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Accommodation
The property provides the following accommodation:
| ACCOMMODATION | AREA (Sq Ft) | AREA (Sq M) |
| NORTH-EASTERN SECTION | ||
| Larch House | ||
| Ground Floor | 3,922 | 364.36 |
| First Floor | 4,089 | 379.88 |
| Second Floor | 4,020 | 373.47 |
| Total | 12,031 | 1,117.71 |
| Maple House | 3,692 | 343 |
| Elm House | ||
| Ground Floor | 1,124 | 104.42 |
| First Floor | 1,256 | 116.69 |
| Second Floor | 1,285 | 119.38 |
| Total | 3,665 | 340.49 |
| Sub-Total (NIA) | 19,361 | 1798.7 |
| SOUTH-WESTERN SECTION | ||
| Beech House | ||
| Ground Floor | 10,442 | 970.09 |
| First Floor | 6,875 | 638.7 |
| Total | 17,317 | 1,608.79 |
| Ash House | ||
| Ground Floor | 5,135 | 477.05 |
| First Floor | 4,969 | 461.63 |
| Total | 10,104 | 938.68 |
| Willow House | 11,887 | 1,104.33 |
| Birch House | 10,121 | 940.26 |
| Cedar House | 8,813 | 818.75 |
| Sub Total (NIA) | 58,242 | 5,410.86 |
| TOTAL (NIA) | 77,603 | 7,209.00 |
Planning & Development Potential
V4 Architects have produced various feasibility studies that consider and outline the redevelopment potential within Woodlands Business Park. A number of suggested redevelopment option drawings are available to download.
| Option 1 – Supermarket and Industrial | ||
| Units | Class | Area (Sq Ft) |
| Unit 1 | B2/B8 | 4,843 |
| Unit 2 | B2/B8 | 4,843 |
| Unit 3 | B2/B8 | 4,843 |
| Unit 4 | E (Supermarket) | 13,993 |
| Total | 28,522 | |
| Option 2 – Industrial | ||
| Units | Class | Area (Sq Ft) |
| Unit 1 | B2/B8 | 15,900 |
| Unit 2 | B2/B8 | 15,900 |
| Unit 3 | B2/B8 | 15,900 |
| Unit 4 | B2/B8 | 7,675 |
| Total | 55,375 | |
| Option 3 – Industrial | ||
| Units | Class | Area (Sq Ft) |
| Unit 1 | B2/B8 | 15,900 |
| Unit 2 | B2/B8 | 15,900 |
| Unit 3 | B2/B8 | 15,900 |
| Unit 4 | B2/B8 | 7,675 |
| Unit 5 | B2/B8 | 40,750 |
| Total | 96,125 |
With the significant potential offered by the prominent site, V4 Architects are available to discuss the site’s potential. Should you wish to be introduced to the architects, please contact us.
Tenure
Freehold.
Tenancies
The property produces a current gross income of £1,169,834 per annum, in accordance with the Tenancy Schedule which is available to download.
Site
The existing office accommodation extends over the following approximate site areas:
| North-Western Section* | 2.07 acres | 0.84 hectares |
| South-Western Section | 3.70 acres | 1.50 hectares |
| Total Site Area | 5.77 acres | 2.34 hectares |
*note this includes the sold-off office, White Clarke House which has a footprint of 0.15 acres / 0.06 hectares.
A Sitecheck Assess by Argyll Environmental in August 2015, whilst to be updated, provides comfort that there are no site issues, by concluding: “The level of risk associated with the information disclosed in the associated Sitecheck report:
1) is unlikely to have an adverse effect on the value of the property, and
2) is not such that the property would be designated “Contaminated Land” within the meaning of Part 2A of the Environmental Protection Act 1990.”
A copy of the report is available to download.
Service Charge
The estate service charge budget for the year ending 31st December 2025 is £437,438. Copies of the service charge accounts and budget are available to download via the data room.
Please refer to the Tenancy Schedule which shows that the current service charge shortfall is -£53,249, and the rates shortfall £-100,225 (excluding a rates mitigation scheme). Hence, totalling -£153,474 per annum.
Market Commentary& Rental Values
From our enquiries, the commercial property sector in Milton Keynes remains robust with good office demand from local businesses and those further afield. During 2025, prime office rentals have headlined at £35 per sq ft, with offices on business parks suggested to demand levels of £25 per sq ft. Many office buildings have been converted to residential use which would appear to have helped maintain office rental levels.
