SHERWOOD DRIVE, BLETCHLEY MILTON KEYNES, MK3 6RT...Situated in Bletchley approximately 4 miles south...

FREEHOLD OFFICE INVESTMENT LET TO THE

SHERWOOD PLACE SHERWOOD DRIVE, BLETCHLEY MILTON KEYNES, MK3 6RT

INVESTMENT CONSIDERATIONS ■ Milton Keynes is a major South East town set between

Oxford to the south west and Cambridge to north east.

■ Unrivalled location at the heart of the ‘UK Growth Corridor’, Milton Keynes is set to benefit from significantly upgraded East to West Railway.

■ Situated in Bletchley approximately 4 miles south of Milton Keynes and within a 5 minute walk from Bletchley Station.

■ Site area: 0.811 acres (0.328 hectares)

■ Prominent self-contained building extending to 14,357 sq ft built in the 1980’s and comprehensively refurbished in 2009.

■ Entirely let to the NHS Property Services Ltd at a current rent of £299,722 p.a. until 16th April 2024 subject to uncapped annual RPI uplifts (no cap or collar)

■ Excellent car parking provision with 63 car parking spaces reflecting a car parking ratio of 1:228 sq ft.

■ Possible refurbishment or redevelopment for residential at lease expiry, subject to obtaining the necessary consents.

■ Freehold

■ Offers are sought in the region of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 8.04% after allowing for standard purchaser’s costs.



LOCATION

Milton Keynes was designated a ‘new town’ in 1967 and is arguably the country’s most successful town of its kind, having developed rapidly over recent decades. Located in the heart of the ‘UK Growth Corridor’, Milton Keynes is set to benefit from significantly upgraded rail infrastructure improvements with a direct rail link (dubbed the East to West Railway) running to Oxford and Cambridge which will cut journey times substantially.

The town is advantageously located within the UK growth corridor being the centre point between London (53 miles south), Birmingham (60 miles north

west), Oxford (30 miles south west) and Cambridge (44 miles north east). The area benefits from excellent transport connectivity, with immediate access to the M1 motorway at junctions 13 & 14, close proximity to the M6, M25 & M40 motorways as well as unrivalled connectivity with regular rail services running to London Euston with a journey time of 30 minutes, Birmingham in under 40 minutes and Manchester in just under 2 hours.

Heathrow International airport is located some 56 miles south whilst Luton airport is 26 miles south east of the subject property.

LONDON

Luton

Oxford

A413

A418

A505

A508

A422

A423

A421

A428

A509

A4146

A5130

A4010

A41

A40

A34

A34

A44

A45

A43

A6

A1

A1

A6

A5

M1

M1

M40

M40

M45

M25M25

M10

A1(M)

