IRONBRIDGE HOUSE, HANWELL · Ironbridge House comprises 16,672 sq ft NIA (21,200 sq ft GIA) of...
-
Upload
truonghuong -
Category
Documents
-
view
238 -
download
0
Transcript of IRONBRIDGE HOUSE, HANWELL · Ironbridge House comprises 16,672 sq ft NIA (21,200 sq ft GIA) of...
INVESTMENT SUMMARYHigh yielding office investment with active asset management opportunities / residential redevelopment potential
Existing office building totalling 16,672 sq ft NIA / 21,200 sq ft GIA
The property is multi-let with a low average rent of £10.02 psf. The total passing rent is currently £167,024 p.a. The vendor will top up the rent which will equate to £237,214 p.a. Open market lettings achieved at £24.00 psf
Permitted Development has been granted to provide 10 two bedroom flats totalling 9,874 sq ft NSA
Permitted Development pending on the remaining accommodation providing 11 units over 9,706 sq ft, a total net saleable area of 19,580 sq ft (£163 psf capital value)
An attractive redevelopment opportunity to significantly increase the site density. Current site coverage of only 50%
Close proximity to the new Crossrail Station at Hanwell
Potential for owner occupation or for HQ office, residential, Showroom or trade counter space
Offers invited in excess of £3,200,000 reflecting a Net Initial Yield of 7.01% and a Reversionary Yield of 11.67%. This reflects a low capital value of £192 per sq ft.
HIGH YIELDING OFFICE INVESTMENT WITH ACTIVE ASSET MANAGEMENT OPPORTUNITIES / RESIDENTIAL REDEVELOPMENT POTENTIAL
IRONBRIDGE HOUSE, HANWELLWINDMILL LANE, HANWELL, LONDON UB2 4NJ
SITUATIONHanwell is located in the London Borough of Ealing in West London, 10 miles west of Central London. The property is situated on a prominent corner position on the western side of Windmill Lane (A4127) leading to Uxbridge Road (A4020) to the north. Ealing Hospital is 500m to the east, with the established Great Western Industrial Park immediately accessible to the south. To the north, the site is bounded by railway lines. Hanwell and Southall Town Centres are also readily nearby.
The surrounding area is characterised by a mixture of residential, retail warehousing, industrial, trade counter and road side operators.
COMMUNICATIONSCrossrail will be opening at Hanwell Station in 2018 providing the following journey times to Central London:
Paddington 11 minutes
Bond Street 15 minutes
Tottenham Court Road 17 minutes
Liverpool Street 22 minutes
Heathrow 11 minutes
The property benefits from excellent transport communications being some 2.5 miles north-west of Junction 2 of the M4 Motorway, which links to Junction 15 of the M25 Motorway some 8 miles west.
Hanwell Railway Station lies some 1.2 miles east of the property and Southall Station lies some 1.5 miles west. Both stations provide frequent services to London Paddington. Boston Manor Underground lies 2 miles south of the property which is serviced by the Piccadilly Line.
THE PROPERTYIronbridge House comprises 16,672 sq ft NIA (21,200 sq ft GIA) of office accommodation (B1a), split over three floors.
The rear section is split into five self contained units arranged over the ground and first floor. There is a second floor office situated above.
The front tower section is arranged over the ground, first and second floors, with the second floor benefitting from a mezzanine level.
The property is served by car parking to the front and side.
The property sits on a large site area (0.54 acres) with 50% coverage providing a potential increase in footprint.
ACCOMMODATIONThe property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition).
Ironbridge House provides the following net internal floor areas:
Unit No.
Floor Area (sq ft)
Area (sq m)
Rear
Sec
tion
1 Ground & First Floors 1,761 163.6
2 Ground & First Floors 2,022 187.8
3 Ground & First Floors 1,842 171.1
4 Ground & First Floors 1,851 172.0
5 Ground & First Floors 1,647 153.0
6-10 Second Floor 3,996 371.2
Fron
t Sec
tion
11 Ground Floor 953 88.5
12 Part First Floor 342 31.8
14 Part First Floor 475 44.1
15 Various Office Suites 318 29.5
16 Second Floor & Mezzanine 1,465 136.1
Total 16,672 1,548.9
There are 32 car parking spaces.
