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Multi Let Office Investment<br />
A reversionary investment with a low capital value of £76.50 per sq ft<br />
Sundial Court, Barnsbury Lane, Tolworth, London KT5 9RN<br />
Freehold Multi Let Office Investment Opportunity
Sundial Court, Barnsbury Lane, Tolworth, London KT5 9RN<br />
Investment Considerations<br />
■ Strategically located in Tolworth on the A3 with<br />
access to both central London and the M25 motorway.<br />
■ Tolworth railway station is located 250 metres south<br />
of the subject property.<br />
■ Sundial Court is a modern office centre providing<br />
a range of accommodation sizes in small suites<br />
and larger self contained buildings.<br />
■ Multi let office centre providing a total of 2,429.9 A4010 sq m<br />
(26,153 sq ft) of accommodation.<br />
■ Freehold.<br />
■ Total current income of £243,702 per annum.<br />
Rents range from £8.99 to £16.56 per sq ft<br />
and average at a rate of £12.65 per sq ft.<br />
A418<br />
Aylesbury<br />
■ Situated in a good strategic location on a site area of<br />
0.59 acres (0.24 hectares).<br />
■ Significant asset management opportunities including<br />
renegotiating existing lease terms, letting vacant<br />
accommodation, selling individual units to owner<br />
occupiers, increasing the ground floor area and the<br />
possibility of converting to residential use.<br />
■ The property is capable of vertical division to facilitate<br />
freehold or long leasehold sales.<br />
■ Current vacancy rate of 26.44% gives immediate<br />
opportunities to enhance the income.<br />
■ Offers sought in excess of £2,000,000 (two million<br />
pounds) which equates to a net initial yield of 11.5%<br />
after usual purchasers costs of 5.8%.<br />
■ Low capital value of £76.50 per sq ft.<br />
A41<br />
A418<br />
A505<br />
A41<br />
Location<br />
The property is located in Tolworth, a prominent south west<br />
London suburb situated within close proximity to Kingston<br />
upon Thames. Tolworth is strategically located approximately<br />
A5<br />
14 miles M1 south west of central Stevenage London and approximately<br />
Dunstable<br />
A120<br />
3 miles south Luton<br />
A5 of Kingston.<br />
Luton<br />
A1(M)<br />
Knebworth<br />
A10<br />
Tolworth benefits from excellent road communications, located<br />
A602<br />
A5 M1<br />
A1(M)<br />
directly on the A3 which provides access to central London to<br />
the north and the M25<br />
Welwyn<br />
and the<br />
Garden<br />
wider motorway A10 network to the<br />
City Hertford<br />
south west.<br />
A1(M)<br />
M1<br />
A414<br />
A414<br />
Hemel<br />
Harlow<br />
Regular Hempstead rail services St Albans providing Hatfield direct access to London<br />
Waterloo station M10 are available at Tolworth rail station with a<br />
A41<br />
A414<br />
A10<br />
fastest journey J21 time of 30 minutes.<br />
A1(M)<br />
London Heathrow airport is<br />
M25<br />
M11<br />
Potters Bar<br />
situated approximately J20<br />
10 miles to the north west of Tolworth. Epping<br />
Bishop’s<br />
Stortford<br />
M11<br />
M11<br />
M11<br />
A414<br />
Stansted<br />
A120<br />
Chelm<br />
Chipping<br />
M1<br />
J23 M25<br />
Ongar<br />
J19<br />
J25<br />
A404<br />
M25 J27<br />
A4010<br />
Borehamwood<br />
M25<br />
Watford<br />
A1 Enfield<br />
M25<br />
High Rickmansworth<br />
M1<br />
A10<br />
