Anglo Office Park, White Lion Road

Amersham

Overview

  • Amersham is an affluent and attractive commuter town, benefitting from excellent access to Central London.
  • The town is situated in one of the UK's wealthiest catchment areas, driven by its location at the centre of North West London's commuter belt.
  • Anglo Office Park occupies a highly prominent position on White Lion Road, 1 mile to the east of Amersham town centre.
  • The property comprises three self-contained office buildings, totalling 11,252 sq ft of office accommodation over ground and first floor.
  • Two buildings are let to Ceva Animal Health Ltd with a 12 month rent, rates and service charge guarantee on the vacant Unit 1.
  • Total passing rent of £234,845 per annum equating to a low average rent of £20.05 per sq ft on let space.
  • WAULT of 7.6 years to expiries and 3.6 years to break on let space.
  • Freehold.
  • Excellent car parking ratio of 1:250 sq ft.
  • Favourable supply/demand dynamics in Amersham, where headline rents have increased to £30.00 per sq ft.
  • Excellent asset management opportunities include driving the rental tone, leasing of the vacant space and removal of tenant break options.
  • Opportunities to sell the buildings individually, given the recent sales transaction on the Park at £333 per sq ft.
  • Potential for future development and residential conversion via permitted development, subject to obtaining the necessary consents.
Offers are invited in excess of £3,040,000 (Three Million and Forty Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT.

A purchase at this price reflects an attractive net initial yield of 7.25%, after allowing for purchaser's costs of 6.45% and a capital value of £270 per sq ft.

Location

Amersham is an affluent town within the Chiltern District in Buckinghamshire. The town is situated in one of the UK's wealthiest catchment areas driven by its location at the centre of North West London's commuter belt. With its excellent working environment and strategic location approximately 27 miles north west of Central London and 18 miles north of Heathrow International Airport, the town has become an attractive location for corporate occupiers including Barnett Waddingham, Chiltern District Council, Ceva Animal Health and The Entertainer.

Road
Amersham benefits from excellent road communications being situated within close proximity to a number of key motorways. The town is located approximately 5 miles west from Junction 18 of the M25 and 7 miles to the north of Junction 2 of M40 motorway, providing access to both Heathrow International Airport and Central London.

Train & Underground
Amersham Railway station is served by the Metropolitan Line of the London Underground which is also shared with the Chiltern Railways mainline service, operating from London Marylebone to Aylesbury. Both services provide direct and frequent routes into Central London with a fastest mainline journey time of 35 minutes to London Marylebone.

Air
Heathrow International Airport is located approximately 18 miles to the south of Amersham and is one of the world's busiest airports. Luton Airport is also located within close proximity, 25 miles to the north of the town.

Situation

Anglo Office Park occupies a highly prominent position on White Lion Road (A404) to the east of Amersham town centre. The property sits adjacent to St George's Industrial Estate and is accessed directly from the A404, the main arterial road into the town centre, providing direct access to Junction 18 of the M25 which is located 4 miles to the east.

The property is set within an attractive landscaped environment and benefits from excellent access to Amersham town centre which provides a range of retail and leisure amenities including Marks & Spencer Simply Food, Little Waitrose, Boots and Tesco Express. Amersham Railway Station and Chalfont & Latimer Station are also ideally positioned approximately 3 minutes equidistant from the property, providing direct routes into Central London.

The micro-location will be further enhanced through the proposed back-to-frame refurbishment of Latimer House, located to the rear of the site. The property will be comprehensively refurbished to form The Entertainer Group's headquarter office, further cementing the Park's status as a key business destination in Amersham.

Description

Units 1, 2 and 3 comprise three self-contained B1 office units, totalling 11,252 sq ft of office accommodation over ground and first floor.

The property fronts White Lion Road forming part of the well-presented Anglo Office Park scheme which was developed in 2007. Internally, the units provide flexible open plan office accommodation, benefitting from air conditioning, suspended ceilings with recessed lighting, raised access floors, WC and kitchen facilities.

There are 45 designated car parking spaces to Units 1, 2 and 3, providing an excellent car parking ratio of 1:250 sq ft.

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th edition) and the approximate Net Internal Areas can be seen in the link below:


Tenure

The purchaser will acquire the freehold interest of the property, edged red on the Situation Plan. The buildings and car parking spaces edged green on the Situation Plan have been sold freehold or will be retained by the vendor.

Tenancy

The property is let in accordance with the following tenancy schedule, providing a total passing rent of £234,845 per annum equating to a rent of £20.87 per sq ft and a WAULT of 7.6 years to lease expiries and 3.6 years to break (on let space).


Covenant Information

Ceva Animal Health was incorporated in 2000 and is a subsidiary of the Ceva Group. The property forms their UK headquarter office where they employ over 80 members of staff. The company market pioneering animal health products in ruminant, pig, poultry, equine and pet sectors. Ceva Group are one of the fastest growing top 10 animal healthcare companies, operating globally in 100 countries and employing more than 5,500 worldwide.

Ceva Animal Health Limited (03085474) has a Dun and Bradstreet rating of 2 A1.

A summary of its last three years published accounts can be seen in the link below:


VAT

We understand the property is elected for VAT and the transaction will be treated as a Transfer of Going Concern.

EPC

The EPCs are available on request.

DATA ROOM

A data room has been set up with the relevant documentation; access is available on request.

ESTATE/SERVICE CHARGE

The estate/service charge budget for the park for the year ending 31/12/2018 is £30,560 equating to £1.25 per sq ft. Further information is available on request.

PLANNING

The property offers potential for future development and residential conversion via permitted development, subject to obtaining the necessary consents. There is also an elapsed planning permission that was granted on 8 June 2011 for future redevelopment of the site, to provide a two storey office building at the north west boundary of the property. Planning reference CH/2011/0364/FA.

Proposal

  • Offers are invited in excess of £3,040,000 (Three Million and Forty Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT.
  • A purchase at this price reflects an attractive net initial yield of 7.25%, after allowing for purchaser's costs of 6.45% and a capital value of £270 per sq ft.

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NET INITIAL YIELD:
7.25%
PRICE:
£3,040,000
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