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Accommodation
The property has been measured by Knight Architectural Design and provides the following floor areas:
| Accommodation | Sq Ft | Sq M |
| Ground Floor | 8,422 | 782.4 |
| First Floor | 8,200 | 761.8 |
| Second Floor | 8,201 | 761.9 |
| Total Gross Internal Floor Area | 24,823 | 2,306.10 |
| Accommodation | Sq Ft | Sq M |
| Ground Floor | 7,002 | 650.5 |
| First Floor | 7,088 | 658.5 |
| Second Floor | 7,057 | 655.6 |
| Total Net Internal Floor Area | 21,147 | 1,964.60 |
| Reception | 549 | 51 |
A set of floor plans and measurements is available to download; a reliance letter will be provided for the purchaser at no charge.
Rates
According to the Valuation Office website the rateable value for the property is as follows:
| Address | Rateable Value |
| Suite A Ground Floor | 43,500 |
| Suite B Ground Floor | £52,500 |
| First Floor North | 64,500 |
| First Floor South | £35,000 |
| Part Second Floor | 50,500 |
| Part Second Floor | £26,250 |
| Total | 272,250 |
The business rates multiplier is 49.9 pence per pound for rateable values below £51,000, and 54.6 pence per pound for rateable values of £51,000 or greater.
Site
The site extends to approximately 1.31 acres (0.53 hectares) with a site cover of some 16%.
A “Geo-Environmental Risk Assessment” by Soil Consultants in February 2024 advised “No current significant sources of contamination associated with this [office] usage have been identified.” The report is available to download and a Reliance Letter will be provided to the purchaser at a cost of £750 + VAT.
Tenure
Freehold.
Tenancy
Linea House is multi-let in accordance with the tenancy schedule which is available to download. A purchaser will benefit from an income of £365,775 per annum (allowing for a small “top-up” by the vendor in relation to a rent free period in respect of the letting of Suite A, Ground Floor – see tenancy schedule).
Tenants occupy by way of internal repairing leases with contributions to the general maintenance and repair by way of a service charge. Furthermore, the tenants have the right to park vehicles in defined spaces within the car park – please see parking plan. Note that all leases are “outside the Act”.
With regards to the electric vehicle charging points at the property, they were installed by the freeholder and use allocated. Currently, FSE C.I.C has a space allocated but this can change from time to time. The tenants are not responsible for the maintenance of the charging points.
A schedule detailing the good payment histories can be found in the dataroom. Note that there are no arrears.
Service Charge
The current service charge budget for the year ending June 2025 is £193,000. The current expenditure comprises “Schedule 1” costs of £186,600 (to which caps are applied) and “Schedule 2” costs of £6,400 (no caps applied).
Please refer to the attached schedule which shows there are no service charge shortfalls to the freeholder. Note that the service charge caps will apply increase annually by RPI or CPI increases. Compared to the Schedule 1 budget of £186,600, the caps are less by £41,231, hence a margin of 22% which ensures there is no income shortfall.
The service charge sinking fund will be transferred to the Buyer following completion. The current balance is circa £18,000.
The purchaser will receive shares in the Ancells Park Management Company Limited which maintains the Park on behalf of the various owners. Hurst Warne Commercial Property Management Limited currently manages the Park and produces an annual service charge report. The most recent service charge for the period ending July 2024 was £23,110. The costs are passed onto the tenants via the Linea House service charge. Linea House contributes 9% of the expenditure, hence £2,079.90 of the current budget.
Maintenance Contracts
The various maintenance contracts are currently in place for Linea House.
Contracts are in place for the following services: air conditioning, plants, fire alarm maintenance, fire alarm testing, water testing, lift maintenance, landscaping, cleaning, window cleaning and management. Further details are available in the data room.
There is one supply for electricity, gas and water. The electricity is sub-metered for the tenants’ offices and then invoiced for usage.