GROUND FLOOR PLAN
WIN
DM
ILL
LN
GR
EE
NF
OR
D R
OA
D
WINDMILL LN
LA
DY
MA
RG
AR
ET
RO
AD
AR
GY
LE
RO
AD
UXBRIDGE RD
BROADWAY
A4020
UXBRIDGE RD
BOSTO
N R
D
EalingSouthall
Brentford
Hanwell
Southall
Boston Manor
Northfields
South Ealing
Drayton Green
West Ealing
EalingBroadway
Castle Bar Park
M4
IRONBRIDGEHOUSE
UNIT 03 UNIT 02UNIT 04UNIT 05 UNIT 01 OFFICE
Existing LoadingBay with
Concrete Roof
IRONBRIDGE HOUSE, HANWELLWINDMILL LANE, HANWELL, LONDON UB2 4NJ
TENANCY SCHEDULEUnit No.
Floor Tenant Area (sq ft)
Area (sq m)
Rent p.a.(£psf)
ERV p.a.(£psf)
Lease Start Lease Expiry
Comments
1 Ground & First Floors ChyronHego UK Ltd 1,761 163.6 £26,415 (£15.00)
£35,220(£20.00)
15/10/2014 14/10/2019 Landlord’s break option on 9 months' notice. Tenant’s break option 14/10/2017. Rent deposit of £5,283 held. Lease includes 3 car parking spaces.
2 Ground & First Floors ChyronHego UK Ltd 2,022 187.8 £30,330(£15.00)
£40,440 (£20.00)
19/01/2015 14/10/2019 Landlord’s break option on 9 months’ notice. Tenant’s break option 14/10/2017. Rent deposit of £6,066 held. Lease includes 3 car parking spaces.
3 Ground & First Floors GI Group Recruitment Ltd
1,842 171.1 £13,000(£7.06)
£36,840 (£20.00)
05/01/2015 31/05/2017 Tenant rolling break clause on 3 months’ notice. Rent deposit of £2,142 held. Lease includes 3 car parking spaces.
4 Ground & First Floors Anisa Tech Ltd & Arif Yusuf
1,851 172 £5,786(£3.13)
£37,020 (£20.00)
17/01/2014 16/01/2016 Tenant holding over.
5 Ground & First Floors Vacant 1,647 153 £32,940(£20.00)
£32,940 (£20.00)
- - Rent, rates and service charge 12 month guarantee will be provided by the vendor.
6-10 Second Floor Noon Products Ltd 3,996 371.2 £47,000(£11.76)
£79,920 (£20.00)
01/08/2006 31/07/2021 Rent review every 5th year. Tenant’s break option 01/08/2016 on 3 month’s notice. Rent includes service charge and insurance, currently running at £4.00 psf. Rent deposit of £8,750
11 Ground Floor Mountjoy Ltd 953 88.5 £16,800(£17.63)
£19,060 (£20.00)
01/07/2015 30/06/2018 Mutual break option 30th September 2017. Rent deposit of £2,800 plus VAT. Lease includes 2 parking spaces.
12 First Floor Oasis Care Agency 342 31.8 £9,600(£28.07)
£8,550 (£25.00)
09/11/2015 08/11/2016 Rent includes service charge, currently running at £4.00 psf.
14 First Floor Annett & Co Ltd 475 44.1 £5,093(£10.72)
£11,875 (£25.00)
01/06/2014 31/05/2016
15 Various Office Suites Vacant 318 29.5 £7,950(£25.00)
£7,950 (£25.00)
- - Rent, rates and service charge 12 month guarantee will be provided by the vendor.
16 Second Floor & Mezz Vacant 1,465 136.1 £29,300(£20.00)
£29,300 (£20.00)
- - Rent, rates and service charge 12 month guarantee will be provided by the vendor.
Aerial 1 Vodafone - - £13,000 £25,000 20/06/2002 19/06/2012 Lease renewal being negotiated. Landlord quoted at £25,000
Aerial 2 BBA Media Ltd - - - £10,000 17/11/2007 16/05/2008 Holding over at nil rent.
21 Car Parking Spaces £21,000 Total 32 spaces. (11 included in above leases).
Sub Total Grand Total 16,672 1,548.9 £237,214 £395,115
Current net passing rent is £167,024 per annum. Service charge currently running at £4.00 psf.
