260-270 Bartley Wood Business Park, Hook, Hampshire, RG27 9UP Market Review - On behalf of UKSEI Ltd 21st March 2018 - Hart District Council
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260-270 Bartley Wood Business Park, Hook, Hampshire, RG27 9UP Market Review On behalf of UKSEI Ltd 21st March 2018
CONTENTS
1.0 INTRODUCTION .................................................................................................................. 3
2.0 THE BUILDINGS .................................................................................................................. 3
3.0 SUMMARY OF THE CURRENT MARKETING CAMPAIGN ......................................... 6
4.0 THE MARKET ....................................................................................................................... 7
5.0 CONSTRAINTS OF BARTLEY WOOD BUSINESS PARK ......................................... 13
6.0 CONCLUSION .................................................................................................................... 14
APPENDIX 1 – Site plan and location maps
APPENDIX 2 – Copy of Hollis Hockley’s marketing brochure for 260 Bartley
Wood Business Park
APPENDIX 3 – Copy of RARE’s marketing brochure and Showcase
advert.
2
1.0 INTRODUCTION
Curchod & Co are instructed to prepare a marketing report on 260-270 Bartley
Wood Business Park, Hook. This report summarizes the current and historical
office market within the Blackwater Valley region where Bartley Wood Business
Park sits, outlining trends and also considers the future viability for 260-270
Bartley Wood Business Park.
The author Nick Reeve is a member of the Royal Institution of Chartered
Surveyors and has been in practice in the Surrey and North Hampshire region
since 2003 dealing in all aspects of commercial property agency including
valuation, rent review and lease renewals. Nick was formerly a Director of
Wadham & Isherwood Farnham and Camberley until January 2018 when his
company merged with Curchod & Co LLP. He is now a Partner of the enlargened
Curchod & Co LLP which has offices in Farnham, Camberley, Woking and
Weybridge.
Nick has been supported by David Bowen in preparing this report. David has
worked as a specialist commercial property agent focused on the M3, M4 and
A3 corridors since 1988 with much of his career spent at Vail Williams. Vail
Williams were involved in assembling the land to create Bartley Wood Business
Park so David brings a wealth of historical knowledge to the project.
Curchod & Co have a particularly strong presence in, and knowledge of, the
North Hampshire commercial property market, having operated in the area for
over 30 years.
2.0 THE BUILDINGS
2.1 Description
260-270 Bartley Wood Business Park comprise two purpose-built office buildings
that are currently interlinked via a glazed walkway. The buildings form part of a
large campus development that includes a third building known as 280 Bartley
Wood Business Park but this we understand is in separate ownership.
Internally, the buildings provide open plan, flexible accommodation capable of
being sub divided. Each building benefits from impressive double height
reception areas, fully accessible raised floors, suspended ceilings, air
conditioning, passenger lifts, restaurant, male/female and disabled WC’s,
shower facilities.
The properties have 658 car parking spaces equating to an excellent ratio of 1
space to 186 sq ft.
3
Building 260
Building 270
4
2.2 Floor areas
We are advised that the buildings have the following net internal floor areas:-
Building 260
Floor Description Floor area
SQ FT SQ M
Ground Reception 1,125 104.48
Ground Office 15,595 1,448.82
First Office 15,735 1,461.79
Second Office 16,754 1,556.54
49,209 4,571.63
Building 270
Floor Description Floor area
SQ FT SQ M
Ground Reception 1,287 119.52
Ground Office 23,600 2,192.55
First Office 23,551 2,187.96
Second Office 24,897 2,312.97
73,335 6,813.00
Total 122,543 11,384.63
2.3 Location
See Appendix 1 – Location Map
Hook is an established centre within the Hart District Council area of northern
Hampshire and forms part of the Blackwater Valley conurbation which is the
name used by the Office of National Statistics to refer to the conurbation on the
border between Surrey, Berkshire and Hampshire. Other towns included within
this conurbation include Farnborough, Fleet, Aldershot, Sandhurst, Blackwater,
Frimley, Yateley, Farnham, and Camberley.
Hook is strategically located adjacent to the M3 (Junction 5), 43 miles south west
of Central London. The M3 provides access to other surrounding towns including
Basingstoke, Fleet, Camberley and Southampton. The M25 (Junction 12) is also
easily accessible, 21 miles to the north east providing fast access to the national
motorway network.
