BELVEDERE, BASING VIEW, BASINGSTOKE

BELVEDERE, BASING VIEW, BASINGSTOKE
HIGH YIELDING SOUTH EAST MULTI-LET OFFICE INVESTMENT
BEING SOLD ON BEHALF OF ADMINISTRATORS
PAGE 2 Belvedere, Basing View, Basingstoke RG21 4HG
INVESTMENT SUMMARY
•Town centre, multi-let office building.
•Prominently situated on Basing View, a 65 acre town centre business park.
•Home to blue chip occupiers including The AA, Thales, Sony and Network Rail.
•Major regeneration planned for Basing View.
•95 year leasehold interest.
•Six storey, high quality office accommodation.
•117,428 sq ft with 350 secure car parking spaces.
•Multi-let to 18 tenants with an average weighted unexpired lease term of 4.5 years to expiry and 1.9
years to break options.
•Current gross income of £1,192,328 per annum equating to £12.23 per sq ft on the let element.
•Significant recent letting activity and ongoing
asset management opportunities.
•Seeking offers in excess of £5,250,000.
•A purchase at this level reflects a NIY of 17.43% assuming usual purchaser's costs of 5.80% and net
of head rent.
•Low capital value of £44.71 per sq ft.
Belvedere, Basing View, Basingstoke RG21 4HG PAGE 3
LOCATION
Direct to London
Waterloo in 44
minutes
Basingstoke is a significant south-east commercial centre and
a key market within the M3 office corridor. The town is located
approximately 50 miles south west of London, 32 miles north east of
Southampton and 16 miles south of Reading.
Major town employers include The AA, AXA, Sun Life Services, De La
Rue, Barclays Mercantile, Basingstoke and Deane Borough Council,
Thales and Motorola.
Basingstoke is well positioned adjacent to Junction 6 of the M3
motorway. The M3 connects London to the South Coast and joins
the M25 motorway at Junction 12. The M4 motorway (J11) and
Reading are easily accessible via the A33 with estimated journey
times of 21 and 29 minutes respectively.
CAMBERLEY
BASINGSTOKE
Basingstoke is well connected by rail services with the frequent and
direct service to London Waterloo having a fastest journey time of
44 minutes. Regular services also run to London Paddington, taking
approximately 1 hour via Reading which is a 17 minute journey.
The town is well located for access to London Heathrow Airport
which is 35 miles north east of Basingstoke, whilst Southampton
airport, which serves approximately 50 European destinations, is 30
miles to the south west.
SITUATION
Belvedere is located on Basing View, a 65 acre business park campus
in the heart of the town. Basing View, which is majority owned by
Basingstoke and Deane Borough Council is the established, principal
town centre office location in Basingstoke.
w w w. b e l v e d e r e - b a s i n g s t o ke. c o m
The property is approximately a 10 minute walk from Basingstoke
railway station and the prime retail pitch of the town centre including
the 175 unit Festival Place Shopping Centre which was purchased by
TIAA-CREF for £280m in 2012.
PAGE 4 Belvedere, Basing View, Basingstoke RG21 4HG
BELVEDERE
PRE
PRECIN
CIN
CT
CT
BASING
VIEW
A3010
A339
Belvedere is located at the eastern end of Basing View, benefitting
from prominence to the A339 ‘Ringway East’ and A3010 Churchill
Way. The building is situated adjacent to The AA’s headquarters
and Thales who occupy Mountbatten House. The new Network
Rail campus development is directly north. Other nearby occupiers
include Kier, Shoosmiths, Clydesdale Bank, Penningtons Solicitors LLP
and Baker Tilly.
The Council is committed
to investing long term in
Basing View
AXA
Basingstoke
Barclays
Skyline Plaza
Festival Place
Sun Life
Gateway Site
ENI
Development Site
Renaissance
Shoosmiths
Development Site
Network Rail
Eastrop Park
Thales
Development Site
Belvedere
A3010
The AA
A339
REGENERATION OF BASING VIEW
The Council owns the majority of the Basing View and is committed
to ensuring its vitality. Basingstoke and Deane Borough Council
have recently signed two development agreements with Muse
Developments to progress the next stages of the £200m Basing View
regeneration scheme, concentrating on a 15 acre development area.
