Berkeley House Godalming Surrey GU7 1QU

Description

The property comprises 9,212 sq ft of accommodation over 2 floors with male and female WCs on each floor. An area to the rear of the property provides surface level parking, accessed via entrances on both Holloway Hill and Ockford Road. 22 spaces are provided giving a ratio of 1 space per 419 sq ft.

Prior to the recent letting, the property was extensively refurbished with the following works having been carried out:

• Installation of passenger lift for disabled persons.
• New suspended ceiling and LG7 lighting to ground floor.
• Installation of 3 pipe VRF heating and cooling system, distributed via ceiling cassettes.
• Refurbishment of all external areas (including cleaning of roof and repointing of brickwork, repainting of woodwork areas and cleaning of all paved areas etc)
• Complete refurbishment of all WCs.
• Refurbishment of kitchen points.
• Replacement of main entrance with automatic door.
• Full compliance with DDA.

An Agreement for Lease dated 3 December 2010 defines Landlord and Tenant works for the refurbishment. Landlord’s works are rentalised at review and the tenant has an FRI lease. The tenant’s works mainly comprise fit out works to the tenant’s specifications.

Accommodation
The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following approximate net internal areas:

The property provides 22 surface level car parking spaces reflecting a parking ratio of 1:419 sq ft.

The property sits on an irregular shaped site of approximately 0.46 acres, the extent of which is shown for identification purposes below.

Tenancy
The property is let to Surrey and Borders Partnership NHS Foundation Trust on full repairing and insuring terms for 20 years from 2 June 2011, expiring 1 June 2031.

The current rent of £115,000 pa reflects an overall rent of £12.50 psf.

There are tenant only break options on the 10th and 15th anniversaries. Upward only rent reviews occur 5 yearly.

Tenure
Freehold.

Tenant Information
Surrey and Borders Partnership NHS Foundation Trust provides health and social care services for people of all ages in Surrey and North East Hampshire.

The Trust employs around 3,000 staff across 74 sites, serving a population of 1.3 million. As a Foundation Trust it has over 5,000 public members and actively seeks to involve and engage people who use their services in improving the wellbeing of the local population.

The Trust was formed on 1 April 2005 following the merger of Surrey Hampshire Borders NHS Trust, Surrey Oaklands NHS Trust and North West Surrey Partnership NHS Trust. Foundation Trust status was achieved on 1 May 2008. NHS foundation trusts are not-for-profit, public benefit corporations. They are part of the NHS and provide over half of all NHS hospital and mental health services.

NHS foundation trusts were created to devolve decision making from central government to local organisations and communities. They provide and develop healthcare according to core NHS principles - free care, based on need and not ability to pay.

The trust had an overall income of £174m for the 2009/10 financial year.

Market Commentary
Godalming is a buoyant commercial centre which has developed due to its proximity to the the A3, its mainline rail services to Waterloo and a satellite town to Guildford. Major office occupiers who have been attracted to the town include World Wildlife Fund, Triad Special Systems, MTI Technology and SITA.

There have been a limited number of recent lettings in the town but we would highlight the following deals:

The freehold of Sutton House, Weyside Park was sold in January 2011 with vacant possession for £1.45m. The building totals 13,200 sq ft and was previously available to let at £16.50 psf.

The Pelican Buying Company acquired 5,683 sq ft at Ash House, Elstead in September 2010 at a headline rent of £19.00 psf.

Quoting rents for comparable space within the town are typically between £17.00 and £23.00 psf and support the excellent prospects for rental growth from the current low base rent of £12.50 psf.