one elmfield park

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ONE ELMFIELD PARK Bromley, Br1 1lU

SoUTH eAST loNDoN oFFICe reFUrBISHmeNT oPPorTUNITy

1 ElmfiEld PARK, BRomlEy, KEnt, BR1 1lU2

ExEcutivE SummaryWell located town centre office building, with the majority of the accommodation vacant by 4th July 2016. Excellent opportunity to undertake a refurbishment and re-let in to a rapidly improving and under-supplied occupational market, where rents have reached £25.00 per sq ft. Low site cover of 28%, providing potential to extend, subject to planning.

• BromleyisanaffluentGreaterLondonsuburb,11miles southeastofcentralLondon.• Excellentcommunications,withajourneytimetoVictoriaof16minutes.

• SituatedwithinthecommercialcentreofBromley,withina2minutewalkofBromleySouthRailwayStation.

• Self-containedtowncentreofficebuildingextendingtoapproximately24,092sqft(2,238.1sqm).

• 12onsitecarspaces.• Freehold.

• GroundtothirdfloorslettoMTASolicitorsandSolexLegalServicesunder4leasesexpiringon4thJuly2018.

• Allleasescontaintenantoptionstobreakon4thJuly2016.• Fourthfloorvacant(vendortoproviderentguaranteeuntil4thJuly2016).

• Thetenanthasservednoticetoexercisetheirbreak optionsonthegroundtosecondfloors,thereforethe majorityofthebuildingwillbefullyvacantby4thJuly2016• Totalcurrentincomeof£350,313(£14.75persqft).

Offersaresoughtinexcessof£4,000,000forthefreeholdinterestin1ElmfieldPark,Bromley,subjecttocontractandexclusiveofVAT.

Apurchaseatthislevelwouldreflectanet initial yield of 8.28%afterallowingforstandardacquisitioncostsof5.8%,andacapitalvalueof£166 per sq ft.


Location

NoT To SCAle

BromleyisanaffluentGreaterLondonsuburblocatedapproximately11milessoutheastofCentralLondonand7milesnortheastofCroydon. Itbenefits fromexcellentcommunications,beinglocatedofftheA21whichprovidesquickaccesstojunction4oftheM25,approximately7milestothesoutheast. Thetownhasexcellentpublictransportconnectionswithtworailwaystations:BromleySouthandBromleyNorthwhichprovidedirectservicestoLondonVictoria,BlackfriarsandCharingCrosswithafastestjourneytimeofonly16minutes. LondonGatwickInternationalAirportislocatedaround25milessouthwest. TheLondonBoroughofBromleyisthelargestoftheLondonBoroughswitharesidentpopulationofapproximately310,000andthetowniscategorisedbyCACIasa“MajorDistrictCentre”.Some1,800,000peoplelivewithin6milesofBromleytowncentre. Thetown’sresidentpopulationisaffluentcomparedtonationalaveragesandhasanunemploymentrateof3.6%comparedtoanationalaverageof5.3%atthelastCensus.


Situation

SUBJECT PROPERTY

NoT To SCAle

2

1

3

4

5

6

ThesubjectpropertyissituatedtothenorthernendofElmfieldPark,atitsjunctionwithElmfieldRoad,whichiswithinthecommercialcentreofBromley,andlieswithina2minutewalkofBromleySouthRailwaystation. ThepropertyalsobenefitsfromeasyaccesstotheHighStreetaswellastheIntuandTheMallshoppingcentres. OfficeoccupiersclosebyincludeBankofAmerica,RoyalBankofScotland,ChurchillandDirectLineGroupInsurance,CapitaandBakerTilly. ClosebytothesubjectpropertyCathedralGrouparedevelopinga£90mmixed-usescheme(StMark’sSquare)whichwillsignificantlyenhancethesouthernendofBromleyTownCentre.Itwillcomprise200apartmentswithalandscapedpublicsquaresurroundedbyaninescreenmultiplexVUEcinema,25,000sqftofcafésandrestaurants,a130bedroomPremierInnhotelandanew400spacesecureundergroundcarpark.Completionisscheduledforlate2015.