Infrastructure Improvements
Some infrastructure improvements have already been completed
in addition to the ongoing £3.3m upgrade to public spaces and
street furniture which will be maintained under a new management
structure. It was also recently announced that Government funding
has been secured to improve Junction 6 of the M3 and Black Dam
roundabout which will significantly improve traffic flows.
Major Developments
Clearance of some of the more obsolete buildings on the park
has commenced with City Wall House and Loddon House
having already been demolished. Scott House has also recently
been purchased by the Council and will also be demolished.
A detailed planning application for a 150,000 sq ft hotel led mixed
development on a site that bridges the gap between the Festival
Place Shopping Centre and Basing View is anticipated imminently.
The Masterplan includes significant office development as well as
provision of considerable convenience retailing and other amenities.
Plans for the redevelopment of the Basing View area can be viewed at:
www.basingview.co.uk
Network Rail have recently purchased and commenced ground works
on a site of approximately 8 acres at Gresley Road, immediately north
of Basing View. Network Rail is to develop a Railway Operating Centre
serving the Wessex Route which will comprise a mixed-use campus
scheme with a gross internal area of 146,400 sq ft and employ 580
people. Construction has already started on a footbridge that that will
connect to Basing View, directly opposite Belvedere.
At the western end of Basing View on Alencon Link, Berkeley Homes
have completed and sold off all of the apartments within Skyline
Plaza. The 19 storey residential development has contributed to the
transformation of the town centre and the immediate area.
The development of the Gresley Road site and Skyline Plaza will
contribute positively as an extension of regeneration at Basing View
and help to establish Basingstoke and more specifically Basing View
as an area that is seeing substantial inward investment and occupier
confidence.
PAGE 6 Belvedere, Basing View, Basingstoke RG21 4HG
£200m Development agreement signed
DEMOGRAPHICS
Low unemployment, higher than average earnings and projected
population increases give a positive outlook for Basingstoke’s
employment. In addition the Basing View masterplan envisages that
the project has the potential to double the current number of jobs
currently available at the business park to around 10,000.
• Basingstoke population 167,800 (Census 2011)
The property underwent a substantial refurbishment in the early
2000's and has subsequently been well maintained with an
ongoing maintenance programme.
• 10% increase since 2001
• Population projection of 190,000 by 2026
Basingstoke
Employment Rate
High quality flexible
office space
South East
76.8%
74.7%
Workplace based earnings
£560 per week
£528 per week
Unemployment Rate (2012)
5.0%
5.9%
The property benefits from:
• Impressive double height reception
• Excellent natural light
• 4 glazed passenger lifts
Nearly 98% of the Borough’s businesses are micro or small businesses
which employ between 1 and 49 employees. This equates to over
6,200 businesses in the Borough where Belvedere could
accommodate their occupation based on employment profile.
• Numerous shower facilities
Basingstoke is also the home to many large corporates with around 40
companies each employing over 250 staff and 30 of Hampshire’s top
companies being based in the town.
The office space provides the following specification:
(Source: ABI/ONS UK Business: Size Activity and Location).
• Perimeter heating
DESCRIPTION
• Integral Category 2 lighting
Belvedere is a high quality six storey office originally constructed
in the early 1980's and substantially refurbished and reconfigured
approximately 10 years ago. Internally the property provides highly
flexible accommodation with office suites ranging from 978 sq ft to
over 10,000 sq ft. The office space is arranged around an impressive
and imposing central atrium which provides communal break out
space for occupiers. Further amenity is provided by Hartleys coffee
shop on the ground floor.
The property is situated on a sloping site which means the main
reception is on Level 3 and allows all office floors to have an elevated
aspect over the communal garden terrace to the rear. The lower
levels provide car parking and plant space, as well as office and
storage accommodation on Level 2.
• 2.5m floor to ceiling height
• Chilled beam air conditioning
• Raised floors
The only exception is the vacant part Level 3 (F) space which is in
a shell condition.
The floorplates of the property are regular in configuration and
enjoy excellent natural light on all floors. The floors are accessed
by four glazed passenger lifts from the central atrium. Some of the
offices suites benefit from external terraces whilst all tenants are
able to use the established communal garden terrace.
The property sits within a site area of 2.4 acres and benefits from
a total of 350 secure car parking spaces which equates to a car
parking ratio of 1:334 sq ft.
