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UNION COURT,

20-22 UNION ROAD,

LONDON, SW4 6JP

MULTI-LET MIXED USE INVESTMENT OPPORTUNITY

S W 4

(2)

For identification purposes only.

A3

UNION COURT

NINE ELMS REGENERATION AREA

BATTERSEA PARK

BATTERSEA

POWER STATION ST GEORGE WHARF STOCKWELL BENBIG

HYDE PARK MARBLE ARCH REGENTS PARK CENTRE POINT VAUXHALL

CLAPHAM NORTH

WANDSWORTH TOWN

CLAPHAM HIGH STREET

(3)

UNION COURT, 20-22 UNION ROAD, CLAPHAM, SW4 6JP

INVESTMENT CONSIDERATIONS

A South West London multi-let mixed use

investment opportunity

Freehold

property offering both office and

light industrial accommodation totalling

67,710 sq ft (6,290 sq m)

Large site area totalling

1.72 acres (0.70ha)

with a strong underlying site value

Excellent road and rail communication

links being in close proximity to the A3 and

only 500 metres from Clapham North and

Stockwell Underground stations as well as

Clapham High Street Overground

The immediate surrounding area is

experiencing significant regeneration

High

occupancy rate of 97%

(as at 28th January 2016)

Asset management opportunities including

regearing leases on more institutional

terms, letting vacant accommodation and

refurbishment to increase the rents

Potential conversion of the accommodation

to residential via Permitted Development

Rights

Residential values in the area are in

excess of £800 psf

Current passing rent of

£1,193,694 per

annum

which equates to a low average rent

of

£17.82 psf

based on the let areas

Offers are sought in excess of

£22,500,000

(Twenty Two Million, Five Hundred

Thousand Pounds)

subject to contract and

exclusive of VAT. This reflects a

net initial

yield of 5.00%

after allowing for purchaser’s

costs of 5.8%. A sale at this price reflects

a

low capital value of

£332 psf

.

(4)

LONDON

Heathrow London City Gatwick Luton J27 J25 J23 J21 J20 J19 J16 J15 J12 J10 J7 J8 J9 J6 J5 J3 J2 J29 J28 A5 A418 A602 A131 A130 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 M4 M2 M3 M3 M3 M10 M40 M40 A404(M) A329(M) M25 M25 M25 M25 M25 M25 M23 M26 M20 M20 M11 M11 A1(M) M1 Harlow Harlow Bishop’s Stortford Bishop’s Stortford Epping Epping Potters Bar Potters Bar Knebworth Knebworth Hertford Hertford Aylesbury Aylesbury Hatfield Hatfield Dartford Dartford Bromley Bromley Gravesend Gravesend Gillingham Gillingham Shoreham Shoreham Rochester Rochester Sittingbourne Sittingbourne Croydon Croydon Biggin Hill Biggin Hill Romford Romford Ilford Ilford Chigwell Chigwell Loughton Loughton Woodford Woodford Sevenoaks Sevenoaks Tonbridge Tonbridge Royal Tonbridge Wells Royal Tonbridge Wells Tottenham Tottenham Maidstone Maidstone Snodland Snodland Sheerness Sheerness Staplehurst Staplehurst Paddock Wood Paddock Wood East Grinstead East Grinstead Crawley

Crawley Three BridgesThree Bridges

Horley Horley Horsham Horsham Witley Witley Godalming Godalming Cranleigh Cranleigh North HorshamNorth Horsham Haywards Heath Haywards Heath Burgess Hill Burgess Hill Redhill Redhill Oxted Oxted Dorking Dorking

GUILDFORD

GUILDFORD

ReigateReigate

Staines Staines Hemel HempsteadHemel Hempstead Chesham Chesham Berkhamsted

Berkhamsted St AlbansSt Albans

High WycombeHigh Wycombe Thame Thame Watford Watford Wembley Wembley Uxbridge Uxbridge Ruislip Ruislip Rickmansworth Rickmansworth Brent Cross Brent Cross Woking Woking South OxneySouth Oxney Luton Luton Harefield Harefield Harrow Harrow Hampstead Hampstead Borehamwood Borehamwood Enfield Enfield Barnet Barnet Windsor Windsor Slough Slough Famborough Famborough Aldershot Aldershot Alton Alton

