Easton Street, High Wycombe, HP11 1NL

FULLY REFURBISHED GRADE A OFFICE INVESTMENT

INVESTMENT HIGHLIGHTS

St John’s Place

• Improving and affordable Thames Valley office market• Excellent town centre location, 5 minute walk from High

Wycombe Train Station (25 mins to Marylebone)• High quality character office building of 26,194 sq ft• Fully refurbished in 2017 at a cost of £3.5 million• 92 secure car parking spaces (1:280 sq ft)• 1.05 acres landscaped site• Freehold

• 61% of income secured against 4A2 covenant of Sabre Retail Fashions Limited (Mint Velvet)• WAULT to break option 6.3 years• Average passing rent is £26.22 psf• Most recent letting at a market record rent of £28.50 psf• Offers sought in excess of £9,200,000 subject to contract and exclusive of VAT reflecting

a Net Initial Yield of 6.75% on the topped up income after purchaser’s costs of 6.68%. Assuming an ERV of £28.50 psf a purchase at this price gives a Reversionary Yield of 7.33%

LOCATIONHigh Wycombe is the dominant commercial centre in Buckinghamshire with a primary catchment population of 214,000 (2011 Census). The town is located 33 miles north west of Central London and is home to a large number of national and international occupiers including Johnson & Johnson, GE Healthcare, Hyundai and GMAC.

High Wycombe is an attractive office location with an educated workforce, improved local amenities and excellent transport links. High Wycombe train station provides excellent services to London Marylebone with up to seven trains an hour and a fastest journey time of 28 mins.

Road connections are excellent. The town is located on the A40 which provides access to Junction 3 two miles to the east and the A404 which provides access to Junction 4 two miles to the south.

SITUATIONThe property is prominently located on Easton Street approx. 5 minutes walk from High Wycombe Train Station and 5 minutes walk from the town centre retail and leisure facilities. The landscaped grounds overlook The Rye, a 53 acre public park with outdoor swimming lido.

St John’s Place is located at the junction of Easton Street and the A40 which provides access to the M40 and the motorway network 2 miles to the south.

ARC

H W

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OXFORD RD

HORNS LANE

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High Wycombe Station

The Rye

FernieFields Park

HIGH WYCOMBETOWN CENTRE

HIGH WYCOMBEGOLF CENTRE

BEACONHIILL

FLACKWELL HEATHGOLF CLUB

BOOKER

RAF DAWS HILL

WYCOMBEMARSH

LOUDWATERHANDY CROSS

SANDSINDUSTRIAL

ESTATE

St John’s Place

Heathrow

Gatwick

StanstedLuton

J27J25J23

J21

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J19

J16

J15

J12

J10

J7J8

J9

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J3

J2

J29

J28

A127

A505

A418

A602

A120

A131A130

A138

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A130

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A243

A217

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A331

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A404

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A4010

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A40

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A24

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M25

M25

M23

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M25 M20

M20

M25

M11

M11

M25

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Harlow

Potters Bar

Luton

Aylesbury

Stevenage

LONDON

Hatfield

Dartford

BromleyCroydon

Gravesend

Biggin Hill

Romford

Sevenoaks

RoyalTunbridge

Wells

Maidstone

Snodland

East GrinsteadCrawley

Horley

Horsham

HaywardsHeath

RedhillOxted

DorkingGuildford

Staines

Slough

St Albans

Hemel Hempstead

HIGHWYCOMBE

HIGHWYCOMBE

Watford

WembleyRuislip

Harrow

HollowayStratford

Enfield

Barnet

Windsor

Woking

Sutton

Clapham

Weybridge

Richmond

Ealing

Benfleet

Brentwood

Chelmsford

BasildonMarlow

St John’s PlaceEaston Street, High Wycombe, HP11 1NL

DESCRIPTIONSt John’s Place was constructed in the 1880’s and operated as the Royal Grammar School then Wycombe Technical Institute before being converted to office accommodation. The building has been completely renovated behind a period façade to provide Grade A office accommodation over lower ground, ground and two upper floors.

