prime office & residential investment opportunity
Premier House & Point CentralsydenHam road, Croydon, Cr0 2ee
Investment Summary
~ Well located town centre office and residential investment opportunity~ Located in the heart of Croydon in close proximity to East Croydon Rail Station ~ Freehold~ Good communications to Central London and the M25~ Prime office location in Croydon~ Potential lease regears~ Croydon undergoing significant development ~ The property is currently let to three commercial tenants and 14 ground rents~ The total current rent is £128,924 per annum~ We are instructed to seek offers in excess of £1,500,000 (One Million Five Hundred
Thousand Pounds) subject to contract and exclusive of VAT. This show an attractive net initial yield of 8.12% and a reversionary yield of 9.61%, after allowing for purchaser’s costs of 5.8%.
ProposedWestfield
RuskinSquare
EastCroydon
ChurchStreet
WellesleyRoad
LebanonRoad
GeorgeStreet
Centrale
ReevesCorner
WandlePark
East Croydon
West Croydon
Cherry O
rchar
d Road
Can
ning
Ro
ad
Addiscombe Road
Addiscombe Grove
Park H
ill Road
Par
k H
ill R
oad
Bedford Park
Land
sdow
ne R
oad
Syd
enha
m R
oad
Dingw
all Road
George Street
Sydenham Road
Tavi
sto
ck R
oad
Poplar Walk
London Road
Derby Road
High S
treet
High
Street
Tam
wor
th R
oa
d
Church R
oad
B243
B274
Park Lan
e
A2
12
Wellesley R
oad
A2
36 O
ld Town
A236 R
oman W
ay
A236 Mitcham
Road
Lower Coombe Road A212 Coombe Road
A222 St. Jame’s RoadLower Addiscombe Road
Southbridge Road
A2
12
Pa
rk Lane
A232 Chepsto w R
oad
Barclay Road Fairfield Road
A232 Duppas Hill Road
A232
Pump Pail South
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
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
St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
RuislipHarrow Brent
Cross
Woking
SouthOxney
Rickmansworth
CROYDON
Harefield
Borehamwood
Enfield
Windsor
Famborough
Aldershot
Alton
BASINGSTOKE
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
READING
OXFORD
Henley-on-ThamesMaidenhead
EpsomSutton
Swanley
Fulham
Ashford
RichmondHounslow
KingstonUpon Thames
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
Clapham
Harpenden
LocationCroydon is strategically located approximately 10 miles south of Central London. Croydon benefits from excellent communications with the M25/M23 interchange approximately 7 miles to the south, providing access to Heathrow and Gatwick Airports and the wider Motorway network.
Croydon is serviced by the national rail network providing regular services to Central London with a quickest journey time of 16 minutes. Croydon also benefits from a local tram service which provides access to Wimbledon to the west and Beckenham and New Addington to the east.
Gatwick Airport is located approximately 17 miles to the south and Heathrow Airport approximately 19 miles to the north west.
56.8m
FBFB
LB
LANSDOWNE ROAD
El Sub Sta
El Sub Sta Car Park
YMCA
Canterbury
3 to 5
House Multistorey
7 to 15
Marco Polo Hse
Emerald House
CorinthianHouse
17
28
1 to8
2 to 6
House
(Government Offices)
Sunley House
Canterbury
55.8m
55.8m
56.4m
56.4m
TCB
LB
BEDFORD P
BEDFORD PARK
DING
WAL
L RO
AD
SYDENHAM ROAD
Sta
El
Sub
Sub Sta
El
Sta
Sub
El
ElSub Sta
4
5
House
1to44
16
33
30
32
2
1
26
11
SubSta
El
24
36
8
Melrose
34 to 35
6
4
1 to 62
PH
8
Vice
roy
Cour
t
Central
Premier
14b House
Point
PointBedford
Underhill Court
14a
Metro Point
Nursery
Richmond Lodge
34
42
29 to
30
31 to
32
HamptonHilton
Cygnet House
2022
12 to 14
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
© Crown Copyright, ES 100004106. For identification purposes only.