Belvedere, Basing View, Basingstoke RG21 4HG PAGE 7
TENURE
The property is held Long Leasehold from Basingstoke and Deane
Borough Council. The lease, which expires on the 14/02/2083 has an
unexpired term of approximately 70 years.
Over 50% of income secured or renewed within the last 18 months
The headlease allows for the Lessee to extend the lease term
for an additional 25 years extending the unexpired term to
approximately 95 years.
Belvedere,
View,p.a.
Basingstoke,
RG21
The headlease
rent is Basing
£224,000
subject to
five4HG.
yearly upward
only rent reviews. The ground rent is geared to 15% of the ERV
of the building, assuming it is let as a whole. The 15/02/2013
headlease review is outstanding and has not been actioned.
Further information is available upon request and a copy of the
lease is available on the website.
Shelter
Fanum House
Belvedere House
ACCOMMODATION & TENANCY
The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition).
The total lettable NIA as currently configured is 117,428 sq ft. The property was originally single let and should the building be returned to
this configuration the lettable office area could increase to circa 139,751 sq ft.
There are 350 car parking spaces giving a ratio of 1:334 sq ft. A number of spaces are let on licences as shown on the tenancy schedule.
The licences are determinable on 28 days notice by either side.
The property is currently let to 18 tenants as detailed in the tenancy schedule. The property produces a gross income of £1,192,328 per
annum which equates to £12.23 per sq ft, on the let office element. On deducting the long leasehold rent of £224,000 the net rent is
£968,328 per annum.
All of the leases, except for one tenant, are contracted outside of the security of tenure provisions of the Landlord & Tenant Act 1954.
The current average weighted unexpired lease term to expiry on the leased tenancies is 4.5 years and to break options is 1.9 years.
There has been significant recent letting activity in the building and the space available allows scope for further improving the current
income profile. Assuming a conservative ERV of £13.00 per sq ft a further £284,871 per annum could be generated from a fully let building
with an ERV of £1,253,199 per annum (net of head rent).
CHURCHILL WAY EAST
0m
10m
20m
30m
Path
Ordnance Survey © Crown Copyright 2013. All rights reserved.
Licence number 100020449. Plotted Scale - 1:1250
PAGE8 Belvedere, Basing View, Basingstoke RG21 4HG
TENANCY SCHEDULE
Tenant
Unit Description
Vacant
Level
Level 2
Suite
A
HCR Limited
Level 2
B
Area
(Sq ft)
Licensed
Car Park
Spaces
Lease Start
10,813
Vacant
Level 2
Storage
329
Level 2
Storage
100
30
09/05/2012
08/05/2022
06/09/2011
05/09/2014
09/05/2017 (tenant)
20/06/2011
19/06/2016
Rolling on
Development
(landlord)
13/07/2011
06/09/2011
03/11/2011
12/07/2016
05/09/2016
12/07/2016
05/09/2014 (tenant)
A
1,070
Level 3 (North)
Level 3
Level 3 (North East)
Level 3
Level 3
Level 3
Level 3 (South)
B
C
D
E
F
G
H
1,503
1,468
1,077
4,237
5,051
2,127
3,772
NewVoiceMedia Limited
Level 4
A
3,735
Strattons Limited
Level 4
B
1,439
4
30/07/2010
Amlin Corporate Services
Limited
Level 4 (East)
C
5,537
14
NewVoiceMedia Limited
Level 4
D/E
7,134
18
Gilroy Corporate
Communications Limited
Level 4 (West)
F
5,537
14
WLI (UK) Limited
Level 5
A
4,238
14
Vacant
Level 5
B
1,925
GB Gas Holdings Limited
Level 5
C
1,930
Vacant
Genus Plc
Genus Plc
Reflexis Systems (UK) Limited
Level 5
Level 5
Level 5
Level 5
D
E
E
F
6,539
3,999
8
10
14
Fire Fighters Charity
Level 6
A
9,054
Amberfin Limited
Affini Technology Limited
Baqus Group Plc
AtTask Limited
Vacant
Level 6
Level 6
Level 6
Level 7
Level 7
B
C
D
A
B
Novatel Wireless (UK) Limited
Level 7
Level 7
Car Parking
Car Parking
Vacant
Vacant
Building
Break Option
Rent
(per annum)
Service
Charge
Cap
Service
Charge
Liability
£28,775
Estimated
Full Rates
Liability
£9,670
£6.81
4
4
3
5
4
7
10
05/09/2011
13/07/2011
04/09/2016
12/07/2016
04/09/2014 (tenant)
-£38,445
£44,980
£81,056
£108,130
-£631
£1,645
£500
£16,500
£15.42
£16,500
£13,910
£13.00
£19,720
£19,539
£14,130
£23,220
£21,539
£16,630
-£46,276
-£46,441
£30,000
£51,800
£19,539
£19,084
£14,001
£55,081
£65,663
£27,651
£49,036
£13.00
£13.00
£13.00
£13.00
£13.00
£13.00
£13.00
£49,684
£48,555
£13.00
£13.12
£13.31
£13.12
£6.59
£6.49
£30,000
£46,800
£5,000
£14.10
£12.41
£22,490
£13,295
£6.50
£7.12
Comments
Half rent to 09/05/2016, to be topped up by the vendor. Rent increases to
£102,671.06 from and including 09/05/2017 for the remainder of the term.
