Case Study Numbers

Question 1

Passing rents?

Answer 1

Stayinfront £14.00

Oxby & Park £14.00

Rockstar £13.50 rising to £14.50 year 2

Question 2

Lease terms?

Answer 2

Stayinfront July 2027

Oxby & Park and Rockstar Property both July 2027 with breaks in July 2025

Question 3

Net effective passing rents? Incentives?

Answer 3

Stayinfront had 3 years rent free at the start, no increase in rent at the 2022 rent review (£14.00 therefore net effective/uorr)

Oxby & Park had no rent free - £13.88 therefore a net effective rent (£15 headline on 3 months’ rf with 3rd year break)

Rockstar no rent free - stepped rent with 1yr 9 months to break = £14.00 net effective

Question 4

Lettings comps?

Answer 4

Unit 5 Anglo office park £16.50 OML - slightly better

Unit 7 Anglo office park £16.50 renewal - less weight on this as renewal

Unit 5 Lancaster Court £15.00 OML - marginally better (location)

Burch House - £18.50 OML - smaller and less tired

Unit 10 Anglo office park - £16.50 OML - slightly better

Question 5

Oakfield House?

Answer 5

10.69%
39,000 sq. ft
Better spec - air con, showers, lift etc
Town centre - close to station
March 2024

Question 6

Weald Court, Tonbridge

Answer 6

19,000 sq ft
9.60%
85% secured against D&B 5A1 companies
November 2023

Question 7

Beech Court, Wokingham

Answer 7

November 2023
6000sq ft
12.05%
£975k
4 units let 4 sold off
more rural

Question 8

Forest Court

Answer 8

November 2023
7,000 sq ft
975k
four units let 3 sold off
slightly longer wault

Question 9

3-4 Twyford Place

Answer 9

7,300 sq ft
975k
£132 psf
July 2023

Question 10

Subject Numbers

Answer 10

£1.07m
5.51% NIY
10.50% EY
11.42% RY
£114 psf

Question 11

Construction?

Answer 11

Frame construction with brick elevations
Mansard tiled roof
front elevation finished with render
DG windows

Question 12

Parking spaces?

Answer 12

34
4-10 per unit

Question 13

EPC?

Answer 13

C

Question 14

Specification?

Answer 14

carpet floor tiles
raised flooring/some floor boxes & perimeter trunking
suspended ceiling with fibrous tiles
recessed LED lighting
wall mounted radiators
DG windows

Question 15

Market Rent?

Answer 15

£14.50 psf
£137,000 per annum total

Question 16

Strengths?

Answer 16

Reasonable specification for local market

Reasonable car parking provision

Affordable rent

Freehold

Question 17

Weaknesses

Answer 17

Multi-let - management intensive

3 vacant units

Age and specification likely in need of ongoing expenditure

Question 18

Opportunities?

Answer 18

Let the vacant space

Achieve lease renewals

Potential to convert the building into residential with permitted development rights