Premier House & Point CentralsydenHam road, Croydon, Cr0 2ee
New access for East Croydon Station
floor tenant sq m sq ft lease start lease expiry (Break)
rent £pa
rent £psf
erv £pa
erv £psf
comments
Ground Southall Travel Limited 167.2 1,800 15/07/2011 14/07/2015 20,280 11.26 28,800 16.00 Rolling Break
First Square Mile Broking Limited
350.5 3,773 30/09/2013 30/09/2023 (30/09/2018)
(i)45,376 12.02 60,368 16.00 Rent rises to £45,376 p.a. in Sept 2015 Rent rises to £56,595 p.a. in Sept 2016
Second IDPP Consulting 350.5 3,773 18/10/2014 17/10/2016 60,368 16.00 60,368 16.00
Flats 1-12 Ground Rents 2,400 2,400
Flats 13 & 14 Ground Rents 500 500
Total 868.2 9,346 128,924 152,436
Tenancy
(i)vendor to top up
SituationPremier House and Point Central is prominently located within the prime office core at the junction of Sydenham Road and Dingwall Road. East Croydon Station has recently been refurbished to provide a new access way to Dingwall Road approximately 200m to the south – this is the proposed access way to the redeveloped Westfield Shopping Centre. West Croydon Station is located approximately 500m to the west.
Tenure Freehold
EPC Rating: C-65.
Croydon Regeneration Hammerson and Westfield have entered into a 50/50 joint venture with approved plans for:
~ £1 billion regeneration of the Whitgift Centre
~ 1.5 million square feet of retail and leisure space including a major department store and a range of shops designed to attract a variety of occupiers
~ Over 5,000 permanent local job opportunities for Croydon
~ New leisure facilities, new public realm, new car parking provisions
~ Approximately 500 new homes.
The development is due to begin in 2015 with a target date for opening in 2018.
Ruskin Square (East Croydon Gateway), a 9 acre site, situated 200 metres from the subject property is undergoing a £500 million development by Stanhope and Schroders. The completed development will include five buildings with up to 625 homes, approximately 240,000 sq ft of offices, retail units and a car park.
Over the next few years and looking forward to 2020 Croydon will transform significantly with extensive development of retail, leisure and commercial schemes. Croydon has received a £23 million support package from The Mayor of London’s Regeneration Fund and £70 million has already been committed by the Croydon Council and other partners to the regeneration of the town.
Croydon’s 2020 vision has received £3.5 billion of commitment to consented and proposed development projects with more to come. The vision seeks to effect the urban planning of Central Croydon extensively and promote Croydon as a hub of living, retail, culture and business in South London and South East England.
VATWe understand the property is elected for VAT which will be chargeable on the purchase price. We would expect the transaction to be treated as a transfer of a going concern (TOGC).
DescriptionPremier House and Point Central are arranged over basement, ground and 10 upper floors. Office accommodation is provided on ground, first and second floors with the residential accommodation on the upper floors, comprising 12 large apartments and 2 duplex penthouses. The flats have been sold off on long leases but provide annual ground rents.
The office accommodation is approached through an impressive entrance hall with the upper floors being served by an automatic 8 person passenger lift. The offices also benefit from air conditioning, raised floors, suspended ceilings, recessed lighting and carpeting. The property benefits from 7 car parking spaces – 4 have been sold to the residential tenants and 3 let to the office tenants.
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 11.14
Alex Butler020 7543 [email protected]
For further information or to make arrangements for viewing please contact:
Richard Lea020 7543 [email protected]
www.allsop.co.uk
Proposal We are instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This show an attractive net initial yield of 8.12% and a reversionary yield of 9.61%, after allowing for purchaser’s costs of 5.8%.
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