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ATTRACTIVE WELL LOCATED MIXED USE COURTYARD SCHEME WITH ASSET MANAGEMENT OPPORTUNITIES
LIMES COURTCONDUIT LANE, HODDESDON, HERTFORDSHIRE, EN11 8EP
INVESTMENT SUMMARY
Prime multi-let mixed use investment in Hoddesdon town centre
Hoddesdon benefits from excellent communications with the A10, M25, M11, M1 and A1(M) within close proximity
The property provides 23,946 sq ft of mixed-use accommodation over ground, first, and second floors
Freehold
Multi-let to 10 tenants
Current passing rent of £266,732 per annum, equating to a low average rent of £13.95 per sq ft, providing excellent reversionary potential
5,572 sq ft is currently vacant
AWULT of 2.5 yrs to break and 2.9 yrs to expiries
68 car parking spaces providing an excellent ratio of 1:352
We have been instructed to seek offers in excess of £3,500,000 (Three Million, Five Hundred Thousand Pounds). A purchase at this price would reflect a net initial yield of 7.16%, after allowing for purchaser’s costs of 6.50%
Low capital value of £146 per sq ft
LIMES COURT, CONDUIT LANE, HODDESDON, HERTFORDSHIRE, EN11 8EP 2
LOCATION
Hoddesdon, in the county of Hertfordshire, is located 33.8 km (21 miles) north of central London and 61.2 km (38 miles) south of Cambridge.
Hoddesdon is just 11 km (7 miles) north of Junction 25 of the M25 motorway and adjacent to the A10. The A10 is a major arterial route running in a north south direction linking Cambridge to the north and the M25 (Junction 25) and central London to the south.
A regular train service links Hoddesdon (Broxbourne Station or Rye House Station) to Cambridge in the north and London (Liverpool Street) in the South, with average travel times to London being just 25 minutes.
London Stansted Airport is situated approximately 30.5km (19 miles) to the north east and is accessed from the M11 (Junction 8a) at Bishops Stortford. London Luton Airport is situated approximately 58 km (36 miles) to the north west, and Heathrow is located 72 km (45 miles) to the south west.
SITUATION
Limes Court is situated in Hoddesdon town centre adjacent to the High Street / Charlton Way which links to the A10 with excellent connections to the M25, Cambridge and Stansted Airport. Rye House and Broxbourne station are both located approximately 1.6 km (1 mile) away from the property.
The surrounding area is characterised by a mix of commercial and residential uses. Limes Court is situated on the edge of the High Street close to shops, banks, restaurants and cafes. High Street is the main focus of retailing and the principal thoroughfare in the town centre. Nearby retailers include HSBC, Barclays, Peacocks, Boots and Café Nero.
There is an ASDA and a Sainsbury’s superstore both located adjacent to the site.
Situated directly next to the subject property is a new development by Latis Homes. Once complete the scheme will include 43 new apartments and two retail units. For more information go to latishomes.com
M40
M40
A2
A2
A21
A27A27
A22A23A24
A12
A10
A13
A3
A31
A303
A336
A34
A303
A420
A44
A37
A37
A35
A35
A37
A303
A40
A40
A40
A3
A4
M40
M4
M4
M4M4
M5
M50
M5
M25
M11M1
M1
A1(M)
M23
M26
M20
M20
M2
A3(M)
M25
M25
M25
M3
M3
M27
M3
Watford
Southend-on-Sea
Grays
Queenborough Margate
DoverFolkestone
Hastings
EastbourneBrightonPortsmouth
Crawley
RoyalTunbridge
Wells
GuildfordAldershot
Woking
Basingstoke
Reading
Slough
Windsor
High Wycombe
Staines
ChathamGillingham
Chelmsford
MaidstoneCanterbury
Watford
Southend-on-Sea
ColchesterColchester
Grays
Queenborough Margate
DoverFolkestone
Hastings
EastbourneBrightonPortsmouth
Crawley
RoyalTunbridge
Wells
GuildfordAldershot
Woking
Basingstoke
WinchesterWinchesterSalisburySalisbury
SwindonSwindon
BristolBristol
BathBath
GloucesterGloucester
OxfordOxford
SouthamptonSouthampton
BournemouthBournemouthDorchesterDorchester
WeymouthWeymouth
Reading
NewburyNewbury
Slough
Windsor
High Wycombe
Staines
ChathamGillingham
Chelmsford
MaidstoneCanterbury
GravesendGravesend
LIMES COURT, CONDUIT LANE, HODDESDON, HERTFORDSHIRE, EN11 8EP 3
HODDESDON
SUBJECT PROPERTY
KEYFOOTPATH TO HIGH STREET
DESCRIPTION
The property comprises a mixed use courtyard scheme split into 16 suites with 68 allocated on-site car parking spaces. The majority of the accommodation is allocated B1 offices with a small proportion of the remainder being D1. The offices offer a mixture of non-refurbished and refurbished suites. Those that have been refurbished offer modern open plan space benefiting from the following specification:
4LIMES COURT, CONDUIT LANE, HODDESDON, HERTFORDSHIRE, EN11 8EP
ACCOMMODATION
The property was measured in July 2016 by Lane & Frankham in accordance with the RICS Code of Measuring Practice (6th edition). The total net internal area equates to 24,696 sq ft. This difers from the tenancy schedule provided, being 750 sq ft larger.