M11<br />
A12<br />
A355<br />
M40 Wycombe<br />
A413<br />
South<br />
Bill<br />
Brentwood<br />
M25<br />
Oxney<br />
J28<br />
M40<br />
M1<br />
Harefield<br />
A12<br />
Harrow<br />
M25<br />
Brent<br />
A12<br />
A127<br />
M40 Ruislip<br />
Cross<br />
J29<br />
A404<br />
J16<br />
A10<br />
Romford<br />
A12<br />
A40<br />
Wembely<br />
Uxbridge<br />
A40<br />
M25<br />
Slough<br />
A13<br />
A13<br />
Stanf<br />
M25<br />
M4<br />
LONDON<br />
A13<br />
J15<br />
M4<br />
M4<br />
Fulham<br />
Windsor<br />
Hounslow<br />
A2<br />
M4<br />
M25 Heathrow Richmond Clapham<br />
A20<br />
Dartford<br />
A316<br />
A2<br />
Staines<br />
M25 Grave<br />
Ashford Kingston<br />
J2<br />
A2<br />
Upon Thames<br />
A20<br />
A309<br />
A3<br />
A2<br />
M3<br />
Bromley<br />
J12<br />
A23<br />
Swanley<br />
A322<br />
TOLWORTH<br />
J3<br />
M3<br />
A24<br />
Weybridge<br />
Croydon<br />
A232<br />
A232<br />
M25 Chessington Sutton<br />
A3<br />
A21 M25<br />
M20<br />
A243<br />
A217<br />
M3<br />
Epsom<br />
Shoreham<br />
S<br />
J10<br />
Woking<br />
A24<br />
M25<br />
A23 Biggin Hill<br />
A22<br />
J9<br />
J5<br />
M26<br />
A3<br />
A217<br />
Sevenoaks<br />
A26<br />
A331<br />
M25<br />
M25<br />
A24<br />
J8 J7 J6<br />
A21<br />
Oxted<br />
A3 Guildford<br />
Reigate<br />
M23<br />
A31<br />
Dorking Redhill<br />
A22<br />
A26<br />
A31<br />
A24<br />
A21<br />
Tonbridge<br />
M23<br />
A3<br />
Horley<br />
Paddo<br />
Royal<br />
A22<br />
Gatwick<br />
A21 Woo<br />
Tunbridge<br />
A264<br />
Wells A26<br />
A24<br />
A3<br />
Crawley Three Bridges<br />
A414
Upper Brighton Rd A24<br />
M25<br />
Tolworth Rail Station<br />
Sundial Court<br />
Tolworth Tower<br />
Central London Ring Road (A3)<br />
Local Shops<br />
M&S<br />
rbiton<br />
spital<br />
A240 Ewell Rd A240<br />
3210 Kingsdowne Rd<br />
Ditton Rd<br />
Ellerton Rd<br />
Thornhill Rd<br />
Fu<br />
llers Way N<br />
A3 kingston By Pass A3<br />
Tolworth<br />
Recreation<br />
Ground<br />
Ewe l Rd<br />
Red Lion Rd<br />
Alexandra<br />
Recreation<br />
Ground<br />
Tolworth<br />
Hospital<br />
r<br />
Broadway<br />
r<br />
Tolworth<br />
Barnsbury Ln<br />
Warren Dr S<br />
Hazel Bank<br />
A240 Kingston Rd A240<br />
A3 Tolworth Underpass A3 A3 Tolworth Rise N A3<br />
King George’s<br />
Field<br />
Ba<br />
o<br />
s<br />
B b<br />
o<br />
H<br />
3<br />
Oakdene Dr<br />
Southwood Dr<br />
Alpine Ave Knollmead<br />
A3 Tolworth Rise S A3<br />
Hogsmill<br />
Open Space<br />
Sundial Court<br />
Riverhill<br />
Sports ground<br />
ster P<br />
B284 Worcester Park Rd<br />
Malden<br />
Manor<br />
B284<br />
Old Malden Ln<br />
Kingston Bypass<br />
Church Rd<br />
B284<br />
A2043 Malden Rd<br />
A2043<br />
Manor<br />
Park<br />
Kingston Bypass<br />
Shadbolt<br />
Park<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
8<br />
9<br />
10<br />
11<br />
Site boundary for indicative purposes only.<br />
3<br />
3b<br />
2<br />
2b<br />
1<br />
1b<br />
Barnsbury Lane<br />
4<br />
Retail<br />
1<br />
3<br />
1<br />
6<br />
n<br />
B284<br />
A240 Kingston Rd A240<br />
Ruxley Ln<br />
© Crown Copyright, ES 100004106. For identifi cation purposes only.<br />
8<br />
10<br />
12<br />
Situation<br />
0m 5m 10m 15m<br />
Sundial Court is situated in a very prominent position on the south side of the Kingston<br />
© UKMap Copyright The GeoInformation Group 2012<br />
