elstree 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.

ELSTREE HOUSE, ELSTREE WAY,
BOREHAMWOOD, WD6 1RY

WELL SECURED OFFICE INVESTMENT

19 YEARS UNEXPIRED

FreeHold

Offers in excess of £8,000,000 to reflect a Net Initial Yield of 12.44%, assuming purchasers costs of 5.725%.

Description

Elstree House is a Richard Seifort design tricorn-shaped development that provides flexible office accommodation over ground and 6 upper floors totalling 60,047 sq ft.

The property was substantially refurbished in 2006/7, at a cost of approximately £3 million.

This included the refurbishment of all common parts, the reception area, 3 passenger lifts, air conditioning system and 65% of the office suites.

The specification is as follows:-

• Prestigious and spacious reception area

• Caffe Kix coffee shop

• 24 hour security • 3 high speed lifts • Full air conditioning • LG3/LG7 compliant lighting

• Excellent natural light • Male and female WCs on each floor • Underfloor trunking

• DDA compliant The floors have the ability to be divided into 3 different sized wings with a common central core providing flexibility to potential occupiers. It benefits from 166 car parking spaces providing an attractive ratio of 1:362 sq ft.

Investment Summary

• Greater London Multi-let Office Investment Opportunity.

• Substantially refurbished in 2006/7.

• 60,047 sq ft office building providing flexible accommodation arranged in 3 wings over ground and 6 upper floors.

• Car parking ratio of 1:362 sq ft.

• Let to a range of tenants including the Prudential and Barclays Bank.

• Current rent passing of £1,052,163 per annum reflecting a low average base rent of £17.34 per sq ft.

• Seeking offers in excess of £8,000,000 (Eight Million Pounds), subject to contract and exclusive of VAT.

• Attractive Net Initial Yield of 12.44%.

• Low capital value £141 per sq ft.

Location

Borehamwood is located approximately 12 miles North West of Central London and 6 miles East of Watford between the A1 and M1 motorway.

Elstree House is a landmark office building prominently situated on the corner of York Crescent and Elstree Way, the principle route into Borehamwood from the A1 (½ mile to the east).

The Town Centre is conveniently located only 1½ miles to the west of the property, which includes a wide range of amenities including High Street retail provision, Tesco Extra, Boulevard 25 Retail Park (M&S, Boots, WH Smith, Costa etc), The Metropolis Centre (Holmes Place, First Bowl) and Elstree and BBC Studios.

The property is situated within the primary office core of Borehamwood with a number of established occupiers in close proximity such as BNP Paribas, Hutchinson Telecom, Bradford & Bingley, Barclays Bank, Pizza Hut, Signet and Adecco.

There is also a Premier Inn opposite and a Holiday Inn at the Junction with the A1.

Borehamwood benefits from first-class transport links. Elstree and Borehamwood train station and bus interchange provide excellent bus and rail services, with a fastest journey time to London’s Kings Cross of 25 minutes, whilst easy access to the A1 and M1 provides direct access to Central London (12 miles) to the South and the M25 (Junction 23 – 3 miles) to the North. Heathrow, Luton and Stansted Airports are all within a 35 mile journey by road.