25 clarendon road, redhill freehold m25 office luton redhill 7/8 m5 m50 m5 m40 m42 m42 m54 m56 m53...

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  • 25 Clarendon Road, Redhill Freehold M25 Office Investment

  • Investment Summary

    • Key southern M25 office centre

    • Good position in the town’s core office area.

    • High quality building built in 1999, providing 14,961 sq ft (1,390 sq m) of open plan offices.

    • High quality specification including 4 pipe fan coil air conditioning and full accessed raised floors.

    • 33 car parking spaces in a secure undercroft car park.

    • Freehold.

    • Let to Abbey Business Centres until April 2015 at a current rent of £357,455 pa (£24.50psf).

    • Abbey Business Centres are now part of Regus plc, the world’s largest serviced office provider.

    We are instructed to seek offers in the region of £3,750,000 (Three million, seven hundred and fifty thousand pounds), subject to contract and exclusive of VAT for the freehold interest reflecting a net initial yield of 9%.

    25 Clarendon Road, Redhill - Freehold M25 Office Investment

  • LONDON

    BRISTOL

    SWANSEA

    BIDEFORD

    SALISBURY WINCHESTER

    GUILDFORD

    HIGH WYCOMBE

    WATFORD

    CANTERBURY

    SHREWS BURY

    OXFORD

    SWINDON

    READING

    CIRENCESTER

    BATH

    TORQUAY PLYMOUTH

    BODMIN

    PENZANCE

    HONITON

    MILTON KEYNES

    LUTON CHELTENHAM

    EVESHAM HEREFORD

    WORCESTER

    GLOUCESTER

    BEDFORD

    WARWICK

    IPSWICH

    NORWICH

    KING'S LYNN

    BARNSTAPLE

    EXETER SOUTHAMPTON

    WELSHPOOL

    ABERYSTWYTH

    CARMARTHEN

    WREXHAM

    LIVERPOOL

    BLACKPOOL

    NOTTINGHAM

    DERBY

    STOKE- ON-TRENT

    SHEFFIELD

    BURY ST EDMUNDS

    DOVER

    FOLKESTONE

    BRIGHTON

    NORTHAMPTON

    NEWPORT

    CAMBRIDGE

    CHICHESTER

    MANCHESTER

    BRADFORD LEEDS

    YORK

    SCARBOROUGH

    MIDDLESBOROUGH

    NEWCASTLE UPON TYNE

    DONCASTER

    CAERNARFON

    CARLISLE

    GLASGOW

    ABERDEEN

    PETERHEAD

    INVERNESS

    WICK

    FORT WILLIAM

    OBAN

    ST ANDREWS

    PERTH

    DUNDEE

    STIRLING

    BERWICK UPON-TWEED

    DUMFRIES

    LINCOLN

    BOSTON

    PETERBOROUGH

    LEICESTER

    CHESTER

    BRECON

    WOLVERHAMPTON

    COVENTRY

    EDINBURGH

    BIRMINGHAM

    NEWBURY

    A31

    A30

    A36

    A36

    A3

    A4

    A4

    A404A34

    A33

    A30

    A30

    A35

    A303

    A303

    A35

    HEATHROW

    GATWICK

    LUTON

    REDHILL 7/8

    M5

    M50

    M5

    M40

    M42

    M42

    M54

    M56

    M56M53

    M57

    M58

    M55

    M65

    M74

    M77

    M90

    M80

    M8

    M9

    M9

    M66

    M61

    M62

    M40

    M6

    M6

    M6

    M6

    M69

    M4

    M4

    M1

    M1

    M18

    M1

    M3 M25

    M23

    M25

    M27 A3(M)

    M2

    M20

    A1(M) M11

    A1(M)

    A1(M)

    A66(M)

    M5

    M180

    Location Redhill is located in the County of Surrey approximately 21 miles south of Central London and 10 miles north of Crawley. Redhill is a popular commuter town and, as one of the principle commercial centres on the south section of the M25, a key M25 office centre.

    Firms have been attracted to Redhill by its pool of skilled labour and easy road and rail access to London and Gatwick airport. Major occupiers within the town include Aon Risk Services, AXA Assistance UK Ltd, Lombard, Santander, Travellers Insurance, Balfour Beatty, ING Lease UK and Black & Veatch.