We are suggesting rental values at Woodlands Business Park for offices in the order of £18 to £20 per sq ft. In accordance with the Tenancy Schedule, this has the opportunity to increase the rental income by some £305,928 per annum, on letting of the currently vacant accommodation within the south-western section.
In summary:
| Current Gross Income | £1,169,833 per annum |
| True Net Income (After Shortfalls) | £1,016,360 per annum |
| Net Income on Letting Vacant Areas | £1,474,808 per annum |
Covenants
Please refer to the Covenant Schedule detailing information on the tenants. It is suggested that the diverse income stream provides an overall secure income for an investor.
EPC
The Energy Performance Certificates are as follows:
| Unit | EPC rating | Valid Until |
| Larch House | C66 | 25th January 2032 |
| Maple House | B26 | 24th November 2032 |
| Elm House | ||
| Ground Floor | B44 | 5th April 2032 |
| First Floor | C55 | 13th August 2029 |
| Second Floor | B29 | 28th November 2033 |
| Beech House | ||
| Ground Floor | B49 | 20th November 2032 |
| First Floor | B40 | 20th November 2032 |
| Ash House | ||
| Ground Floor | B44 | 20th November 2032 |
| First Floor | C54 | 12th August 2029 |
| Willow House | D100 | 4th October 2027 |
| Birch House | B43 | 18th April 2032 |
| Cedar House | C69 | 21st July 2035 |
Rateable Value
According to the VOA website the rateables values are as follows:
| Larch House | £77,000 |
| Maple House | £44,000 |
| Elm House | |
| Ground Floor | £16,750 |
| First Floor | £18,750 |
| Beech House | |
| Ground Floor | £90,500 |
| First Floor | £65,000 |
| Ash House | |
| Ground Floor | £65,500 |
| First Floor | £57,000 |
| Willow House | £100,000 |
| Birch House | |
| Ground Floor | £60,000 |
| First Floor | £63,000 |
| Cedar House | £75,500 |
The business rates multiplier is 55.5 pence for rateable values of £51,000 or more and 49.9 pence for rateable values below £51,000.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek offers in the region of £10.2million (Ten Million, Two Hundred Thousand Pounds), subject to contract
Analysis
A purchase at the asking price represents the following yield profile:
| Current Gross Income | £1,169,833 per annum 10.75% |
| True Net Income (After Shortfalls) | £1,016,360 per annum 9.34% |
| Net Income on Letting Vacant Areas | £1,474,808 per annum 13.55% |
The asking price reflects the following analysis:
High Yielding Office Cluster – North-Western Section
Applying a net initial yield of 9.00% to the income, assesses this section of the investment at £4.24m.
Offices Providing Redevelopment Opportunity – South-Western Section
Assessing this section at a price of £5.94m, represents:
| Current Gross Income | £763,201 per annum 12.00% |
| True Net Income (After Shortfalls) | £609,726 per annum 9.59% |
| Net Income on Letting Vacant Areas | £1,474,808 per annum 16.80% |
The investment value of the south-western section is underwritten by the site value at £1.6m per acre.
Company Purchase
The property is held in a single purchase vehicle (SPV) based in the British Virgin Islands to provide tax efficiency, particularly for an overseas-based investor (we recommend investors obtain professional advice).
Given there is no tax in acquiring shares in the SPV, with net purchase costs at 1.50% (agent and legal fees), the net initial yield estimated on a company purchase is 11.3%.
Singer Vielle Finance Services
Subject to status, it is anticipated that a loan can be organised for the purchase at 60% of the investment value, for 3-5 years, interest-only at a finance margin of 2.75%. As a result, the equity requirement to purchase would be in the order of £4.25m, producing a return on equity of 15%.
Purchase Price Agreed for Property £10,200,000
Loan 60% £6,120,000
Finance Rate with 2.75% margin 6.275%
Equity £4,080,000
Agents 1.00% £102,000
Legal 0.50% £51,000
Bank Arrangement fee 1.00% £61,200
Gross costs £214,200
Gross Purchase £4,294,200
Property Income (True Net) £1,016,360
Loan Cost £384,030
Surplus Income after Debt Cost £632,330
Return on Equity 14.73%
Investment Considerations
An opportunity to acquire a high yielding investment within Milton Keynes;
The investment offers significant redevelopment potential;
The income is derived from a wide spread of tenants;
The yield to an investor will enhance on letting of the vacant accommodation;
The investment offers a high-yielding office cluster and a separate high-yielding redevelopment opportunity.
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