PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES

LONDON KT1 2SLGREATER LONDON OFFICE INVESTMENT

Kingston Town Hall

Surrey County Council

Rose Theatre

John Lewis

The Bentall Centre

Kingston Bridge

PRINCESS MEWS

KINGSTON- UPON-THAMES

Kingston Station

Fairfield Recreation Ground

RIVER THAMES

PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL

INVESTMENT SUMMARY

• South West London Business Space Investment

• Located in the popular town of Kingston-upon-Thames

• Approximately a 15 minute walk from Kingston Railway Station

• Circa 13,284 sq ft of office and workspace accommodation

• Freehold

• Current occupancy rate of 100%

• Asset Management opportunities including potential lease regears and future site development subject to planning

• Total income is £169,028 pa which equates to £12.72 psf

• Offers are sought in excess of £2,150,000 (Two Million One Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 7.43%, a low capital value of £161.85 psf.

LOCATIONPrincess Mews is located in Kingston-upon-Thames, an affluent town in South West London. Kingston is approximately 10 miles south west of Central London, and 20 miles north east of Guildford.

The town benefits from good road communications with the A3 Kingston Bypass providing access to the M25 (Junction 9) approximately 7 miles to the south and the M3 (Junction 1) approximately 6 miles to the west. The town also benefits from excellent public transport links being served by Kingston, Surbiton, Norbiton and Berrylands rail stations providing frequent services to London Waterloo every 15 minutes, with a fastest journey time of 18 minutes.

London Heathrow and London Gatwick airports are approximately 9 miles north west and 23 miles south of the property respectively.

SITUATIONPrincess Mews is situated approximately one mile south east of Kingston town centre on the western side of Horace Road, just to the north of its junction with Portland Road. The property is situated in a mixed residential and commercial area and is adjacent to a Kingston University campus.

Kingston town centre provides an extensive retail offering, including the Bentall Shopping Centre.

Kingston Railway Station can be reached within an approximate 15 minute walk.

Kingston

Norbiton

Berrylands

KingstonCemetery

SurbitonCemetery

The FairfieldRecreation Ground

Kingston RoadRecreation

Ground

Glouceste

r RoadA

lbert R

oad

Beau

fort Road

Lingfield Avenue

Chapel Mill Road

High

Street

Eden

Str

eet

Ashdown Rd

Brook St

Portland Road

Denmark Road

Fassett Ro

ad

Grove Lane

Victoria Road

Bonner Hill Road

Surbiton Road

Lower Marsh Lane

Buckingham Rd

Hogsmill Lane

Kenley Road

Hawks Road

Fairfield South

Vill

iers

Ave

nue

Vill

iers

Ro

ad

Horace Road

A308 W

heat

field

Way

A308 Horse

Fair

Surbiton Hill Road

A2

40

P

enrh

yn R

oad

A30

7 P

orts

mo

uth

Ro

adH

igh

Str

eet

Cromwell Road

A308 K ingston

Hill

A238 Coombe Lane West

Kingston Road

A2043 Cambridge Road

PRINCESS MEWS

LONDONHeathrow

LondonCity

Gatwick

StanstedLuton

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

J9

J6

J5

J3

J2

J29

J28

A5

A505

A418

A602A131A130

A138

A130

A127

A217

A331

A322

A339

A316

A309

A232

A264

A264

A229

A120

A404

A355

A404

A413

A4142

A4010

A414

A414

A414

A1

A2

A3

A3

A41

A34

A40

A31

A24

A22

A21

A20

A10

A10

A12

A12

A13

A26

A21

A23

A23

A420

A303

A34

A34

A44

A40

M1

M4

M4

M2

M3

M3

M10

M40

A404(M)

A329(M)

M25

M25

M25

M25

M25

M25

M23

M26

M20

M20

M11

M11

A1(M)