TENUREThe property is offered by way of a freehold under title number AGL63362.
The property is currently multi-let to seven office tenants with a current rent passing of £167,024 per annum, equating to £10.02 psf. The vendor proposes to top up the rent on the vacant units to £20-£25 per sq ft producing an annual rental of £237,214 per annum.
25.0m
24.1m
Signal GantriesUXBRIDGE ROAD
IRON BRIDGE CLOSE
WIN
DMIL
L LA
NE
ALEXANDER CLOSE
MP 8
El Sub Sta
El Sub Stas
16
22
1
13 36
Windmill Place Business Centre
8
17
9 to 12
21
5
Electricity Sub Station
Windm
ill Place
Ironbridge House
Mill House
27
40
0m 10m 20m 30m
FRO
NT
SECT
ION
REAR
SEC
TIO
N
PLANNINGThe property lies within the planning borough of Ealing Council.
The site is not located within a Conservation Area and is not a listed building.
To date Permitted Development has been granted to the two-storey extension element to the rear only. This consists of providing 10 two-bedroom flats within the lower and upper ground floors. Further Permitted Development is pending as the below schedule to provide a total of 21 residential units. The total net saleable area reflects a capital value of only £163 psf.
Approved Permitted Development - 10 residential units
Floor Flat No. Sq M Sq Ft No. of Bedrooms
Ground (Rear)
Flat 01 87.0 936 2 bedFlat 02 100.5 1,082 2 bedFlat 03 90.4 973 2 bedFlat 04 90.6 975 2 bedFlat 05 81.9 882 2 bed
First (Rear)
Flat 06 90.5 974 2 bedFlat 07 103.8 1,117 2 bedFlat 08 93.7 1,009 2 bedFlat 09 94.0 1,012 2 bedFlat 10 84.9 914 2 bed
Sub Total 917.3 9,874
Further Permitted Development - 11 residential units(Subject to Planning Consent)
Floor Flat No. Sq M Sq Ft No. of BedroomsGround Floor (Front)
Flat 11 52.7 567 1 bedFlat 12 77.6 835 2 bed
2nd Floor (Rear)
Flat 13 99.6 1,072 3 bedFlat 14 97.8 1,053 3 bedFlat 15 97.8 1,053 3 bedFlat 16 98.0 1,055 3 bedFlat 17 105.3 1,133 3 bed
1st and 2nd Floors (Front)
Flat 18 51.4 553 1 bedFlat 19 66.6 717 2 bedFlat 20 67.3 724 1 bedFlat 21 87.6 943 2 bed
Sub Total 901.7 9,706
Grand Total 1,819 19,580
FURTHER PLANNINGA redevelopment opportunity to increase massing on a current site cover of only 50%. The property could be suitable for a number of alternative uses subject to planning including educational, storage, hotel, roadside services and non-residential institutions.
FURTHER INFORMATION VATThe property is elected for VAT and it is anticipated that the sale will be treated as a transfer of going concern (TOGC).
DATA ROOMFurther information can be found in an online data room, access to which is available upon request.
EPC RATINGThe Energy Performance Certificate is available on request.
PROPOSALAn attractive investment opportunity with the opportunity to convert or redevelop the existing accommodation to residential use or other alternative uses, subject to the planning.
Offers invited in excess of £3,200,000 reflecting a Net Initial Yield of 7.01% and a Reversionary Yield of 11.67%. This reflects a low capital value of £192 per sq ft.
CONTACTFor further information or to arrange an inspection please contact:
IRONBRIDGE HOUSE, HANWELLWINDMILL LANE, HANWELL, LONDON UB2 4NJ
MISREPRESENTATION ACT 1967 – LEVY REAL ESTATE LLP for themselves and for the Vendors or Lessors of this property whose agents they are given notice that: all descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are unless otherwise stated indicative only. Any intending purchasers or tenants should not rely on them as statements or representations of fact or as warranties but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP has any authority to make or give representation or warranty in relation to this property. All prices and rents are quotes exclusive of VAT unless otherwise stated. February 2016. Designed & produced by Creativeworld. Tel 01282 858200.
Simon Higgins020 7747 [email protected]
Jack Garrett020 7747 [email protected]
ARTISTS IMPRESSION