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FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL
CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
INVESTMENT CONSIDERATIONS
■ Freehold office with excellent development potential extending to a GIA of 1,347 sq m (14,508 sq ft).
■ Centrally located with prominent road frontage onto Baxter Avenue.
■ Affluent commuter town with excellent links to London Liverpool Street and London Fenchurch Street.
■ The property is fully let.
■ Total current rent reserved: £119,097 p.a.
■ The property provides an opportunity for conversion to residential use through the application of permitted development rights.
■ Potential to gain vacant possession by January 2019.
■ Car parking for 29 cars.
■ We are instructed to seek offers in excess of £1,800,000 (One Million Eight Hundred Thousand Pounds) reflecting a capital value of £124 psf
INVESTMENT CONSIDERATIONS
LONDONHeathrow
LondonCity
London Southend Airport
Gatwick
StanstedLuton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602
A120A131
A131A130
A138
A130
A130A127
A217
A331
A322
A316
A309
A232
A264
A264
A229
A120 A120
A404
A355
A404
A413
A4010
A414
A414
A414
A1
A2
A2
A3
A3
A3
A3
A2
A41
A41
A33
A40
A31
A31
A24
A24
A24
A23A22
A21
A20
A20
A10
A10
A10
A10
A12
A12
A12
A13A13
A26
A26
A21
A21
A22
A22
A22
A23
A23
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Harlow
Bishop’sStortford
EppingPotters Bar
Knebworth
Hertford
Luton
Aylesbury
DunstableStevenage
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Croydon
Biggin Hill
RomfordIlford
Dagenham
Walthanstow
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
East GrinsteadCrawley Three Bridges
Horley
Horsham
Witley
Godalming
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingGuildford Reigate
Staines
Slough
HemelHempstead St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
RuislipHarrow Brent
Cross
Woking
Chertsey
SouthOxney
Rickmansworth
Harefield
BorehamwoodEnfield
Windsor
Famborough
Aldershot
Alton
Basingstoke
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
Stratford
Reading
Henley-on-ThamesMaidenhead
Epsom
ChessingtonTolworth
Sutton
Clapham
Swanley
Fulham
Weybridge
Ashford
RichmondHounslow
KingstonUpon Thames
BillericayWickford
Stanford-le-Hope SOUTHEND-ON-SEABenfleet
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
High Street
Milt
on R
oad
Nort
h Road
North Road
North Road
Chelm
sford Avenue
Sweyne Ave
Harcourt Avenue
Boston Avenue
Baxter Avenue
B1015
Salisbury Avenue
Cliff Ave
Albany Ave
Bal
mor
al R
oad
Tudor Road
Park Terrace
Park Road
Queens Road
Park Street
Princes Street
London Road Ashburnham
Rd
Gordon Road
Sweyne A
ve
Chichester Road
Essex St
Warrior Sq
War
rior S
q E
Warrior Sq N
Camarvon Road
Great Eastern A
venue
Redstock Road B1015
Sutton Road
Stanfield Road
Stadium Road
Greyhound Way
Maldon Road
St Ann’s Road
Guildford Road
Coleman Street
A127 Victoria Avenue
A13 London Road
Queensway Queensway
A1160
A13
SOUTHENDVICTORIA
SCHOOL
LOCATION
Southend-on-Sea is situated within the County of Essex. Southend is located approximately 39 miles (62 km) east of London, 19 miles (30 km) south of Chelmsford and 20 miles (32 km) east of Brentwood. Road access to Southend is provided by the A127 dual carriageway which in turn, provides access to Junction 29 of the M25, approximately 20 miles (32 km) to the west.
London Southend Airport is located 1.5 miles (2.4 km) to the north of the town centre, providing regular flights to a number of European destinations including Venice, Barcelona, Dubrovnik and Vienna. Southend-on-Sea boasts the largest leisure pier in the world.
CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL
CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL
© Crown Copyright, ES 100004106. For identification purposes only.
SITUATION
The property is situated in a prominent position on the eastern side of Baxter Avenue, to the north of its junction with Queensway. The immediate area comprises a mix of residential, office and retail. Cumberland House is located within walking distance (5 minutes) of Southend-on-Sea town centre and the Victoria Shopping Centre.
Southend Victoria Station is situated 0.2 miles (0.3 km) from the property providing regular and direct services to London Liverpool Street with a quickest journey time of 59 minutes. Southend Central Station is located to the south providing direct services to London Fenchurch Street with a quickest journey time of 51 minutes.
DESCRIPTION
Cumberland House is a purpose built office building arranged over ground and three upper floors. The property is designed around a central service core which provides W.C. facilities and an 8 person passenger lift making conversion to residential straight forward.
The property benefits from a car park providing 29 spaces. The car park is located adjacent to the property and is accessed via Baxter Avenue.
Cumberland House extends to an approximate GIA of 1,347 sq m (14,508 sq ft).
The total site area extends to approximately 0.27 acres (0.10 hectares).
TENURE
Freehold
PLANNINGSouthend-on-Sea Borough Council
Website: www.southend.gov.uk Tel: 01702 215004 Email: [email protected]
We understand that the property is not listed, nor is it situated within a conservation area.