BASINGSTOKE

BASINGSTOKE

Famham Famham Fleet Fleet Wokingham

WokinghamBracknallBracknall

Egham Egham Ascot Ascot Sandhurst Sandhurst Bagshot Bagshot

READING

READING

OXFORD

OXFORD

Henley-on-Thames Henley-on-Thames Maidenhead Maidenhead Epsom

Epsom SuttonSutton

Swanley Swanley Fulham Fulham Brentford Brentford Ashford Ashford Richmond Richmond Hounslow Hounslow Southall Southall Billericay Billericay Wickford Wickford Stanford-le-Hope Stanford-le-Hope Southend-on-Sea Southend-on-Sea Benfleet Benfleet Canvey Island Canvey Island Brentwood Brentwood Chelmsford Chelmsford Chipping Ongar Chipping Ongar Basildon Basildon Welwyn Garden City Welwyn Garden City Walton-on-Thames Walton-on-Thames Kingston Upon Thames Kingston Upon Thames Harpenden Harpenden

CLAPHAM

THE LONDON COLLECTION

LOCATION

Clapham is located in the south west London Borough of Lambeth. It is 4 miles (6.4 km) south west of central London and nearby suburbs include Westminster, Wandsworth and Wimbledon. It benefits from excellent road links via the A3, A23 and A24 all of which provide direct access to the M25 and central London.

The area benefits from excellent public transport links via Clapham North Underground Station 500m to the south west and Stockwell Underground Station 500m to the north east. Overground rail services run from Clapham High Street 500m to the south west linking to Victoria, Clapham Junction and Canary Wharf with quickest journey times of 10 minutes, 21 minutes and 31 minutes respectively. Regular bus services are also available to central and outer London.

The property is well serviced by London airports with City Airport within 8.2 miles (13 km), Heathrow Airport within 13.9 miles (22 km) and Gatwick Airport within 21.1 miles (33.8 km).

REGENERATION

Nine Elms, 400m to the north of the subject property and extending to the River Thames, is undergoing a significant regeneration with projects including Battersea Power Station, New Covent Garden Market and the new American Embassy amongst others.

The whole development plans to create a new destination in central London providing 20,000 new homes, 25,000 new jobs, education facilities, green spaces and new visitor attractions. The development will span across 3km of the Thames riverside and more than £1bn is to be spent on new infrastructure including two new Underground stations and a new park, improving the areas connectivity and desirability.

The Clapham area has benefited from large-scale investment in recent years, being situated a mere ten minutes from Victoria, with a number of residential developments completed over the past few years, including The Yard, which is a shared ownership development undertaken by Notting Hill Housing Group comprising a total of 59 residential units.

Immediately to the rear of Union Court is a new development fronting Clapham Road and Jeffrey’s Road, which is a mixed use scheme consisting of 36,000 sq ft of offices, retail and café as well as 79 residential units. A mixed use development providing a total of 74 residential units and four office units totalling approximately 15,000 sq ft is also to be built fronting both Union Road and Clapham Road.

The introduction of Permitted Development Rights in 2013 has led to the conversion of numerous office blocks to residential by developers looking to capitalise on the high residential values in the area which are now in excess of £800 psf. Battersea Park Queenstown Road Brixton Clapham Junction Clapham High Street ClaphamNorth