KEy1. BankofAmerica2. RoyalBankofScotland3.ChurchillInsuranceandDirectLineGroup

4.Capita5.BakerTilly6.StMarksSquare


DEScription

Floor Description (sq ft) (sq m)Ground Office 284 26.4Ground Office 4,767 442.8First Office 4,739 440.3Second Office 4,742 440.5Third Office 4,767 442.8Fourth Office 4,793 445.3total 24,092 2238.1

accommoDation ThebuildinghasbeenmeasuredbyLaneandFrankhamin2015inaccordancewiththeRICSCodeofMeasuringPractice(6thEdition)andprovidesthefollowingapproximatenetinternalfloorareas:

1 Elmfield Park comprises a self-containedofficebuilding arrangedoverground and fourupper floors, extending to approximately 24,092 sq ft (2,238.2 sq m). The property wasoriginally constructed in 1980and thecladdingwas refurbished in 2004.There ison siteparkingfor12cars.

Thebuildingisofcastin-situreinforcedconcreteframedconstructionwithflatroofslargelyweatheredwith asphalt. Aluminium framedcurtainwalling encloses the elevations to theofficeareas.Openingwindowsareof thehorizontallypivoting typeandallwindowshavesealeddoubleglazedunits.

Thepropertycomprisesa rectangular-shapedconfigurationand isaccessedat thesouthwesterncornerviaareceptionleadingtotwoeight-personpassengerliftsservingallfloors.

The offices provide clear open-plan office accommodation which benefit from excellentlevelsofnaturallight. The property is finished to the following specification-

• Suspendedceilingswithrecessedfluorescentlighting• Gasfiredcentralheating• Comfortcoolingtofirst,secondandthirdflooroffices.• TwoKone8-personpassengerliftsservingallfloors.• Double-glazedwindows.• WC’sonfirsttofourthfloors• 12on-sitecarspaces

GroundFloor


SitE

tEnurE ThepropertyisheldfreeholdunderTitlenumberSGL295193.

HIGH

STREET

ELMFIELD

RO

AD

ELMFIELD

PARK

39

1

47

59

2

51

37

52

31

46

19

25Coach

HouseM

ews

44

Kingfisher

ESS

YorkHouse

21to

23

Wells

15to

17

House

26

1

29

5753

27

4

43

47c

Car Park

3

ElizabethWheelerHouse

50

41

Prospects

Club

2725

1a

House

House

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:947

Thefreeholdtitleextendstoapproximately0.48acres(0.194hectares). Thepropertyisletinaccordancewiththetenancyschedulebelow,detailsofwhichcanbesummerisedasfollows:

• Thefirst,secondandthirdfloorsarelettoMTASolicitorsLLPunderthreeseparateleases from5thJuly2013until4thJuly2018,withtenantbreakson4thJuly2016.

• ThetotalrentpayablebyMTASolicitorsis£210,189perannumreflectingapproximately £14.75persqft.

• ThegroundfloorislettoSolexLegalServicesLimitedfrom5thJuly2013until4thJuly 2018,withatenantbreakon4thJuly2016.

• ThetotalrentpayablebySolexLegalServicesLimitedis£70,063perannumreflecting approximately£14.75persqft.

• Thefourthflooriscurrentlyvacant,andarentcoverof£70,063perannum (£14.75persqft)willbeprovideduntil4thJuly2016.

• Thetenanthasservednoticetoexercisetheirbreakoptionsonthegroundtosecond floors.Thereforethemajorityofthebuildingwillbefullyvacantby4thJuly2016.

• Theleasesaredrawnonfullrepairingandinsuringtermswiththetenantcontributingto aservicecharge.

• AlloftheleasesaredrawnoutsidethesecurityprovisionsoftheLandlordandTenantAct 1954.

• Thetotalrentfromtheentirepropertyis£350,313perannum(£14.75persqft)including therentcoverwithregardtothefourthfloor.

tEnancy

tEnancy ScHEDuLEtenant Floor use area (sq ft) passing rent

(pa)passing rent

(psf) term (Break) comments

SolexLegalServicesLimited GroundFloor Office 4,767 £70,063 £14.75 05/07/2013-04/07/2018

(04/07/2016)

Tenanthasservednoticetoexcercisebreakon04/07/2016;LeaseoutsideLandlordandTenantAct

1954.

MTASolicitorsLLP

FirstFloor Office 4,739 £70,063 £14.75 05/07/2013-04/07/2018(04/07/2016)


1954.

SecondFloor Office 4,742 £70,063 £14.75 05/07/2013-04/07/2018(04/07/2016)


1954.

ThirdFloor Office 4,767 £70,063 £14.75 05/07/2013-04/07/2018(04/07/2016) LeaseoutsideLandlordandTenantAct1954.