Hook railway station is a short walk from Bartley Wood Business Park and
provides a direct service to London Waterloo and Southampton. The station
5
benefits from four trains per hour at peak times providing a fastest journey time
to Waterloo of 53 minutes.
2.4 Situation
Bartley Wood Business Park is situated due south of Hook centre, in the heart of
the Blackwater Valley. The Park is less than 1 mile from the M3 (Junction 5) via
the B3349 and within 0.6 miles of Hook Railway Station. The town centre is
within walking distance from the Park providing access to a range of local retail
facilities as well as a number of pubs and restaurants.
The Park was developed by Crest Nicholson in 1990 and comprises 14 office
buildings totalling approximately 600,000 sq ft (55,740 sq m) across 43 acres of
mature and attractive parkland.
The Park has recently seen a rise in interest from residential developers as a
result of the relaxed planning regulations around Permitted Development and the
continued constraints on the level of residential stock that can be delivered.
Recently Providence House, Europa House and Hartley House have all been
acquired for residential development / conversion.
2.5 Tenancies
Buildings 260 & 270 are let in their entirety on full repairing and insuring leases
to Virgin Media Ltd on two separate leases which expire in October and
November 2019 respectively. Virgin Media Ltd (formerly NTL) have occupied
the buildings since construction in 1999.
We are advised that Virgin Media have not occupied 260 Bartley Business Park
since 2014.
3.0 SUMMARY OF THE CURRENT MARKETING CAMPAIGN
3.1 Leaseholder (Virgin Media) marketing campaign – 260 Bartley Wood Business
Park
Basingstoke based Commercial Agents, Hollis Hockley have been marketing the
vacant 260 Bartley Business Park since 2015 on behalf of Virgin Media. The
campaign has centred on Virgin Media offering a sub-lease until their lease
expiry in November 2019.
See Appendix 2 to view a copy of Hollis Hockley’s marketing brochure.
We are advised that the marketing brochure has been mailed to larger
occupiers in the area as well as to Hollis Hockley’s in house database of
applicants, local and London based commercial agents in the hope that
they may have corporate clients looking for new office accommodation.
Virgin Media have not allowed Hollis Hockley to erect any marketing boards for
fear of creating negative PR for the business.
6
3.2 Freeholders marketing campaign – 260-270 Bartley Wood Business Park
It is believed that Virgin Media are actively looking to relocate from Bartley Wood
Business Park to the M4 region. We understand that a number of buildings have
been shortlisted but no final decision has been made.
On this basis the Freeholder, UKSEI Ltd / SevenCapital have instructed the
Reading based firm and office Agency specialist RARE to undertake a ‘Soft’
marketing campaign of 260/270 Bartley Wood Business Park seeking out any
pre-let opportunities for the buildings ahead of the Virgin Media lease expiry in
late 2019.
RARE’s marketing campaign has concentrated on targeting the larger employers
in the region as well as local and London based Commercial agents in the hope
that they may have Occupier clients who are looking to relocate to the area.
We are advised by RARE that Virgin Media have not allowed any marketing
boards to be erected on site for fear of negative PR. The leases however do
allow for the Freeholder to erect marketing boards within 6 months of the expiry
of the current leases and therefore boards will be erected as soon as it is
permitted to do so (April / May 2019).
See Appendix - 3 to view a copy of RARE’S current marketing particulars as well
as a copy of an advert on the Show Case web portal.
As a result of a conversation with RARE it is clear that enquiries have been few
and far between and as Virgin Media’s lease expiries become more imminent the
intention is to ramp up the marketing campaign.
3.3 Summary of the enquiries received
To date neither Hollis Hockley or Rare have reported any serious enquiries or
viewings. The marketing campaigns continue albeit that it is less likely that Hollis
Hockley will find a tenant who is willing to consider a short-term sub lease on
buildings of this size. If a tenant was found that wanted a longer lease
commitment they could potentially negotiate with the freeholder to surrender their
lease early and grant a new longer term lease.
4.0 THE MARKET
4.1 Defining the market
The subject buildings are located in Hook which sits within a defined office
market known as the Blackwater Valley. The Blackwater Valley office market
includes Hook, Farnborough, Fleet, Aldershot, Sandhurst, Blackwater, Frimley,
Yateley, Farnham, and Camberley.
