Tenancy & Accommodation
| Floor |
Use |
Floor Areas
Approx sq m |
Floor Areas
(Approx sq ft) |
Tenant |
Term |
Rent p.a.x. |
Ground
First
Second |
Office/Reception
Office
Office |
212.00
565.10
564.90 |
(2,282)
(6,083)
(6,081) |
OREGA (MANAGEMENT) LIMITED (1) |
Held on 3 leases each for terms of 15 years from 25/09/2020 (2) with rent reviews in 2025 and 2030 to the higher of uncapped CPI or OMV - please see leases |
£239,000 |
| Part Lower Ground |
Ancillary |
18.67 |
(201) |
HKA GLOBAL LIMITED (3) with a guarantee from HILL INTERNATIONAL CONSULTING B. V. |
1 year from 01/08/2023 |
£1,800 |
| Part Lower Ground |
Office/Ancillary |
323.02 |
(3,477) |
VACANT |
- |
- |
| Third |
Office |
436.70 |
(4,701) |
HKA GLOBAL LIMITED (3) with a guarantee from HILL INTERNATIONAL CONSULTING B. V. |
10 years from 01/03/2017 |
£113,054 |
| Fourth |
Office |
392.90 |
(4,229) |
HISCOX UNDERWRITING GROUP SERVICES LIMITED (4) |
20 years from 04/02/2008 (5) |
£113,125 |
| Total |
|
2,513.40 |
(27,054) |
|
|
£466,979 |
(1) For the year ending 31/03/2022, Orega (Management) Limited reported a turnover of £10,836,795, a pre-tax profit of £3,857,701 and a net worth of £4,567,161 (www.northrow.com). Orega offers modern serviced office spaces operating 22
office spaces in central locations across the UK, including 6 in London and key regional cities including Manchester, Liverpool, Leeds and Newcastle, with over 10,000 customers and over 550,000 sq ft of flexible space (www.orega.com).
(2) The ground, first and second floors are held on three co-terminous leases, each subject to a mutual option to determine on 25/09/2025, 25/03/2026 and 25/09/2030, at a total rent of £239,000 (Ground: £37,744 pa, First: £100,612 pa, Second: £100,644 pa). There is a pre-condition in each lease allowing for the break to only be exercised if the total landlord income (for the preceding two years), divided by two is less than the Minimum Income. The Minimum Income is 75% of the Premises Rent and the Premises Rent is reviewed in years 5 and 10 to the higher of CPI and OMV - please see leases.
(3) For the year ending 31/12/2022, HKA Global Limited reported a turnover of £37,643,787, a pre-tax profit of £2,567,910 and a net worth of £2,761,798 (www.northrow.com). HKA Global Limited is a leading global consultancy in risk mitigation, dispute resolution, expert witness, and litigation support services. (www.hka.com)
(4) Hiscox Underwriting Group Services Limited were incorporated in 1901 and are a specialist insurer who underwrite personal and business risks (www.hiscox.co.uk). For the year ending 31/12/2022, they reported a turnover of £356,859,000, a pre-tax loss of £15,383,000 and a negative total net worth of £27,728,000 (www.northrow.com)
(5) The lease is subject to a tenant only option to determine on 04/02/2025 with a tenant break penalty of £9,427 if exercised.
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