Modern detached office building of 572 sq m (6,156 sq ft)
Part let to CBRE Managed Services Ltd
Part let to Kids II UK Limited on a new 10 year lease (subject to option)
24 car parking spaces
Nearby occupiers include Ernst & Young, Handelsbanken, Randstad, Astrazeneca and Stonegate Pub Company
Lot 70
Auction 18th October 2018
Rent £115,725 per Annum Exclusive
Status Sold
Price £1,330,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Praxis
Property Information
Location
Miles
20 miles south-east of Milton Keynes, 30 miles north-west of Central London, 35 miles south-west of Cambridge, 41 miles east of Oxford
Roads
A6, A505, A1081, M1 (Junction 10)
Rail
Luton Railway Station
Air
London Luton Airport
Situation
Luton is a well established commercial centre located 30 miles north of Central London, 41 miles east of Oxford and 35 miles south-west of Cambridge.The town benefits from its close
proximity to the M1 motorway (Junctions 10 and 11) together with Luton International Airport and regular rail services to London and the North. The M25 motorway is 11 miles to the south. The property, located on the Capability Green Business Park, is accessed via the A1081 2 miles to the south of Luton town centre and 1 mile from the M1 (Junction 10). Tenants on the purpose built business park include Ernst & Young, Handelsbanken, andstad, Astrazeneca, Stonegate Pub Company and the Wates Group. Other occupiers nearby include a David Lloyd gym and Marriott Hotel.
Tenure
Freehold.
Location
Miles
20 miles south-east of Milton Keynes, 30 miles north-west of Central London, 35 miles south-west of Cambridge, 41 miles east of Oxford
Roads
A6, A505, A1081, M1 (Junction 10)
Rail
Luton Railway Station
Air
London Luton Airport
Situation
Luton is a well established commercial centre located 30 miles north of Central London, 41 miles east of Oxford and 35 miles south-west of Cambridge.The town benefits from its close
proximity to the M1 motorway (Junctions 10 and 11) together with Luton International Airport and regular rail services to London and the North. The M25 motorway is 11 miles to the south. The property, located on the Capability Green Business Park, is accessed via the A1081 2 miles to the south of Luton town centre and 1 mile from the M1 (Junction 10). Tenants on the purpose built business park include Ernst & Young, Handelsbanken, andstad, Astrazeneca, Stonegate Pub Company and the Wates Group. Other occupiers nearby include a David Lloyd gym and Marriott Hotel.
Tenure
Freehold.
Description
The property comprises a ground and first floor detached office building. The office accommodation benefits from suspended ceilings, raised floors, staff WCs, comfort cooling and the right to 24 car parking spaces.
VAT
VAT is applicable to this lot.
EPC
D
Description
The property comprises a ground and first floor detached office building. The office accommodation benefits from suspended ceilings, raised floors, staff WCs, comfort cooling and the right to 24 car parking spaces.
VAT
VAT is applicable to this lot.
EPC
D
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Office
286 sq m
(3,078 sq ft)
CBRE MANAGED SERVICES LIMITED (1)
5 years from 29/07/2016 (2)
£55,548
2019
First
Office
286 sq m
(3,078 sq ft)
KIDS II (UK) LIMITED (3)
10 years from 10/07/2018 (4)
£60,177 (5)
2023
Total
572 sq m
(6,156 sq ft)
£115,725
(1) For the year ended 29th December 2017, CBRE Managed Services Limited reported a turnover of £864,810,000, pre-tax profits of £54,031,000 and a net worth of £153,434,000 (Source:- Experian 19/09/2018). (2) Tenant’s option to break on 29th March 2019 upon 6 months’ notice. (3) For the year ended 31st December 2016, Kids II UK Limited reported a turnover of £846,750, pre-tax profits of £77,120 and a net worth of £354,582 (Source:- Experian 19/09/2018). “Leveraging talent of the more than 450 global employees, Kids II has a rich history of developing industry-changing inventions that target the specific needs of families worldwide. Kids II spans the globe with 14 global offices and operations in six continents bringing happiness to babies in more than 70 countries everyday” (Source:- www.kidsii.com). (4) Tenant’s option to break in 2023. (5) The tenant has a rent free period due to expire in January 2019. The Seller will adjust the completion monies so that the unit effectively produces £60,177 per annum from completion of the sale.