High water House. Modern Offices in Prestigious Building

Transcription

1 Office Investment For Sale High water House Modern Offices in Prestigious Building

2 High water House The cultural and administrative centre of Cornwall. Central waterside location. Freehold quality accommodation. Floor area 18,713 sq.ft. (1,738 sq.m.) 42 car parking spaces. Excellent tenant profile covenant strength. Asking Price 2,900,000 Attractive reversionary yield of 8.42% net when fully let. LOCATION Located in the heart of Cornwall s capital city fronting Truro River a tributary of the Fal estuary, 6 miles south west of the A30 trunk road which connects to Plymouth via the A38 (56 miles) and Exeter and the M5 motorway (87 miles). The city benefits from a mainline rail service from Penzance to London Paddington (2hrs 18 mins) and Newquay Airport (12 miles north of Truro) the latter currently offers regular flights to and from London Gatwick and Stansted and cities around the UK, as well as Europe including Dusseldorf, Geneva and Chamonix. Truro is also home to Cornwall s main hospital, The Royal Cornwall, Cornwall Council Offices and the rapidly expanding Truro College.

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4 Highwater House SITUATION The property is situated just off the inner ring road accessed via Malpas Road in a mixed commercial and residential area. In recent years Malpas Road has been the preferred location for new office developments as well as prestigious residential apartments. The building has an extensive frontage to Truro River which is tidal. The location is within easy walking distance of the main city centre shops and commercial area as well as the leisure and sports facilities further along Malpas Road where there are a number of restaurants and bars. The entrance from Malpas Road is shared with the adjoining office building. DESCRIPTION The property, developed in 2005 comprises two interconnecting rectangular wings per floor arranged over ground and two upper floors totalling 18,713 sq.ft. NIA (refer to asset management opportunities section). The property is of steel frame construction clad in an attractive mix of brick and cedar wood slats. Internally the offices are open plan and the fit out is to a high standard to include the following specification: A displaced air with chilled beams air handling system Full access raised floor Suspended ceilings with recessed Category II lighting Passenger lift Loading bay to ground floor Spectacular external terrace Onsite parking for 42 vehicles providing a ratio of 1:446 sq ft. Male and female toilets on each floor.

5 TENANCY SCHEDULE TENANT Northcliffe Media Limited LEASE START TERM RENT REVIEW AREA SQ M TBC* 10 years Year 5(R) GF 629 FF 37.2 Foot Anstey LLP 01/11/ years Year 5(R) FF 482 SF 383 SQ FT 6, ,188 4,123 RENT PA RENT PSF 100, , Vacant FF ,048 14, Vacant SF 110 1,184 16, Current totals 1,788 18, ,946 * Start date to be agreed with the purchaser ERV 259,195 typical floor plan

6 Highwater House TENURE site plan Freehold COVENANT INFORMATION Northcliffe Media Limited is a fully owned subsidary of Daily Mail and General Trust Plc and has assets of circa 90 million. Further information can be provided on request. The company trades locally as Cornwall and Devon Media, the main publishers of newspapers and magazine titles in the Cornwall and Devon area and has been established since The company now employs in excess of 125 people. Foot Anstey LLP is one of the UK s largest law firms based outside of London offering a broad range of legal services for high profile national and regional clients. The company has almost 200 lawyers including 40 partners and a further 150 business support professionals. They currently work out of offices in Devon, Cornwall, Somerset and are currently opening a new office in Bristol VALUE ADDED OPPORTUNITIES The property was originally built and occupied in its entirety by Cornwall and Devon Media. Dividing the accommodation to facilitate multiple lettings has therefore reduced the effective NIA. Were the building to be single let the NIA would increase by 730 sq ft. Assuming an ERV of 14 psf for this additional area would provide an additional 10,220 per annum.

7 Location Highwater House PROPOSAL Our clients are seeking offers in excess of 2,900,000 which reflects a net initial yield of 7.4% with a reversion to 8.42% when fully let. the figures assume acquisition costs of 5.8% VAT The property has been elected for VAT and the sale will be a TOGC.

8 Highwater House Further information For further information or to arrange an inspection please contact joint agents:- Michael Oldrieve Vickery Holman Pembroke House Southernhay Gardens Exeter EX1 1UN Tel: Fax: Daniel Mendoza Ereira Mendoza 47b Welbeck Street London W1G 9XA Tel: Fax: Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to for further information. VICKERY HOLMAN for themselves and for the Vendors or Lessors of the property who s Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given with out responsibility and any intending purchasers or tenants 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; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property.