Typically occupiers within the Blackwater Valley towns predominantly tend to
stay within the area when expanding or contracting. Other nearby competing
7
office markets include Basingstoke, Reading, Bracknell, Woking and Guildford
although all of these markets operate very separately and occupiers rarely leave
unless they are looking to merge existing facilities.
4.2 Current vacant office stock being actively marketed in the Blackwater Valley
Basingstoke
A study by the Enterprise M3 LEP titled ‘The Enterprise M3 Commercial
Property Market Study (2016)’ identified the Blackwater Valley market area as
having the highest office vacancy rate in the Enterprise M3 LEP area (stretching
for approximately seventy-five miles through Hampshire and Surrey from the
New Forest in the south to the perimeter of Heathrow Airport in the north). At
that time the study found that 1,259,408 sq ft (116,999 sq m) of office space was
available and was being actively marketed in the Blackwater Valley.
Research undertaken by Curchod & Co shows that there is currently (Feb 2018)
approximately 871,391 sq ft (80,952 sq m) of office space available in the
Blackwater Valley towns with a further 925,628 sq ft (85,991 sq m) available in
Basingstoke.
It is worth noting however that new developments at Basingview contribute a
significant proportion of Basingstoke’s office availability, the above figures
include pre let opportunities which are on the market, but not currently under
construction. If these pre-let opportunities are removed the stats for Basingstoke
reduce to 575,628 (53,476 sq m).
8
Current vacany levels - Feb 2018
(B u ild in gs of 5,000 sq ft +)
Hook Aldershot
8% 1%
143,056 sq ft 17,945 sq ft
Fleet
6%
116,483 sq ft
Farnborough
16%
283,900 sq ft
Basingstoke
52%
925,628 sq ft
Camberley
8%
149,643 sq ft
Frimley
9%
160,364 sq ft
Aldershot Basingstoke Frimley Camberley Farnborough Fleet Hook
Whilst on the face of it the reduction to the Blackwater Valley office vacancy level
is encouraging in reality this reduction is not caused by a spike in letting activity
but by the removal of Sun Park in Fleet totalling approx. 280,000 sq ft (26,012
sq m) from the market due to it being earmarked for redevelopment to residential.
There have also been a significant number of buildings sold to developers who
intend to or have already converted to residential under relaxed Permitted
Development rights and this has reduced the total vacant stock and particularly
those buildings at the lower end of the market that were at or close to the end of
their useful life.
4.3 2017 Office Take-up
Demand in recent years has been subdued across all size ranges despite the
more buoyant economy and this is particularly true for larger requirements. The
average transaction size for 2017 was just 13,185 sq ft (1,225 sq m).
There were 14 transactions in 2017 above 5,000 sq ft (464.5 sq m) and all 14 were
for Grade A office buildings clearly demonstrating occupiers preference to seek
better quality accommodation.
9
The long-term average annual office take up in the Blackwater Valley has declined
rapidly. During the 10 years from 1998 – 2007 the average annual take up was
350,931 sq ft (32,601 sq m). In the last 10 years between 2008 – 2017 that figure
had fallen to 227,283 sq ft (21,115 sq m) or 183,973 sq ft (17,091 sq m) excluding
BMW and BOC). This is a reduction of 35% or 48% when the BMW and BOC deals
are stripped out.
Average annual deal size in the Blackwater Valley over the last 5 years (2012-2017)
is summarised as follows:-
Year Average deal Average deal No of Deals
size SQ FT size SQ M
2012 14,445 1,341.94 15
2013 31,477 2,924.21 17
2014 17,094 1,588.03 17
2015 11,427 1,061.56 13
2016 9,997 928.72 11
2017 13,185 1,224.88 14
The above take up statistics are significantly affected by 2 windfall deals. In 2013
BMW purchased the former Nokia Campus in Farnborough which totalled 305,100
sq ft (28,344 sq m) and in 2014 British Oxygen Company sold its former
headquarters in Windlesham totalling 128,000 sq ft (11,891 sq m) to Kamkorp.
If we exclude the BMW and Kamkorp deals the average annual deal size in 2013
reduces to 16,343 sq ft (1,518 sq m) and in 2014 to 13,550 sq ft (1,258 sq m).
