PRINCEGATE HOUSE DONCASTER, DN1 3EN. Well Located Strategic Investment/Development Opportunity with Short Term Government Income

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Jemima Simon
5 years ago
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The accommodation totals approximately 2,880 sq m (31,000 sq ft) of office and ancillary accommodation arranged over ground and 4 upper floors.

2 INVESTMENT SUMMARY Prominent location in the heart of Doncaster town centre situated on Princegate. Freehold. Ideally located close to the Waterdale Shopping Centre and the recently regenerated new 300 million Civic and Cultural Quarter. The accommodation totals approximately 2,880 sq m (31,000 sq ft) of office and ancillary accommodation arranged over ground and 4 upper floors. Fully let to the Secretary of State for The Environment on a lease to expire on the 23rd August 2015 (approximately 2 years unexpired). The property currently produces a total passing rent of 210,000 per annum, equating to an overall rent of per sq m ( 6.77 per sq ft). Tenant not in occupation, ground and first floor sublet to Interserve and CTS Training respectively on co-terminus lease terms. Significant opportunity to enhance rental income and possible future reconfiguration/ redevelopment angles. The property benefits from 29 car spaces. Offers sought in excess of 800,000 subject to contract and exclusive of VAT. This equates to a very attractive net initial yield of 24.80% and a capital value of per sq ft, after deducting purchaser s costs of 5.80%.

LOCATION Doncaster is located approximately 33 miles (53 km) south east of Leeds, 23 miles (37 km) north east of Sheffield and 44 miles (70 km) south of York.

The M1 motorway can be reached in approximately 15 minutes drive time from the property. Doncaster is very well served by public transport with Doncaster railway station and the east coast mainline.

3 LOCATION Doncaster is located approximately 33 miles (53 km) south east of Leeds, 23 miles (37 km) north east of Sheffield and 44 miles (70 km) south of York. The town benefits from excellent road communications being situated adjacent to junctions 3 and 4 of the M18 motorway and junctions 36 and 37 of the A1(M) motorway. The M1 motorway can be reached in approximately 15 minutes drive time from the property. Doncaster is very well served by public transport with Doncaster railway station and the east coast mainline. London Kings Cross station can be reached with the fastest journey time of 1 hour 30 minutes. Regular rail services are also provided to Leeds and Sheffield. Doncaster transport interchange is located in the Frenchgate Shopping Centre adjoining the railway station and provides 30 bus bays. South Yorkshire Passenger Transport Executive estimate that there are over 12 million passengers per year passing through the Doncaster hub. TRAIN TIMES DESTINATION JOURNEY TIME York 20 mins Sheffield 30 mins Leeds 40 mins Hull 60 mins Manchester 85 mins Newcastle 90 mins London 90 mins Birmingham 100 mins AIRPORTS Doncaster has the UK s newest international airport, Robin Hood Airport with flights from Spain, the Netherlands, the Czech Republic, Poland, Ireland (both Belfast and Dublin) and the USA. Airlines include easyjet, Wizz Air, Flybe and Aer Lingus. Doncaster Robin Hood airport is situated approximately 3.5 miles (5.6 km) south east of the town centre.

Doncaster Transport Interchange Frenchgate Shopping Centre Doncaster Railway Station The Colonnades Shopping Centre Young Street Princegate House Wood Street Princegate Cleveland St Waterdale

4 Doncaster Transport Interchange Frenchgate Shopping Centre Doncaster Railway Station The Colonnades Shopping Centre Young Street Princegate House Wood Street Princegate Cleveland St Waterdale Shopping Centre New Council Offices Waterdale New Performance Venue Civic & Cultural Quarter SITUATION Princegate House is situated in Doncaster town centre and is bound by Princegate to the south east and by Young Street to the north west. The main pedestrianised arcades of Kingsgate, Queensgate and Princegate provide walkways through the Waterdale Shopping Centre and can be accessed directly from the property on Princegate. Princegate House is situated in a strategic location adjacent to Doncaster s new Civic and Cultural Quarter which comprises recently completed offices for the City Council, performance venue and new public square.

