The property comprises a two storey office building constructed in 1999 and totalling 26,234 sq ft. The building is of reinforced concrete framed construction beneath a steel deck roof and benefits from a dedicated reception area. Internally there is a glazed lightwell with a decked garden area providing additional natural light to the offices.
( Agency Pilot Software ref: 12803 )
Location
- Strategic location benefitting from exceptional communications.
- 34 miles to the north of Central London, 42 miles south west of Cambridge and 58 miles east of Oxford.
- Less than 1 mile from Junction 10 of the M1 and 11 miles from Junction 21A of the M25 motorways.
- Luton Airport Parkway (1 mile north east) and Luton (2 miles north) mainline railway stations both provide frequent and direct services to four Central London stations;
- St Pancras International, Farringdon, Blackfriars and City Thameslink with a fastest journey time of approx. 22 minutes.
- Luton Airport – the UK’s 5th largest airport with 18 million passengers per annum - is situated approximately 2 miles to the north east.
Accommodation
Ground Floor Reception 57.69sq m( 621sq ft )
Ground Floor Offices 1,164.91 sq m (12,539 sq ft )
First Floor Offices 1,214.61 sq m (13,074sq ft )
TOTAL NIA 2,437.21 sq m (26,234sq ft )
Terms
TENURE Freehold
TENANCY The property is let to Luton Capability Green Centre Limited for a term of 6 years from 24th December 2019 on FRI terms at a rent of £XXX per annum equating to an overall rate of £XXX per sq m (£XXX per sq ft). A reversionary lease was completed in March 2021 at the same rent, extending the tenants’ commitment to the building for a further 2 years to 23rd December 2027. The total unexpired term is therefore 4.95 years. The tenant has provided a bank guarantee for a sum equivalent to 6 month’s rent plus VAT. The tenant trades well from the property and has done so since it was built, 24 years ago. From it, Regus are the principal serviced office provider in Luton. The centre has over 77% occupancy and is expected to rise this year. It is the top performing centre in Regus’ regional cluster
COVENANT INFORMATION Founded over 30 years ago, Regus is now the world’s leading provider of flexible office solutions and operate from about 3,000 locations in 120 countries. Regus is part of a collective of global and regional workspace brands owned by the IWG network. Other brands include Spaces, HQ, Signature by Regus and No 18
VAT The property is elected for VAT and VAT will be payable on the purchase price. The sale will be treated as a Transfer of a Going Concern (TOGC).
EPC The property has a rating level of C. A copy of the certificate is available on request.
Specification
• Fully accessible raised floors
• Suspended ceilings
• Four pipe fan coil air conditioning system
• 8 person hydraulic passenger lift
• Male, female and disabled WC’s and kitchen facilities on each floor, all of which have undergone recent refurbishment by the tenant.