FOR SALE WEAR HOUSE BELMONT BUSINESS PARK DURHAM DH1 1TH. Modern office investment securely let to an undoubted covenant
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1 FOR SALE Modern office investment securely let to an undoubted covenant
2 INVESTMENT SUMMARY A modern purpose-built office building extending to 6,492 sq ft (603 sq m) over three floors Fully let to the undoubted covenant of The Durham Tees Valley Community Rehabilitation Company Limited (DTV CRC), wholly owned by the Secretary of State for Justice The company relies on its close proximity to HMP Durham for its day-to-day operations Let on a 15 year lease from 8th October 2015 to 30th September 2030, with a tenant s break option on the 10th anniversary of the term Initial passing rent of 65,000 per annum, rising to 91,000 per annum in year 3 (vendor to top-up) Seeking offers of 1,250,000 (One million Two Hundred and Fifty Thousand Pounds) subject to contract, reflecting a NIY of 6.87%, after deduction of purchasers costs at 5.96% INVESTMENT SUMMARY
3 LOCATION Durham is a historic city and the economic and cultural centre of County Durham, situated in the North East of England on the River Wear. The city sits approximately 13 miles south west of Sunderland, 18 miles south of Newcastle and 22 miles north of Darlington. Durham benefits from excellent transport provisions being located in close proximity to the and the A1(M) connecting the city to the national road network. Rail connections are provided by Durham Railway Station which is situated on the East Coast Mainline and provides a fastest journey time to London Kings Cross of 2 hours 50 minutes. Durham Tees Valley Airport and Newcastle International Airport are approximately 25 miles south and 25 miles north of Durham respectively. Durham is well known for its world heritage sites including Durham Castle and Cathedral, attracting tourists year round. The city also hosts an internationallyrenowned university which is one of the UK s top 5 institutions and a member of the prestigious Russell Group. The university specialises in science, business and finance and awards degrees to over 3,000 top-flight graduates a year. The local workforce is therefore highly trained with relatively low living costs, creating an ideal environment for knowledge-based industries and start-ups. The inner city centre office market is very restricted, with the majority of space of a period nature and unable to cater for contemporary occupier requirements. As a result, take up is strong in more modern, fringe of city locations which offer greater flexibility and ease of access. A69 A68 A66 A68 A689 Newcastle Airport A69 DH1 1TH A688 A66 NEWCASTLE UPON TYNE Chester-le-street DURHAM A Gateshead A688 A A A1(M) 60 A19 Tynemouth A181 Darlington A66 Durham Tees Valley Airport Port of Tyne South Shields Sunderalnd Port of Sunderland A19 Port of Seaham A689 Hartlepool Port of Hartlepool Middlesbrough A171 LOCATION Brasside Belmont Durham City FC NORTH & NEWCASTLE SUNDERLAND A1(M) BELMONT BUSINESS PARK J62 Durham Park & Ride BROOMSIDE LANE DH1 1TH RAMSIDE GOLF CLUB Durham Station DURHAM Gilesgate SHERBURN ROAD SUNDERLAND RD DRAGONVILLE INDUSTRIAL ESTATE A181 A1(M) SOUTH & DARLINGTON FRONT STREET B1283
4 SITUATION The property is situated on the Belmont Business Park, located close to the junction of the A1(M) and, the principal route connecting Durham city centre two miles to the west with Sunderland approximately eight miles to the east. The estate provides excellent road access and high visibility as a commercial location, with essential amenities located in the immediate vicinity including a number of restaurants, a Premier Inn, a Bannatyne Gym, a post office and Durham Retail Park. Notable occupiers on the estate include Durham and Darlington Fire Services Headquarters, Age UK Durham, Home Group, Carlsberg UK, Royal Mail, NG Bailey and B Sky B. Durham city centre is located within a 5 minute bus or car journey, with the Belmont Park and Ride easily accessed on foot. Durham railway station is situated within 2 miles of the estate. WEAR HOUSE SITUATION DURHAM 2 MILES Carlsberg UK JLH Developments & New Homes Solutions Allied Health Group Ltd Julie Maddisson Microchem Ltd CACDP The Durham Centre Durham Council PCJ Supplies Plimbing Trade Supplies Mullen Stoker Ltd MotorSource UK NOF Energy - Professional Flooring Services - Hammonds Wilkinson Maintenance Royal Mail Durham Delivery Office Northern Counties Safety Group CrossFit Jacana Origin Automotive Peter Cook J62 NORTH Howdens Joinery Durham Plumbing Supplies Ltd Directorate for Multi-Professional Dental Education Newey & Eyre Ltd Hedley Solutions NG Bailey B Sky B Ltd Durham Council General Physics (UK) Ltd New 160,000 sq ft Industrial Development Scheme World Wide Quality Assurance Ltd A1(M) Citylink Durham County Durham and Darlington Fire & Rescue Services HQ Bemco Ltd SOUTH
5 DESCRIPTION ACCOMMODATION Wear House comprises a newly constructed, purpose-built office building, over ground and two upper floors. The property is of brick and blockwork cavity wall construction under a single pitched roof. Fenestration is UPVC double glazing with curtain walling to the entrance foyer. Internally the property benefits from suspended ceilings, LED lighting and carpeting throughout. There are male, female and DDA WC s, an 8-person passenger lift and a kitchenette on each floor. Externally the property provides parking spaces for 40 cars, giving a ratio of 1 space per 163 sq ft. The property has a net internal area of approximately 6,492 sq ft (603 sq m) as detailed in the table below: GROSS INTERNAL AREAS FLOOR SQ FT SQ M Ground Floor 2, First Floor 2, Second Floor 2, TOTAL 6, DESCRIPTION I ACCOMMODATION