The £3.5 million renovation works were completed in 2017 and include: •New entrance and feature reception• New VRF air conditioning system (1:8 sq m)•Full refurbishment of two passenger lifts and DDA lift• Fully raised floors• Metal suspended ceilings with recessed LED lighting• Shower facilities and changing rooms• Covered bike storage and lockers

Car parking for the property is located at lower ground and ground floor levels. The gated car park is accessed by a ramp to the west of the building. There is a 41 space external parking deck to the rear of the property that is held on a long leasehold by Buckinghamshire County Council who occupy the adjoining property.

Vehicular access to the site is direct from Easton Street close to the junction with the A40 which provides access to the M40 two miles to the south east.

To the front of the site are the ruins of The Hospital of St John The Baptist, a 12th century hospital that has been in ruins since 1767. The ruins are Grade II listed. They have been strengthened in the past and have been maintained at minimal cost in recent years. They are located in the common areas so any expenditure is recoverable through the service charge.

St John’s PlaceEaston Street, High Wycombe, HP11 1NL

Ordnance Survey © Crown Copyright 2019. All Rights Reserved.Licence number 100022432Plotted Scale - 1:1000. Paper Size - A4

SITEThe site area is 1.05 acres.

SERVICE CHARGEThe service charge budget for the year ending December 2019 is £243,120 (including Tenant’s electricity). Excluding electricity the service charge equates to £7.30 per sq ft. There are no service charge caps in any of the occupational leases.

Full information is available on request.

St John’s PlaceEaston Street, High Wycombe, HP11 1NL

OCCUPATIONAL MARKETThere is a limited supply of town centre office accommodation in High Wycombe which has been constrained further by a number of Permitted Development residential conversions. The highest recorded rent in High Wycombe was achieved in the subject property at £28.50 psf on the letting to Frontierpay.

High Wycombe has seen vast improvement in its retail and leisure facilities as well as a number of residential developments in recent years further improving the town. This combined with the excellent transport connections should improve the wide gap between office rents in similar surrounding centres such as Maidenhead (£38.50 psf).

There is currently only c.21,000 sq ft of Grade A space in High Wycombe available.

INVESTMENT MARKETDespite the continued political uncertainty, the south east office market continues to experience good demand for quality buildings.

The lack of speculative development and erosion of stock through permitted development conversions has led to the majority of south east centres seeing good rental growth in recent years. This supply demand imbalance is predicted to continue rental growth in the short to medium term and attract further investment.

Date Property Purchaser Tenant Average Term certain

Price Cap Val (psf)

NIY

Current St John’s Place, High Wycombe

Multi let 6.3 years £9.2 M £350 6.75%

Under offer Portland Building, Crawley Multi let 3.6 years £12.6 M £302 7.0%

Nov 18 Beaconsfield and Colonnades, Hatfield

Private Multi let 3.75 years c.£8.2 M £137 6.9%

Sept 18 One York Road, Uxbridge

Worthing Council

Multi let 6.5 years £10.63 M £447 6.5%

Jan 18 3 Queens Road, Reading

Canal and River Trust

Multi let 3 years £6.27 M £406 6.0%

Dec 17 Clarion House, Maidenhead

Bucks. Co. Council

Multi let 5.15 years £10.25 M £308 6.25%

St John’s PlaceEaston Street, High Wycombe, HP11 1NL

TENANCY SCHEDULEThe property has been measured by Plowman Craven in accordance with RICS Code of Measuring Practice (6th Edition) and the RICS Property Measurement (1st Edition) 2015, which incorporates the International Property Measurement Standards (IPMS). The building provides the following IPMS 3 areas. A full measured survey is available upon request.

