NEXUS HOUSE, 2 CRAY ROAD - Propex

SOUTH EAST OFFICE INVESTMENT LET TO McBRIDES LLPNEXUS HOUSE, 2 CRAY ROADSIDCUP, KENT DA14 5DAINVESTMENT SUMMARY• Prominent Freehold detached office building Investment part-let toestablished firm of Chartered Accountants• Well specified office building constructed in the early 1980’s andtotalling approximately 8,801 Sq Ft.• 16 dedicated car spaces with a further 4 spaces available by doubleparking 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 Hundredand Sixty Five Pounds).• A purchase at this level reflects a Net Initial Yield, after usual purchasecosts of 5.75% of 7.617%.Typical officeCar parking

BEXLEYA2QUEEN MARY’SHOSPITALA211FOOTS CRAYMEADOWSNEXUSHOUSEA223A222SIDCUPFOOTS CRAYMEADOWSA222A223NORTH CRAYNEXUSHOUSEA2A222A20A20TESCOSIDCUP EXTRAB2173A208ST PAULSCRAYA20SWANLEYM253A20ST MARYCRAYM25A20M20DESCRIPTIONThe property comprises a detached purpose built office building set over basement, ground, first & second floorswith dedicated car park to the rear with 16 dedicated car spaces with a further 4 spaces available by doubleparking. This equates to 1 space per 550 per sq ft. There is a gated area with lockable gates for the parking.The property is of framed construction with brick elevations and glazed windows. The space comprises twowings off a central core which has been divided by demountable partitioning. Internally the space haspainted walls with part surface mounted & part recessed Cat 2 lighting with carpet floor coveringthroughout. There is a central heating system with panel radiators.There are stairs serving all floors.LOCATIONSidcup is located 3 miles northwest of Swanley, 2 miles south west of Bexley and 4.5 miles east of Bromley& is within 4 miles of Junction 3 M25. Sidcup railway station is within 1.5 miles.Nexus House is prominently & well located at the Junction of the A224 Cray Road and the A211 MaidstoneRoad.The office building is in a mixed area opposite retail with occupiers including William Hill or Lidl nearbywith residential on other elevations. The building has excellent road communications but is convenientlysituated in a mixed use location with shopping facilities.ACCOMMODATIONWe have measured the building on a Net Internal Area basis in accordance with the RICS Code of MeasuringPractice as follows:-Description Use Sq Ft Sq MBasement Storage/Office 950 88Ground Reception 108 10Offices 1,725 160First Offices 2,998 279Second Offices 3,019 280TOTAL NIA 8,801 818TOTAL Offices Gnd/1/2 7,743 719TOTAL Storage 950 88TOTAL Reception 108 10TO VIEW01892 536381david@mcmeeking.comSuite F3, Lonsdale House,7/9 Lonsdale Gardens,Tunbridge Wells,Kent TN1 1NUSteve Richmond / Graham StarlingNB. None of the equipment orservices has been tested.SUBJECT TO CONTRACT &EXCLUSIVE OF VATNOTICE - M c Meeking and Edwin Hill for themselves and for the vendor of this property whose Agent M c Meeking and Edwin Hill is give notice that: 1) These particulars do not form, or form any partof any offer or contract. 2) They are intended to give a fair description of the property but neither M c Meeking, Edwin Hill nor the vendor accepts responsibility for any error, however caused. Anyintending purchaser must therefore satisfy himself by inspection or otherwise as to their correctness. 3) M c Meeking and Edwin Hill have no authority to make or give any further representation orwarranty 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 theincidence of Value Added Tax in respect of any transaction.

RATEABLE VALUESBasement, Part Ground, 1st & 2nd Floor: RV2011/12: £54,000 UBR: 41.4p in £ Rates Payable: £25,128.66PLANNINGWe have made general verbal enquiries to the LB of Bexley & understand the property is in a conservation areaand in a primarily residential area. In the future re-use or redevelopment or conversion to residential with orwithout retail at ground floor would comply with planning guidelines subject to the usual considerations.TENUREFreehold.TENANCYThe 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 premiumTerm: 12 years wef 29 April 2004.Rent: £118,000Repairs: 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.COVENANTMcBrides Accountants LLP., No. OC355728 was formed on 17/6/2010, with the first year of trading to30/6/2011. The accounts need not be filed at Companies House until March 2012. We are advised there isa Members Capital of £300,000.HISTORY OF MCBRIDES LLPMcBrides was established locally in 1973 & expanded taking on new premises until in 1982 Nexus Housewas developed & formally opened by Edward Heath MP. McBrides initially occupied part then expanded totake the whole from 1990 with their 70 staff. In April 2004 Vantis plc acquired McBrides to become the13th largest accountancy firm in the UK.Vantis aggressive expansion plan led to Vantis running out of cash & going into Administration. The Sidcupoperation was sold to the Management in June 2010 & continued trading under the name McBrides LLPwith 6 Partners. McBrides LLP have nearly completed their first year of trading with accounts available in2012 as a continuation of the 38 year business.EPCAn Energy Performance Certificate (EPC) has been obtained for the subject property. Where an EPC is notdisplayed with the marketing details for the subject property, please contact the agent to confirm thecurrent status.PROPOSALFOR 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 VIEWAll viewings strictly through McMeeking Chartered Surveyors.TO VIEW01892 536381david@mcmeeking.comSuite F3, Lonsdale House,7/9 Lonsdale Gardens,Tunbridge Wells,Kent TN1 1NUSteve Richmond / Graham StarlingNB. None of the equipment orservices has been tested.SUBJECT TO CONTRACT &EXCLUSIVE OF VATNOTICE - M c Meeking and Edwin Hill for themselves and for the vendor of this property whose Agent M c Meeking and Edwin Hill is give notice that: 1) These particulars do not form, or form any partof any offer or contract. 2) They are intended to give a fair description of the property but neither M c Meeking, Edwin Hill nor the vendor accepts responsibility for any error, however caused. Anyintending purchaser must therefore satisfy himself by inspection or otherwise as to their correctness. 3) M c Meeking and Edwin Hill have no authority to make or give any further representation orwarranty 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 theincidence of Value Added Tax in respect of any transaction.