MILTONKEYNES

Witney

ChippingNorton

Banbury

Brackley

Buckingham

Towcester

Daventry

WellingboroughHuntingdon

RoyalLeamington

Spa

Bicester

Thame

Aylesbury

Hitchin

Letchworth

Chesham

St. Albans

Potters Bar

DunstableKnebworth

Rushden

Bletchley

Hatfield

HemelHempstead

LeightonBuzzard

NewportPagnell

WelwynGarden City

OXFORD

NORTHAMPTON

BEDFORD

LUTONSTEVENAGE

MO

NELLAN G

ROV

E

MONELLAN

CRESC

ENT

CALDECOTTE LANE W

ALTO

N RO

AD

MO

NELLA

N G

ROV

E

CALD

ECO

TTE LAKE D RIV

E

BRIC

KHILL STREET

BRIC

KHILL STREET

H10 BLETCHAM WAY

BRIC

KH

ILL STREET

WATLING STREET

V6 G

R

AFTON STREET

B4034V7 SA

XSON

STREET

WATLING ST

HIGH STREET

STATION ROAD

WO

BURN

SAN

DS ROAD

BOW BRICKHILL ROAD

A5130 NEWPORT RO

AD

A5130 HIG

H STREET

WO

BURN RO

AD

H9 GROVEWAY

A5130 NEWPO

RT ROAD

B4034 MA

RLBOR

OU

GH

STREET

B4034

B4034

SHERWO

OD

DRIVE

WATER EATON ROAD

SHEN

LEY RO

AD

WHADDON W

AY

WH

AD

DO

N W

AY

SHENLEY ROAD

FULMER STREET

TATTENHOE LANE

RICKLEY LANE

WHALL

EY D

RIV

E

WATLING STREET

WATLING STREET

CHILD

S WAY

V6 GRA

FTON

STREET

CHILD

S WAY

CHILDS WAY

MA

NO

R RO

AD

NEW

TON RO

AD

CHILDS WAY

B4034

SAXON GATE

SAXSO

N STR

EET

B4034 V7 SAXON

STREETV6 GRAFTO

N STREET

MARLBO

ROU

GH

STREET

H10 BLETCHAM WAY

V11 TO

NG

WELL STREET

STANDING WAY

STANDING WAY

STANDIN

G

A4146

A421

STANDIN

G W

AY

WA

Y

A5

A5

A5

BowBrickhill

FennyStratford

Bletchley

CALDECOTTELAKE

WOUGHTONPARK

STADIUMMK

BLETCHLEY PARK

FURZTONLAKE

SOUTH LOUGHTON VALLEY PARK

EMERSONVALLEY

WINDMILL HILLGOLF COURSE BRUNEL

SHOPPING CENTRE

MILTON KEYNESUNIVERSITY HOSPITAL

WALTONPARK

OUZEL VALLEYPARK

MT FARMPARK

SHERWOOD PLACE SHERWOOD DRIVE, BLETCHLEY MILTON KEYNES, MK3 6RT FREEHOLD OFFICE INVESTMENT LET TO THE

SITUATION

Sherwood Place is situated to the east of central Bletchley and within a five minute walk of Bletchley Station. The property occupies a prominent position on Sherwood Drive adjacent to Challenge House Business Centre set within a mixed use location. Challenge House Business Centre is a serviced office provider offering 57,000 sq ft of lettable smaller units and currently, appears to be at full capacity. Furthermore, the famous Bletchley Park and Enterprise Car Rental company are located a short distance away. The surrounding area has a distinct residential suburban feel and the area is set to benefit from substantial redevelopment.

Council planners have given the green light to a new local centre as part of a new housing development on Eaton Lays approximately 2.5 miles to the west of the subject property. Milton Keynes Council and the developer, L&Q Estates of Warwick, have agreed approval for the new centre in advance of a plan for a tranche of 448 homes on the site, which is working its way through the Council’s planning department.

DESCRIPTION

The property comprises a prominent self-contained semi - detached office, arranged over ground, first and second floors extending to 13,988 sq ft. The property was comprehensively refurbished in 2009 including an overhaul of the major plant with expenditure totalling circa £54 psf to provide a high specification refurbishment that included:

• Raised floors

• Air conditioning

• Suspended ceilings

• Cat II lighting – which is gradually being converted into LED lighting

• Separate male and female toilets on each floor

• 1 x 10 person passenger lift

The ground floor is arranged to provide a reception area, predominantly open plan office space with conference rooms and Kitchenette.

The first floor comprises further open plan office space, 2 shower rooms and a prominent breakout area/Kitchen.

The second floor also comprises open plan office space, with some partitioned conference rooms as well as a Kitchenette.

The other office that is attached to our property is let to PJ Care, an award winning neurological care centre and does not form part of the sale. Please see Promap for clarification.

© Crown Copyright, ES 100004106. For identification purposes only.

created on Plotted Scale - 1:1,250


TENANCY

The property is entirely let to NHS Property Services Ltd for a term of 15 years

from 17 April 2009 and expiring 16 April 2024 on the basis of a full repairing

and insuring lease (c. 4.5 years unexpired). The passing rent is £299,722 pa.

The lease provides for annual upward only rent reviews based upon Retail

Prices Index (RPI) two months prior to the review date. There are no collar

and cap limits on the reviewed rent. Based upon an annual 3% increase in

RPI, we anticipate the rent to go up as follows:

Year Rent

April 2020 £308,714

April 2021 £317,975

April 2022 £327,514

April 2023 £337,340

TENURE

Freehold.

COVENANT

NHS Property Services Ltd (company registration number 07888110) is the property holding arm of the National Health Service. It is responsible for managing the NHS estate, which numbers some 3,500 buildings. We set out its most recent publicly available trading performance figures below.

31/03/2016 31/03/2017 31/03/2019

Shareholders’ Funds £3,157,261,000 £3,269,287,000 £3,674,454,000

The tenant is a Government funded entity and therefore we consider the tenant covenant as undoubted being the sovereign UK Government.

ACCOMMODATION

We understand the property benefits from the following net internal areas:

Floor Area (sq ft) Area (sq m)

Ground 4,755 443.6

First 4,791 445.1

Second 4,791 445.1

Total 14,337 1,333.8

The site extends to approximately 0.81 acres (0.33 hectares).


SITE AREA

0.811 acres (0.328 hectares).

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 11.19

Ronnie Morgan020 7543 [email protected]

Alex Butler020 7543 [email protected]

For further information or to make arrangements for viewing please contact:

Andrew Wise020 7543 [email protected] allsop.co.uk

PROPOSALOffers are sought in the region of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 8.04% after allowing for standard purchaser’s costs.

EPCThe property has an EPC rating of C(63).

VATThe property has been is elected for VAT. We anticipate the transaction will be treated as a transfer of going concern.

AMLA successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOMFor access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/sherwoodnhs



Assuming 3% RPI increase annually:

RUNNING YIELD

April 2020 8.28%

April 2021 8.53%

April 2022 8.70%

April 2023 9.05%

SHERWOOD DRIVE, BLETCHLEY MILTON KEYNES, MK3 6RT...Situated in Bletchley approximately 4 miles south...

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Transcript of SHERWOOD DRIVE, BLETCHLEY MILTON KEYNES, MK3 6RT...Situated in Bletchley approximately 4 miles south...