The Property is located at London Biggin Hill Airport which is approximately 17 miles to the south east of Central London, 16 miles to the south west of Dartford, 9 miles to the south east of Croydon and 8 miles south of Bromley.
The town is located on the A233 which connects through to Junction 4 of the M25, 8 miles to the south east. Biggin Hill is one of only three airports located within the M25.
Central London is 6 minutes by helicopter. Other major nearby transport links include the Channel Tunnel, linking Folkestone/Ashford with the ports at London Gateway and Dover.
The Property is held long leasehold from 1st January 2010 for a term of 100 years, i.e. unexpired term of approximately 91 years.
The ground rent is subject to 5 yearly rent reviews linked to RPI currently set at £228,099 per annum. The next review is in January 2020
The Property is sub-let in its entirety to Biggin Hill Airport Ltd under an FRI lease (subject to a Schedule of Condition) for a term of 10 years expiring 6th June 2026 with a mutual break option on/after 6th June 2021, subject to 18 months' prior notice. This tenancy is excluded from the Landlord and Tenant 1954 Act. The current passing rent is set at £703,099 pa; the Vendor will top-up the rent to the fixed increase of £728,099 pa on 7th June 2019. There is a RPI uplift on 7th June 2021.
The property has been further sub-let in its entirety to Bombardier and Signature.
Further information can be found in the Tenancy Schedule link below.
Biggin Hill Airport Ltd
Biggin Hill Airport Ltd provides specialist aviation and related services for the Business and General Aviation sector at Biggin Hill Airport. The company has a D&B rating of 3A1. Further information can be found in the Covenant Schedule link below.
Bombardier (Short Brothers)
Short Brothers plc is an aerospace company based in Belfast. Founded in 1908, it was the first company to make production aircraft and in 1989 was bought by Bombardier. Bombardier is the world's leading manufacturer of both planes and trains headquartered in Montreal, Canada.
In 2016, Bombardier doubled its capacity at London Biggin Hill Airport by moving into Building 510 which accommodates over 100 technicians. The facility services aircraft, including scheduled/unscheduled maintenance, modifications and installations for Bombardier Learjet, Challenger and Global aircraft. This is Bombardier's primary maintenance operation for UK/Europe having recently relocated from Germany.
Short Brothers is a subsidiary of Bombardier Inc. Bombardier Inc is a global leader in the transportation industry with over 68,000 employees worldwide across 28 countries. For the year ending December 2018, global revenues totalled $16.2 billion - see www.bombardier.com
Signature Flight Support
Signature Flight Support is one of the largest global Fixed Base Operations companies operating in over 200 locations worldwide delivering essential support services for business/private aviation including refuelling, hangarage, maintenance, repair/overhaul as well as a high-end passenger arrivals/departures experience. They have a D&B rating of 4A1 - see www.signatureflight.com. Further information can be found in the Covenant Schedule link below.
The Property is elected for VAT purposes and it is anticipated that the sale can be treated as a Transfer of a Going concern.
We are instructed to invite offers for the Long Leasehold interest in Building 510.