Six months rent free if break not exercised. Lease is subject to a Schedule of
Condition
£5.00
Used informally by Fire Fighters Charity.
Demise included within the lease of the part level 6 office.
£5.00 93 (secure)
Break option 05/09/2013 not exercised.
£2,475
£3,500
£2,000
£2,500
Mint Score
£10.00
£24.75
£10.00 95 (secure)
Private
Individuals
Landlord's break option related to potential redevelopment of Basing View.
Rent deposit £4,950.
83 (secure) Break option 13/07/2013 to be removed by Deed of Variation.
63 (stable) Rent deposit £5,400.
83 (secure) Break option 02/11/2014 to be removed by Deed of Variation
Vacated 15/05/2013
Former restaurant space. Requires refurbishment.
43 (normal)
83 (secure) Break option 13/07/2013 to be removed by Deed of Variation
Space occupied under a tenancy at will. Rent includes service charge.Tenant
pays rates. In discussions for permanent lease.
Schedule of condition attached to the T@W.
If the tenant does not exercise the break the tenant is entitled to rent free from
60 (stable) 30/07/2013.The tenant has served an invalid break notice. Rent free to be
topped up by the vendor.
If the Tenant does not serve notice to break in 2014 will receive 9 months
92 (secure) rent free and 3 months for not exercising the break in 2017. Rent review
21/11/2016.
Tenant will receive 6 months rent free for taking a new lease. Rent free to be
83 (secure)
topped up by the vendor. 3 months rent free if the break option is not exercised.
From and including 24/03/2015 the rent will increase to £66,372 per annum.
68 (stable)
9 months rent free if break not exercised. Lease is subject to a schedule of condition.
Rolling
£70,616
£18.91
(inclusive)
29/07/2015
29/07/2013 (tenant)
£19,110
£13.28
£6.90
£19,110
£18,707
£13.00
21/11/2011
20/11/2021
21/11/2014 &
21/11/2017 (tenant)
£69,463
£12.55
£6.58
£69,463
£71,981
£13.00
6
tbc
5 years
12/07/2016 (tenant)
£88,700
£3,000
£12.43
£5.98
£91,700
£92,742
£13.00
8
23/03/2012
22/03/2017
23/03/2015 (tenant)
£33,186
£4,000
£5.99
£4.89
£33,392
£71,981
£13.00
01/08/2011
31/07/2016
31/07/2014 (tenant)
£59,640
£14.07
£6.98
£59,640
£55,094
£13.00 90 (secure)
-£21,956
£25,025
£13.00
£27,085
£25,090
£13.00 83 (secure)
£13.50
-£60,459
£49,520
£55,888
£56,000
£72,137
£7.59
£7.67
£7.00
£51,987
£118,469
£13.08
£6.24
£118,469
£117,702
£77,910
£74,562
£29,316
£57,707
£14.09
£12.60
£12.12
£13.08
£6.97
£6.43
£7.23
£6.30
£77,910
£74,562
£29,316
£62,207
-£21,071
£71,877
£76,908
£31,447
£57,343
£23,985
£50,436
£47,697
-£7,024
£12,714
£13.00
£13.00 90 (secure) Lease is within the 1954 Act
£13.00 90 (secure) Lease is within the 1954 Act
£13.00 86 (secure) No rent free for lease renewal.