DONCASTER CIVIC REALM AND REGENERATION The new Civic and Cultural Quarter is a 300 million regeneration and development project in the Princegate area of the town centre covering 25 acres and 25% of

5 DONCASTER CIVIC REALM AND REGENERATION The new Civic and Cultural Quarter is a 300 million regeneration and development project in the Princegate area of the town centre covering 25 acres and 25% of the town centre. Whilst Princegate House is not part of the regeneration scheme it s close proximity to the site will have a positive impact on the locality and the property, attracting people and businesses to the area. Princegate House sits on a natural thoroughfare between the new Civic and Cultural Quarter, town centre, The Frenchgate and the Waterdale shopping centres, the transport interchange and railway station. The first phase of the regeneration consists of the following new facilities: A state of the art new performance venue. Sir Nigel Gresley Square, Doncaster s first public square with cutting edge urban design. New civic offices and council chamber. New multi storey car parking facilities. Plans to develop a four star hotel. Improved road infrastructure and pedestrian walk ways. Planned city centre residential developments, both private and social. Further phases are in the pipeline and will consist of: A new public library and art gallery. New leisure centre incorporating a swimming pool and associated health facilities. Further city centre residential provision. Grade A Commercial office accommodation. Princegate House is ideally situated to benefit from the regeneration that has and will take place in Doncaster in the near future.

DESCRIPTION Princegate House was constructed in the mid 1970 s and provides approximately 2,880 sq m (31,000 sq ft) of office and ancillary accommodation arranged over ground and four upper floors,

073 acres. The tenant is not currently in occupation and the ground and first floor are sublet. The remaining 3 upper floors are currently vacant.

carpeted floors Male and female WC s located on all floors 2 service cores located at either end of the building 2 x 8 person passenger lifts ACCOMMODATION We understand the building has been

6 DESCRIPTION Princegate House was constructed in the mid 1970 s and provides approximately 2,880 sq m (31,000 sq ft) of office and ancillary accommodation arranged over ground and four upper floors, each floor providing an area of approximately 576 sq m (6,200 sq ft). The property further benefits from 29 car spaces located both on site and also on an adjoining piece of land totalling acres. The tenant is not currently in occupation and the ground and first floor are sublet. The remaining 3 upper floors are currently vacant. Internally, the upper floors are currently arranged in a mix open plan and partitioned configuration and provide the following specification: Central heating Suspended mineral fibre ceilings Solid carpeted floors Male and female WC s located on all floors 2 service cores located at either end of the building 2 x 8 person passenger lifts ACCOMMODATION We understand the building has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises of the following net internal floor area: FLOOR SQ M SQ FT 4th Floor ,200 3rd Floor ,200 2nd Floor ,200 1st Floor ,200 Ground Floor ,200 TOTAL 2, ,000

7 TENURE SITE The property is held Freehold. TENANCY The property is let in its entirety to the Secretary of State for the Environment, for a period of 42 years from 24th August 1973, expiring on the 23rd August 2015 (c.2 years remaining) at a current passing rent of 210,000 per annum, equating to approximately per sq m ( 6.77 per sq ft) overall. SUB TENANCY The ground floor is currently let to Interserve at a passing rent of 28,000 per annum, per sq m ( 4.52 per sq ft). The first floor is currently let to CTS Training at a passing rent of 30,000 per annum, per sq m ( 4.83 per sq ft). Both leases are let on a co-terminus basis with the overriding lease to the Secretary of State.

VAT We understand the building is not elected for VAT. EPC EPC Rating of TBC. PROPOSAL Offers sought in excess of 800,000 subject to contract and exclusive of VAT.

8 VAT We understand the building is not elected for VAT. EPC EPC Rating of TBC. PROPOSAL Offers sought in excess of 800,000 subject to contract and exclusive of VAT. This equates to a very attractive net initial yield of 24.80% and a capital value of per sq ft, after deducting purchaser s costs of 5.80%. CONTACTS For further information and to arrange a viewing please contact: Robert Hepworth Knight Frank LLP Fountain Precinct 7th Floor Balm Green Sheffield S1 2JA Tel: Mob: Robert.hepworth@knightfrank.com IMPORTANT NOTICE (1) Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ("information") as being factually accurate about the property, its condition or its value. Knight Frank LLP has no authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). (2) Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. (3) Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. (4) VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC Knight Frank LLP registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members' names. Designed and produced September 2013 by

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