FDR house

Commercial Investment

There is little chance of a quick return to a housing boom despite the possibility of UK prices rising over the course of the year, surveyors say.

New FDR HOUSE

FDR HOUSE

ENDEAVOUR DRIVE BASILDON ESSEX

INVESTMENT SUMMARY

• High quality headquarters office building totalling 10,869 sq m (116,989 sq ft) with an excellent car parking ratio of 1:23 sq m (1:246 sq ft);

• Situated in an established commercial location on the Festival Business Park, the property benefits from good prominence to the A127 dual-carriageway and is located approximately 1.5 miles to the north of Basildon town centre;

• To be let on a new 20 year FR&I lease to FDR Limited with a parent company guarantee from First Data Corporation (Fitch rating of B). The lease will be subject to a tenant’s option to break on the 1st September 2019 thereby giving an unexpired term certain of 10 years from the lease commencement date on 31st August 2009;

• Low passing rent of £1,785,000 per annum exclusive equating to only £164.23 per sq m (£15.27 per sq ft) overall;

• Seeking offers in excess of £18,760,000 (Eighteen Million Seven Hundred and Sixty Thousand Pounds) (subject to contract and exclusive of VAT) for the freehold.

A purchase at this level would reflect an attractive net initial yield of 9.00% and a low capital value per sq ft of £160, assuming purchasers costs of 5.725%.

LOCATION

Basildon is a major commercial centre within the county of Essex and is located 48 km (30 miles) east of Central London, 25 km (16 miles) south of Chelmsford and 22 km (14 miles) to the west of Southend-on-Sea.

Basildon benefits from excellent road communications being located adjacent to both the A13 and A127 dual carriageways.

Both routes provide direct access to Junctions 29 and 30 of the M25 Motorway, some 13 kilometers (8 miles) to the west of the town. The road network also provides direct access to London, Kent and the east coast ports of Felixstowe and Harwich.

Basildon also benefits from excellent communications. Basildon Mainline Rail Station provides a fast and regular service to London Fenchurch Street Station, with the fastest journey time of 34 minutes.

Air communications are easily accessible with London City, Stanstead and Gatwick Airports within easy reach being located 43km (27 miles) to the east, 61km (38 miles) to the north west and 86km (54 miles) to the south west respectively.

Basildon is a very prosperous south east town and is an important commercial centre within Essex.

With a resident population of approximately 169,800 people, Basildon has a strong technical and skilled workforce and a diverse manufacturing base with representation from the motor industry, electronics, financial services and brewery industries.

Major occupiers include: International Financial Data Services Ltd, York International, MSX International Limited, Selex Sensors and Airborne Systems, Xchanging Global Insurance Solutions, Ford, and New Holland.