The tenant has the option of surrendering a small part of the demise
(c. 1,309 sq ft) during the notice windows (28/02/2012 - 28/02/2014 and
£13.00 93 (secure) from 28/08/2014-28/02/2015). A surrender penalty is payable calculated on
the date of break. 3 months rent free after each break option if not exercised.
Rent review 28/02/2017.
£13.00 67 (stable)
£13.00 93 (secure) Break option 05/09/2013 not exercised.
£13.00 91 (secure) A break notice has been served.
£13.00 90 (secure) Rent deposit £14,425.
£13.00
Lease renewal terms agreed for a term of 3 years with a tenant only break
option in year 2. The renewal is based on part of their existing demise (1,689
£13.00 78 (stable)
sq ft) paying £14.50 psf. Service charge cap of £7.00 psf subject to annual RPI
indexation.
£13.00
3
15/10/2010
14/10/2015
£25,285
£20,932
4
19/12/2005
15/07/2005
12/03/2013
14/07/2015
14/07/2015
11/03/2018
£49,520
£55,888
£54,000
40
28/02/2012
27/02/2022
5,529
5,916
2,419
4,411
1,845
19
19
5
11
11/02/2011
06/09/2011
25/03/2010
13/02/2012
10/02/2016
05/09/2014
24/03/2015
12/02/2017
C
3,669
13
D
978
£1,800
£13.10
£3,794
£31,032
9
11/03/2016 (tenant)
28/02/2015
28/02/2017
28/02/2019 (tenant)
10/02/2014 (tenant)
24/09/2013 (tenant)
13/08/2014 (tenant)
£16.12
£2,000
£4,500
£13,044
30/11/2011
29/11/2013
£50,436
£13.75
£11,186
£6.53
5,549
£29,438
£8,027
£6.47
£4,348
£2,676
£85,007
18
9
117,428
ERV
(per sq ft)
£2,475
£10,770
5
ERV
(per annum)
£7.50
£23,786
£33,146
7
11
Net
Income
£81,056
Break option removed, documented in a Deed of Variation dated 20th December
2012.
5x visitors, 3x managing agents & 1x disabled
£1,164,028
SUB - TOTAL
Licenced
Rent
Car Park
(per sq ft)
Rent
£631
Level 3 - Cafe
NewVoiceMedia Limited
Pulse Cashflow Finance Limited
NewVoiceMedia Limited
Vacant
Vacant
Farncombe Technology Limited
NewVoiceMedia Limited
Lease Expiry
4,498
Affini Technology Limited
Howard Richard Morris and
Sandra Louise Morris
Car Park
Spaces
294
£28,300
56
£12.23
£169,617
£97,413
£925,297
£1,477,199
-£224,000
-£224,000
£701,297
£1,253,199
£1,192,328
HEADLEASE
NET TOTAL
15/02/1983
117,428
350
14/02/2108
AWULT
4.5 years
£224,000
AWULT
1.9 years
£968,328
£169,617
£97,413
Lease expiry assumes option agreement is actioned.
Belvedere, Basing View, Basingstoke RG21 4HG PAGE 9
COVENANT INFORMATION
77% of lease income secured to minimal risk tenants
The building is let to a range of high profile tenants including Amlin
Corporate Services Limited, NewVoiceMedia Limited, Genus Plc and
Fire Fighters Charity.
A high proportion of the income is rated by Mint as secure, with
minimal risk of business failure.
Secure
Stable
KEY
Lease income Mint rating by occupier.
Private Individual
1.51%
High Risk
0.00%
Caution
0.00%
Normal
2.74%
Stable
18.31%
Secure
77.44%
EPC
SERVICE CHARGE
The service charge budget for the current year ending December 2013 is £659,880 which equates to £5.57 per sq ft based on the service
charge area of 118,376 sq ft.
The building has an EPC rating of 88/D.
This compares to a benchmark of 124/E for typical existing stock.
A copy of the certificate is available upon request.
During the current service charge year, expenditure is included for ongoing maintenance works including the replacement of the boilers for
the building.
A breakdown of tenant leases that are subject to a service charge cap is detailed within the tenancy schedule. The projected service charge
shortfall due to caps is £3,794 for the current year.
Further information is available upon request.