10The annual office take up in the Blackwater Valley over the last 5 years (2012 – 2017)
is summarised in the table below:-
Annual office take up in the Blackwater Valley
2012-2017 (SQ FT)
(Lettings of 5,000 sq ft +)
600,000 566,588 sq ft
500,000
400,000
290,597 sq ft
300,000
216,682 sq ft
184,583 sq ft
200,000
125,692 sq ft 109,965 sq ft
100,000
0
2012 2013 2014 2015 2016 2017
Once again the statistics are significantly affected by the 2 windfall deals
mentioned above.If these windfall deals are stripped out the statistics look very
different, see table below.
Annual office take up in the Blackwater Valley
2012-2017 excluding windfall deals (SQ FT)
(Lettings of 5,000 sq ft +)
600,000
500,000
400,000
300,000 261,488 sq ft
216,682 sq ft
184,593 sq ft
200,000 162,597 sq ft
125,692 sq ft 109,965 sq ft
100,000
0
2012 2013 2014 2015 2016 2017
At 184,000 sq ft (17,094 sq m), take-up in the Blackwater Valley in 2017 was very
close to the 10 year average. Two transactions provided almost 36% of this take-up
– a letting to Time Inc of the balance of Pinehurst II, Farnborough Business Park
(36,070 sq ft (3,351 sqm)) and 30,879 sq ft (2,869 sq m) to Fluor at Brennan House,
Farnborough Aerospace Centre.
11In summary the annual take up and 10 year average annual take up figures have
declined dramatically over the last 20 years. As a result their remains a significant
oversupply of office buildings in the Black Water Valley and this oversupply is
depressing rental and freehold values.
4.4 Trends
Step-change reduction in large requirements - Research by Lambert Smith Hampton
(LSH) in 2017 titled ‘Thames Valley Office Report’ has found a step-change in the
size of office space sought in the wider Thames Valley region since 2015. The
Thames Valley region encompasses the Blackwater Valley, Bracknell, Guildford,
Heathrow, Maidenhead, Newbury, Oxford, Reading, Slough, Staines and Uxbridge
so the research is a useful barometer for wider market trends.
The research found an increasing trend of occupiers looking for small and flexible
space (up from 40% to 50% for 5,000 (465 sq m) – 10,000 sq ft (929 sq m)
requirements) and a fall of 61% in the number of 30,000 sq ft (2,787 sq m)
plus enquiries.
The research found enquiry levels to be a good barometer for a real change in the
market which has seen large organisations consolidate, create shared work spaces
and save costs, and a momentum in the growth of SMEs, particularly in the TMT and
pharmaceutical sectors.
LSH report that average transaction sizes (over 5,000 sq ft (465 sq m)) in the Thames
Valley have fallen since early 2015 – the average quarterly total has consistently
moved downwards. Further, the rolling quarterly average transaction size has fallen
steadily – by 25% from 16,900 sq ft (1,570 sq m) in Q3 2015 to 12,700 sq ft (1,180 sq
m) in Q1 2017, this trend being particularly prevalent in Reading, Slough, Blackwater
Valley, Uxbridge and Woking with few large requirements coming to the market.
Flight to quality - Over the last few years there has been a clear trend for occupiers
to choose the ‘best in class’ Grade A accommodation that is close to good public
transport and larger conurbations which offer greater amenities to attract graduates
many of whom do not have cars.
Grade A office accommodation can broadly be defined as having a high quality
standard of finishes, state of the art systems, exceptional accessibility and a definite
market presence.
Unsurprisingly The Grade A office accommodation at Farnborough Business Park has
been by far the most popular in the Blackwater Valley area despite its premium rent.
Farnborough Business Park is the most modern park in the region offering occupiers
greater energy efficiency, functionality and unrivalled amenities including restaurants,
café’s, gym, hotel, a shuttle bus service linking the business park to the town centre
and close proximity to Farnborough mainline train station (fast train to Waterloo
30mins).
12Those business parks with a poor amenity offering and dated buildings have struggled
to attract tenants, and any lettings that have been achieved have been agreed at
significantly lower rentals and with larger incentives than the Grade A alternatives.
Bartley Wood Business Park and Ancells Business Park in Fleet are examples of
dated office Parks with a lack of amenities that clearly demonstrate this trend.
Efficiencies – Over the last 20 years and particularly since the global financial crisis
occupiers have got a lot smarter in the way they occupy their office accommodation.
