Approximately 1,835 sq m (19,752 sq ft) Multi Let Office Accommodation
Prominent corner position opposite Jury’s Hotel
Adjacent to Watford Palace Theatre and Watford Market
Permission for property to be used as 34 self-contained flats
Lot 7
Auction 9th July 2014
Rent £117,865 per Annum Exclusive
Status Sold Prior
Price
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
10 miles south of Hemel Hempstead, 20 miles east of High Wycombe, 21 miles north-west of Central London
Roads
A41, M1, M25
Rail
Watford Underground (Metropolitan Line), Watford High Street
Overground and Watford North Rail
Air
Heathrow
Situation
The property is situated in a prominent corner location on the southern side of Beechen Grove (A411) at its junction with Clarendon Road. The property is located adjacent to Watford Palace Theatre and Watford Market and within close proximity of Intu Shopping Centre, Jury’s Hotel, T J Hughes Department Store and Sainsburys Superstore.
Tenure
Freehold.
Location
Miles
10 miles south of Hemel Hempstead, 20 miles east of High Wycombe, 21 miles north-west of Central London
Roads
A41, M1, M25
Rail
Watford Underground (Metropolitan Line), Watford High Street
Overground and Watford North Rail
Air
Heathrow
Situation
The property is situated in a prominent corner location on the southern side of Beechen Grove (A411) at its junction with Clarendon Road. The property is located adjacent to Watford Palace Theatre and Watford Market and within close proximity of Intu Shopping Centre, Jury’s Hotel, T J Hughes Department Store and Sainsburys Superstore.
Tenure
Freehold.
Description
The property comprises a six storey office building benefitting from car parking for approximately 8 cars.
Planning
Under the Town and Country Planning Act 1990, the freeholder has secured a determination under Class J of Schedule 2 Part 3 of the Town and Country Planning (General Permitted Development) Order 1995 for the change of use of all 6 floors from existing offices to 34 self-contained flats. For further information, please refer to the legal pack.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a six storey office building benefitting from car parking for approximately 8 cars.
Planning
Under the Town and Country Planning Act 1990, the freeholder has secured a determination under Class J of Schedule 2 Part 3 of the Town and Country Planning (General Permitted Development) Order 1995 for the change of use of all 6 floors from existing offices to 34 self-contained flats. For further information, please refer to the legal pack.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x (gross)
Reversion
Part Ground
Office
232.91 sq m
(2,507 sq ft)
INGEUS UK LIMITED
5 years from 04/11/2011 (1)
£31,338
03/11/2016
Part Ground
Office
92.90 sq m
(1,000 sq ft)
CORPORATE FINANCIAL MANAGEMENT SYSTEMS LIMITED
5 years from 31/03/2014 (2)
£12,000 (3)
29/04/2019
First
Office
325.90 sq m
(3,508 sq ft)
SEETEC BUSINESS TECHNOLOGY CENTRE LIMITED
5 years from 01/05/2013 (4)
£50,900
30/04/2018
Part Second
Office
221.48 sq m
(2,384 sq ft)
VACANT POSSESSION
Part Second
Office
111.11 sq m
(1,196 sq ft)
LASERFICHE UK SERVICES LIMITED
5 years from 15/08/2011
£14,352
14/08/2016
Part Third
Office
68.93 sq m
(742 sq ft)
ITSS RECRUITMENT LIMITED
3 years from 04/03/2012
£9,275
03/03/2015
Part Third
Office
265.33 sq m
(2,856 sq ft)
SERVICED OFFICES OPERATED BY REGUS (5)
Fourth
Office
334.35 sq m
(3,599 sq ft)
SERVICED OFFICES OPERATED BY REGUS (5)
Fifth
Office
182.09 sq m
(1,960 sq ft)
VACANT POSSESSION
Totals
1,835.00 sq m
(19,752 sq ft)
£117,865
(1) The lease to Ingeus UK Limited provides a tenant’s option to determine on the second (now lapsed) and fourth anniversaries of the term, subject to 6 months notice. If the break is not exercised then the tenant will benefit from a rent free period from 4th November 2015 until 3rd April 2016. (2)The lease to Corporate Financial Management Systems Limited provides a tenant option to determine on the third anniversary of the term, subject to a payment of £6,000. (3)For the purposes of clarification, the current rent for the Corporate Financial Management Systems Limited lease is £6,000 p.a.x. rising to £12,000 p.a.x. from 31/03/2017. The seller has agreed to adjust the completion monies so that the unit effectively produces £12,000 p.a.x. from completion of the sale. (4)The lease to Seetec Business Technology Centre Limited provides a tenant option to determine on 30th April 2016, subject to 6 months notice. (5)There is a management contract in place for part third and fourth floors which are run as serviced offices by Regus. A copy of the management agreement, which can be terminated at any time by either party upon 9 months notice, is available for inspection. Please refer to the auctioneers for further details.
