking distance. SITUATION Argent Court fronts the long established Chessington Industrial Estate, nearby occupiers include Big Yellow, Genuine Solutions, Harro Foods, Thales, Prochem, and Alliance Healthcare. Lidl have recently acquired a site adjacent to Tolworth station to construct their new 220,000 sq ft UK Headquarters. ARGENT COURT 3 ARGENT COURT, HOOK RISE SOUTH, TOLWORTH, SURBITON, SURREY KT6 7LD SITE The property occupies an area of approximately 1.56 acres (0.63 ha) shown in green for identification purposes on the following plan and fronts the A3 Kingston by-pass and backs onto the railway embankment for the Tolworth to Chessington North rail line. 4 ARGENT COURT, HOOK RISE SOUTH, TOLWORTH, SURBITON, SURREY KT6 7LD DESCRIPTION ACCOMMODATION Argent Court comprises a development of one two storey office building and 6 two The units comprises the following approximate net internal floor areas: storey business units constructed in approximately 1990. The units sit in a total site UNIT SQ FT SQ M area of 1.56 acres which is primarily paved, providing good parking for each unit. Argent House 12,577 1,168.40 The office building and 4 of the business units have now been sold on long leases between 125 and 999 years in length to owner occupiers who pay peppercorn Unit B, Argent Court 4,205 390.65 ground rents (see tenancy schedule). Units C & D, Argent Court 4,370 405.97 Units B & E are currently let on short leases to separate tenants with the leases due Unit E, Argent Court 2,300 213.67 to expire in July and August 2016. Both leases are contracted outside the Security Unit F, Argent Court 2,070 192.30 of Tenure Provisions of the Landlord and Tenant Act. Unit G, Argent Court 2,070 192.30 These two units comprise ground floor workshop/storage space with delivery TOTAL 27,592 2,563.29 access via bi-fold delivery doors and a disabled WC. There is a dedicated ground floor pedestrian entrance to each property providing access to first floor office Note: The units highlighted in red are held on short leases. accommodation with kitchen points and male and female toilets. The buildings are of a conventional steel frame with block work walls which are externally clad full height with a flat metal sheet panelling with insulation behind the metal skin. Argent House has a flat asphalt roof while the Argent court units are profile sheet cladding. AMENITIES Ground Floor 3 phase power First Floor Offices Bi-fold loading door Gas fired central heating Concrete load bearing floor Fully carpeted UNITS C, D, E, F AND G Fluorescent lighting Double glazed windows Kitchenette 3 compartment perimeter trunking 3.2 m eaves height Suspended ceilings Disabled WCs Recessed fluorescent lighting Male and female WCs (Unit E) Male and female WCs (Unit B) EPC Argent House Rating E (119) Unit B Rating C (60) Unit C - G Rating C (66) UNIT B UNIT E 5 ARGENT COURT, HOOK RISE SOUTH, TOLWORTH, SURBITON, SURREY KT6 7LD TENANCY SCHEDULE CAR SQ FT LEASE LEASE RENT RENT ADDRESS TENANT EPC RATING COMMENTS SPACES (SQ FT) START EXPIRY £PA £PSF W.E. Bedford Insurance One Argent House 42 12,577 29/11/2013 28/11/3012 — E (119) 999 year lease Services (Wimbledon) Ltd peppercorn Pageantry Electronic Systems 3 year lease. Contracted outside the Unit B, Argent Court 12 4,205 05/07/2013 04/07/2016 £47,500 £11.29 C (60) Ltd security of tenure provisions. Still in One 999 year lease Units C & D, Argent Court Mukesh Gupta 12 4,370 28/12/2011 27/12/3010 peppercorn — C (60) 5 year lease. Contracted outside the Unit E, Argent Court Green