This has caused a general reduction in demand due to globalisation, home working,
IT efficiencies leading to flexible working (hot desking) and greater occupational
density.
5.0 CONSTRAINTS OF BARTLEY WOOD BUSINESS PARK
• Multiple ownership – The lack of master planning on Bartley Wood Business
Park as a result of fragmented ownership has prevented a long-term strategy
and mind set being formed. As a result Bartley Wood Business Park lacks
presence, there is no obvious entrance to the park with limited estate signage
welcoming visitors and directing traffic. The same applies to the parks
landscaping which is disjointed and in certain areas badly kept.
• Building Quality – Whilst the buildings on Bartley Wood Business Park were
well designed and specified at the time of construction they are now looking
dated, certainly when compared with the new Grade A buildings on
Farnborough Business Park and Basing View which are designed to current
day standards and are far more energy efficient. Curchod and Co have been
involved with a number of Institutionally owned buildings in the Blackwater
Valley that have been comprehensively refurbished to bring them back up to
a Grade A condition. These refurbishments have typically cost between £80-
£100 per sq ft and have involved new M&E, new suspended ceilings and LG7
compliant recessed LED lighting, upgraded receptions / WC’s, new raised
floors, total redecoration, reconfigured car parks and the addition of shower
areas and bike storage. Once Virgin Media vacate the Freeholder will need
to spend £80-£100 per sq ft / circa £9.75 -£12 million to bring them up to a
Grade A standard. The lack of demand, lengthy void, depressed rental value
and significant incentive that will have to be granted to an incoming tenant
makes it extremely difficult to justify the return on cost.
• Lack of amenities - Another consequence of the fragmented ownership of the
park is the lack of onsite leisure facilities. Today’s modern occupier places as
much importance on the range of facilities available to its staff as on the
buildings specification and design.
• Permitted development – Several key buildings within Bartley Wood Business
are currently being converted to residential as a result of the relaxed planning
13laws enabling offices to be changed to residential without the need for a full
planning consent. Providence House totalling 87,175 sq ft (8,099 sq m)
(formerly Greenwell House) is one of the most prominent buildings on the Park
and is currently being converted into 107 residential units. This trend is
happening throughout the region and reflects the lack of demand from office
occupiers
• Secondary Location – The market perception of Hook is that it is really a large
village that has become a bit a secondary location when compared to some
of the other nearby Grade A business centres such as Basingstoke,
Farnborough, Reading etc. As a result, Hook is often bypassed by occupiers
who prefer the larger more established business centres with a larger
population catchment and greater access to public transport.
• Rail connections - The new franchise holders for the South West Trains,
including the Waterloo to Basingstoke line recently consulted on their
proposed new timetable which is to come into action in December 2018. Their
original proposals resulted in Hook and Winchfield (with 1,192,904 entries and
exits per year from the station) having a half hourly service with no A.M. peak-
period additions. Following pressure from Ranil Jayawardena MP South
Western Railway committed to consult on an alternative timetable, which
protects the level of service from Hook, Winchfield and Fleet. No decision has
yet been made but the London rail link is critical to the success of Bartley
Wood Business Park as a Business centre and the uncertainty over its
continued frequent service will undoubtedly cause concern to potential
occupiers.
• Urban Tendency - Rapid changes in the way people live and work have driven
growth within many towns throughout the South East. This urban tendency
has also been seen within the office occupier market with increasing numbers
of businesses wishing to locate in, or close to major towns and cities.
Business Parks that are well connected in terms of public transport, have good
parking provisions and best meet the needs of todays’ occupiers by providing
a productive and attractive work environment are the most popular. Within
the Blackwater Valley / Basingstoke area the statistics demonstrate a flight
towards those locations that fulfil this criteria.
6.0 CONCLUSION
• The Blackwater Valley office market has become polarised with clustering
taking place in the most popular locations such as in Farnborough to including
Farnborough Business Park and to a lesser extent Farnborough Aerospace
Centre.
14• Many other office locations within the Blackwater Valley are struggling to
attract occupiers with depressed rental values caused by a lack of demand
and leasing activity.
• The long-term average annual take up figure has fallen dramatically in the last
20 years, as has the average transaction size. There is currently 871,391 sq
ft (80,952 sq m) of vacant office space on the market within the Blackwater
Valley area amounting to approximately 4.7 years supply.