6 TENANCY COVENANT TENURE The property is fully let to The Durham Tees Valley Community Rehabilitation Company Limited for a term of 15 years from the 8th October 2015 to the 30th September 2030, with a tenant s break option on the 10th anniversary of the term, being 8th October The initial passing rent in years 1 to 3 is 65,000 per annum ( 10 per sq ft), rising to 91,000 per annum ( per sq ft) thereafter. The lease is subject to a rent review on the 5th and 10th anniversary of the term, being 8th October 2020 and 2025, to the greater of Market rent or the passing rent. The Vendor will top up the balance of the initial rent to the headline rent of 91,000 per annum on completion. The term unexpired is years (9.49 years to break). Durham Tees Valley Community Rehabilitation Company Limited (DTV CRC) is responsible for supervising over 5,000 offenders on either a community order or prison licence throughout the Durham and Teesside area. The company relies on its close proximity to HMP Durham for its day-to-day operations. Set up by the Government s Transforming Rehabilitation agenda and officially launched in June 2014, the company s core aim is to rehabilitate offenders and enable people to participate in a positive future. With approximately 240 employees across the organisation, the DTV CRC also helps to protect the public from harm and reduce reoffending. The Durham Tees Valley Community Rehabilitation Company Limited is wholly owned by the Secretary of State for Justice offering undoubted covenant strength. The property will be sold Freehold and an indefinite right to use the car parking will be granted. TENANCY I COVENANT I TENURE
7 OCCUPATIONAL MARKET The North East occupational market is experiencing a resurgence as corporate occupiers in particular seek quality, inexpensive space with low labour costs and a large local employment pool. A lack of development throughout the recession, coupled with job creation and companies relocating from more expensive locations, has led to a severe shortage of quality office stock across the region. Prime office estates are recording record levels of occupancy, headline rents have regained their pre-recession peaks and occupiers are committing to longer leases whilst incentive levels have dropped to an average of 9 months rent free. ADDRESS TENANT SIZE The North East is lagging behind other regions in terms of supply of speculative new build units. Those schemes that have been delivered in the past 18 months are experiencing full occupancy whilst approximately 28% of the speculative development in the region has been pre-let. We have summarised the recent lettings in the region which we feel are broadly comparable to the subject property in the table below: RENT (PER SQ FT) DATE OCCUPATIONAL MARKET Cobalt 7B Silver Fox Way Newcastle Leeds Building Society 20,168 sq ft April 2016 Partnership House Regent Farm Road Newcastle Cundall Johnson 14,809 sq ft November 2015 Wear House Belmont Business Park Durham Durham Tees Valley Community Rehabilitation 6,492 sq ft October 2015 Quorum Q9 North Tyneside Greggs Plc 30,742 sq ft September 2015 Mandarin Way Houghton-le-Spring Sunderland Salecycle Ltd 7,216 sq ft April 2015
8 INVESTMENT MARKET The North East investment market has made a strong recovery with yield compression witnessed across all sectors and even optimistic asking prices exceeded at sale for many transactions. Secondary offices have seen significant value improvement, particularly those with strong covenants in recognised commercial locations. Investment activity in all markets is being aided by greater depth and liquidity in the financing market, with lenders moving towards new origination, as opposed to refinancing, targeting opportunities across a wide range of UK markets and sectors. ADDRESS DESCRIPTION LEASE TERMS We expect this positive market sentiment to continue as the attractiveness of the regional market is further increased by expectant total returns of circa. 9% and an increase in capital value by circa. 4%. We are aware of the following recent comparable transactions which provide an overview of the North East market: SALE PRICE & DATE YIELD INVESTMENT MARKET Ivatt House Derby Modern office building extending to 5,314 sq ft Let to Peterbrook Leasing Company Ltd for 15 years from Nov Passing rent of 203,181 pa On market 2.8M 6.86% Dean Court Newcastle Fully refurbished office building extending to 8,323 sq ft Let to three tenants with a passing rent of 75,090 pa Under offer circa. 1.05M 6.78% David Dale House Blantyre Modern open plan office building extending to 29,948 sq ft Let to South Lanarkshire Council on a 15 year lease at 240,000 pa 3.4M December % Fountain House Manchester Fully refurbished office building extending to 14,240 sq ft Let to nine tenants including BUPA Ltd and Serco Group Plc 1.915M December % Telefonica UK Ltd Newcastle Business Park Modern switch centre building extending to 11,775 sq ft Let to Telefonica UK Ltd for 15 years from November 2014, on a toppedup rent of 121,953 Under offer circa. 1.92M 6.00%
9 VAT EPC The property has been elected for VAT and it is envisaged that the transaction will be treated as a ToGC. PROPOSAL EPC to be provided on request. We have been instructed to seek offers of 1,250,000 (One million Two Hundred and Fifty Thousand Pounds) for our client s freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.87% after deduction of standard purchaser s costs of 5.96%. CONTACT If you require any further information or would like to arrange an inspection please contact one of the following: VAT I EPC I PROPOSAL LUKE SYMONDS Direct Dial: luke.symonds@gva.co.uk ANDREW WILKINSON Direct Dial: andrew@cpne.co.uk LYNSEY UNDERWOOD Direct Dial: lynsey.underwood@gva.co.uk gva.co.uk/9804 GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: 1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. April 2016 Designed & produced by Ref-917
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