kingston-upon-thames

PRINCESS MEWS, HORACE ROAD
KINGSTON-UPON-THAMES
LONDON KT1 2SL
GREATER LONDON OFFICE INVESTMENT
KINGSTONUPON-THAMES
Kingston
Station
The Bentall
Centre
Fairfield Recreation
Ground
John
Lewis
Kingston
Bridge
PRINCESS
MEWS
Rose
Theatre
Kingston
Town Hall
R
S
AME
TH
IVER
Surrey County
Council
PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL
INVESTMENT SUMMARY
• South West London Business Space Investment
• Located in the popular town of Kingston-upon-Thames
• Total income is £169,028 pa which
equates to £12.72 psf
• Offers are sought in excess of £2,150,000
(Two Million One Hundred and
Fifty Thousand Pounds) subject
• Circa 13,284 sq ft of office and workspace accommodation
to contract and exclusive of VAT.
This equates to an attractive
•Freehold
net initial yield of 7.43%, a low
• Current occupancy rate of 100%
capital value of £161.85 psf.
• Approximately a 15 minute walk from
Kingston Railway Station
• Asset Management opportunities including potential
lease regears and future site development subject to planning
Stevenage
M25
GUILDFORD
Famham
A22
M25
J7
J8
Dorking
A24
Horley
Gatwick
Crawley
A23
J5
Hig
hS
tr
Oxted
S tr
eet
en
D
en
m
Royal
Tunbridge
Wells
Su
A264
rb
ito
n
Three Bridges
Ro
a
East Grinstead
Gillingham
The Fairfield
Rochester
d
a
Sheerness
Ro
c
Vi
ria
to
s
wk
Ha
Recreation
M2 Ground
h
Fairfield Sout
Kenley
LOCATIONR
A2
04
3
ad
Ro
Sittingbourne
Snodland
Bonner Hill Ro ad
Maidstone Horace Road
ar
k
A26
Ro
ad
Tonbridge
Portland
Road
Paddock
Wood
Staplehurst
ur
Kingston
Cemetery
Hog
sm
ill La
ne
Chap
el M
ill R
o
bito
nH
ill
ue
ven
dA
fiel
Ling
a
Princess
Mews is located in Kingston-upon-Thames, an affluent town
Ro
er
st South West London. Kingston is approximately 10 miles south west
in
e
uc
lo
Ca
mb
rid
ge
G
Ro
ad
of Central London, and 20 miles north east of Guildford.
The town benefits from good road communications with the A3 Kingston Bypass
providing access to the M25 (Junction 9) approximately 7 miles to the south
and the M3 (Junction 1) approximately 6 miles to the west. The town also
benefits from excellent public transport links being served by Kingston, Surbiton,
Norbiton and Berrylands rail stations providing frequent services to London
Waterloo Kevery
15 minutes, with a fastest journey time of 18 minutes.
i
ng
s
ton and London Gatwick airports are approximately 9 miles
London Heathrow
Ro
d
north west and 23 amiles
south of the property respectively.
Kingston Road
Recreation
Ground
ad
SITUATION
A229
Grove L
ane
oad
rt R
ane West
Norbiton
g
PRINCESS
MEWS
M20
S
Burgess Hill
Rd
8
M20
A30
A21
M23
Haywards
Heath
Gravesend
M26
Sevenoaks
d
North A264
Horsham
Horsham
M25
K in
A308
Fassett Road
Cranleigh
J3
Biggin Hill
outh Road
Witley
J6
Reigate
Redhill
Godalming
Swanley Ashdow
n
Shoreham
A217
A3
A21
High Street
J10
J9
Famborough
A331
Aldershot
A232
Sutton
Epsom
A3
07
P o rts m
Woking
Croydon
t
ee
Stanford-le-Hope
oad
M25
Bromley
J2
A20
be L
A238 Coo m
Basildon
Cromwell Road
Benfleet Southend-on-Sea
Canvey
Island
M25
Dartford
A23
A3
A13
A127
Kingston
R
Albert
A309
M3
Walton-on-Thames
J12
e
A2
KINGSTON
UPON THAMES
Bagshot
Fleet
London
City
Staines Ashford
Egham
Sandhurst
M3
rs
Ho
Brook St
Bracknall
Ascot
Wokingham
A322
A3 0 8
J29
Romford
Fa
ir
LONDON
A329(M)
Wickford
d
A12
A130
Billericay
J28
Hi
ll
Brentwood
on
M11
d
oa
M25
Watford
Enfield
A1
M1
Rickmansworth
South
A355 A413
Oxney
Harefield
M40
Harrow
A10
Brent
Ruislip
A404
Cross
J16
Wembley
Uxbridge A40
-on-Thames
Maidenhead
Slough
Southall
A404(M)
J15
M4
Fulham
Windsor
Hounslow
Heathrow
A316 Richmond Clapham
M4
J27
st
J25
High
Wycombe
NG
Chipping
Ongar
Epping
J23
Borehamwood
Villiers Road
Potters Bar
J20
J19
A12
Chelmsford A138
A414
A414
J21
Chesham
A131
M11
Harlow
A414
Hatfield
St Albans
M10
A404
A4010
A130
Harpenden Welwyn Garden
City
Hertford
A41
Hemel
Berkhamsted
Hempstead
A120
l d Way
A1(M)
M1
Aylesbury
A10
A602
Wh
ea
tf i e
A5
Stansted
Bishop’s
Stortford
Buckingha
m Rd
Low er Marsh Lan
e
Villiers A
venu
e
Knebworth
u fo
A418
Luton
Ed
LUTON
Be
a
Dunstable
A240 Penrhyn
Road
A505
Surbiton
Cemetery
Princess Mews is situated approximately one mile south east of Kingston town
centre on the western side of Horace Road, just to the north of its junction with
Portland Road. The property is situated in a mixed residential and commercial
area and is adjacent to a Kingston University campus.