• Occupiers are managing their estates much more efficiently, driving greater
occupational efficiencies by occupying space more intensively through home
working and hot desking. As a result there is an oversupply of office space,
generally and particularly within the Blackwater Valley area.
• Whilst Permitted Development has taken a large slice of the older and
outdated buildings out of the market there is still a glut of office space in less
popular locations.
• The best quality Grade A business parks and buildings with access to
excellent amenities and transport links will continue to thrive whilst the rest will
struggle.
• Clustering around the most popular business locations may lead to a lack of
supply in these areas and as a result occupiers may be forced to consider
options on nearby business parks.
• 260-270 Bartley Wood Business Park offer accommodation that is larger than
the market can sustain. There have only been 2 significant deals in the last
5 years where the Lessors / Purchasers were large enough to consider 260-
270 Bartley Wood Business Park.
• The Cost of refurbishing 260-270 Bartley Wood Business Park at circa £80-
£100 per sq ft or £9.75-£12million can not be justified.
• Given the lack of larger office requirements in the region and the very real risk
of having a considerable and costly void, consideration should be given to
investigating whether it will be possible to obtain a change of use to residential
to bring the buildings back into beneficial use once Virgin Media vacate.
15Surrey and North Hampshire’s Leading Chartered Surveyors and
Commercial Agents
Farnham
8 Borelli Yard, Farnham, Surrey GU9 7NU
01252 710822
Camberley
4A Priory Court, Tuscam Way, Camberley, Surrey GU15 3YX
01276 682501
Woking
Morris House 34 Commercial Way, Woking, Surrey GU21 6EN
01483 730060
Weybridge
Portmore House, 54 Church Street, Weybridge, Surrey KT13 8DP
01932 823610
www.curchodandco.com
This report has been prepared by Curchod & Co LLP
16APPENDIX 1 – SITE PLAN AND LOCATION MAPS Site Plan
Location Maps
wellconnected@260bartleywood 260 Bartley Wood Business Park, Bartley Way, Hook, Hampshire RG27 9UP Unique opportunity for top quality, fully fitted, ‘Ready to Go’ office space. 7,721 sq ft – 48,196 sq ft (717.3 sq m – 4,477.4 sq m ) TO LET ON FLEXIBLE LEASE TERMS On instructions from
amenities@260 wellconnected@260
l
l
Raised floor access system
Fitted and ‘ready to go’ offices
totheinternetandlocalinfrastructure
l Category 5 cabling 260 Bartley Wood Business Park is purpose built, constructed in 1998 and
l Air conditioning arranged over three highly specified floors that are accessed via an impressive
l 2 x 13 person (1,000 Kg) passenger lifts double height reception area. There is a mix of underground and open car parking
l Category 2 lighting which allows for a total of 266 spaces giving an excellent ratio of 1:180 sq ft.
l Male & female WC’s on each floor The building can be offered fully fitted and on a ‘Ready to Go’ basis and can be
l Disabled WC & shower room divided, if necessary, into floors and half floors for smaller occupiers.
l Double height reception area
Hook centre is within ten minutes’ walk and offers a Tesco store, local amenities
l 266 designated on site car spaces
and a mainline rail station with a fast and regular service to London, Waterloo.floorareas@260 The building can be let as a whole or as individual
(sq ft) (sq m) floors, which can be sub divided into half, creating POSSIBLE
SUB DIVISION
floor space from 7,721 sq ft.
Ground floor reception 910 84.5
Areas quoted are Net Internal. The unit has been measured in
accordance with the RICS Code of Measuring Practice (6th
Ground floor offices 15,443 1,434.7 Edition).
COMMS ROOM
First floor offices 15,490 1,439.0
MALE WC FEMALE WC
Second floor offices 16,353 1,519.2 LIFT LIFT DISC
WC
EPC Rating
Total 48,196 4,477.4
E RECEPTION
wellconnected@260
tothelocalbusinesscommunity
260 Bartley Wood Business Park comprises part of a mature
and established business park where neighbouring occupiers include;
ND S
OU ACE
U
GR SP
ER 5
ND OR 6
BMW, Serco, HP, Uninterruptible Power Supplies and Alphabet.