PAGE 10 Belvedere, Basing View, Basingstoke RG21 4HG
OCCUPATIONAL MARKET
The South East occupational market has seen a resurgence of activity during the last 6 months as occupier
confidence has returned and tenants seek to move before available rental incentives fall further.
Q1 2013 take up reached an estimated 700,000 sq ft, a substantial 30% rise over the same period last year.
Supply of new, grade A stock in particular is continuing to be eroded, due to increasing take up levels and
a sustained lack of speculative development.
Take up in Basingstoke since 2009 has continued to increase, estimated at 150,000 sq ft in 2012, a
similar level to the five year average. Demand for office space in Basingstoke continues to be driven
by the Financial and Business Services Sector with companies seeking to benefit from the town’s high
concentration of AB class employees, which includes those in managerial and professional occupations.
The plans and potential for Basing View are attracting significant corporate interest. Press reports suggest
that Thales have shortlisted the park for a 180,000 sq ft campus. The imminent planning application for a
150,000 sq ft development between the park and the Festival Place shopping centre may also include a
significant high-end supermarket.
Belvedere Tenant Activity
The subject building sits high in Basingstoke’s letting hierarchy, accounting for a large proportion of
lettings over the last 12 months. Tenant retention has also been strong with a number of tenants renewing
leases or removing break options within the last eighteen months.
Over 50% of the income has been the subject of a positive lease event in the last 18 months.
Highly cash generative investment
The following transactions highlight the recent strong activity:
Occupier
Event
Date
New Voice Media
Letting
Under
Offer
7,134
New Voice Media
Re-gear
Under
Offer
6,352
Novatel Wireless
(UK) Ltd
Re-gear
Under
Offer
1,689
Reflexis Systems (UK) Lease
Ltd
renewal
GB Gas Holdings
Re-gear
Mar
2013
Dec
2012
4,000
HCR Ltd
May
2012
10,807
Gilroy Corporate
Letting
Communications Ltd
Fire Fighters Charity Renewal
Mar
2012
Feb
2012
5,531
AtTask Limited
Feb
2012
Letting
Letting
Size
(sq ft)
1,930
9,054
4,411
Rent
Lease Terms
(per sq
ft)
£12.43 Five year term with third year break. Six
months initial rent free and a further three
months if the break is not exercised.
£12.70 Removal of break options from three leases
to extend the expiry dates to 12/7/2016.
Deal agreed as part of letting above and no
further incentives granted.
£14.50 Lease renewal on part following a business
rationalisation for three year term with a
break in year two.
£13.50 Five year lease with break in year three and
no incentives.
£13.10 Break option 14/10/2013 removed for c. four
months rent free.
£7.50 10 year lease with break option in year five.
Rent is stepped to give equivalent of two
years initial rent free. If tenant does not
break the rent increases further to £9.50 per
sq ft with six months rent free.
£12.00 Five year lease with a break in year three.
Stepped rent for first three years.
£13.08 Lease renewal for 10 years with third year
break with stepped rent equating to six
months rent free.
£13.08 Upsized within the building. Four months
rent free on new letting.
In addition we understand that New Voice Media have requested terms for a further 3,735 sq ft of space
which they are currently utilising under a Tenancy at Will.
New developments on the park should see rental levels of c. £20 per sq ft achieved. Other developments
are already achieving strong rental levels with the NHS Commissioning Group taking 6,569 sq ft of space
from MEPC at Chineham Park at the quoting rent of £19.00 per sq ft in May 2013. Rents at Viables Business
Park are in the mid-teens with quoting rents of c. £14.75 per sq ft and small suites achieving premium levels,
such as Taylor Made’s acquisition of 1,026 sq ft at £17.63 per sq ft in February 2013.
Given the strong tenant interest, historic average rent of the town, planned regeneration of the immediate
area and levels of rent in competing centres, we believe Belvedere offers genuine scope to improve
headline rental levels.
The building was originally configured for and was utilised by a single occupier. Scope exists in the medium
term to return the building to a single occupier which would potentially increase the net lettable area by
approximately 19% to 139,751 sq ft.
