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Agent's details

The Crown

For sale: £5,300,000.00|21,470 Sq Ft|Other, Office, Other Property Types & Opportunities, Offices

Property details

FOR SALE£5,300,000.00
SIZE21,470 Sq Ft
ADDRESSThe Crown, London Road, Westerham, TN16 1UT
TYPEOther, Office, Other Property Types & Opportunities, Offices
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON1st November 2023

Description

Key Points

  • Strategic M25 location
  • 21,470 sq ft NIA
  • Car parking ratio 1:193 sq ft
  • Just under 50% income from St James's Place Wealth Management Group plc
  • Income £514,805 pa
  • Attractive yield of 9.14%
  • Summary

    Fully Let M25 Office Investment Opportunity

    Description

    Constructed in 1990/1991 and extended in 1999/2000, The Crown provides high quality office space over ground (reception foyer and car park) and three upper floors together with a decked car park. The building benefits from the following:
     
    Triple glazing to the 1st & 2nd floors and double-glazing to the 3rd floor
    High quality reception area
    Male and female WC facilities to most office suites, with disabled facilities on ground and third floors
    8-person Otis passenger lift
    Fully accessible raised floors.
    Suspended ceilings with recessed lighting
    Comfort cooling
    Gas fired central heating
    An excellent car parking provision of 1:193 sq ft (1:18 sq m)

    Location

    Westerham, located on the western edge of Kent close to its border with Surrey and the London Borough of Bromley, is approximately 24 miles to the south of Central London. Westerham is a popular and attractive town strategically located on the A25 approximately 6 miles west of Sevenoaks and 4 miles east of Oxted. Westerham is also roughly equidistant from Junctions 5 and 6 of the M25 motorway (approx 5 miles) via the A25. Mainline railway connections are available at both Sevenoaks and Oxted, providing frequent services to central London. Local shopping, banking and restaurant facilities are available in the town centre.

    Promo

    M25 OFFICE INVESTMENT

    Situation

    The Crown is situated approximately ½ mile to the north of Westerham town centre, on the western side of London Road (A233).
     
    The building is directly opposite one the main commercial areas of the town, known as The Flyers Way, which includes the Churchill Court office development (16,000 sq ft), the Westerham Trading Centre, The Flyers Way Industrial Estate and Churchill Business Park.
     
    Westerham is a thriving former market town set at the foot of the North Downs. Perhaps best known for its famous residents including Sir Winston Churchill and General James Wolfe, the town is now home to the award winning sparkling wine produced from 40 acres of vines on the Squerryes Estate.

    Accommodation & Tenancy Schedule

    The building comprises 9 suites totalling 21,470 sq ft over first, second and third floors as summarised in the tenancy schedule.

    The property is let to five tenants in accordance with the tenancy schedule. All the leases are on effective full repairing and insuring terms with full recovery of costs via a service charge. The leases also provide for a sinking fund.

    For more information, please download the details with the tenancy schedule.

    VAT

    The property is elected for VAT purposes, although it is envisaged that the sale will be by way of transfer of a going concern (TOGC).

    Proposal

    Offers in the region of £5.3m are sought for the freehold interest in the property, subject to contract and exclusive of VAT. A sale at this price represents an attractive net initial yield (from 21 October 2023) of 9.14%, assuming purchaser’s costs of 6.3%.

    Location

    marker
    Location: The Crown, London Road, Westerham, TN16 1UT

    Hurst Green (3.5 miles)

    Oxted (3.5 miles)

    Edenbridge (4.3 miles)

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