AS G F
0 H KIN
RAMP
IN
26 PAR
R
CA
RAMP
OUTCamberley
Reading/M4
A30
e
ok HOOK
st
ing
Bas
Station Bartley Way
Tesco
Superstore
Station Road
Griffin Way
260bartleywood
Sat Nav RG27 9UP
Griffin Way
distances@260 A287
M3
Lon
don
/M2
5
road
27
/M
Junction 5 M3 0.5 miles tha
m pt
on
u
So
London (centre) 43 miles Junction 5
Odiham/Farnham
Basingstoke J6 5.4 miles
DRIVE TIMES Within 15 mins Within 30 mins Within 45 mins
Reading J11 10.5 miles
Guildford 25 miles wellconnected@260
totheM3andnationalmotorwaynetwork
Southampton 32 miles
rail
Hook Station (walking) 10 mins 260 Bartley Wood Business Park is situated within 1 mile of the M3 (J5), approximately
London Waterloo 55 mins 7 miles north east of Basingstoke centre and 13 miles south of Reading centre. The M3
provides easy access to the M25 and London, whilst to the south the A303 is the main
air west country route with the M27 giving access to the south coast cities.
Heathrow airport 32 miles
Heathrow, Gatwick and Southampton airports are all motorway
Gatwick 56 miles destinations and via rail London Waterloo is within 55 minutes.
TERMS
A new lease is available on flexible terms. Alternatively, the existing
leashold interest, expiring in November 2019, maybe assigned on
terms to be agreed.
Andrew Newman
VIEWING ajn@hollishockley.co.uk
Strictly by appointment through the sole agent. Jon Hollis
jch@hollishockley.co.uk
Misrepresentation Act 1967: The particulars contained in this brochure are believed to be correct, but they cannot be guaranteed and they are expressly excluded from any contract.
Finance Act 1989: Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T.). Any intending purchaser or lessees must satisfy themselves independently as to the incidence
of V.A.T. in respect of any transaction.
Compiled October 2014Offices: To Let
Two Headquarters Office Buildings
Buildings 260 & 270, Bartley Wood Business Park,
Hook, RG27 9UP
• 15,595 Sq Ft to 122,543 Sq Ft (1,449 – 11,385 Sq M)
• 658 Car Parking Spaces (1:186 sq ft)
• Excellent access to J5 M3Description A unique opportunity to join world class companies within an established business environment. These two high quality office buildings can be occupied separately or combined via a glazed walkways at second floor level so as to form a campus setting. The buildings are arranged in a U-shape configuration over ground and two upper floors totaling 122,543 sq ft. Internally, the buildings provide open plan, flexible accommodation capable of being divided both horizontally and vertically. Each building benefits from striking double height reception area and the following specification: • Fully accessible raised floors • Suspended ceilings • Air-conditioned • Passenger lifts • Restaurant/Café (270) • Male, female and disabled WCs • Shower facilities Building 270 has recently been updated which included new carpets, decoration and improved lighting to LG7 standard to create an appealing, modern working environment. The property has 658 car parking spaces, at basement and surface level. This provides an excellent ratio of 1:186 sq ft and is only a short walk to the rail station.
Location Bartley Wood Business Park is situated due south of Hook town centre, in the heart of the Blackwater Valley. The Park is less than 1 mile from the M3 (J5) and within 700 metres of Hook Railway Station. The town centre is within walking distance from the Park providing access to retail amenities. Bartley Wood Business Park has continued to attract a variety of multi-national occupiers including Hewlett-Packard, Lenovo, Serco, BMW Finacial Services, Virgin Media and First Drinks. Buildings 260 & 270 occupy a very prominent position on the Park. Communcations The M3 provides access to other surround towns including Basingstoke, Southampton and upto Reading via A33. Rail connections are excellent with Hook railway station on the main London to Southampton route. Four trains per hour at peak times provides a direct service to London Waterloo with a fastest journey time of 51 minutes. Hook is also conveniently located to take advantage of the proximity of several UK airports with Heathrow International Airport, the world’s third busiest airport, just 28 miles to the north east and Farnborough International Airport only 11 miles away.
Business Rates For business rating information please contact the business department at Hart District Council on 01252 774 444. Terms The property would be formally available from January 2020. Terms on application. EPC Certificate available on request. Viewing and Further Information For further information or to arrange a viewing please contact us. Guy Parkes: gparkes@ra-re.co.uk 0118 945 0119 Andrew Baillie: abaillie@ra-re.co.uk 0118 945 0120 Building 260 Building 270
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