Compliance Plc 5 2,300 18/08/2011 17/08/2016 £28,600 £12.43 C (60) security of tenure provisions. Unit F, Argent Court ACL Packaging Solutions Ltd One 6 2,070 16/12/2013 15/12/3012 peppercorn — E (102) 999 year lease Unit G, Argent Court Satnav Systems (UK) Ltd One 6 2,070 26/02/2010 25/02/2135 peppercorn — C (60) 125 year lease TOTAL 83 27,592 £76,100 ESTATE CHARGE TYPICAL FLOOR PLANS (Units B & E) All the buildings contribute towards an estate charge as set out in the table below which shows the apportionment for the year ending December 2015: UNIT B UNIT B SCHEDULE 1 SCHEDULE 2 UNIT TENANT GROUND FLOOR FIRST FLOOR % £ % £ W.E. Bedford Insurance Services - - Argent House 46.55 12,940.65 (Wimbledon) Ltd Unit B, Argent Court Pageantry Electronic Systems Ltd 15.00 4,170.84 28.07 1,220.99 Units C , Argent Court Mukesh Gupta 7.34 2,040.04 13.73 597.21 UNIT E UNIT E GROUND FLOOR Units D, Argent Court Mukesh Gupta 7.92 2,202.81 14.82 644.86 FIRST FLOOR Unit E, Argent Court Green Compliance Plc 7.92 2,202.81 14.82 644.86 Unit F, Argent Court ACL Packaging Solutions Ltd 7.92 2,202.81 14.82 644.86 Unit G, Argent Court Satnav Systems (UK) Ltd 7.34 2,040.04 - - TOTAL 100 27,800.00 100 3,850.00 6 ARGENT COURT, HOOK RISE SOUTH, TOLWORTH, SURBITON, SURREY KT6 7LD TENANCIES TOLWORTH / CHESSINGTON INDUSTRIAL MARKET Units B & E are let to Pageantry Electronic Systems Limited and Green Compliance The Chessington Industrial Estate has seen a good level of take up over the past PLC respectively with both leases due to expire during the course of 2016. Both 24 months with a new scheme of 7 new warehouse, industrial units at Compass these leases are contracted outside of the Security of Tenure Provisions (sections Point, Davies Road having recently been let to the likes of Selco at headline rents 24-28) of the Landlord and Tenant act 1954, part II, as amended. of £12.95 per sq ft. These units ranged in size from 4,902 sq ft up to 16,828 sq ft. Argent House and Units C, D, F and G of Argent Court are all held on long leases of A further letting of 2 modern industrial units of 4,812 sq ft each at Unit B & C 125 years upwards at peppercorn ground rents as set out in the enclosed schedule. Oakcroft Business Centre, Oakcroft Road, Chessington concluded in December 2015 to a division of Thales at £12.50 per sq ft. COVENANT Units 2 & 3 Hook Rise South, Chessington, which is immediately adjacent to Argent Court, are just being placed on the market to let at £12.00 per sq ft. These Pageantry Electronic Systems Limited have a D&B Rating of A1 are larger units comprising 8,499 sq ft and 15,316 sq ft respectively. Headline rents for smaller units at nearby Barwell Business Park, Chessington are 31 March 2013 31 March 2015 31 March 2014 now at approximately £14.00 per sq ft. Rents of £18.00 per sq ft have now been achieved at Kingsmill Business Park in Kingston upon Thames . Tangible Net Worth 420,338 363,809 484,751 Net Current Assets (Liabilities) 613,896 538,317 641,742 Green Compliance PLC have a D&B Rating of N2 31 March 2014 31 March 2013 31 March 2012 (000’s) (000’s) (000’s) Sales Turnover 8,131 16,060 21,232 Profit / (Loss) Before Tax 864 (7,714) (3,662) Tangible Net Worth (1,830) (9,747) (11,058) Net Current Assets (Liabilities) (1,118) 384 (1,317) PLANNING The development was originally granted consent on the 6th November 1989 for a development consisting of one two storey B1a office building with 6 two storey business units with B2 (general industrial) consent.
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