For Sale Park House, 87 Burlington Road, New Malden KT3 4QP - Office Investment Opportunity
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For Sale Park House, 87 Burlington Road, New Malden KT3 4QP Office Investment Opportunity
Park House, 87 Burlington Road, New Malden KT3 4QP 02 Investment Summary Strategic south east location Located close to the A3 Kingston Bypass Detached office building providing 14,105 sq ft of office accommodation over ground and three upper floors Single let to the strong covenant of Lyons Davidson Ltd with 10 years unexpired Gross passing rent of £196,000 per annum (£13.90 per sq ft) Net rent of £190,739 per annum after allowing for ground rent Offers sought in excess of £2,575,000 reflecting a net initial yield of 7% Potential for change of use to residential
Park House, 87 Burlington Road, New Malden KT3 4QP 03
Location and Situation
Location Situation
New Malden is located approximately 10 miles south west The property is located approximately 0.5 miles south of the
of central London close to the A3 (Kingston Bypass) town centre on Burlington Road (B282) in a predominantly
midway between central London and Junction 10 of the residential area, adjacent to Burlington Primary School and
M25. backing onto Blagdon Road Park. The A3 Kingston Bypass is
located close by to the south of the property. Both New
Wimbledon town centre lies 3.5 miles to the north east and Malden and Raynes Park railway stations are within close
Kingston-upon-Thames town centre is 2 miles to the west. proximity providing quick access into London Waterloo in
New Malden railway station provides frequent direct 24 minutes and 21 minutes respectively.
access to London Waterloo station with a journey time of
approximately 24 minutes. Within the immediate vicinity, there is neighbourhood
shopping provision and further east is Burlington Road Retail
New Malden is an established commercial centre and has Park, which includes a Currys / PC World Megastore. Other
attracted a number of major office occupiers including nearby retailers include: DFS, Carpetright, Tesco and B&Q.
BAE Systems, Daltons Weekly and Hayes Recruitment.
Park House, 87 Burlington Road, New Malden KT3 4QP 04
Description and Accommodation
Description Accommodation
The property comprises a detached 1970’s concrete frame The property has been measured in accordance
building with a flat roof, arranged over ground and three upper with the RICS Code of Measuring Practice (6 th
floors. Car parking is at the front and split level car parking is Edition) and provides the following approximate net
located at the rear of the building. The underground car park is internal floor areas:
currently used for storage. Access is provided via a shared service
road. The site area is approximately 0.3 acres. Use Area (sq ft) Area (sq m)
Ground Floor 2,742 254.72
Internally, the property provides ground floor reception, meeting
First Floor 4,198 390.04
rooms and administration offices. The upper floors are largely open
Second Floor 3,911 363.36
plan with the rear wing providing a kitchenette and a mixture of
open plan and cellular offices. The central core connects the main Third Floor 3,254 302.28
building to the rear wing and provides a stairwell, lift and WC’s. Total 14,105 1,310.41
Tenure
Part freehold and part long leasehold.
The access road shown edged blue on the plan is
held under two leases expiring in 2046 at a
combined rent of £5,261 per annum. The main lease
is subject to rent reviews every 25 years to open
market rent, the next is due in 2021.
VAT
The property is VAT elected, however it is
anticipated that the sale will be treated as a
Transfer of a Going Concern (TOGC).
Energy Rating
The building has an EPC rating of C (72). A copy of
the certificate is available upon request.
*Red Line plan is for indicative purposes only.
Park House, 87 Burlington Road, New Malden KT3 4QP 05
Tenancy and Covenant Information
Tenancy Covenant Information
Let to Lyons Davidson Ltd from 15 July 2005, expiring 31 October 2024, providing an Lyons Davidson Group is a centrally funded associated group comprising Lyons
unexpired term of 10 years. The lease is drawn on FRI terms, subject to a schedule of Davidson Limited and The Injury Care Clinics Limited.
condition.
The group employs approximately 1750 staff and provides a range of legal and
The passing rent is £196,000 per annum (£13.90 per sq ft). The net rent after deducting the
healthcare services. The legal division has significant joint venture/strategic
ground rent is £190,739 per annum.
arrangements with a number of leading insurers.
Further financial information is available on request.
Park House, 87 Burlington Road, New Malden KT3 4QP 06
Contact and Viewing Arrangements
Proposal
Offers are sought in excess of £2,575,000 (Two
Million, Five Hundred and Seventy Five Thousand
Pounds) subject to contract and exclusive of
VAT. A purchase at this level would reflect a net
initial yield of 7% assuming normal purchaser’s
costs at 5.8% and a capital value of £183 per sq ft
Viewing Arrangements
For further information or to arrange an inspection
please contact the sole agents.
Alder King Property Consultants
Pembroke House
15 Pembroke Road
Clifton
Bristol BS8 3BA
Oli Stretton Lucy Round
0117 317 1121 0117 317 1108
ostretton@alderking.com lround@alderking.com
SUBJECT TO CONTRACT & EXCLUSIVE OF VAT
OJS/LR/September2014/78517
www.alderking.com
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions,
dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy
themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending
purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be
under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The
detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not
accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you
obtain advice from specialist environmental consultants in respect of asbestos related issues.
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