Property Auctions 21/Mar/2013 | Southern Cross, Basing View, Basingstoke, Hampshire, RG21 4HG

Substantial Office Investment

Mainly let to Kier Construction Limited and Kier Facilities Services Ltd
Located within an established office area
Approximate 3,070 sq m (33,050 sq ft)
Large car park for approximately 147 cars
Six Week Completion Available
Rent: £322,220.36 (gross), £267.960.36 (net)

Lot 22
Auction 21st March 2013
Rent £267,960 per Annum Exclusive
Status Sold Post
Price
Sector
Office
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA

Property Information

Location

Miles: 16.5 miles south of Reading, 48 miles south-west of Central London
Roads: A339, A3010, M3 (Junction 6)
Rail: Basingstoke Rail (45 minutes to London Waterloo)
Air: London Heathrow

Situation

The property is situated on the southern side of Basing View, within close proximity of the town centre and within walking distance of Basingstoke Rail Station which provides a direct service to London Waterloo.

Tenure

Long Leasehold. Held from the Borough Council of Basingstoke and Deane for a term of 99 years from 1st April 1983 until 2082 at a current rent of £54,260 p.a. Rent reviews are every 5 years, upwards only to 15% of rack rental value. An option exists to extend the headlease until 2108.

Location

Miles: 16.5 miles south of Reading, 48 miles south-west of Central London
Roads: A339, A3010, M3 (Junction 6)
Rail: Basingstoke Rail (45 minutes to London Waterloo)
Air: London Heathrow

Situation

The property is situated on the southern side of Basing View, within close proximity of the town centre and within walking distance of Basingstoke Rail Station which provides a direct service to London Waterloo.

Tenure

Long Leasehold. Held from the Borough Council of Basingstoke and Deane for a term of 99 years from 1st April 1983 until 2082 at a current rent of £54,260 p.a. Rent reviews are every 5 years, upwards only to 15% of rack rental value. An option exists to extend the headlease until 2108.

Description

The property comprises a multi-let office building over six floors. The property benefits from a large on-site car park for approximately 147 cars and a total approximate site area of 0.444 hectares (1.10 acres).

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 multi-let office building over six floors. The property benefits from a large on-site car park for approximately 147 cars and a total approximate site area of 0.444 hectares (1.10 acres).

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
	Ground & First	Office	1,307.41 sq m	14,073 sq ft	KIER FACILITIES SERVICES LIMITED (1)	4 years from 10/02/2013 (2)	£160,567	09/02/2017
	Third Fourth	Office Office	618.26 sq m 506.97 sq m	6,655 sq ft 5,457 sq ft	KIER CONSTRUCTION LIMITED (3)	4 years from 10/02/2013 (4)	£112,157	09/02/2017
2.1	Second	Office	46.64 sq m	502 sq ft	BISON GRID LIMITED	1 year from 01/03/2013	£6,648 (5)	28/02/2014
2.2	Second	Office	62.89 sq m	677 sq ft	ENVIRONMENTAL CONTROL FILMS LIMITED	10 months from 01/05/2012	£6,360 (5)	28/02/2013
2.3, 2.4, 2.6 & 2.8	Second	Offices	304.90 sq m	3,282 sq ft	VACANT & TO LET (6)
2.5	Second	Office	56.95 sq m	613 sq ft	DOTLABEL LIMITED	3 years from 01/04/2010 (6)	£6,130	31/03/2013 (6)
2.7	Second	Office	68.38 sq m	736 sq ft	BEMOKO CONSULTING LIMITED	1 year from 23/09/2011	£7,380	31/03/2013 (6)
2.9	Second	Office	40.32 sq m	434 sq ft	KID EASE LIMITED	1 year from 19/03/2010 (7)	£3,978.36	22/09/2013
	Fifth	Office	57.69 sq m	621 sq ft	COMPLETE LIGHTING SERVICES LIMITED	4 years from 01/01/2013	£9,000	31/12/2017
	10 Spaces	Car Parking	Not Measured		KIER FACILITIES SERVICES LIMITED (1)	3 years from 01/07/2010	£5,000	30/06/2013
	10 Spaces	Car Parking	Not Measured		KIER FACILITIES SERVICES LIMITED (1)	3 years from 01/03/2011	£5,000	28/02/2014
Totals			3,070.41 sq m	33,050 sq ft			£322,220.36 (gross)

(1) For the year ending 30th June 2012, Kier Facilities Services Limited reported a turnover of £115,282,000, pre-tax profits of £8,664,000 and a total net worth of £8,091,000. (Source: www.riskdisk.com 25/02/2013)
(2) The lease provides a rolling option to determine from the first anniversary of the term, subject to 3 months’ notice.
(3) For the year ending 30th June 2012, Kier Construction Limited reported a turnover of £1,130,251,000, pre-tax profits of £39,994,000 and a total net worth of £102,314,000. (Source: www.riskdisk.com 25/02/2013)
(4) The lease provides a rolling option to determine from the second anniversary of the term, subject to 3 months’ notice.
(5) The rent for Suites 2.1 and 2.2 is inclusive of service charge.
(6) The Vendor is in negotiations with Dotlabel Limited for a lease of both Suite 2.5 and 2.6 for a term of 5 years from 1st April 2013 at a total rent of £10,000 p.a.x.
(7) The tenant is currently holding over.