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Phase 300, Centennial Park

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Centennial AvenueElstree WD6 3TJ HertfordshireSouth East
Ref: 8057

  • Size 112,214.00 ft² (10,425.02 m²)
  • Price: £22,400,000
  Details
Wendy Totts
Your contact
Wendy Totts
0207 087 5741

Description

Description

Prime Greater London Investment Opportunity

Investment Summary

  • A rare opportunity to acquire a strategically located prime multi let industrial investment in a core London location.
  • One of the most accessible industrial parks to the motorway network, adjacent to the M1 Motorway (Junction 4) and within a 5 minute drive time of the M25 (Junction 21).
  • The estate adjoins the A41 / A5 providing direct access into Central London 12 miles to the south.
  • Centennial Park, constructed in 6 phases, comprises a total of 535,000 sq ft built stock in 67 buildings and a 120 bed De Vere Hotel with superb amenities.
  • Phase 300, one of the most modern phases, was constructed in 2002 and provides versatile production, storage and business space.
  • 12 high quality high-office content warehouse units totalling 112,214 sq ft with unit sizes ranging from 4,780 sq ft to 16,115 sq ft.
  • A 6.85 acre site, providing a low site density of 37% set in a safe, secure and high quality landscaped environment.
  • Attractive car parking ratio of 1:402 sq ft with separate yard / loading areas and overall excellent site circulation.
  • Fully let to 9 tenants with an AWULT of 4.20 years to expiry and 2.90 years to break with strong occupancy history.
  • Passing rent of £1,432,845 per annum, reflecting only £12.77 psf with a number of active management initiatives to drive the rental tone and improve the unexpired term.
  • The tenants have invested significant capital expenditure demonstrating strong commitment synonymous with R&D, bio-tech and IT occupiers.
  • Since 2009 the estate has had 20 leasing events with a retention rate of close to 100%.
  • The property has been fully let since 2014 and is now optimally positioned to capture record prime rents over upcoming lease events.
  • 97% occupancy (by area) on the industrial core across the wider park with only 1 available unit.
  • We are instructed to seek offers in excess of £22,400,000 (Twenty Two Million Four Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 6.00% and a capital value of £200 psf assuming normal purchaser’s costs of 6.75%.

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JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:-
a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.
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