WESTMINSTER HOUSEPackhorse Road, Gerrards Cross, SL9 8HY

Attractive South East Office and Residential Investment Opportunity

Investment Considerations

• Rarely available mixed use investment

• Grade II listed office and residential building in a town centre location comprising 3,712 sq ft and a large car park with 14 spaces

• Gerrards Cross is an affluent commuter town located in the M40 corridor and 20 miles west of central London

• Situated within 2 minute walk to Gerrards Cross rail station with regular services into London Marylebone (18 minutes)

• Freehold with a site area of 0.13 acres / 0.05 hectares

• Fully let to five tenants producing a passing rent of £94,368 per annum exclusive

• Excellent rent payment record throughout the pandemic

Offers sought in excess of £1,600,000 (One Million Six Hundred Thousand Pounds). A purchase at this price would reflect a NIY of 5.53% after allowing for acquisition costs of 6.53%

LocationGerrard’s Cross is an affluent and attractive Buckinghamshire commuter town, situated on the prosperous M40 corridor located 20 miles west of central London. The Town benefits from excellent communications with the A40 providing access to the M40 at junction 1 (3.5 miles to the south east) and the M25 at junction 16 (5 miles to the east). National rail services run regularly from Gerrard’s Cross railway station with a fastest journey time into London Marylebone of 23 minutes whilst London Heathrow Airport is located 11 miles to the south.

SituationThe property is situated in a prominent position on the east side of Packhorse Road (B416) at its junction with South Park. Packhorse Road is the town’s main retail thoroughfare with occupiers such as WH Smith, Boots, Santander, Costa Coffee and Hamptons International. The car park to the rear is accessible via South Park Road. Gerrard’s Cross Railway Station is situated 250m to the south west of the property.

Packh

orse

Road

Bulstrode Way

MarshamW

ay

S ParkCrescent

Pac

khor

seRoa

d

Am

ersh

amR

oad

SouthPark

Oak End Way

GERRARDS CROSSTRAIN STATION EVERYMAN

CINEMA

2 mins

B416

A413

WESTMINSTER HOUSE

A249

A228

A406A404

A127

A130

A120

A131

A505

A421

A428

A509A508

A421A421

A21

A40A4

A41

A2

A12

A11

A10

A1A6

A5

A1

1

6

8

4

8

8

10

9

11

A1(M )

M2

M3

M3

M4

M1

M1

M1

10

9

13

9

10

14

1

1

1

15

M26

27

21

16

1

28

30

3

7

10

4b/15

M25M25

M25

M25

M25

M25

M11

M11

M11

M40

M40

M40

M1

12

M20

M20

LONDONLONDONLONDON

A413

M4Heathrow

International Airport

LUTON

HARPENDEN

MILTON KEYNES

LEIGHTON BUZZARD

STEVENAGE

BEDFORD

BRACKLEY

BICESTER

AYLESBURY

CAMBRIDGE

BISHOP’S STORTFORD

BRAINTREE

COLCHESTER

TOWCESTER

BUCKINGHAM

WOKING

FARNHAM

CAMBERLEY

EPSOM

WEYBRIDGE

REDHILLGUILDFORD

SEVENOAKSSEVENOAKSSEVENOAKS MAIDSTONEWROTHAMWROTHAM

Gerrards Cross

GRAVESEND

READING

MARLOW

HEMELHEMPSTEAD

CHELMSFORDPOTTERSBAR

ROMFORD

ENFIELD

CHINGFORD

DARTFORD

SLOUGH

HIGH WYCOMBE

Accommodation and Tenancy Schedule

TENANT USE SQ M SQ FT LEASE START LEASE EXPIRY NEXT REVIEW BREAK OPTION CURRENT RENT COMMENTS

Ground (front)Effective Business Events

LtdOffice 68.5 737 22-Oct-19 21-Oct-24 22-Oct-22 £21,400 Outside L&T Act

Ground (rear)Heywood Real Estate

Construction LtdOffice 46.8 504 18-Oct-19 01-Dec-24 18-Oct-22 £13,608 4 car spaces

1st TGM Contractors Ltd Office 108.6 1,169 31-Jan-19 30-Jan-24 31-Jan-22 31-Jan-22 £32,300

4 car spaces. Mutual break.

Outside L&T Act. Rent Deposit £5,833 + VAT

223.9 2,410 £67,308

Flat 1 Private Individuals Resi 77.8 837 24-Aug-21 23-Aug-22 22-Feb-22 £15,7802 bed flat.

