Office park investment freehold for sale

Transcription

1 Lodge Farm Barns Bawburgh Norwich NR9 3LZ Office park investment freehold for sale

2 Investment summary High quality barn conversion offices Lakeside situation Close to Norwich Research Park and The Norfolk & Norwich University Hospital Long established tenants Secure income Total income 121,969 pa Net initial yield of 8.21% after allowing for purchaser s costs of 5.75% and a low capital value of just per sq ft freehold Norwich Norwich is widely acknowledged as the regional capital of East Anglia. It has a population in the built up area of 250,000 and is located some 110 miles north east of London, accessible via the M11 and A11 trunk roads or by twice hourly rail service with a fastest journey time of 1 hour 44 minutes. The City is well served by air, with its own airport with four daily flights to Amsterdam Schiphol. Norwich has a strong service based economy, with the key sectors being financial services, life sciences, food and farming, creative industries and technical research in addition to a broad professional base. It has a catchment population of over 250,000 and is situated in one of the UK s fastest growing regions, East Anglia.

3 Location The subject development is situated four miles west of Norwich city centre in a location close to The Norfolk & Norwich University Hospital, The Norwich Research Park and the A47 Norwich Southern Bypass. It is accessed either from the large expanding area of Bowthorpe, or by the attractive village of Bawburgh by a tunnel beneath the A47. Situation Lodge Farm Barns is a popular out of town Norwich office location set in landscaped grounds overlooking an attractive lake. It is accessed via a shared private roadway from New Lane which leads between the village of Bawburgh and the suburb of Bowthorpe. Description Lodge Farm Barns comprises a modern conversion of single storey and two storey office buildings converted to a high standard in the last decade by quality regional developers, Cripps Commercial. It is finished to provide a high quality working space in an attractive landscaped environment and internally the specification includes: Air source heating and cooling system. Dado trunking. Cat II lighting. Attractive conversion retaining original character Kitchenette and modern WC facilities. Externally there is generous on site car parking with room for 58 spaces (1 to 170 sq ft). Accommodation The properties have been measured in accordance with the RICS Code of Measuring practice and we calculate the following net internal floor areas: Unit m² Sq Ft Unit ,375 Unit 1a Unit ,981 Unit ,374 Unit Unit ,346 Unit Unit Unit ,583 TOTAL ,900

4 Investment Market Commentary The market for well located and secure office park investments is currently strong, in recent months there have been a number of notable transactions highlighted as follows. Date Property Sq Ft Tenant Price Yield May 2017 Nene House Old Bedford Road, 12,313 Percival 2,700, % Northampton Howes Percival Tenure Freehold Tenancies All of the leases are on effectively full repairing and insuring terms as the attached schedule. Please note that Unit 5 is currently vacant and the vendors will put in place a rent guarantee for the first year following completion or when suite is let. April 2017 Henderson House, Ermine 21,340 Anglian 5,220, %. Business Park, Huntingdon Water April Cyrus Way, 11,045 Bulley 2,000, % Signet Park, Peterborough Davey A service charge is operated for the maintenance of the common parts of the exterior of the development and full details are available from the data room. Tenant Covenant Information The tenants comprise a mixture of local businesses and can be described as follows. Independent Lives (Norfolk) Ltd is a day service for adults with learning disabilities. This is a registered charity and works alongside their clients to teach living skills to enable them to reach their full potential. Further information is available at TFD Europe Ltd provides world class software, consultation, database management and training for logistic and cost analysists throughout the world. Their software tools are acknowledged as the world s best practice implementations in their field and were established in California in Further information is available at Ellab UK is the UK office of Ellab UK and was established in the 1940s and is a leading manufacturer of complete thermal validation systems. www. Ellab.com Artemis CCD Ltd design and manufacture cooled CCD cameras for scientific and industrial application. Their range of standard slow scan cameras are capable of producing high quality, low noise images in very low light applications. Further information is available at

5 Tenancy Details Unit Tenant Floor Area(sqft) Floor Current /sqft Start Lease Term ERV Area m² Rent (pa) Date Expiry Date per sqft 1 Independent Lives 1, , /12/16 12/12/26 10 yrs 16,500 (Norfolk) Ltd** 1a TFD Europe Ltd , /09/16 14/09/21 5 yrs 7,400 2 TFD Europe Ltd Ground: 1, , /09/16 14/09/21 5 yrs 23,800 First: Ellab Ltd Ground: , /08/07 19/08/17 10 yrs 16,500 First: Independent Lives Included in 1 13/12/16 12/12/26 10 yrs 7,150 (Norfolk) Ltd 5 Vacant 1, , ,150 6 Independent Lives Included in 1 13/12/16 12/12/26 10 yrs 3,600 (Norfolk) Ltd 7 Artemis CCD Ltd , /05/15 30/04/20 5 yrs 8,800 8 Artemis CCD Ltd Ground: 1, Included with 7 As 7 1/05/15 30/04/20 5 yrs 19,000 Units 1/4/6 are linked units ** Rent deposit held Units 7/8 are linked units First: , , ,900

6 EPC The buildings are rated for EPC purposes between B and D. Certificates are available from the Data Room. VAT It is understood the property is elected for VAT and the transaction will be treated as the transfer of a going concern (TOGC). Proposal We are instructed to invite offers in the region of 1,400,000 (One Million Four Hundred Thousand Pounds) excl. VAT subject to contract and excluding VAT. A purchase at this level will reflect a net initial yield of 8.21% after allowing for purchaser s costs of 5.75% and a low capital value of 133 per sq ft. Further Information Please feel to visit our data room at: Contact Guy Gowing Robert Flint Arnolds Keys Arnolds Keys guy.gowing@arnoldskeys.com robert.flint@arnoldskeys.com Disclosure Arnolds Keys for themselves and for the vendors or lessees of this property whose agents they are, give notice that (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or contract: (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchaser or lessees should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in the employment of Arnolds Keys has any authority to make or give any representation or warranty whatever in relation to this property.