Belvedere, Basing View, Basingstoke RG21 4HG PAGE 11
Floor
It ’ s
Plans
TENANCY MAP
whatever
LEVEL
Lower 2
350 on site car parking spaces (1:334 sq ft)
you wan t
Ground
It ’ s
AFFINI TECHNOLOGY STORAGE
Floor
Plans
whatever you want
NEWVOICEMEDIA LTD
Ground
LEVEL
3 Floor
PULSE CASHFLOW
FINANCE
NEWVOICEMEDIA LTD
LTD
COFFEE SHOP
It ’ s
D
A
B
C
TO LET
TO LET
Plans
whatever
F
STRATTONS
LTD
NEWVOICEMEDIA LTD
HCR LTD
B
For further information,
please
contact
1,476 m 2
15,891 ft 2
E
FARNCOMBE
TECHNOLOGY
LTD
you wan t
LEVEL
First 4Floor
TO LET
A
Floor
A
B
NEWVOICEMEDIA H
LTD
G
the joint sole agents:
GILROY CORPORATE
COMMUNICATIONS
LTD
KEY
AMLIN CORPORATE
SERVICES LTD
C
Terrace
Office Space
Let
ww w .belvedere-basingstoke.com
Available To Let
Available To Let - Unrefurbished
Communal Tenant Areas
Coffee Shop
Common Parts and Landlord Space
TATION ACT
& Parker and Woodford & Co for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (i) These particulars are set out as a general outline only, for the
d purchasers or lessees and do not constitute part of an offer or contact; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details
sponsibility, and any intended purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness
No person in the employment of Allsop & Co, Strutt & Parker and Woodford & Co has any authority to make, or give any representation or warranty whatever in relation to this property; (iv) Unless
l rents and prices quoted are exclusive of VAT which may be payable in addition.
April 2001
1,994.85 m2
21,473 ft2
Reception
254.00 m2
2,730 ft2
Atrium
242.55 m2
2,611 ft2
F
NEWVOICEMEDIA LTD
E
D
For further information, please contact the joint sole agents:
2,280.02 m 2
www.belvedere-basingstoke.com
24,543 ft 2
MISREPRESENTATION ACT
Allsop & Co, Strutt & Parker and Woodford & Co for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (i) These particulars are set out as a general outline only, for the
guidance of intended purchasers or lessees and do not constitute part of an offer or contact; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details
are given without responsibility, and any intended purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness
of each of them; (iii) No person in the employment of Allsop & Co, Strutt & Parker and Woodford & Co has any authority to make, or give any representation or warranty whatever in relation to this property; (iv) Unless
otherwise stated, all rents and prices quoted are exclusive of VAT which may be payable in addition.
April 2001
PAGE 12 Belvedere, Basing View, Basingstoke RG21 4HG
For further information,
please
contact
the joint sole agents:
For identification only
TATION ACT
Floor
It ’ s
Plans
whatever
On site cafe and break out areas
you wan t
LEVELFloor
5
First
TO LET
B
WLI (UK) LTD
It ’ s
GB GAS
HOLDINGS
LTD
C
Floor
Plans
whatever
A
you wan t
LEVEL
6
First
Floor
TO LET
REFLEXIS SYSTEMS
(UK) LTD
D
It ’ s
FIRE FIGHTERS CHARITY
F
A
GENUS PLC
GENUS PLC
E
Plans
whatever you want
LEVEL
7
Fourth Floor
AMBERFIN LTD
BAQUS GROUP
PLC
Floor
B
ATTASK LIMITED
D
A
2,280.02 m 2
AFFINI TECHNOLOGY LTD
24,543 ft 2
For further information,
please
contact
C
TO LET
B
the joint sole agents:
KEY
NOVATEL
WIRELESS
(UK) LTD
C
Terrace
Let
ww w .belvedere-basingstoke.com
Available To Let
Available To Let - Unrefurbished
Communal Tenant Areas
Coffee Shop
Common Parts and Landlord Space
TO LET
D
2,280.02 m 2
24,543 ft 2
& Parker and Woodford & Co for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (i) These particulars are set out as a general outline only, for the
d purchasers or lessees and do not constitute part of an offer or contact; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details
sponsibility, and any intended purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness
No person in the employment of Allsop & Co, Strutt & Parker and Woodford & Co has any authority to make, or give any representation or warranty whatever in relation to this property; (iv) Unless
rents and prices quoted are exclusive of VAT which may be payable in addition.
