MERIDIEN HOUSE 69-71 Clarendon Road, Watford WD17 1DS PRIME MULTI-LET SOUTH EAST OFFICE INVESTMENT 1 INVESTMENT SUMMARY 2 • Landmark office building on Clarendon Road, Watford’s prime office pitch, located overlooking atfordW Junction railway station • Watford is the largest office market in the northern M25 sector and home to a number of global occupiers • High quality Grade A accommodation developed in 2001 • The building extends to 59,977 sq ft arranged over ground and five upper floors with 177 parking spaces (1:339 sq ft) • Fully let to 8 tenants • AWULT to expiry of 8.0 years and 4.9 years to break • Low passing rent equating to only £19.91 per sq ft on the office accommodation • Prime rents in the Watford office market have reached £23.00 per sq ft • Freehold • Asset management opportunities to include the removal of existing break options and the regearing of leases to drive and capture future rental growth • Offers are sought in excess of £16,600,000 (Sixteen Million Six Hundred Thousand Pounds) subject to contract and exclusive of VAT • A purchase at this level reflects aNet Initial Yield of 6.75% after allowing for standard purchaser’s costs of 5.80%. This equates to a capital value of only £277 per sq ft MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 32 LOCATION D R D A E N To M25 T S O R P Junctions 2 T M 41 H E Watford is the major office centre in the north west sector 19 & 20 A W H D E SITUATION S 1 A O T 1 R E of the M25. It is located 24km (15 miles) north west of 4 S R A N A N B L P A With its imposing frontage and design, Meridien House A V Central London. Hemel Hempstead is 10km (6 miles) to T. E S P Watford A 4 is one of the landmark office buildings in Watford. It is the north and St Albans is 13km (8 miles) to the north 1 Junction P P prominently located at the top of Clarendon Road, opposite A412 east of the town. A 4 D 1 MERIDIEN HOUSE R 1 Watford Junction Railway Station. Clarendon Road, N O D Watford benefits from extensive transport communications D P N O E RPHA D A D NA R 08 R G 40 Watford’s prime office pitch, is home to a number of global O R E T A A JUNCTION T R E R L D L C T Y D A H R O A W 5 as detailed below. B I I U R N G E S O occupiers, attracted by the transport links and amenities of O S E H E C T R X C A S S T C C H E T H H R E A N the town. KPMG, ACI Worldwide, TK Maxx, Ralph Lauren E P N E P G T P N Intu Watford Road E G O S and the Inland Revenue all have offices on Clarendon Road. R Shopping N O P E R V Centre H E The town has excellent motorway communications; O P TE A KING ST P S D 08 0 A short walk to the south of Meridien House is the town A4 Junction 19 of the M25 is 6km (4 miles) to the north 8 7 1 W 4 W E centre and the intu Watford Shopping Centre. The shopping A BEDFORD A S west and this provides access to the rest of the national T Birmingham T M1 E L E D W R R A A10 F R N centre is anchored by John Lewis, Marks & Spencer and BHS O I D motorway network. Junction 5 of the M1 is 3km (2 miles) Watford E A R H A5 L O R I D A1 L G 14 High St S M L H A A A421 H and offers over 140 stores with a wide range of fashion, W N A E V to the north east which provides a direct route southbound S D A L H A6 A E T Y N N MILTONE G U clothing, homeware and restaurant operators represented. KEYNESG 10 E into Central London. The M1 northbound offers access I W 9 10 to Luton, which is 25km (16 miles) away, and the North of 1 A505 BLETCHLEY A41 Main retail area England. 9 A5 HITCHIN 7 Rail LEIGHTON STEVENAGE BUZZARD Stansted Airport DUNSTABLE LUTON Watford enjoys excellent rail links, being served by three 10 BISHOP’S 8 A418 A502 STORTFORD mainline stations; Watford Junction, North Watford and A1(M) 9 Watford High Street. At peak times, five trains per hour AYLESBURY WELWYN M11 GARDEN CITY A41 run from Watford Junction to London Euston, with a M1 A406 HEMEL 4 HARLOW fastest journey time of 16 minutes. HEMPSTEAD A10 CHESHAM London Overground services run from both Watford 20 21 19 23 STOKENCHURCH 5 M25 Junction and Watford High Street with London AMERSHAM 18 25 27 WATFORD 1 WATFORD ENFIELD HIGH JUNCTION Underground services provided from Watford tube station BARNET WYCOMBE 3 M40 RICKMANSWORTH on the Metropolitan line. These lines provide direct links to 3 A406 2 1 Euston, Kings Cross and Liverpool Street stations. 