Wavendon BUSINESS PARK SOUTH EAST BUSINESS PARK INVESTMENT WITH IMMEDIATE DEVELOPMENT OPPORTUNITY Wavendon, Milton Keynes, MK17 8LX INVESTMENT SUMMARY • A rare opportunity to purchase a south east business • Multi-Let to HP Enterprise Services UK Ltd, Securitas - Refurbishment and re-letting of Victory House park investment located within the UK Growth Security Services (UK) Ltd and Unisys Ltd with further upon lease expiry in April 2022. Corridor, one of the most innovative and economically sub-leases to Boeing Defence UK Limited, ISP - Settlement of the forthcoming rent reviews. successful areas of the UK. Childcare Limited and Fisher Paykel. - Improving the provision of onsite amenities. • A prestigious campus environment, occupying a • Current passing rent of £2,547,296 per annum secure site in a core M1 office market. reflecting £17.40 per sq ft overall. - Exploring future alternative uses, most notably residential. • Highly strategic location with excellent connectivity • AWULT of 3.62 years to expiry and 2.83 years to to other leading cities via the M1 Motorway (junctions break. • We are instructed to seek offers in excess 13 / 14), and a mainline rail link via Milton Keynes • Freehold. of £32,500,000 (Thirty Two Million Central Station. Five Hundred Thousand Pounds), which • Overall site area of 16.16 acres (6.54 hectares). • Milton Keynes is consistently ranked as one of the reflects the following income profile:- UK’s fastest growing cities. • 3 acres of undeveloped land offering immediate opportunity for development of either further Grade - Net Initial Yield of 7.90% on the • Strong occupational market fundamentals with A offices or alternatively residential. contracted rent (after allowing for sustained tenant demand for both in-town and purchaser’s costs of 6.77%) out-of-town stock, with a continued lack of grade A • Excellent provision of 675 demised car parking office supply. spaces, a ratio of 1:219 sq ft. - Capital value of £205 per sq ft on the • Wavendon Business Park comprises four modern high • Wavendon Business Park provides a number of asset existing office accommodation. quality detached office buildings, together with a management opportunities to drive capital value. - £2,250,000 for the development land fifth period building which sits to the centre of the These may include: of 3 acres. site, significantly adding to its overall character. - Restructuring the head tenants lease and granting • Net Internal Area of 147,874 sq ft (13,738 sq m) new leases directly with the existing sub-tenants. 2 PARK OVERVIEW TURING WAVENDON ENIGMA VICTORY COBRA 39,120 sq ft TOWER 39,212 sq ft 39,544 sq ft 22,693 sq ft Passing rent £16.89 psf Passing rent £21.50 psf Passing rent £16.92 psf Passing rent £12.86 psf 7,305 sq ft Expiry: 1.42 years Expiry: 9.33 years Expiry: 2.11 years Expiry: 9.80 years Passing rent £15.74 psf 177 car parking spaces 177 car parking spaces 167 car parking spaces 103 car parking spaces Expiry: 2.11 years (1:221) (1:222) (1:237) (1:220) 51 car parking spaces (1:143) A prestigious campus environment, occupying a secure site in a core M1 office market 3 MILTON KEYNES Milton Keynes is The City is a powerhouse consistently ranked at the top of economic benchmarking surveys and has one of the highest start- located in a highly up rates in the country. Thousands of growing local firms as well as strategic position leading global companies such as Volkswagen Financial Services, between London, Red Bull Racing, Santander and Network rail continue to thrive and expand here. Birmingham, Oxford With a significant population, employment growth and high levels and Cambridge in of productivity, the talent pool continues to expand with a fast- the heart of the UK growing concentration of knowledge intensive businesses. Growth Corridor. Milton Keynes has attracted more than 500 inward investors and is home to some of the largest concentrations of North American, European and Asian firms in the UK. Milton Keynes sits in Highest percentage growth One of the the centre of the UK’s in jobs (29.19%) of any city fastest growing Growth Corridor between 2010 and 2016 cities in the UK (investmiltonkeynes, 2018) Population growth is forecast to New road and rail routes Infrastructure improvements continue and is set to exceed are proposed across will facilitate the delivery of 1m 500,000 by 2050, creating a the Cambridge – Milton new homes by 2050, creating city bigger than Edinburgh, Keynes - Oxford arc. 700,000 new jobs & increasing Cardiff and Liverpool economic output by £163BN (investmiltonkeynes, 2018) (source: National Infrastructure Commission 2017) £ £ £3rd 3rd3rd 3rd3rd £ £ £3rd 3rd 3rd 3rd highest Business stock 3rd highest GVA per Milton Keynes has (per 10,000 population) worker in the UK the fourth highest (centreforcities, 2019) (ONS, 2018) number of business start ups in