Stockwell Wandsworth Road

BATTERSEA

PARK

Heathbrook Park Larkhall Park

CLAPHAM

COMMON

Un ion R oa d U nion Road Larkh all R ise Larkh all Lan e Lansdowne Way Jeffre ys R oad Chel sham Roa d A3 03 1 A lb ert B rid ge R oad Th e C hase Landor Road Stew ard s R oad Rec tory G rove Ferndale Road Eversleig h Road Sabine Road Prince of Wa les Driv e B224 S ilv ertho rne R oa d B224 N orth S tre et A 32 20 A 32 20 A 32 2 0 A3036 Lav ender Hill A303 6 Wan dswo rth Ro ad A30 36 A 3216 A3205 Batterse a Park Road A320 5 Nine Elms Lane C ed ar s R oa d A32 16 A3 A3 A24 Clapha m High stree t A3 A3 S L am b e th Ro ad A 203 Bri xton Ro ad B ri xt on R o ad A2 217 A2217 A221 7 A2217
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UNION COURT, 20-22 UNION ROAD, CLAPHAM, SW4 6JP CR FW Ward Bdy Def FF FW 10.2m 8.8m 9.0m 9.1m 7.9m LB LB Cycle Hire Station Posts UNION ROAD U NIO N C OUR T UNIO N ME WS ROAD MCCA LL GA SKEL L STR EET Stane Grov e 362 8 34 to 52 to 362a 48 17 3 24 44 Court 1 to 11 f to El 2 80 e 352 17 Works 5 21 to 2 58 27 348 42 151 18 42 18 to 26 to 40 33 1 5 18 El Sub Sta 340a 64 358 Barrington 35 32 7 Sub Sta 13 60 70 1 68 7 33 PH 34 9 62 1 161 to 2 to 5 58 to 64 19 1 346 ESS 39 65 to 70 71 to 76 77 to 84 85 to 88 21 3 7a 6 13 20 b 354356 131129 31 68 Marion Court Court 70 72 Barton 1 0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

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

SITUATION

The subject property occupies a prominent position on Union Road approximately 50m north of the A3 (Clapham Road) and occupies a large site. The surrounding area comprises mainly residential with some local commercial occupiers fronting Clapham Road to the south.

The property benefits from ever improving amenities with there being restaurants, bars and retail units 500m to the south west, in the area immediately surrounding Clapham High Street overground station and Clapham North underground station. Occupiers in the area include Sainsbury’s, Sweat Shop, Chicago Rib Shack and Clapham North Public House. Other nearby occupiers include Dreams, HSS Hire, Iceland, Greggs and numerous local occupiers.

SITE AREA

The site extends to approximately 1.72 acres (0.7ha).

TENURE

Freehold

DESCRIPTION

The property has good road frontage of 30 metres along Union Road and 60 metres along Gaskell Street. It is divided into a number of buildings and uses including modern offices and light industrial. Access is through an arch off Union Road leading into a courtyard area that is part developed and part allocated for parking and circulation space.

The main building that forms the boundary of the estate is arranged over ground and two upper floors and offers a range of unit sizes and configuration. Units 1 -2 which front Union Road are accessed from the courtyard area and span the arch make up more traditional office accommodation which has been fitted out to a good standard by 3 separate tenants all of which benefit from their own front door.

Units 3 - 5 back onto Gaskell Road and are part industrial part office units. Accessed from the courtyard there is a roller shutter door leading into the industrial unit which is double height at the front with mezzanine offices forming the first floor at the rear of the unit. On the second floor there is further office accommodation. Unit 6 is a stand alone unit with the same specification.

Unit 7 is situated on the northern boundary of the site and is made up of office accommodation arranged over two floors and is fitted out by the tenant to a good specification.

In general the specification includes carpeted floors, suspended ceilings, AC, perimeter trunking, recessed lighting, intercom system and central heating. The light industrial units vary but all offer flexible accommodation providing a specification including concrete flooring, strip lighting, electric roller shutter doors and gas heaters. Unit sizes range from 194 – 16,980 sq ft and the majority of the units have been fitted out to the tenants specification. In the centre of the site are two industrial units arranged over ground floor only. 18 Union Road or Charan House has a loading door onto the courtyard area of the site although this is outside the demise. Union court also benefits from 24 hour access, a centre manager, CCTV, loading bays, cycle racks and recycling facilities.

CAR PARKING

There is a total of 66 car parking spaces on site.

Internal Courtyard Talking Tables office Talking Tables office

(6)

Tenancy schedule as at 4th January 2016

Tenancy schedule as at 28th January 2016.

UC.1 Elite Environments Ltd. 3,002 279 01/10/15 30/09/18 £66,050 £22.00 Rolling 6 Months Contracted Out Rent increase 30/09/16 to £69,050 p.a.

UC.2.1A Salon UK Ltd. 2,252 209 14/09/15 13/09/18 £58,536 £25.99 Rolling 6 Months Contracted Out

UC.2.1B Provident Financial Management Services Ltd. 958 89 03/03/14 02/03/16 £22,900 £23.90 Rolling 6 Months Contracted Out

UC.2G Cult Furniture Ltd. 3,440 320 21/09/15 20/09/18 £86,029 £25.01 Rolling 6 Months Contracted Out

UC.3.1A Esmale Ltd. 495 46 01/10/15 30/09/17 £11,880 £24.00 Rolling 6 Months Contracted Out

UC.3.1B Chantel Elshout Design Consultancy Ltd. 463 43 08/03/16 08/03/18 £9,396 £20.29 Rolling 6 Months Contracted Out Rent increase 08/03/16 to £12,975 p.a.