Kingston town centre provides an extensive retail offering, including the
Bentall Shopping Centre.
Berrylands
Kingston Railway Station can be reached within an approximate 15 minute walk.
ad
Ro
PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL
DESCRIPTION
The property comprises 9 two storey office/workspace
units totalling approximately 1,234 sq m (13,284 sq ft)
constructed in an art-deco style. The units provide a mixture
of workshop and office accommodation. Units 6 and 7
benefit from access to a roof terrace.
The property benefits from 18 car park spaces within
a gated site.
SITE AREA
The property occupies a site of approximately
0.13 hectares (0.31 acres).
Source Promap.
TENURE
Freehold
SERVICE CHARGE
le
Brys
idd
TheM budgeted service charge for the year ending
31 December 2015 is £35,721 equating to £2.69 psf.
Outline for indicative purposes only.
Unit
7
57
59
Unit
8
61
63
65
Unit
3
67
69
71
73
75
77
50
52 54
© Crown
Copyright,
56 ES 100004106. For identification purposes only.
60
62
64
66
68
70
72
79
Tenant
Area (NIA)
Sq m
Area (NIA)
Sq ft
Lease Start
Date
Expiry
(Break)
Rent p.a.
(psf)
Service
Charge (%)
1
Locate I.T. (UK) Ltd
123.4
1,329
22/12/2012
21/12/2017
£18,828
(£14.17)
9.16%
Outside L&T 54 Act. Rolling mutual break option subject
to 3 months written notice. Rent Deposit - £9,111.60
2
Vickery
Associates Ltd
123.4
1,328
17/03/2005
16/03/2010
£18,900
(£14.23)
9.16%
Tenant Holding Over. Outside L&T 54 Act.
Schedule of condition in place. Rent Deposit - £5,000
3
Yellow Zebra
Travel Ltd
126.2
1,358
01/11/2014
31/10/2019
(29/09/2017)
£18,500
(£13.63)
9.30%
Outside L&T 54 Act. Tenant break option. If break option not taken
then peppercorn to be paid between 30/09/2017 and 29/12/2017
Service charge cap in place. Reviewed annually.
Rent Deposit - £4,625
4
Sarner
International Ltd
268.8
2,894
18/05/2012
17/05/2017
£30,000
(£10.37)
19.48%
Outside L&T 54 Act. Rolling tenant break option subject
to 6 months written notice. Rent Deposit - £7,950
5
Sarner
International Ltd
128.1
1,379
18/05/2005
17/05/2017
£11,200
(£8.12)
9.30%
Outside L&T 54 Act. Rolling tenant break option subject
to 6 months written notice. Rent Deposit - £3,360
6
Aloysha Evans (t/a
B Clean Services)
153.8*
1,655*
30/07/2010
29/07/2015
£13,200
(£7.98)
9.59%
Outside L&T 54 Act. Schedule of condition in place.
Rent Deposit - £3,009.74
7
Canyon Bicycles
UK Ltd
191.1
2,057
14/01/2013
13/01/2018
(13/01/2016)
£22,000
(£10.70)
14.54%
8
Coherent
Technology Ltd
132.3
1,424
25/12/2010
24/12/2015
£20,400
(£14.33)
9.88%
Outside L&T 54 Act.
Rent Deposit - £9,987
9
Lewislive Ltd
140.8
1,515
18/05/2012
17/05/2016
£16,000
(£10.56)
9.59%
Outside L&T Act.