Description Tenant Floor IPMS 3 (Sq Ft)

IPMS 3 (Sq m)

Lease Start Lease Expiry Rent Review Break Option Rent PA (IPMS 3 psf)

Car Parking Comments

Reception N/A Ground 592 (55.0) 1 space

Lower ground, ground and first floor

Sabre Retail Fashions Limited

LG 1,400 (130.1)

01/08/2017 31/07/2027 01/08/2022 N/A£404,123

(£25.00)*60 spaces Inside ’54 Act

Ground 4,608 (428.1)

First 10,535 (978.7)

Total 16,543 1,536.9

First floor parking deckBuckinghamshire County Council

41 car spaces 24/03/1993 23/03/2118 N/A N/A A peppercorn - Inside ’54 Act

Second floor front Frontierpay Limited 3,856 (358.3) 29/05/2018 28/05/2028 29/05/202331/05/2023

(Tenant)£109,896 (£28.50)

14 spacesOutside ’54 Act £27,474 rent deposit

Second floor rear 24 month rent, rates and service charge guarantee 5,203 (483.4) N/A N/A N/A N/A

£148,285 (£28.50)

17 spaces

Electricity sub station Southern Electric Plc N/A 16/01/1992 15/01/2091 N/A N/A £1 - Inside ’54 Act

Total 26,194 2,433.6 £662,305 92 Spaces

*Lower ground at 75% of ground and first floor in accordance with rent review clause

St John’s PlaceEaston Street, High Wycombe, HP11 1NL

TENUREFreehold.

COVENANT INFORMATION

Sabre Retail Fashion Limited (Company Number 07920155) is a privately owned womenswear retailer founded in 2009 in High Wycombe. St John’s Place is their head office and houses approximately 100 staff.

The company’s main brand is Mint Velvet. Mint Velvet opened stores in Windsor and Chichester in 2009. In their first year of trading they also launched the Mint Velvet website. The growth in both formats brought sales of £63 million by 2015 when a significant stake of the company was sold to The Lewis Trust Group, the investment business set up by the founders of River Island.

Despite structural difficulties in the retail sector Mint Velvet has continued to grow by achieving consistent sales with a successful mix of online sales and traditional stores. Mint Velvet currently trade from 40 stores and a number of department store concessions.

For the year ending 28th April 2018, Sabre Retail Fashion Limited reported a Turnover of £101 million, Pretax Profits of £13.5 million and Net Assets of £28.6 million.

The company has a D&B Rating of 4A2 reflecting a lower than average risk of business failure.

Frontierpay Limited (Company Number 7061945) is a privately owned currency exchange service founded in 2009. In abbreviated accounts for the year ending March 2018 the company reported Net Assets of £695,000.

The company has a D&B Rating of A2 reflecting a lower than average risk of business failure.

Misrepresentation Act: Gain, for themselves and for the vendors of this property, whose agents they are, give notice that: i) These particulars are only for the guidance of prospective purchasers and do not form part of any offer or contract. (ii) Whilst the information contained herein is issued in good faith, neither the firm nor their client guarantee its accuracy and it is not to be relied upon as statements or representation of fact. (iii) Any intending purchasers must satisfy themselves as to the correctness of each of the statements made herein. (iv) The vendor does not make or give, and neither do Gain nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. (v) Nothing in these particulars constitutes a statement that the property and/or any services or facilities are in good condition or working order. (vi) These particulars were completed in January 2019. (vii) Gain will not be liable, in negligence or otherwise, for any loss deriving from these particulars. (viii) Gain is the Trading name for Gain Property Services - Registration Number 6723449. Design: CommandD www.commandHQ.co.uk March 2019

VATThe property is elected for VAT. The purchase could be structured as a transfer of a going concern.

ENERGY PERFORMANCE CERTIFICATEThe property has an EPC rating of B(30). The full EPC is available on request.

PRICEWe are instructed to seek offers of £9,200,000 (subject to contract and exclusive of VAT). A purchase at this level will reflect a Net Initial Yield of 6.75% on the topped up income. Assuming an ERV of £28.50 psf gives a reversionary yield of 7.33% after allowing standard purchaser’s costs of 6.68%.

Brian Gavin t: 0207 412 8948m: 0759 562 0422 e: bg@gainproperty.co.uk

46 James Street, London W1U 1EZwww.gainproperty.co.uk