Property

NEXUS HOUSE
2 CRAY ROAD, SIDCUP
KENT DA14 5DA

SOUTH EAST OFFICE INVESTMENT LET TO McBRIDES LLP

Investment Summary

WITHDRAWN

  Prominent Freehold detached office building Investment part-let to established firm of Chartered Accountants

  Well specified office building constructed in the early 1980’s and totalling approximately 8,801 Sq Ft

  16 dedicated car spaces with a further 4 spaces available by double parking offering a parking ratio of 1:550 Sq Ft

  Let at a rent of £118,000 pax reflecting £13.46 psf overall

  For Sale FREEHOLD at £1,465,000 excl VAT (One Million Four Hundred and Sixty Five Pounds)

  A purchase at this level reflects a Net Initial Yield, after usual purchase costs of 5.75% of 7.617%
 

Photos:
External Elevation
Internal - Office
Internal - Archive Room

Description

The property comprises a detached purpose built office building set over basement, ground, first and second floors with dedicated car park to the rear with 16 dedicated car spaces with a further 4 spaces available by double parking. This equates to 1 space per 550 per Sq Ft of dedicated spaces. There is a gated area with lockable gates for the parking.

The property is of framed construction with brick elevations and single glazed windows. The space comprises two wings off a central core which has been divided by demountable partitioning. Internally the space has painted walls with part surface mounted and part recessed Cat 2 lighting with carpet floor covering throughout. There is a central heating system with single panel radiators.

There are stairs serving all floors.
 

Location

Sidcup is located 3 miles northwest of Swanley, 2 miles south west of Bexley and 4.5 miles east of Bromley and is within 4 miles of Junction 3 M25.

Sidcup railway station is within 1.5 miles.

Nexus House is prominently and well located at the Junction of the A224 Cray Road and the A211 Maidstone Road.

The office building is in a mixed area opposite retail with occupiers including William Hill and Lidl nearby with residential on other elevations. The building has excellent road communications but is conveniently situated in a mixed use location with shopping facilities.

  View Property Location Map
 

Accommodation

We have measured the building on a Net Internal Area basis in accordance with the RICS Code of Measuring Practice as follows:

Rateable Values

Basement, Part Ground, 1st & 2nd Floor: RV2011/12: £54,000 UBR: 41.4p in £ Rates Payable: £25,128.66

Part Ground Floor: RV2011/12: £15,000 UBR: 41.4p in the £ Rates Payable: £6,495.00
Interested parties to speak with London Borough of Bexley.
 

Planning

We have made general verbal enquiries to the LB of Bexley and understand the property is in a conservation area and in a primarily residential area. In the future re-use or redevelopment or conversion to residential with or without retail at ground floor would comply with planning guidelines subject to the usual considerations.
 

Tenure

WITHDRAWN
 

Tenancy

The property is held on a single lease on the following terms:

Lessor: Mcbride, Addison, Sweetland, Hubbard.
Lessee: Vantis Group Ltd.
Assignee: McBrides Accountants LLP (OC355728)
Assignment: The lease was assigned on 30 October 2010 for nil premium
Term: 12 years wef 29 April 2004.
Rent: £118,000
Repairs: Full repairing obligations.
Insurance: Lessor to insure & recover from Lessee.
Alienation: Ability to assign or sublet part or whole.
Use: Offices.
Rent review: 2010 single rent review which has not been implemented.
The Tenant is seeking to Sub-let the Ground Floor.
 

Covenant

McBrides Accountants LLP., No. OC355728 was formed on 17/6/2010, with the first year of trading to 30/6/2011. The accounts need not be filed at Companies House until March 2012. We are advised there is a Members Capital of £300,000.
 

History of
 McBrides LLP
 

McBrides was established locally in 1973 and expanded taking on new premises until in 1982 Nexus House was developed and formally opened by Edward Heath MP. McBrides initially occupied part then expanded to take the whole from 1990 with their staff (which by then had increased to about 70 people). In April 2004 Vantis plc acquired McBrides to become the 13th largest accountancy firm in the UK.

Vantis aggressive expansion plan, tax advice that HMRC disapproved of and involvement in advising on Stamford International scandal led to Vantis running out of cash and going into Administration. The Sidcup operation was sold to the Management in June 2010 and continued trading under the name McBrides LLP with 6 Partners. McBrides LLP have nearly completed their first year of trading with accounts available in 2012 as a continuation of the 38 year business.
 

EPC

An Energy Performance Certificate (EPC) has been obtained for the subject property. Where an EPC is not displayed with the marketing details for the subject property, please contact the agent to confirm the current status.
 

Proposal

WITHDRAWN - FOR SALE FREEHOLD at £1,465,000 excl VAT with benefit of lease to McBrides LLP at rent passing of £118,000pax giving a net initial yield after normal purchase costs of 5.75% of 7.617%
 

To View

All viewings to be conducted through McMeeking Chartered Surveyors
 

Kent Estates

Kent Estate Directory
 

McMeeking Chartered Surveyors - Commercial Property Specialists - serving London and the South East

NOTICE – McMeeking for themselves and for the vendor of this property whose Agent McMeeking is give notice that:

1) These particulars do not form, or form any part of any offer or contract.
2) They are intended to give a fair description of the property but neither McMeeking nor the vendor accepts responsibility for any error, however caused. Any intending purchaser must therefore satisfy himself by inspection or otherwise as to their correctness.
3) McMeeking have no authority to make or give any further representation or warranty whatever in relation to the property.

FINANCE ACT 1989 – Unless otherwise stated all prices and rents are quoted exclusive of Value Added Tax. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of Value Added Tax in respect of any transaction.