INVESTMENT SUMMARY
- Croydon is set to become London's biggest growth centre, with £5.25 bn committed over the next five years for redevelopment
- Prime location in close proximity to East Croydon Train station which provides direct mainline services into London Bridge and London Victoria.
- Bedford Point comprises 13,115 sq ft (NIA) and is arranged over ground to third oors with 11 car parking spaces.
- New letting to Sopra Steria Limited from 1st June 2018 until 30 November 2023. Tenant break in November 2021 - 3.5 years hence.
- Rent at £354,722 pa reects £27.50 psf NIA.
- Sopra Steria Limited is a European Information Technology Consultancy. To December 2016 - turnover £524.2 million, profit before tax £32.8 million and net assets £155 million.
- Freehold.
- Capital Value £396 psf.
- Offers are sought in excess of £5,200,000 Subject to Contract and exclusive of VAT. A purchase at this level will reect a net initial yield at 6.4%.
( Agency Pilot Software Ref: 15111 )
Location
Bedford Point is situated within a minute’s walk of East Croydon Station, which provides a regular service to London Bridge & London Victoria of approximately 15 minutes. Journey times to Gatwick Airport are swift. West Croydon Station is approximately half a mile and offers access to Canary Wharf and The City via the London
Overground. The property is close to the Croydon Tramlink, which is the UK’s busiest tram network and runs from Wimbledon in the west to Beckenham Junction in the east. Junction 7 of the M25 is 8 miles south, allowing access to the Motorway Network.
Accommodation
Ground Floor Reception 432 sq ft ( 40.1 sq m)
Ground Floor 2,861sq ft ( 265.8 sq m)
First Floor 3,309 sq ft (307.4 sq m)
Second Floor 3,236 sq ft (300.6 sq m)
Third Floor 3,277 sq ft (304.4 sq m)
Total 13,115 sq ft ( 1,218.4 sq m)
Terms
TENURE
Freehold.
VAT
The property has been elected for VAT. It is intended that the sale will be treated as a TOGC.
EPC
This property has an EPC rating of E-113.
FLOOR PLANS
Available upon request.
PROPOSAL
We are instructed to seek offers in excess of £5,200,000 (Five Million, Two Hundred Thousand Pounds) subject to contract and exclusive of VAT for the freehold interest. A purchase at this level will reflect a net initial yield at 6.4% assuming purchaser’s costs at 6.6%.
TENANT
The building is let to Sopra Steria Limited, Co No 04077975, on a full repairing and insuring lease from 1 June 2018 expiring 30 November 2023. There are tenant only break options in November 2021 and November 2022. The rent is £354,722 per annum exclusive. There is a Schedule of Condition to determine the reinstatement liability of the tenant. A copy of the lease and schedule are available on request.
TENANT’S COVENANT
Sopra Steria Limited are part of a European Information Technology Consultancy employing 41,000 across Europe. The Parent Company Sopra Steria Group SA report a revenue at €3.845 billion. Sopra Steria Ltd offer strategic marketing advice, human resources and information systems consultancy to a wide range of customers
including government departments. For the year ending December 2016 Sopra Steria Ltd reported the following:
- Turnover - £524.2 million
- Profit Before Tax - £32.8 million
- Net Assets - £155 million
We have summarised above finanacial details of the tenant, which are for information only. Purchasers are advised to make their own enquiries as to the financial standing of the tenant.
Specification
• Suspended ceilings
• Recessed lighting
• Raised floors
• 11 private surface parking spaces
• One Passenger lift / 8 persons