Property Auctions 23/May/2013 | Richmond House & St James House, Park 1, Oldbury, Bracknell, RG12 8TH

Substantial High Yielding Modern Office Investment

Two highly specified and well located modern office buildings
Tenants include MDNX Enterprise Services Limited
Approximately 4,455 sq m (47,949 sq ft)
Includes 192 car parking spaces 1:250
Six Week Completion
Gross Rent £654,760 p.a.x. Net Rent £564,760 p.a.x. subject to Note (5) opposite

Lot 34
Auction 23rd May 2013
Rent £564,760 per Annum Exclusive
Status Sold
Price £1,360,000
Sector
Office
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA

Property Information

Location

Miles: 30 miles west of London; 11 miles south-east of Reading; 16 miles north-west of Guildford
Roads: M4 (Junction 10), A329(M), A329, A322, M3
Rail: Bracknell Rail
Air: Heathrow Airport

Situation

Bracknell is an important town strategically situated in the heart of the Thames Valley. The property is situated within the busy Southern Industrial area of Bracknell which lies approximately 2 miles west of the town centre. Major neighbouring occupiers include The John Lewis Partnership, Waitrose and Panasonic.

Tenure

Long Leasehold. Long Leasehold. Held for term of 109 years from May 2013 at an initial rent reserved of £90,000 per annum exclusive with rent reviews every 5th year to the higher of 18% of Open Market Rental Value or increased by 2% per annum compounded.

Location

Miles: 30 miles west of London; 11 miles south-east of Reading; 16 miles north-west of Guildford
Roads: M4 (Junction 10), A329(M), A329, A322, M3
Rail: Bracknell Rail
Air: Heathrow Airport

Situation

Bracknell is an important town strategically situated in the heart of the Thames Valley. The property is situated within the busy Southern Industrial area of Bracknell which lies approximately 2 miles west of the town centre. Major neighbouring occupiers include The John Lewis Partnership, Waitrose and Panasonic.

Tenure

Long Leasehold. Long Leasehold. Held for term of 109 years from May 2013 at an initial rent reserved of £90,000 per annum exclusive with rent reviews every 5th year to the higher of 18% of Open Market Rental Value or increased by 2% per annum compounded.

Description

The property comprises two substantial detached modern office buildings both with open plan office accommodation on the ground and first floors. The offices are highly specified with full access raised floors, suspended ceilings and air conditioning. Both buildings benefit from undercroft car parking and a passenger and goods lift. The property benefits from a site area of approximately 0.93 hectares (2.30 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 two substantial detached modern office buildings both with open plan office accommodation on the ground and first floors. The offices are highly specified with full access raised floors, suspended ceilings and air conditioning. Both buildings benefit from undercroft car parking and a passenger and goods lift. The property benefits from a site area of approximately 0.93 hectares (2.30 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

Building	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
Richmond House	Ground (South)	Office	513.75 sq m	(5,530 sq ft)	TOLLGRADE UK LIMITED (1)	10 years from 18/10/2007	£66,360	(18/10/2017)
Richmond House	Ground (North)	Office	650.79 sq m	(7,005 sq ft)	VACANT POSSESSION
Richmond House	First (South)	Office	329.43 sq m	(3,546 sq ft)	DIASORIN LIMITED	10 years from 11/11/2008 until 2018 (4)	£60,282
Richmond House	First (North)	Office	810.12 sq m	(8,720 sq ft)	LIGHTFOOT SOLUTIONS GROUP LIMITED (2)	5 years from 27/10/2009	£153,880 (5)	(26/12/2014)
Richmond House		Sub-station			THE SOUTHERN ELECTRICITY BOARD	99 years from 01/04/1987	£20	(31/03/2086)
St James House	Ground & First	Offices	2,150.52 sq m	(23,148 sq ft)	MDNX ENTERPRISE SERVICES LIMITED (3)	10 years from 11/11/2010 until 2020	£370,368	11/11/2015
St James House		7 Car Parking Spaces			MDNX ENTERPRISE SERVICES LIMITED	Licence (6)	£3,850
Totals			4,454.61 sq m	(47,949 sq ft)			£654,760

(1) For the year ending 31st December 2011, Tollgrade UK Limited reported a turnover of £8,184,819, pre tax profits of £1,720,658 and a net worth of £1,929,340.
(Source: www.riskdisk.com 26/04/2013)
(2) For the year ending 31st March 2012, Lightfoot Solutions Limited reported a net worth of £3,036,530. (Source: www.riskdisk.com 26/04/2013)
(3) For the year ending 31st March 2012, MDNX Enterprise Services Limited reported a turnover of £28,277,000, pre-tax profits of £3,528,000 and a net worth
of –£2,813,000. (Source: www.riskdisk.com 26/04/2013)
(4) The tenant has served notice to determine the lease on 11/11/2013.
(5) The tenant pays an additional rent of £10,000 p.a.x. The current rent reserved under the terms of the lease is £61,875 p.a.x. The lease provides for the rent to
increase to £143,880 p.a.x. in December 2013. The seller will pay the buyer the difference between £71,875 p.a.x. and £153,880 p.a.x. from completion of the sale
until December 2013. Therefore the Tenancy will produce £153,880 from completion of the sale.
(6) There is a mutual option to determine on one month’s notice.