April 2001
For further information,
please
contact
the joint sole agents:
1,048.83 m 2
11,290 ft 2
ww w .belvedere-basingstoke.com
For identification purposes only
MISREPRESENTATION ACT
Allsop & Co, Strutt & Parker and Woodford & Co for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (i) These particulars are set out as a general outline only, for the
guidance of intended purchasers or lessees and do not constitute part of an offer or contact; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details
are given without responsibility, and any intended purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness
of each of them; (iii) No person in the employment of Allsop & Co, Strutt & Parker and Woodford & Co has any authority to make, or give any representation or warranty whatever in relation to this property; (iv) Unless
otherwise stated, all rents and prices quoted are exclusive of VAT which may be payable in addition.
April 2001
For further information, please contact the joint sole agents:
Belvedere, Basing View, Basingstoke RG21 4HG PAGE 13
VAT
We understand that the property is currently elected for VAT
and therefore VAT will be payable on the purchase price. It is
envisaged that the sale will be dealt with as a Transfer of a Going
Concern (TOGC).
INVESTMENT RATIONALE
•High quality office accommodation with excellent on site amenities.
•Well positioned to benefit from the planned regeneration of Basing View.
•Multi-let to 18 tenants with an average weighted unexpired lease term to expiry of 4.5 years.
•Significant asset management opportunities.
•Strong tenant commitment demonstrated by recent
re-gears and lettings.
•Low average passing rent of £12.23 per sq ft which allows
for future rental growth.
•Highly cash generative with a low risk income spread.
•Low capital value.
YIELD PROFILE
PROPOSAL
A purchase at the quoting level would reflect the following yield profile.
We are instructed to seek offers in excess of £5,250,000 for the
long leasehold interest, subject to contract and exclusive of VAT.
Gross Income
Head Rent
£1,192,328
£224,000
Estimated Reversionary Rent
Head Rent
£1,477,199
Gross Income
£1,192,328
Service Charge
Liability
£224,000
Estimated Rates
Liability
£169,617
PAGE 14 Belvedere, Basing View, Basingstoke RG21 4HG
£97,413
Head Rent
£224,000
Net Income
£968,328
Net Income
£1,253,199
Net Income
£701,298
NIY
17.43%
RY
22.56%
NIY
12.63%
A purchase at this level would reflect an attractive net initial
yield of 17.43% and a low capital value of £44.71 per sq ft,
after the allowance of usual acquisition costs of 5.80%.
FURTHER INFORMATION
Robert Cass
[email protected]
020 7544 2256
James Dunne
[email protected]
020 7544 2093
Belinda Harris
[email protected]
020 7544 2108
www.csrealestate.co.uk
www.csrealestate.co.uk
020 7544 2000
Capita Symonds
125 Shaftesbury Avenue
London
WC2H 8AD
Tel: +44 (0)20 7544 2000
Fax: +44 (0)20 7544 2222
Further information is available to view at the
website: red.capitasymonds.co.uk/belvedere
Note: Capita Symonds Ltd (“CSL”), trading as Capita Symonds, part of The Capita Group Plc, for itself and
as agent for the vendors or lessors (the “Seller”) of this property, gives notice that (1) These particulars
do not constitute any part of an offer or a contract (2) Whilst every attempt has been made to ensure
accuracy, this cannot be guaranteed and, therefore (save as set out at (6) below), (a) all statements and
descriptions in these particulars as to this property are made without responsibility or liability on the
part of CSL or the Seller, (b) no such statements or descriptions are to be relied on as statements or
representations of fact (c) all measurements are approximate and no responsibility is taken for any
error, omission or misstatement and (d) any intending purchasers or lessees must satisfy themselves by
inspection or otherwise as to the correctness of each of the statements, particulars and representative
photographs contained herein. (3) The Seller does not make or give, and neither CSL nor any of its
employees or agents makes or gives nor has any authority to make or give, any representation or
warranty whatsoever in relation to this property. (4) Unless otherwise stated, all prices and rents are
quoted exclusive of VAT and no statement is made as to the incidence of VAT. (5) No liability is accepted
and no representation is made by either CSL or the Seller in respect of the presence, condition,
adequacy or usability of any telecommunications or computer systems or equipment at the property,
any software loaded thereon, or any related cabling or infrastructure. (6) Nothing herein shall exclude
any liability which either the Seller or CSL would otherwise have for any fraudulent concealment or for
any statements made fraudulently by it, its employees or agents.
Adrian Gates Photography & Brochures 07710 316 991.