Rent Deposit - £1,471

Flat 2 Private Individual Resi 43.2 465 19-Jun-21 18-Jun-22 18-Dec-21 £11,2801 bed flat.

Rent Deposit £1,080

121.0 1,302 £27,060

Overall 344.9 3,712 £94,368

85.0m

STATION ROAD

El Sub Sta

38a

38c 3

11

2d

Ethorpe House

1214

1816

South Park

Pack

hors

e Roa

d

Oak End Way

40

42

42a

2

10

0

85

87

ClaremontHouse

4A

1to14

RutherfordHouse

CourtClaremont

WestminsterHouse

Gerrards House13 to 19

34

36

38

14

1

0m 10m 20m 30m

DescriptionWestminster House comprises a Grade II listed Renaissance building constructed in 1912. The property is arranged over ground and two upper floors with a mix of office space on the ground and first floors and two self contained residential flats to the second floor beneath a Mansard roof. Access is via two main doors off South Park Road. The building benefits from a large car park to the rear with spaces for 14 vehicles which are currently allocated to the existing tenants. External Refurbishment works have been undertaken prior to marketing including replacement of some of the windows

Gerrards Cross Residential Market

Gerrards Cross is an affluent and highly sought after commuter town with residential flats achieving in excess of £550 per sq ft as highlighted in the below comparables table:

ADDRESS TYPE OF FLAT BEDS SIZE (SQ FT) SALE PRICE £ PER SQ FT DATE OF SALE

Oak End Way, Gerrards Cross Purpose Built 1 504 £350,000 £694 Oct-21

Marsham House, Station Road, Gerrards Cross Purpose Built 1 602 £399,950 £664 Jun-20

8 Portland House, Station Road, Gerrards Cross Converted 1 351 £275,000 £783 Oct-21

Oak End Court, 34-36 Oak End Way, Gerrards Cross Purpose Built 1 354 £250,000 £706 Oct-21

3 Marsham House, Station Road, Gerrards Cross Purpose Built 2 1054 £675,000 £640 May-21

Flat 2 Oakridge House Station Road, Gerrards Cross Purpose Built 2 856 £429,500 £502 Feb-21

Block C, 34-36 Oak End Way, Gerrards Cross Purpose Built 2 682 £350,000 £513 Nov-21

The office accommodation has potential for future conversion to residential (STP).

Oak End Way, Gerrards Cross Purpose Built 1 504 £350,000 £694 Oct-21

Marsham House, Station Road, Gerrards Cross Purpose Built 1 602 £399,950 £664 Jun-20

8 Portland House, Station Road, Gerrards Cross Converted 1 351 £275,000 £783 Oct-21

Oak End Court, 34-36 Oak End Way, Gerrards Cross Purpose Built 1 354 £250,000 £706 Oct-21

3 Marsham House, Station Road, Gerrards Cross Purpose Built 2 1054 £675,000 £640 May-21

Flat 2 Oakridge House Station Road, Gerrards Cross Purpose Built 2 856 £429,500 £502 Feb-21

Block C, 34-36 Oak End Way, Gerrards Cross Purpose Built 2 682 £350,000 £513 Nov-21

TenureFreehold with a site area of 0.13 acres / 0.05 hectares.

CovenantEffective Business Events Ltd is an event management business established in 1997.

Heywood Real Estate Construction Ltd is a local property developer established in 2015.

TGM Contractors Ltd is a construction company established in 2011.

Rent PaymentAll tenants have excellent payment records throughout the COVID 19 pandemic.

EPCEPCs range from C-E and are available upon request.

VATThe property is elected for VAT purposes and therefore VAT will be payable by the purchaser, unless the sale is structured as a TOGC.

ProposalOffers sought in excess of £1,600,000 (One Million Six Hundred Thousand Pounds). A purchase at this price would reflect a NIY of 5.53% at after allowing for acquisition costs of 6.53%.

Data RoomFor access to the Allsop data room please use the following link: https://datarooms.allsop.co.uk/register/GerrardsCross

Further InformationFurther information including photos, floor plans and relevant documentation is available upon request.

ContactFor further information or to arrange a viewing please contact us:

DISCLAIMER: The Agents for themselves and for the vendors or lessors of the property whose agents they are give notice that, (i) these particulars are given without responsibility of The Agents or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) The Agents cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii) no employee of The Agents has any authority to make or give any representation or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on the purchase price and / or rent, all figures are exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; (v) The Agents will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. 11/21

Alex Butler07801 219 888

alex.butler@allsop.co.uk

Andrew Wise07535 045 149

andrew.wise@allsop.co.uk