Floorplans are available upon request.
NIA (sq ft) NIA (sq m) GIA (sq ft) GIA (sq m)
Ground 5,064 470.3 6,923 643.2
First 9,680 899.3 12,197 1,133.1
Second 9,952 924.6 11,676 1,084.7
Total 24,696 2,294.2 30,796 2,861.0
Gas-fired central heating LG7 lighting Suspended ceiling Dedicated W/Cs
Entryphone system Kitchen facilities Good natural light Allocated car parking
For illustrative purposes only
First FloorNet Internal Area Plan
OFFICE
TOTAL AREA:899.3 sq m9680 sq ft
The following areas have been EXCLUDED from the NIA Area:
Stairs465 sq ft 43.2 sq m
9680 sq ft 899.3 sq m
This drawing indicates the extent of the areas quoted,
produced to an accuracy commensurate with standard
presentation scales. It is held in a scaled digital CAD format.
Note:
Drawing No.LF861-NIA-1Issue AJuly 2016
Scaled for presentation - 1:200 @ A3
info@laneandfrankham.com
www.LaneandFrankham.com
Lane &Frankham
Lane &Frankham +44(0)20 8309 2662
Gross Internal Area Plan
GIA12197 sq ft 1133.1 sq m
LIMES COURT
L I M E S C O U R T
Charlton Way, HODDESDON, EN11
Communal294 sq ft 27.3 sq m
WC70 sq ft 6.5 sq m
Core1009 sq ft 93.7 sq m
Unit 15
Unit 13Unit 11Unit 7b
Unit 6b
Unit 8-14
WC
WC
Communal
Unit 5b
Unit 1-4
WC
First Floor Plan v
UNIT 1-4
UNIT 6b
UNIT 8-14
UNIT 7b
WC
WCWC
Communal
UNIT 5b
UNIT 11 UNIT 13
UNIT 15
TENURE
Freehold.
TENANCY
The property is multi-let in accordance with the below tenancy schedule.
5LIMES COURT, CONDUIT LANE, HODDESDON, HERTFORDSHIRE, EN11 8EP
Tenant Units Total Area (Sq ft)
Lease Start Years Lease Expiry Breaks Rent pa Rent £psf Comments
Lloyds Pharmacy Limited 1-4 (Ground Floor) 1,033 06/04/2009 15 05/04/2024 06/04/2019 (T) - 6 months notice
£24,117 £23.35 Inside the 1954 Act.
Vacant 1-4a (Part Grd Floor) 224 -
Mercantil Ltd Unit 5a (Ground Floor) 295 08/07/2016 5 07/07/2021 08/07/2019 (T) - 6 months notice
£5,600 £18.98 Outside the 1954 Act. Schedule of condition attached.
Rent free until 08/09/2016. Vendor will top up
Vacant Unit 6a (Ground Floor 205 -
Pear Recruitment Limited Unit 7a (Ground Floor) 451 22/12/2015 5 21/12/2020 22/12/2018 (T) - 6 months notice
£8,000 £17.74 Outside the 1954 Act.