Bypass (A3) fronting the main fl ow of traffi c through the town. The property is accessed<br />
Licence No. LANDMLON100003121118. Plotted Scale - 1:659<br />
via Barnsbury Lane where road access and off road parking is available.<br />
The property is situated in a mixed use area where the predominant uses are offi ce, retail<br />
and residential. The Tolworth Tower is situated directly opposite the subject property.<br />
14<br />
16<br />
18
Multi Let Office Investment<br />
Asset Management Opportunities<br />
Sundial Court offers a number of asset management<br />
incentives to include:<br />
• Potential to sell off the individual units to owner<br />
occupiers.<br />
• Rentalise the car parking to further increase the<br />
overall income.<br />
• Regear existing leases and let vacant<br />
accommodation.<br />
• Increase lettable floor area of the ground floor units<br />
by incorporating the existing car parking bays as<br />
office accommodation.<br />
• Convert the office accommodation to residential use<br />
subject to usual planning consents.<br />
Description<br />
The property, constructed in approximately<br />
1990 comprises a modern detached terrace<br />
of 11 business units. The units are arranged over<br />
ground, 1st and 2nd floors and provide a range of<br />
well configured open plan office accommodation.<br />
Each floor benefits from kitchenette and toilet<br />
facilities.<br />
Each individual unit varies in specification, but<br />
generally most of the accommodation benefits<br />
from raised floors, suspended ceilings, recessed<br />
fluorescent lighting and air conditioning.<br />
The property benefits from 55 car parking<br />
spaces which are situated to the rear of the<br />
property, and accessed via Barnsbury Road.<br />
Site<br />
The site area is 0.59 acres (0.24 hectares).<br />
Tenure<br />
Freehold<br />
Service Charge<br />
The budgeted service charge for 2012/2013<br />
is currently running at £88,581 which equates<br />
to £3.38 per sq. ft.<br />
VAT<br />
The property is elected for VAT.<br />
EPC’s<br />
Unit 1 & 11 are D rated and Units 2-10 are all<br />
C rated. Copies of the EPC certificates can<br />
be made available on request.
Sundial Court, Barnsbury Lane, Tolworth, London KT5 9RN<br />
Tenancy<br />
Unit Floor Tenant Name Area<br />
Sq m<br />
Area<br />
Sq ft<br />
Rent £ p.a.<br />
(£ per sq ft)<br />
Lease Start<br />
Lease<br />
expiry<br />
(Break)<br />
Comments<br />
1 G/1st/2nd Tiffany Rose Ltd 314.7 3,387 £30,480<br />
(£8.99)<br />
01/12/2011 30/11/2016<br />
(30/09/2014)<br />
01/12/2013- Uplift to £33,870. 1 month Rent<br />
free 01/12/2014. 01/01/2015- Uplift to £37,257.<br />
01/12/2015- Uplift to £40,644<br />
Rent deposit deed of £8,400 held. Schedule of condition<br />
Outside S.24-28 of 1954 L+T Act.<br />
2 G/1st/2nd VCA Technology Ltd 202.8 2,183 £31,027<br />
(£14.21)<br />
01/12/2010 30/11/2012 Holding Over.<br />
Deposit of £7,756.86 held.<br />
3 G/1st/2nd Altien Ltd +<br />
Allen Peter Morgan<br />
205.7 2,214 £33,210<br />
(£15.00)<br />
01/12/2007 30/11/2010 Holding Over. Deposit of £5,535 held.<br />
4<br />
G PRC Associates Ltd 51.0 549 £7,686<br />
(£14.00)<br />
1st Entegraty Ltd 82.0 883 £14,619<br />
(£16.56)<br />
2nd Vacant 74.6 803 -<br />
01/11/2010 31/10/2012 Holding Over.<br />
Deposit of £1,921.50 held.<br />
06/08/2006 31/08/2009 Holding Over.<br />
