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Accommodation
The property provides the following accommodation:
| Accommodation | Area (Sq Ft) | Area (Sq M) | |
| 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 | |
| Total (NIA) | 19,361 | 1798.7 | |
Tenure
Freehold. Note that the investor will gain the freehold over the whole of the business park, although the various plots have been sold on long leaseholds.
Tenancies
The property produces a current gross income of £406,633 per annum, in accordance with the Tenancy Schedule which is available to download.
Note: MBA Consulting Engineers will be vacating their accommodation; a Tenancy at Will is in place since the expiry of the tenant’s lease tenancies, terminable by the landlord of the tenant.
Nexus Business Solutions recently extended their occupation by taking a new lease from March 2026. Please refer to the tenancy schedule for further details.
Site
The existing office accommodation extends over the following approximate site areas:
| Site Area* | 2.07 acres | 0.84 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
Copies of the service charge accounts and budget are available to download via the data room.
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 £21.50 per sq ft. The recent lease renewal by Nexus Business Solutions Group was slightly below this rental level but reflects the company’s existing occupation.
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 |
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 |
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).
Title
A conveyance of 27th July 1992, and a Deed of Variation and Substitution of 1st October 1998 (between Commission for The New Towns and British Standard Institution) provided for a covenant whereby the Woodlands Business Park was to be used as offices, the benefit of which is now vested in Home Communities Agency (trading as Homes England). However, a Deed of Release dated 10th June 2022 (from Homes England) provided for an amendment to allow hotel use in return for a payment of £100,000. A Deed of Variation and Covenant of 13th February 2024 (from Homes England) allow uses of offices, light industrial, general industrial and storage on Plots B & C, in return for a payment of £40,000.
Whilst the use restriction still exists in relation to the subject property, a purchaser will be able to expand the uses should they require by engaging with Homes England.
For the benefit of VUR Properties (the hotel site owner), the rest of Woodlands Business Park cannot be used for the following:
- as a hotel with an ancillary coffee shop and/or ancillary health and fitness facility;
- as a coffee shop that is open and available for use by visiting members of the public;
- as a full service restaurant/bistro that is open and available for use by visiting members of the public;
- as a public house/wine bar that is open and available for use by visiting members of the public;
- as a full health and fitness suite (including a health spa) that is open and available for use by visiting members of the public; or
- as a business club that is open and available for use by visiting members of the public;
Proposal
We are instructed to seek offers in the region of £3.47 million (Three Million, Four Hundred and Seventy Thousand Pounds), subject to contract.
A purchase at the asking price represents a 11.0% net initial yield allowing for purchase costs at 6.5%.
Vendor Guarantee:
The vendor will provide a three-year rent, rates and service charge guarantee in the event that MBA vacate their accommodation during the three years following the purchase of the investment.
- Letting agents to be appointed to act jointly on behalf of the purchaser and vendor;
- An acceptable tenant to be an entity with pre-tax profits three times the rent, or net assets ten times the rent, a suitable parent company guarantee, or a 12 month’s rent deposit;
- As a floor or let, a proportionate amount of the guarantee to be released.
- Purchaser to have the option to accept a tenant who does not meet the covenant test;
- Should a purchaser decline a letting to a suitable tenant, the lease guarantee to be reduced in relation to the accommodation in question;
- Should a tenant require a lease term greater than the guarantee period, this will be acceptable;
- Capital expenses in achieving lettings to be borne by the purchaser; dilapidation claims against MBA to be passed to the purchaser;
- Should the purchaser a letting due to a capital expenditure, the vendor to have the option to meet the capital cost in order to allow the letting to proceed.
Investment Considerations
An opportunity to acquire a high yielding investment within Milton Keynes;
The income is derived from a spread of tenants;
An opportunity add-value by enhancing the income;
A purchaser benefits from an income guarantee for three years on part of the property.
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