Rent Deposit - £3,600
1,234.1
13,284
£169,028
100.00%
Unit
1
Unit
9
Portland
Road
58
Unit
2
Horace Roa
d
Unit
5
Unit
6
55
Unit
4
Unit
81 83
85
87
Comments
Outside L&T 54 Act. Surety - Canyon Bicycles GmbH,
Tenant Break Option. Fixed Rental Increases - 14/01/2016 13/01/2017 - £23,000 pa; - 14/01/2017 - 13/01/2018 - £24,000 pa;
Rent Deposit - £5,000 plus £1,000 (VAT Element)
* Not inspected by Allsop. Areas supplied by Vendor. (GIA)
COVENANTS
LOCATE I.T. (UK) LTD was established in 2006 and is a European wide wholesaler of
office machinery and equipment. In June 2014 Locate I.T. (UK) Ltd recorded a tangible
net worth of £239,813.
VICKERY ASSOCIATES LTD was established in 1999 providing print and design
services across the UK. In March 2014 Vickery Associates Ltd recorded a tangible net
worth of -£198,372.
YELLOW ZEBRA TRAVEL LTD was established in 2012 and is a travel agency and
tour operator specialising in African safari. In December 2013 Yellow Zebra Travel Ltd
recorded a tangible net worth of £43,849.
SARNER INTERNATIONAL LTD was established in 1988 and is a leading company in
the design and delivery of visitor attractions and leisure entertainment centres. In March
2014 Sarner International Ltd recorded a tangible net worth of £268,188.
CANYON BICYCLES UK LTD was established in 2012. In September 2014 Canyon
Bicycles UK Ltd recorded a tangible net worth of -£13,132.
COHERENT TECHNOLOGIES LTD was established in 1990 and is a manufacturer of
tv transmitters and telephony. In December 2013 Coherent Technologies Ltd recorded a
tangible net worth of -£300,758.
LEWIS LIVE LTD was established in 1975 and is an event management and production
business. In September 2014 Lewis Live Ltd recorded a tangible net worth of -£236,933.
Ham
Ham
Common
PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL
Richmond
Park
A3
KEY:
A307
● Key areas of change
● Local Centres
B351
● Housing Opportunity Areas
nA308
Locally Significant Industrial
Site
A310
Major Movement Barriers
58
● Strategic Landmark
Hampton Wick
Kingston
Hampton
Wick
Norbiton
Kingston
Upon Thames
A238
Norbiton
B283
08
mpton Court
Park
New Malden
A3
A2043
A307
A240THE PROPERTY
Berrylands
New Malden
Surbiton
Surbiton
A3210
A3
Oakhill
EPCs
REGENERATION
Kingston is set to benefit from numerous developments
including the Eden Quarter Development which is
the largest development opportunity area in the town
centre. The development is set to combine high quality
retail, leisure and commercial uses with active public
space and residential living. North Kingston is situated
north of Kingston station and has been recognised
for a future comprehensive redevelopment. The
main uses considered for the area include residential,
educational and other uses. Plans have been drawn
up by Berkeley for 315 new homes, new commercial
and educational accommodation and a linear park
within the development area. An application from
Goldcrest is also being considered to develop an
office block and replace it with retail outlets, office
accommodation, restaurants and cafes on the ground
floor and accommodation for up to 210 student on
the upper floors. Numerous development projects are
being considered by the riverside including Kingston
Heights which will include a new housing project, a
£70 million upmarket hotel and restaurants next to
John Lewis. John Lewis is considering expanding itself
which could include a Waitrose. In 2014 Kingston
was awarded the ‘mini-Holland’ programme status by
the Mayor of London which provides £30 million to
transform the local cycling facilities. The programme
will help to improve the road network and public
spaces for all road users.
Ultimately the development of Kingston is being
overseen by Kingston Futures which is an ambitious
investment programme designated for Kingston Town
Centre and its future development.
Further information can be found at
www.kingstonfutures.org.uk
Unit AssessmentRating
Unit AssessmentRating
Unit AssessmentRating
155 C
456 C
771 C
266 C
553 C
862 C
355 C
6102 E
974 C
EPC certificates are available upon request.
VAT
The property is elected for VAT purposes, however we anticipate the sale will be
treated as a Transfer of Going Concern (TOGC).
PROPOSAL
We are instructed to seek offers in excess of £2,150,000 (Two Million One Hundred and Fifty
Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield
of 7.43%, assuming purchaser’s costs at 5.8%, low capital value of £161.85 psf.
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
Andy Pointon
020 7543 6720
Jonathan Butcher
020 7543 6755
Richard How
020 7543 6825
[email protected]
[email protected]
[email protected]
www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property
are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations,
warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to:
(a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property;
and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 06.15