Vacant Unit 5b (First Floor) 1,536 - -
Socrates Systems Limited Unit 6b (First Floor) 1,524 22/12/2011 5 21/12/2016 - £18,577 £12.19 Outside the 1954 Act. Service charge cap (initially set at
£4.50 psf to rise with RPI with a sub cap on lift repairs set initially
at £700 pa)
DV02 Ltd Unit 7b (First Floor) 598 19/02/2016 5 18/02/2021 19/02/2019 (T) - 6 months notice
£8,400 £14.05
Vacant 1-4b (First Floor) 1,687 - - - - - - -
JH Gervis, F Henderson Units 8, 10, 12 & 14 4,551 24/06/1991 25 23/06/2016 n/a £70,000 £15.38 Inside the 1954 Act. Tenant holding over.
Heads of terms agreed for a new lease.
Parla Solutions Unit 11 933 27/09/2013 3 26/09/2016 - £13,000 £13.93 Outside the 1954 Act. Schedule of condition attached
Publicity Engineers Ltd Unit 13 933 01/12/2012 5 30/11/2017 30/11/2016 £11,400 £12.22 Outside the 1954 Act. Tenants not obliged to reinstate
alterations made under the previous lease
Frama UK Limited Units 15 & 16 2,708 29/09/1995 25 28/09/2020 - £34,138 £12.61 Inside the 1954 Act.
Arthur J Gallagher 1-7c (Second Floor) 5,348 09/02/2016 5 08/02/2021 n/a £73,500 £13.74 Outside the 1954 Act. Rent free until 03/01/2017.
Vendor will top up
Vacant Units 15 & 16 (Second Floor) 1,920 - - - - - - -
Total 23,946
NB. There is a 750 sq ft difference between the overall areas provided for the tenants and the recent Lane & Frankham recent measured survey.
LIMES COURT, CONDUIT LANE, HODDESDON, HERTFORDSHIRE, EN11 8EP
CONTACT
Strictly via joint agents. For further information please contact:
Misrepresentation Act: Finn & Company and Avison Young – UK, LLP (Avison Young) for themselves and for the vendors of these properties whose agent they are give notice that: 1. These particulars do not constitute, nor constitute any part of the offer for sale or contract for sale. 2. All statements contained in these particulars as to these properties are made without responsibility on the part of Finn & Company and Avison Young or the vendors or lessors. 3. None of the statements contained in these particulars as to these properties are to be relied on as statements or representations of fact. 4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the properties. The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans or photographs or drawings are not intended to depict the interest to be disposed of. Where location plans are based on Ordnance Survey maps this is with the consent of HM Stationery Office, Crown Copyright Reserved. 6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale. 7. Any properties or drawings of the relevant properties or part thereof or the neighbouring areas may not depict the properties or the neighbouring areas at the date a prospective purchaser or tenant inspects the brochure. Prospective purchasers or tenants are strongly advised to inspect the properties and neighbouring areas. 8. Finn & Company and Avison Young have not measured the properties and have relied upon clients information. Therefore Finn & Company and Avison Young give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements. 9. All terms quoted are exclusive of value added tax unless otherwise stated. 10. The vendors do not give and neither Finn & Company and Avison Young nor any person in their employment has any warranty whatsoever in relation to these properties. 11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. 12. These details were prepared as of AUGUST 2016. Brochure: Adrian Gates Photography & Design
CHARLES CURTIS charles@finnandcompany.co.uk
020 7631 1202
TOM KERINS tom@finnandcompany.co.uk
020 7631 1202
TOM BRIDGMAN tom.bridgman@avisonyoung.com
020 7046 6519
PIERS LEIGH piers.leigh@avisonyoung.com
020 7046 6521
ASSET MANAGEMENT INITIATIVES
These include, but are not limited to the following:
Refurbish and let vacant space
Re-gear leases with current tenants
Enhance overall rental tone of the property
Explore alternative use, subject to the necessary consents
VAT
The property is elected for VAT purposes. It is envisaged that the sale will be treated as a Transfer of Going Concern.
EPC
The property has several EPC ratings that range from B46 to D79
Copies of the certificates are available upon request.
PROPOSAL
We have been instructed to seek offers in excess of £3,500,000 (Three Million, Five Hundred Thousand Pounds). A purchase at this price would reflect a net initial yield of 7.16%, after allowing for purchaser’s costs of 6.50%, and a low capital value of £146 per sq ft.
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