UC.3.1C Under offer 194 18 Terms agreed for a term expiring 18/10/2017 at £6,253.98 subject to tenant break on 6 months notice.

UC.3.1D Outline Press (Book Publishers) Ltd 571 53 01/06/15 30/05/18 £14,899 £26.09 Rolling 6 Months Contracted Out

UC.3.1E Esmale Ltd. 646 60 01/09/14 31/08/16 £15,539 £24.05 Rolling 3 Months Contracted Out

UC.3.1F Contact Public Relations And 635 59 01/08/15 31/07/17 £16,605 £26.15 Rolling 6 Months Contracted Out

UC.3A-1 Cleaver Electrical Services Ltd. 1,992 185 23/05/14 22/05/17 £31,872 £16.00 Contracted Out

UC.3B Ralph Lauren UK Ltd. 1,819 169 01/03/14 28/02/17 £29,104 £16.00 Rolling 6 months Contracted Out

UC.4.1 Ceterna Ltd. 1,663 154 01/11/14 31/10/17 £36,650 £22.04 Rolling 6 Months Contracted Out

UC.4A Aircon Hire Ltd. 1,897 176 07/01/13 06/01/18 £27,506 £14.50 07/01/16 Rolling 6 Months

UC.4B Vacant 1,859 173

UC.4BUPPER Passion Digital Ltd. 1,634 152 12/05/14 11/05/17 £32,713 £20.02 Rolling 6 Months Contracted Out

UC.5AB Believe Direct Ltd. 3,308 307 18/03/13 17/03/18 £46,500 £14.06 18/03/16 30/09/16 One off 6 Months Contracted Out

UC.5G Richard Anthony K Threadgill 2,575 239 04/03/15 03/03/20 £43,775 £17.00 Rolling 6 Months Rolling break commences after 1st year of the term

UC.6 Health and Care (UK) Ltd. 5,804 539 25/07/14 24/07/19 £87,218 £15.03 25/07/17 25/07/17 One off 6 Months

UC.7A/B Talking Tables Ltd. 5,249 488 01/04/14 30/06/17 £95,000 £18.10 Contracted Out Rent increase 01/07/16 to £115,500 p.a.

UC.AGF IB Food Ltd. 10,274 954 01/02/10 31/01/20 £169,521 £16.50 Rolling 6 Months

UC.AGR Crown Worldwide Ltd. 16,980 1,577 23/01/15 22/01/25 £272,000 £16.02 23/01/20 Contracted Out

UC.CP01 Cult Furniture Ltd. 1 space 21/09/15 £500 Rolling 1 Month

UC.CP02-03 Cleaver Electrical Service Ltd. 2 spaces 01/02/15 £1,000 Rolling 1 Month

UC.CP04-05 Contact Public Relations And 2 spaces 03/08/15 £1,000 Rolling 1 Month

UC.CP06/16 Chantel Elshout 2 spaces 02/10/14 £1,000 Rolling 1 Month

UC.CP07 Esmale Ltd. 1 space 01/02/15 £500 Rolling 1 Month

UC.CP08 Streym Ltd. 1 space 05/09/14 £500 Rolling 1 Month

UC.CP09-10 Ceterna Ltd. 2 spaces 10/11/14 £1,000 Rolling 1 Month

UC.CP11-12 Air Con Hire Ltd. 2 spaces 01/02/15 £1,000 Rolling 1 Month

UC.CP13-14 Vacant 2 spaces

UC.CP15 Passion Digital Ltd. 1 space 01/02/15 £500 Rolling 1 Month

UC.CP17-22 Richard Anthony K Threadgill 6 spaces 04/03/15 03/03/20 £3,000 Rolling 1 Month