Vacant FourthFloor Office 4,793 £70,063 £14.75 Vacant Vendortoproviderentcoveruntil04/07/2016.total 23,808 £350,313 £14.75


covEnant inFormationMTASolicitorsLLPisamulti-practicelawfirmwithofficesinLondon,BromleyandManchester.Thefirmoffersabroadrangeoflegalservicesincluding:personalinjuryclaims,employmentlaw,wills and probate, commercial litigation, civil Litigation, business law, debt recovery forbusinessesandindividuals,medicalnegligenceandfamilylaw.

Thecompany’swebsiteiswww.mtasolicitors.com

SolexLegalServicesLimitedarespecialistpropertylawyersthatofferlegalservicesinallareasofresidentialandcommercialpropertylaw,focusingonconveyancing,remortgagingservicesandgenerallitigation.Theyrepresentbanks,buildingsocieties,propertymanagementcompanies,financecompaniesandGovernmentagencies.

Thecompany’swebsiteiswww.solexlegalservices.com

pLanninGThepropertyisnotlistedandisnotlocatedwithinaconservationarea.

oFFicE marKEt commEntaryBromley is a well-established and popular office location which has attracted a range ofprofessionalserviceorganisationsovertheyears,inthemainduetotherapidjourneytimetoCentralLondonand itsability toofferspacewhich isatadiscount to theneighbouringmarketsofCroydon,Redhill,ReigateandEpsom. Bromley’smainofficepitchliesalongElmfieldRoad(wherethesubjectpropertyislocated)adjacenttotheHighStreetanddirectlynorthofBromleySouthStation,andalsoalongTweedyRoad/KentishWaytothenorthofthetowncentre,incloseproximitytoBromleyNorthstation. ForanumberofyearsBromleyhassufferedfromalackofGradeAofficespaceinthetowncentre. PermittedDevelopment rights have also impacted on office supplywith buildingssuchasTitleHouse(26,500sqft)onElmfieldRoadbeingsoldforresidentialconversion. Consequentlytherehasbeensignificantupwardpressureonrentsforwhatlimitedrefurbishedspacehasbecomeavailable.Sinceearly2014rentsforrefurbishedspacehaveincreasedfromc£18.00persqft(achievedonRoyalCourtonTweedyRoadwhichwassubsequentlyacquiredbyThreadneedle)toacurrentlevelof£25.00persqft.Thislevelwasrecentlyachievedonalettingof10,000sqft(10yearlease,nobreakand6monthsrentfree)atNorthsideHouse(ownedbyHermes). ConsequentlyweconsiderarefurbishmentofthesubjectpropertywillbewelltimedtotakeadvantageofthesevereshortageofgoodqualityspaceinBromley.

EpcFulldetailsofEPCavailableuponrequest.

vatThepropertyisregisteredforVATandthereforeVATwillbepayableonthepurchasepriceunlessthepropertyissoldbywayofatransferofagoingconcern(TOGC).

propoSaLOffersaresoughtinexcessof£4,000,000forthefreeholdinterestin1ElmfieldPark,Bromley,subjecttocontractandexclusiveofVAT.

Apurchaseatthislevelwouldreflectanet initial yield of 8.28%afterallowingforstandardacquisitioncostsof5.8%,andacapitalvalueof£166 per sq ft.

contact richard pope E: [email protected] M: 07879 630 681

Will collis E: [email protected] M: 07912 603 525

38 Berkeley Square, London W1J 5AE T: +44 (0) 20 7399 0640 www.nightingalepartners.com/sales

A data room has been set up and access can be supplied upon request. Information includes-

• Occupational Leases • Title Information • Floor Plans • EPC

MisrepresentationAct1967&DeclarationNightingalePartnersLtdforthemselvesandforthevendorsorlessorsofthispropertywhoseagentstheyaregivenoticethat:(i)Theparticularsaresetoutasageneraloutlineonlyfortheguidanceofintendingpurchasersorlessees,anddonotconstitute,norconstitutepartof,anofferorcontract.(ii)Alldescriptions,dimensions,referencestoconditionandnecessarypermissionsforuseandoccupation,andotherdetailsaregiveningoodfaithandarebelievedtobecorrectbutanyintendingpurchasersortenantsshouldnotrelyonthemasstatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastothecorrectnessofeachofthem.(iii)NopersonintheemploymentofNightingalePartnersLtdhaveanyauthoritytomakeorgiveanyrepresentationorwarrantywhateverinrelationtothisproperty.AllrentalsandpricesarequotedexclusiveofVAT.Allplansandmapsprovidedwiththeparticularsareforidentificationpurposesonly.MarketinformationhasbeenprovidedbyThirdPartiesandshouldbeverified.NOVEMBER2015.

one elmfield park

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