M1

Harlow

Bishop’sStortford

EppingPotters Bar

Knebworth

Hertford

LUTON

Aylesbury

Dunstable Stevenage

Hatfield

Dartford

Bromley

Gravesend

Gillingham

Shoreham

Rochester

Sittingbourne

Croydon

Biggin Hill

Romford

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

Sheerness

StaplehurstPaddock

Wood

East GrinsteadCrawley Three Bridges

Horley

Horsham

Witley

Godalming

Cranleigh

NorthHorsham

HaywardsHeath

Burgess Hill

Redhill

Oxted

DorkingGUILDFORD Reigate

Staines

Slough

HemelHempstead

Chesham

Berkhamsted St Albans

HighWycombe

Thame

Watford

WembleyUxbridge

Ruislip

Rickmansworth

BrentCross

Woking

SouthOxney

KINGSTONUPON THAMES

HarefieldHarrow

Borehamwood

Enfield

Windsor

Famborough

Aldershot

Alton

BASINGSTOKE

Famham

Fleet

WokinghamBracknall

Egham

Ascot

SandhurstBagshot

READING

OXFORD

Henley-on-ThamesMaidenhead

EpsomSutton

Swanley

Fulham

Ashford

RichmondHounslow

Southall

BillericayWickford

Stanford-le-Hope

Southend-on-SeaBenfleetCanveyIsland

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

Walton-on-Thames

Clapham

Harpenden

Hor

ace

Road

Portland Road

888684

666462

74

87

60

72

7573

57

8581 83

77 79

58

Unit6 Unit

1Unit2

Unit3

Unit4Unit

5

Unit8 Unit

9

Unit7

61 6355

78

70

56545250

68

Middle

Brys

80

69 7165 67

82

59

76

0m 5m 10m 15m

© UKMap Copyright The GeoInformation Group 2015 Licence No. LANDMLON100003121118. Plotted Scale - 1:677

PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL

DESCRIPTIONThe property comprises 9 two storey office/workspace units totalling approximately 1,234 sq m (13,284 sq ft) constructed in an art-deco style. The units provide a mixture of workshop and office accommodation. Units 6 and 7 benefit from access to a roof terrace.

The property benefits from 18 car park spaces within a gated site.

SITE AREAThe property occupies a site of approximately 0.13 hectares (0.31 acres). Source Promap.

TENUREFreehold

SERVICE CHARGEThe budgeted service charge for the year ending 31 December 2015 is £35,721 equating to £2.69 psf.

Unit Tenant Area (NIA) Sq m

Area (NIA) Sq ft

Lease Start Date

Expiry (Break)

Rent p.a. (psf)

Service Charge (%)

Comments

1 Locate I.T. (UK) Ltd 123.4 1,329 22/12/2012 21/12/2017 £18,828 (£14.17)

9.16% Outside L&T 54 Act. Rolling mutual break option subject to 3 months written notice. Rent Deposit - £9,111.60

2 Vickery Associates Ltd

123.4 1,328 17/03/2005 16/03/2010 £18,900 (£14.23)

9.16% Tenant Holding Over. Outside L&T 54 Act. Schedule of condition in place. Rent Deposit - £5,000

3 Yellow Zebra Travel Ltd

126.2 1,358 01/11/2014 31/10/2019 (29/09/2017)

£18,500 (£13.63)

9.30% Outside L&T 54 Act. Tenant break option. If break option not taken then peppercorn to be paid between 30/09/2017 and 29/12/2017 Service charge cap in place. Reviewed annually. Rent Deposit - £4,625

4 Sarner International Ltd

268.8 2,894 18/05/2012 17/05/2017 £30,000 (£10.37)

19.48% Outside L&T 54 Act. Rolling tenant break option subject to 6 months written notice. Rent Deposit - £7,950

5 Sarner International Ltd

128.1 1,379 18/05/2005 17/05/2017 £11,200 (£8.12)

9.30% Outside L&T 54 Act. Rolling tenant break option subject to 6 months written notice. Rent Deposit - £3,360

6 Aloysha Evans (t/a B Clean Services)

153.8* 1,655* 30/07/2010 29/07/2015 £13,200 (£7.98)

9.59% Outside L&T 54 Act. Schedule of condition in place. Rent Deposit - £3,009.74

7 Canyon Bicycles UK Ltd

191.1 2,057 14/01/2013 13/01/2018 (13/01/2016)

£22,000 (£10.70)

14.54% Outside L&T 54 Act. Surety - Canyon Bicycles GmbH, Tenant Break Option. Fixed Rental Increases - 14/01/2016 - 13/01/2017 - £23,000 pa; - 14/01/2017 - 13/01/2018 - £24,000 pa; Rent Deposit - £5,000 plus £1,000 (VAT Element)

8 Coherent Technology Ltd

132.3 1,424 25/12/2010 24/12/2015 £20,400 (£14.33)

9.88% Outside L&T 54 Act. Rent Deposit - £9,987

9 Lewislive Ltd 140.8 1,515 18/05/2012 17/05/2016 £16,000 (£10.56)

9.59% Outside L&T Act. Rent Deposit - £3,600

1,234.1 13,284 £169,028 100.00%

* Not inspected by Allsop. Areas supplied by Vendor. (GIA)

Outline for indicative purposes only.