Deposit of £3,654.75 held.<br />
5 & 6<br />
Ground/<br />
1st (5)<br />
1st (6)<br />
On Target<br />
Recruitment Ltd<br />
234.9 2,528 £23,848<br />
(£9.43)<br />
01/01/2013 31/12/2014 Tenant occupies space across unit 5 and 6 on floor 1.<br />
Rent increases to £25,219.98 on 01/04/2013.<br />
Deposit of £2,252 held as security.<br />
5 2 Vacant 75.3 810 -<br />
G Vacant 66.6 717 -<br />
6 2nd TRC Ltd 103.6 1,115 £16,725<br />
(£15.00)<br />
15/09/2008 14/09/2011 Holding Over.<br />
Deposit of £4,181 held.<br />
7<br />
G<br />
1st<br />
Leslie Gordon<br />
Cowell<br />
t/a GEC Renewables<br />
RGIS Inventory<br />
Specialists Ltd<br />
51.0 549 £6,863<br />
(£12.50)<br />
82.1 884 £9,282<br />
(£10.50)<br />
01/09/2011 31/08/2014 Rolling 3 month break (LL). Rolling 3 month break after<br />
2nd anniversary of term (T). Deposit of £1,586.60 held.<br />
07/10/2010 11/10/2013 Rolling 3 month break. Deposit of £2,230.50.<br />
Schedule of condition attached to the lease.<br />
2nd Vacant 72.7 783 -<br />
8 G/1st/2nd Hampton Data<br />
Services Ltd<br />
205.7 2,214 £33,210<br />
(£15.00)<br />
31/03/2000 30/03/2005 Holding Over. Rent as at end of lease £32,100.<br />
Current rent is a verbal agreement between landlord<br />
and tenant.<br />
G Saiseiko Europe Ltd 51.0 549 £8,235<br />
(£15.00)<br />
19/10/2010 18/10/2012 Holding Over.<br />
Deposit of £2,058.75 held.<br />
9<br />
1st<br />
Matrix Sports<br />
Marketing<br />
82.6 889 £8,860<br />
(£9.97)<br />
12/08/2012 11/08/2014 Deposit of £3,389.26 held.<br />
2nd Vacant 72.6 781<br />
G<br />
Datashare<br />
Solutions Ltd<br />
51.5 554 £8,587<br />
(£15.50)<br />
01/10/2010 30/09/2013 Deposit of £2,216 held.<br />
10<br />
1st Vacant 81.8 881 -<br />
2nd<br />
Datashare<br />
Solutions Ltd<br />
68.6 738 £11,070<br />
(£15.00)<br />
01/10/2010 30/09/2015<br />
(30/09/2013)<br />
Deposit of £2,952 held.<br />
11 G/1st/2nd Vacant 199.1 2,142 -<br />
Total 2,429.9 26,153 £243,702<br />
<strong>Allsop</strong> have relied on landlord areas and verified where possible.
Sundial Court, Barnsbury Lane, Tolworth, London KT5 9RN<br />
Proposal<br />
Offers are sought in excess of £2,000,000 (two million pounds) subject to contract and<br />
exclusive of VAT. A purchase at this level would reflect a net initial yield of 11.5% after<br />
purchaser’s costs of 5.8% and equates to a low capital value of £76.50 per sq ft.<br />
For further information or to make arrangements for viewing please contact:<br />
Scott Tyler<br />
020 7543 6719<br />
scott.tyler@allsop.co.uk<br />
Guy Scott Plummer<br />
020 7543 6726<br />
guy.scott-plummer@allsop.co.uk<br />
Joe Raitt<br />
020 7543 6890<br />
joe.raitt@allsop.co.uk<br />
www.allsop.co.uk<br />
Misrepresentation Act: 1. <strong>Allsop</strong> LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent <strong>Allsop</strong> LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or<br />
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 <strong>Allsop</strong> LLP nor any of its members or<br />
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<br />
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:<br />
(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<br />
a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. <strong>Allsop</strong> is the trading name of <strong>Allsop</strong> LLP. 01.13
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