RESIDENTIAL DEVELOPMENT POTENTIAL
The property provides a number of potential residential led development opportunities including conversion from office to residential through the application of Permitted Development Rights. Should a residential conversion |of the vacant office be progressed, it is estimated that approximately 25 new 1-2 bed residential apartments of circa 500 sq ft could be provided. However, up to 35 smaller studio and one bedroom flats could also be accommodated.
The property has residential ERV for 35 units of approximately £250,000 p.a.
There is potential through a planning application to add additional stories to the subject property.
For further information regarding the planning and development potential for the subject property is available through Southend-on-Sea Borough Council website: www.southend.gov.uk
CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL
Car park does not form part of the sale.
TENANCY SCHEDULE
Floor Tenant Area Sq m (NIA)
Area Sq ft (NIA)
Lease Start Lease End Rent Rent psf
Comments
Ground Devonports 151 1,630 29/09/08 28/09/18 £20,375 £12.50 Inside the L&T Act 1954. 6 Car Parking Spaces
Ground Charnwood 98 1,059 01/02/14 31/01/19 £6,000 £5.67 Inside the L&T Act 1954. 2 Car Parking Spaces
First Drysdales LLP 289 3,108 26/03/07 24/12/17 £27,972 £9.00 Inside the L&T Act 1954. 6 Car Parking Spaces. s26 notice served 5 June 2017 for a new 5 year term.
Second Primo PLC 282 3,040 25/03/08 24/03/18 £30,400 £10.00 Inside the L&T Act 1954. 6 Car Parking Spaces s26 notice served 15 June 2017 for a new 10 year term.
Third Hellma UK Ltd 93 1,000 29/09/07 28/09/17 £10,400 £10.40 Inside the L&T Act 1954. 3 Car Parking Spaces
Third AIA Software UK Ltd 130 1,404 14/06/10 13/06/15 £15,950 £11.36 Inside the L&T Act 1954. 3 Car Parking Spaces
Third Garnett Wilson 74 800 14/10/13 13/10/18 £8,000 £10.00 Inside the L&T Act 1954. 2 Car Parking Spaces
Total 1,117 12,041 £119,097
COVENANT
DEVONPORTS has been trading since 1994 and has provided accountancy and taxation advice from Cumberland House since 2008.
HELLMA ANALYTICS were founded in 1922 and is the world market leader in cells and optical components made of glass or quartz glass, used for modern optical analysis. Hellma Analytics have occupied Cumberland House for over 20 years.
PRIMO was established in 1971 and has been in occupation of Cumberland House for over 16 years. Primo is a leading independent insurance brokerage that meets all commercial insurance and multi vehicle insurance requirements.
DRYSDALES SOLICITORS were founded in 1887 and is an established local solicitors in Southend. Drysdales have been in occupation of Cumberland House for over 20 years.
AIA SOFTWARE is now part of Kofax. Kofax Ltd is a subsidiary of Lexmark. It produces applications software that provides information capture, process management, data integration, customer communications management and analytics. AIA Software have been in occupation in Cumberland House for circa 9 years.
GARNETT WILSON CONVEYANCING SERVICES are established property lawyers in Southend.
CHARNWOOD GENEALOGY is a research service for those wishing to discover more about their family history.
CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL
CUMBERLAND HOUSE, BAXTER AVENUE, SOUTHEND-ON-SEA, SS2 6HZ
FREEHOLD OFFICE INVESTMENT WITH EXCELLENT DEVELOPMENT POTENTIAL
OFFICE MARKET COMMENTARY
Southend on Sea has an established office market with occupiers including Royal Bank of Scotland, HMRC, The Hood Group, Countrywide and Insure and Go.
The town, owing to a lack of recent commercial development and Permitted Development rights, has experienced steady office rental growth in recent years and has a current low vacancy rate of 2.5%.
Average achieved rents in the town are now approximately £12.50 psf rising from £8.50 psf in 2012. This rise is expected to continue with further offices being converted to residential via Permitted Development.
The property has an ERV of approximately £150,000 p.a. based off £12.50 psf.
RESIDENTIAL MARKET COMMENTARY
In recent years there has been a shortage of new residential development opportunities within Southend-on-Sea which has led to an increase in demand for residential accommodation.
More recently, a number of residential developments have commenced in the area. Within close proximity to the subject property is the development of Heath and Corby tower blocks. Once complete the scheme will comprise 280 residential units. The development is due to be completed in Q4 2017 and has seen strong demand since coming to the market. Demand is coming from both investor and owner occupiers. The scheme is currently under construction with the initial phase of flats currently on the market for between £315-£325psf.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.17
Richard How020 7344 [email protected]
Jonathan Butcher020 7543 [email protected]
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
RESIDENTIAL INVESTMENT & DEVELOPMENT
NATIONAL INVESTMENT
Michael Linane020 7344 [email protected]
Alex Butler020 7543 [email protected]
www.allsop.co.uk
PROPOSAL
Offers sought in excess of £1,800,000 (One Million Eight Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT.
VATThe property is not elected for VAT.
EPCThe property has been rated grade C (69).
DATAROOMFurther information is provided in the dataroom. For access please register on the following website https://datarooms.allsop.co.uk/register/southend