1 ROMFORD M25 16 1 EUSTON MAIDENHEAD A40 SLOUGH UXBRIDGE CITY Air ALDGATE A13 8 6 M4 MARYLEBONE 31 Watford is located in close proximity to a number of 5 15 4 1 LONDON For indicative purposes only. A4 CLAPHAM JUNCTION DARTFORD international airports. HEATHROW M25 A2 STAINES A316 2 London Luton Airport is 27km (17 miles) to the north, 1 A24 A20 M3 A3 A23 12 WEYBRIDGE approximately a 25 minute drive from the town. Heathrow CROYDON 3 BROMLEY Metropolitan Line M20 Airport, 35km (22 miles) to the south, representing a drive 11 EPSOM Metropolitan Line time of circa 30 minutes. Gatwick Airport is situated 96km 12 (Extension Opens 2017) 9 A22 9 M26 (60 miles) to the south and can be accessed via the M25, London Overground 7 5 with an approximate journey time of 70 minutes. Stansted London Midland 8 7 15 M25 SEVENOAKS A25 Airport is circa 72km (45 miles) to the north east with a Southern Railways A21 Chiltern Railways 9a 9 journey time of under an hour. GATWICK Virgin Trains A24 10 11 MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS M25 (J5) - 2 miles KEY 3 1 Hotel Development INTU WATFORD 2 Watford Community Housing Trust SHOPPING 3 ACI 4 EPSIIA CENTRE 5 Inland Revenue 6 Money, Debt & Credit Ltd 7 TK Maxx 8 Michelin Travel Publications, Angel TOWN CENTRE Business Communications and others 9 Jurys Inn Hotel 10 Sainsbury’s 11 NHS Professionals, Scottish Equitable, Corona Energy 11 9 12 TK Maxx 12 13 TK Maxx and Ralph Lauren 8 14 TK Maxx 13 7 15 Regus 14 6 16 KPMG 5 17 Gainsborough Morrison 15 18 Iveco 4 16 3 2 10 18 17 CLARENDON ROAD 1 WATFORD JUNCTION (London Euston MERIDIEN HOUSE 16 mins) A411 A412 A405 (North Circular) M25 (J19) - 4 miles 2.6 miles 4 DESCRIPTION Meridien House was developed in 2001 and comprises a ACCOMMODATION high specification 6 storey office building with two levels of basement car parking. The total floor area of the building The property provides the following approximate net is approximately 5,572 sq m (59,977 sq ft). internal areas: The accommodation is provided in a rectangular floor Floor Area Sq m Sq ft plate around a central core with full height glazing to all elevations and tenant balconies to the rear elevation at Ground floor 1,233 13,272 1st, 2nd, 3rd and 4th floor levels. First floor 1,221 13,143 Second floor Suite 1 512 5,511 The office was developed to Grade A specification and Second floor Suite 2 525 5,651 includes: Third floor 852 9,171 Fourth floor 658 7,083 • Double height reception Fifth floor Suite 1 296 3,186 • Full height central atrium Fifth floor Suite 2 275 2,960 • 150 mm raised floors TOTAL 5,572 59,977 • Suspended ceilings with recessed lighting • Four pipe fan coil air conditioning TENURE • Tenant balconies Freehold. • Three x 10 person passenger lifts • Separate goods’ lift • Male, female and disabled toilets and shower facilities Secure car parking is provided to the front of the building and on two undercroft levels providing space for 177 cars. This reflects an excellent town centre car parking ratio of 1:339 sq ft. MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 5 TENANCY Demise Area Tenant Lease Lease Break Months Rent Current 1954 Act Car Service £psf Comments (sq ft) Start Expiry Option of Notice Review rent parking Charge spaces Cap Ground 13,272 i2 Office Ltd 01/01/2014 31/12/2028 01/01/2024 9 01/01/2019 £289,190 Outside 37 car None 21.79 01/01/2024 spaces First Galderma (UK) Ltd 17/01/2011 16/01/2021 16/01/2016 6 17/01/2016 £262,860 Inside 43 car £8 per 20.00 If the tenant does not sq ft per exercise their break 13,143 spaces option they will be granted annum 6 months rent free. subject to annual RPI increases Part 5,511 Engage Partners 27/03/2012 26/03/2022 27/03/2017 6 27/03/2017 £68,493 Outside 16 car £6 per 12.43 Rent reviewed to the higher of OMV or £123,310 pa.