Rental Value
The passing rent of £365,775 per annum equates overall to £17.30 per sq ft. The ground floor suite A was let in January 2024 at £17.92 per sq ft and the first floor south suite let in May 2023 at a rent averaging £17.66 per sq ft, after the rent free periods.
Therefore, we suggest that the passing rent fairly reflects the rental value for the property.
Covenants
Fundamental Media Limited (Ground Floor Part)
| Year Ending | 31 December 23 | 31 December 22 |
| Turnover | £110.108m | £88.459m |
| Pre-Tax Profits | £2.333m | £3.894m |
| Balance Sheet | £5.589m | £6.404m |
“We’re front runners of media planning and technology who live and breathe advertising”.
fundamentalgroup.com
BCD Meetings & Events Limited (Ground Floor Part)
A rent deposit is held, currently at £26,887.
| Year Ending | 31 December 23 | 31 December 22 |
| Turnover | £32.176m | £30.450m |
| Pre-Tax Profits | £1.239m | – |
| Balance Sheet | £4.938m | £4.022m |
“We craft digital and live experiences that connect organisations with the people who matter the most.” bcdme.com/en-gb
Pabulum Limited (First Floor Part)
| Year Ending | 31 December 23 | 31 December 22 |
| Turnover | £16.876m | £24.515m |
| Pre-Tax Profits | £0.727m | £0.648m |
| Balance Sheet | £1.716m | £2.288m |
“Pabulum Catering is a professional catering company..” www.pabulum-catering.co.uk
FSE C.I.C (First Floor Part)
| Year Ending | 31 March 23 | 31 March 22 |
| Turnover | £4.897m | £4.618m |
| Pre-Tax Profits | £0.113m | £0.245m |
| Balance Sheet | £1.458m | £1.366m |
“We work with stakeholder and partners …. to deliver regional funding that supports job creation and economic prosperity.” www.thefsegroup.com/content/fse-cic-companies
PRMA Consulting Limited (Second Floor Part)
| Year Ending | 31 March 23 | 31 March 22 |
| Turnover | £14.910m | £13.287m |
| Pre-Tax Profits | (£0.915m) | £2.595m |
| Balance Sheet | £7.868m | £8.973m |
Part of Avalere Health Topco Limited (previously known as Fishawack Health Topco Limited) which for the year ending 31 March 2024 reported group turnover of $407m.
“Avalere Health is purposefully built to be the leading global commercialization partners for changemaking healthcare companies”. avalerehealth.com
Verisk Limited (Second Floor Part)
A rent deposit is held, currently at £14,321.
| Year Ending | 31 December 22 | 31 December 21 |
| Turnover | £15.306m | £10.684m |
| Pre-Tax Profits | £3.131m | £0.194m |
| Balance Sheet | (£4.554m) | (£7.668m) |
“We partner with the global insurance industry to deliver strategic insights into emerging risks”. www.verisk.com/en-gb . The lease guaranteed by Verisk Analytics Inc.
EPC
The property has an Energy Performance Certificate rating of “C”.
VAT
The property is elected for VAT. We anticipate that the sale should be capable of being treated as a Transfer of Going Concern (TOGC).
Proposal
We are instructed to seek offers of £2,850,000 (Two Million, Eight Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 12.06% assuming standard purchaser’s costs of 6.43%.
A purchase at the asking price reflects an attractive capital value overall of £131 per sq ft / £1,413 per sq metre.
Please note that a purchaser will be re-charged the costs of providing reliance letters for the Environmental Report (£750 + VAT), as well as for searches (£1,951.13) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £10,000 + VAT.
Note that the vendor will be retaining the benefit of Capital Allowances and an appropriate Capital Allowances Election will be specified in the sale contract.
Investment Considerations
An opportunity to an attractive office investment within an established location
The asking price reflects an attractive net yield and capital value for an investor;
The property provides good quality office accommodation within a well-known business park;
A diverse and strong tenant mix to protect income risk for an investor;
