PHASE 300 CENTENNIAL PARK ELSTREE WD6 3TJ PRIME GREATER LONDON INVESTMENT OPPORTUNITY M25 PHASE 400 5 MIN PHASE 200 PHASE 500 PHASE 100 PHASE 600/700 BOREHAMWOOD 2 MIN M1 A41 A5 NORTH CIRCULAR 1O MIN CENTRAL LONDON 30 MIN A5 J4 A41 CENTRAL LONDON 30 MIN • A rare opportunity to acquire a strategically • Fully let to 9 tenants with an AWULT of 4.20 years INVESTMENT located prime multi let industrial investment to expiry and 2.90 years to break with strong in a core London location. occupancy history. SUMMARY • One of the most accessible industrial parks to the • Passing rent of £1,432,845 per annum, reflecting motorway network, adjacent to the M1 Motorway only £12.77 psf with a number of active management (Junction 4) and within a 5 minute drive time of the M25 initiatives to drive the rental tone and improve the (Junction 21). unexpired term. • The estate adjoins the A41 / A5 providing direct access into • The tenants have invested significant capital Central London 12 miles to the south. expenditure demonstrating strong commitment synonymous with R&D, bio-tech and IT occupiers. • Centennial Park, constructed in 6 phases, comprises a total of 535,000 sq ft built stock in 67 buildings and a 120 bed • Since 2009 the estate has had 20 leasing events with De Vere Hotel with superb amenities. a retention rate of close to 100%. The property has been fully let since 2014 and is now optimally positioned to • Phase 300, one of the most modern phases, was capture record prime rents over upcoming lease events. constructed in 2002 and provides versatile production, storage and business space. • 97% occupancy (by area) on the industrial core across the wider park with only 1 available unit. • 12 high quality high-office content warehouse units totalling 112,214 sq ft with unit sizes ranging from 4,780 sq ft to 16,115 sq ft. • A 6.85 acre site, providing a low site density of 37% set in a safe, secure and high quality landscaped environment. Attractive car parking ratio of 1:402 sq ft with separate yard / loading areas and overall excellent site circulation. We are instructed to seek offers in excess of £22,400,000 (Twenty Two Million Four Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 6.00% and a capital value of £200 psf assuming normal purchaser’s costs of 6.75%. 3 The park occupies one of the strongest Luton connected locations in Greater London. M1 A1(M) IN LESS THAN 30 MINS 21 22 20 6 Borhamwood 23 M25 CENTENNIAL PARK 19 ADJACENT TO A411 Barnet 5 Elstree & Watford Borehamwood 4 M1 M25 Stanmore A406 0.5 MILES OF DIRECT M1 FRONTAGE Edgware A5 Harrow M40 A1 Wembley A41 TO THE M25 (J21) A40 A406 A40 M4 A4 Paddington M4 A4 WITHIN 2 MILES Heathrow TO LONDON HEATHROW AND LONDON LUTON AIRPORTS 4 J21A J6A G 5 R AD E RO T E T N E L T S D H T A E R R O E B E O T L D S W T NUE NO R VE A A E A R LD T E RK T E L T A N I P H N A1S HA W M G S A E R L S O S P A - I T T T D Y E R T R B L D E N E LSTREE E W T A B A E AY U T E O S V E N R H N EY H R U M LA E A N IL A E B H L London Elstree N F E IE D L Aerodrome AL D L A Borehamwood N E A5 FU R AD Z RO EH L A41 Elstree & I I M L T LU Borehamwood L T R AL O L A COMMUNICATIONS E D B U LONDO S N R H OA E D HIG Y H ST L M1 A N Bushey E S P Country A BY ROAD BY RUNDERGROUND Club R To A41 O Junction 21 W A1 2.5 miles Two UndergroundS stations are situated M25 HER M1 (Junction 5) 4 miles within 2 miles of theNE property. Fastest M25 (Junction 21) 6 miles journey times are: H 4 A406 North Circular 6.5 miles IG Y Stanmore to Green Park H 33 mins A M25 (Junction 23) 12 miles R O CENTENNIAL PARK W Edgware to Leicester Square 34A mins Central London 12 miles D Mill Hill T Edgware to Bank 49 mins E Golf Club N R A B S TA NM Hartsbourne O RE Country Club Stanmore & Edgwarebury H Edgware BY RAIL BY AIR IL Park L Golf Centre A5 Elstree & Borehamwood mainline railway Heathrow International Airport and Bentley Priory A41 station is situated within 1.5 miles of the London Luton Airport can both be Open Space Stanmore E ROAD A D WAR Country Park RO E DG property. reached within a 30 minute drive time. DON LON London Kings