UC.CP23-5 Believe Digital Ltd. (n/c) 3 spaces 03/10/14 Rolling 1 Month

UC.CP38-43 Health Care Ltd. (n/c) 6 spaces 25/07/14 Rolling 1 Month

UC.CP44-60 Vacant 11 spaces

UC.CP61 Outline Press Ltd. 1 space 01/02/15 £500 Rolling 1 Month

UC.CP62 Breslich & Foss Ltd. 1 space 01/02/15 £500 Rolling 1 Month

UC.CP63-65 & 70 Provident Financial Management Services Ltd. 4 spaces 01/10/14 £2,000 Rolling 1 Month

UC.CP66-69 CIBS Ltd. 4 spaces 01/02/15 £2,000 Rolling 1 Month

UC.CP71 & 75-76 Mark McCormack 3 spaces 01/09/14 £1,500 Rolling 1 Month

UC.CP72-74 Talking Tables Ltd. 3 spaces 01/02/15 £1,500 Rolling 1 Month

UC.CP77-80 Crown WorldWide Ltd. 4 spaces 17/08/15 £2,0000 Rolling 1 Month

UC.CP81-84 Vacant 4 spaces

UC.SUB London Electricity Board Plc. (n/c) 23/06/92

(7)

UNION COURT, 20-22 UNION ROAD, CLAPHAM, SW4 6JP

SERVICE CHARGE

The service charge for the current year is £85,180 reflecting an average of £1.26 psf. More information available on request.

VAT

The property is registered for VAT. It is anticipated that the sale of the property will be treated as a TOGC.

EPC

EPCs available at www.london-collection.com.

CLAPHAM OFFICE MARKET

Clapham’s office market has provided an invaluable location for those occupiers on a budget. Being located 10 minutes from central London, the Clapham office market has experienced a significant change since 2013 and the introduction of Permitted Development Rights (PDR).

The introduction of PDR led to an influx of various developers, mainly residential, buying office buildings and converting them taking advantage of the strong prices in the area.

As a result the office supply has decreased significantly which has led to steep increases in the office rents. Well specified offices in the area are now achieving £35-40 psf with secondary offices achieving £25-30 psf.

Typical office occupiers in Clapham come from the fashion, travel, hospitality and catering industries.

Self-evidenced rents in Union Court are:

■ Salon UK Ltd has taken 2,252 sq ft of office space on

a three year lease at a rent reflecting £25.99 psf in September 2015.

■ Cult Furniture Ltd has taken 3,440 sq ft of office

space on a three year lease at a rent reflecting £25.01 psf in September 2015.

Other nearby letting transactions are outlined below:

Annie McCall Studios, 31 Jeffreys Road

Studio Moross has taken 1,294 sq ft of office space on a five year lease with a break in year three at a rent reflecting £20 psf in March 2015.

Annie McCall Studios, 31 Jeffreys Road

Hamilton Photography has taken 646 sq ft of office space on a five year lease with no break at a rent reflecting £20 psf in March 2015.

77 Tradescant Court, 77A Tradescant Road

Local Dialogue has taken 2,215 sq ft of office space on a five year lease with a break in year four at a rent reflecting £25 psf in September 2014.

CLAPHAM RESIDENTIAL MARKET

Clapham residential values have experienced significant growth over the past 5 years with prices now in excess of £800psf. Property values for the year of 2015 increased by c.11% for 1 bed flats, c.12% for 2 bed flats and c.16% for 3 bed houses.

The market in Clapham below £1m, the majority of which is flats, has remained strong with buoyant demand from young professionals and investors.

The property may be suitable for a conversion to residential in the longer term through Permitted Development Rights subject to the necessary consents.

ASSET MANAGEMENT OPPORTUNITIES

• Let vacant units and car parking spaces

• Refurbishment to increase rents in line with local market

• Put tenants on more institutional leases

• Re-gear current leases

(8)

www.allsop.co.uk

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 02.16

For further information or to make arrangements for viewing please contact: S W 4

LONDON

Scott Tyler 020 7543 6719 scott.tyler@allsop.co.uk

Guy Scott Plummer 020 7543 6726 guy.scott-plummer@allsop.co.uk Richard Lea 020 7543 6832 richard.lea@allsop.co.uk

PROPOSAL

Offers are sought in excess of £22,500,000 (Twenty Two Million, Five Hundred Thousand Pounds)

subject to contract and exclusive of VAT. This reflects a net initial yield of 5.00% after allowing for purchaser’s costs of 5.8%.

A sale at this price reflects a low capital value of £332 psf.

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