    Redhill has a resident population of 50,500 (2001 census) and a district population of 126,500. The town has excellent transport communications being located close to the A25 and 2 miles from junction 8 of the M25. There are regular train services to London Victoria and London Bridge, with the fastest journey time of 28 minutes. London Gatwick airport is situated 7 miles to the south.

  • Gloucester Road

    A25

    A25

    A25

    A23

    A23

    A23

    Redhill Station

    25 Clarendon Road

    Belfry Shopping Centre

    C larendon R

    oad

    STATION ROAD

    QU EE

    NS WAY

    LO N

    D O

    N R

    O AD

    M AR

    KE TF

    IE LD

    W AY

    PRINCESS W AY

    CROMWELL ROAD

    Situation The property occupies a corner position on Clarendon Road within the town’s prime office core directly opposite a 200 space multi storey car park. The property is within a short walking distance of the Belfry Shopping Centre, the town’s main pedestrianised retail pitch and Redhill railway station.

    The Belfry Shopping Centre

  • 10

    9 12

    11

    13 14

    15

    16

    8

    7

    1

    2

    3

    5

    6

    4

    1 25 Clarendon Road

    2 Multi-Storey Car Park

    3 Travelers Insurance

    4 Crown House

    5 Campbell Reith

    6 Aquila

    7 Black & Veatch

    8 Lombard/Santander

    9 Banque PSA Finance

    10 Redhill Railway Station

    11 Red Central

    12 Harlequin Theatre and Sainsbury’s

    13 The Belfry Shopping Centre

    14 Balfour Beatty

    15 Axa Assistance

    16 The First Secretary of State

  • Description The property comprises a high quality office building constructed in 1999 and provides 14,961 sq ft (1,390 sq m) arranged over ground, first and second floors with the second floor having the benefit of predominantly glazed elevations. Internally the offices benefit from a high quality specification including the following:

    • Full access raised floors (300mm) • Four pipe fan coil air conditioning • Metal suspended ceilings • 10 person passenger lift • Male and female toilets on each floor

    33 car spaces are provided in a secure under-croft car park (1:453 sq ft).

    Roof Terrace

    lift

    Typical Floor Plan

  • Accommodation The property comprises 14,961 sq ft (1,390 sq m) of net internal accommodation arranged as follows:

    Ground floor reception 580 sq ft (53.88 sq m)

    Ground floor offices 4,804 sq ft (446.26 sq m)

    First floor offices 4,832 sq ft (448.86 sq m)

    Second floor offices 4,745 sq ft (440.78 sq m)

    Total 14,961 sq ft (1,390 sq m)

  • The Tenant Since opening the first office in Glasgow in 1998, Abbey Business Centres have expanded to become one of the UK’s leading serviced office providers with13 offices around the UK, focussing on prestigious city centre and edge of town locations such as One Canada Square, Canary Wharf, The Gherkin, EC3, Buckingham Palace Road, Victoria and Heathrow.

    Abbey Business Centres were acquired by Regus plc in December 2010. Regus is the world’s largest serviced office and workplace solutions provider operating over 1,100 business centres across 500 cities in 85 countries. For the 6 months to 30th June 2010 Regus reported revenues £515.5 million and EBIT of £10.2 million.

    Redhill AerodromeHarlequin Theatre and Sainsbury’s

    Tenure Freehold

    Tenancy The property is let to Abbey Business Centres Limited for a term of 15 years and 10 months from 21st June 1999; an unexpired term therefore of 4 years and 2 months, at a current rent of £357,455 pa (£24.50psf assuming half rate on the reception).

  • VAT The property has been elected for VAT.

    Proposal We are instructed to seek offers of:

    £3,750,000 (Three million, seven hundred and fifty thousand pounds) subject to contract and exclusive of VAT for the freehold interest reflecting a net initial yield of 9%.

    Further information For further information or to arrange an inspection then please contact either:

    Neil Edwards Direct Line: 020 7659 9741 email: neil@johnmilesco.com

    Lawrence Gluckstein Direct Line: 020 7659 9742 email: lg@johnmilesco.com

    Chartered Surveyors 76 New Bond Street London W1S 1RX

    Misrepresentation Act: Messrs John Miles & Company (Investments Surveyors) Ltd for themselves and for the vendors or lessors of this property whose agents they are give notice that (i) the particulars are set out as a general outline for the guidance of the intending purchasers and do not constitute part of an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of John Miles & Company (Investment Surveyors) Ltd has any authority to make or give any representation or warranty whatever in relation to this property. February 2011.