the UK 4 THE UK GROWTH CORRIDOR ‘The Growth Corridor is best understood as an alignment of highly successful, fast growing and productive towns and cities, each with a highly skilled labour force and with global strengths in knowledge-led business sectors’ (National Infrastructure Commission, 2017) Globally competitive business clusters – the area has a concentration of businesses in the scientific research and development, life sciences, pharmaceuticals, high-tech £ Home to 3.3m people manufacturing, performance technology The Universities Milton Keynes’ £5.5 billion of and some of the most and motorsport sectors. of Oxford and engineering, financial infrastructure productive, successful Cambridge and professional service investment and one and fast-growing cities consistently rank businesses benefit from million new homes in the United Kingdom Supports some 1.8 million jobs and amongst the top 4 in 25% higher productivity planned (NIC, 2017) contributes £90.5 billion of annual GVA the world per worker than the UK to the UK economy (SQW, 2016) average (NIC, 2017) KEY PETERBOROUGH GROWTH CORRIDOR A47 LEICESTER BIRMINGHAM M6 BRAIN TRAIN LINK A14 NATIONAL RAIL KETTERING COVENTRY M1 Oxford M42Milton Keynes OxfordCambridge Milton Keynes Cambridge A5 A1 STRATFORD M5 NORTHAMPTON UPON AVON M40 CAMBRIDGE Goldman Sachs BEDFORD Goldman A43 Sachs MILTON BISHOP’S KEYNES STORTFORD STANSTED BICESTER CHELTENHAM A10 LUTON A1(M) M11 M1 M25 Oxford Milton Keynes Cambridge OXFORD M40 CIRENCESTER WATFORD A34 Goldman Sachs SWINDON M25 M4 LONDON HEATHROW M25 CITY A4 M3 5 CONNECTIVITY Milton Keynes benefits from multi-modal connectivity to the rest of the UK, making it one of the most accessible cities in the country: ROAD RAIL BUS Wavendon Business Park benefits from excellent road Travel distances from Wavendon Business Park: Milton Keynes Central Station sits approximately 4.5 miles The Park also benefits from a shuttle bus which runs to connectivity to Milton Keynes City Centre and to the M1 to the north east of the property, providing a direct train and from Milton Keynes Central Station, providing a fast Motorway via Junctions 13 and 14 which lie approximately Milton Keynes Train Station 6 miles service into London Euston in just 33 minutes. and convenient transport link to the city centre. 2.5 miles to the east of the subject property. This gives full M1 Junction 13/14 3.5 miles access to the national motorway network including the M25 (Junction 21) approximately 25 miles to the south, M40 Milton Keynes Town Centre 6 miles (Junction 11) approximately 27 miles to the west and the M6 (Junction 19) approximately 33 miles to the north. London 52 miles AIR London Heathrow Airport 52 miles The park benefits London Luton Airport 23 miles The Park is located 22 miles to the north west of London Luton Airport, the UK’s 5th largest airport, handling in from excellent road Stansted Airport 52 miles excess of 14.5million passengers in 2016, a 20% increase from the previous year. A terminal extension is currently Cambridge 43 miles under construction which will allow future expansion and connectivity to Milton Oxford 44 miles further increases in passenger numbers. In addition to Luton Airport, there is a comprehensive range of other Keynes City Centre and Reading 57 miles airports within close proximity including London Heathrow (52 miles), Birmingham International (63 miles) and London Birmingham 70 miles Stansted (74 miles). to the M1 Motorway. PETERBOROUGH A47 LEICESTER BIRMINGHAM M6 A14 KETTERING COVENTRY M1 M42 A5 A1 STRATFORD NORTHAMPTON CAMBRIDGE UPON AVON M40 M5 BEDFORD A43 MILTON BISHOP’S STANSTED KEYNES STORTFORD BICESTER CHELTENHAM A10 LUTON M11 A1(M) M1 M25 OXFORD M40 CIRENCESTER WATFORD A34 SWINDON M25 M4 LONDON M25 HEATHROW CITY A4 6 M3 WOLVERHAMPTON 10 8 7 9 2 West Bromwich Nuneaton 1 1 6 5 8 M1 2 Corby M69 Market A1 BIRMINGHAM Harborough 3 BIRMINGHAM 20 3 6 2 M6 Ely LOCATION SITUATION M5 Solihull Coventry 1 A14 Kettering M425 19 4 4 Rugby A14 2 18 Huntingdon Stourport- 1 3 on-Severn St Ives Milton Keynes is located in a highly strategic position Wavendon Business Park sits in an elevated position to the Bromsgrove 16 17 Wellingborough A14 Redditch Leamington Spa Rushden 5 A1 between London (50 miles south), Birmingham (70 miles south east of Milton Keynes, approximately 4 miles from Warwick Bury Droitwich 15 14 Daventry St Edmunds north west), Oxford (40 miles south west) and Cambridge the city centre. It is easily accessed from the Groveway 13 Northampton 14 CAMBRIDGE 16 St Neots 13 M40 (45 miles north east). The city benefits from multi-modal H9 ring road, which connects with the A4146 and A421, 6 12 Worcester Stratford upon Avon 12 15 connectivity and is one of the most accessible commercial, providing a dual-carriageway link with the M1 Motorway 11 7 M11 cultural and prominent sporting locations in the UK.