Cross 38 mins S T Edgware O Stanmore N ALE LAN Stanmore E H E G R O M1 VE 5 CENTENNIAL PARK N ACRES CENTENNIAL AVENUE Centennial Court BUILDINGS A41 M1 Not to scale Oce Industrial Retail & Amenity OCCUPANCY 6 THE PARK • Centennial Park is one of London’s leading • Availability on the park is at its lowest level on flexible warehouse, storage, production and office record with 97% occupancy (by area) with only parks comprising circa 65 acres attracting an one unit at Phase 400 available for sale or to let. established business community of International • Take up has been constrained due to the lack of and London based occupiers. available stock with the most recent letting at the • Four main phases of high office content industrial park in 2015. Average standard industrial rents in development have been completed since 1998 with London have increased circa 15% over the same approximately 420,000 sq ft of built stock across time period. The Park is now optimally positioned 49 buildings. to capture record prime rents over upcoming leases events. • 21 of these buildings (circa 78,000 sq ft) have been sold off to owner occupiers with Phase 400 built as a freehold-for-sale scheme. • There is excellent diversity of unit sizes across the park which can accommodate all occupational requirements below 35,000 sq ft. INDUSTRIAL BUILDINGS 3% 21% 16% PARK PERKS • Superb amenities including a 120 bed DeVere FLOOR SPACE 4 star hotel with restaurant, bar, gym and spa BY UNIT SIZE SQ FT INDUSTRIAL STOCK facilities with 25-metre pool, a Starbucks and 19% medical centre. 22% • 24/7 on-site security, a key attribute for tenant retention. 19% • High fibre connectivity. <2,500 2,500 –5,000 5,000 – 10,000 10,000 – 15,000 15,000– 20,000 > 20,000 ON SITE SECURITY 7 DESCRIPTION SITE The property was constructed in 2002 and provides high quality The total site area extends to 6.85 acres (2.77 hectares), providing versatile production, storage and business space. The 12 units are a very low site density of 37% set in a safe, secure and high quality arranged in 3 semi-detached blocks and 2 terraces totalling 112,214 sq landscaped environment. ft with unit sizes ranging from 4,780 sq ft to 16,115 sq ft. Phase 300 benefits from an attractive car parking ratio of 1:402 sq ft • Steel frame construction with profiled metal clad (279 car parking spaces) with separate yard / loading areas and overall and brick elevations. excellent site circulation. • 6.0m minimum eaves height. • Full lighting installation, including 10% translucent roof lights. All the units benefit from a high specification office content. 330 320 315 310 • Fully height glazing 340 solar protection • Full access raised floors WAREHOUSE • Suspended ceilings 350 • Category 2 lighting N • VRV comfort cooling 360 to units 310 - 380 • Gas-fired central heating to units 385 - 395 OFFICE • Showers and kitchenette 395 390 385 380 370 Plan not to scale, for identification purposes only. 8 TENANCIES ACCOMMODATION • Let to 9 tenants on 14 effective FRI leases. The estate provides the following accomodation • Passing rent of £1,432,845 pa, reflecting a modest £12.77 psf. UNIT GIA WAREHOUSE ANCILLARY OFFICE CAR PARKING (SQ FT) ACCOMMODATION ACCOMMODATION ACCOMMODATION SPACES • AWULT of 4.20 years to expiry and 2.90 years to break. (SQ FT) (SQ FT) (SQ FT) • 5 lease re-gears / reversionary leases since 2011. 310 6,911 3,145 814 2,951 19 315 6,868 3,262 581 3,025 16 • Since 2009 the estate has had 14 break options with a 100% retention rate. 320 6,911 3,145 814 2,951 19 330 12,090 6,652 1,002 4,436 29 • A number of active management initiatives to drive the rental tone 340 12,089 6,652 1,001 4,436 29 and improve the unexpired term. 350 16,083 8,921 1,210 5,952 41 360 16,115 8,953 1,210 5,952 41 370 10,291 4,852 1,004 4,436 25 380 10,388 4,852 1,004 4,532 24 TENURE 385 4,844 2,358 0 2,486 12 390 4,780 2,358 0 2,422 12 395 4,844 2,358 0 2,486 12 The property is held Long Leasehold (on a 999 year lease at £100 pa) TOTAL 112,214 57,509 8,640 46,065 279 expiring Dec 3004 with a share in the estate management company.