© Crown Copyright, ES 100004106. For identification purposes only.

COVENANTS

LOCATE I.T. (UK) LTD was established in 2006 and is a European wide wholesaler of office machinery and equipment. In June 2014 Locate I.T. (UK) Ltd recorded a tangible net worth of £239,813.

VICKERY ASSOCIATES LTD was established in 1999 providing print and design services across the UK. In March 2014 Vickery Associates Ltd recorded a tangible net worth of -£198,372.

YELLOW ZEBRA TRAVEL LTD was established in 2012 and is a travel agency and tour operator specialising in African safari. In December 2013 Yellow Zebra Travel Ltd recorded a tangible net worth of £43,849.

SARNER INTERNATIONAL LTD was established in 1988 and is a leading company in the design and delivery of visitor attractions and leisure entertainment centres. In March 2014 Sarner International Ltd recorded a tangible net worth of £268,188.

CANYON BICYCLES UK LTD was established in 2012. In September 2014 Canyon Bicycles UK Ltd recorded a tangible net worth of -£13,132.

COHERENT TECHNOLOGIES LTD was established in 1990 and is a manufacturer of tv transmitters and telephony. In December 2013 Coherent Technologies Ltd recorded a tangible net worth of -£300,758.

LEWIS LIVE LTD was established in 1975 and is an event management and production business. In September 2014 Lewis Live Ltd recorded a tangible net worth of -£236,933.

VATThe property is elected for VAT purposes, however we anticipate the sale will be treated as a Transfer of Going Concern (TOGC).

REGENERATIONKingston is set to benefit from numerous developments including the Eden Quarter Development which is the largest development opportunity area in the town centre. The development is set to combine high quality retail, leisure and commercial uses with active public space and residential living. North Kingston is situated north of Kingston station and has been recognised for a future comprehensive redevelopment. The main uses considered for the area include residential, educational and other uses. Plans have been drawn up by Berkeley for 315 new homes, new commercial and educational accommodation and a linear park within the development area. An application from Goldcrest is also being considered to develop an office block and replace it with retail outlets, office accommodation, restaurants and cafes on the ground floor and accommodation for up to 210 student on the upper floors. Numerous development projects are

being considered by the riverside including Kingston Heights which will include a new housing project, a £70 million upmarket hotel and restaurants next to John Lewis. John Lewis is considering expanding itself which could include a Waitrose. In 2014 Kingston was awarded the ‘mini-Holland’ programme status by the Mayor of London which provides £30 million to transform the local cycling facilities. The programme will help to improve the road network and public spaces for all road users.

Ultimately the development of Kingston is being overseen by Kingston Futures which is an ambitious investment programme designated for Kingston Town Centre and its future development.

Further information can be found at www.kingstonfutures.org.uk

PRINCESS MEWS, HORACE ROAD KINGSTON-UPON-THAMES LONDON KT1 2SL

EPCs

Unit Assessment Rating

1 55 C

2 66 C

3 55 C

Unit Assessment Rating

4 56 C

5 53 C

6 102 E

Unit Assessment Rating

7 71 C

8 62 C

9 74 C

EPC certificates are available upon request.

HamptonCourt

Strawberry Hill

Teddington

Thames Ditton

Surbiton

Berrylands

Hampton Wick

KingstonNorbiton

New Malden

A308

A308

A307A313

A309

B351

A310

A2043

B358

A238

B283

A240A307

A3210

A308

A3

A3

A3

Strawberry Hill

Teddington

RichmondPark

HamCommon

Ham

HamptonWick

Surbiton

OakhillThames Ditton

Kingston Upon Thames

Hampton CourtPark

BushyPark

New Malden

Norbiton

THE PROPERTY

KEY:● Key areas of change

● Local Centres

● Housing Opportunity Areas

n Locally Significant Industrial Site

Major Movement Barriers

● Strategic Landmark

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or 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 Allsop LLP nor any of its members or 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 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: (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 a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 06.15

Andy Pointon020 7543 6720andy.pointon@allsop.co.uk

FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:

Jonathan Butcher020 7543 6755jonathan.butcher@allsop.co.uk

Richard How020 7543 6825richard.how@allsop.co.uk www.allsop.co.uk

PROPOSALWe are instructed to seek offers in excess of £2,150,000 (Two Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 7.43%, assuming purchaser’s costs at 5.8%, low capital value of £161.85 psf.