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

SALISBURYWINCHESTER

GUILDFORD

HIGHWYCOMBE

WATFORD

CANTERBURY

SHREWS BURY

OXFORD

SWINDON

READING

CIRENCESTER

BATH

TORQUAYPLYMOUTH

BODMIN

PENZANCE

HONITON

MILTONKEYNES

LUTONCHELTENHAM

EVESHAMHEREFORD

WORCESTER

GLOUCESTER

BEDFORD

WARWICK

IPSWICH

NORWICH

KING'S LYNN

BARNSTAPLE

EXETERSOUTHAMPTON

WELSHPOOL

ABERYSTWYTH

CARMARTHEN

WREXHAM

LIVERPOOL

BLACKPOOL

NOTTINGHAM

DERBY

STOKE-ON-TRENT

SHEFFIELD

BURYST 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

FORTWILLIAM

OBAN

STANDREWS

PERTH

DUNDEE

STIRLING

BERWICKUPON-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

REDHILL7/8

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

LocationRedhill 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

Clarendon R

oad

STATION ROAD

QUEE

NSWAY

LON

DO

N R

OAD

MARKE

TFIE

LD W

AY

PRINCESS WAY

CROMWELL ROAD

SituationThe 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

912

11

1314

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

DescriptionThe 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).

RoofTerrace

lift

Typical Floor Plan

AccommodationThe 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 TenantSince 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

TenureFreehold

TenancyThe 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).

VATThe property has been elected for VAT.

ProposalWe 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 informationFor further information or to arrange aninspection then please contact either:

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

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

Chartered Surveyors 76 New Bond Street London W1S 1RX

Misrepresentation Act:Messrs John Miles & Company (Investments Surveyors) Ltd for themselves andfor the vendors or lessors of this property whose agents they are give noticethat (i) the particulars are set out as a general outline for the guidance of theintending purchasers and do not constitute part of an offer or contract; (ii) alldescriptions, dimensions, references to condition and necessary permissionsfor 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.