C30 COBALT BUSINESS PARK NEWCASTLE

Transcription

1 C30 COBALT BUSINESS PARK NEWCASTLE

2 F OR SALE H I G H Y I E L D I N G O F F I C E I N V E S TMENT

3 N E W C A S T L E Let s Do Business

4 C30 COBALT BUILDING INVESTMENT SUMMARY Situated on one of the UK s foremost Business Parks. Excellent transport links and public transport. High quality occupiers located within the Park. Broad range of on-site amenities. Headquarter style building extending to 64,630 sq ft with parking for 259 cars. Annual income of 1,427,931 per annum with fixed annual uplifts of 2%. Lease until 30th September Offers in excess of 8,925,000. Attractive initial yield of 15% after allowing for costs.

5 Location The property is located on Cobalt Business Park, Newcastle which is the regional capital of the North-East and is located approximately 145 km (91 miles) north of Leeds, 190 km (119 miles) south-east of Edinburgh, 224 km (140 miles) north-east of Manchester and 456 km (285 miles) north of London. By Road Cobalt Business Park benefits from excellent road links to the major urban areas in the North- East via the A19 which passes adjacent to the south-west boundary of the Park. The A19, via the A194, provides access to the A1 (M) and the national motorway network to the south of Newcastle. Newcastle city centre is approximately 10 km (6 miles) to the south-west of the Park via the A1058 Coast Road. By Rail Newcastle is on the East Coast Main Line, with a fastest journey time to London Kings Cross of approximately 2 hours 50 minutes and to Edinburgh in 1 hour 40 minutes. The rail network also provides a direct route to Manchester with a fastest journey time of approximately 2 hours 35 minutes. By Air Cobalt Business Park is located only 18 km (11 miles) from Newcastle International Airport, which provides both domestic and international flights to destinations throughout Europe and to selected destinations in North America, The Caribbean, Africa and the Middle East. By Bus Cobalt Business Park is set in the heart of North Tyneside and is currently served by o over 29 buses an hour providing direct links to Whitley Bay, Blyth, Newcastle South Gosforth, Killingworth, Cramlington, Wallsend and key areas in Northumberland. Cobalt is on eight local bus routes and has a dedicated fleet of Cobalt Clipper 309 buses operating from Newcastle Haymarket Interchange directly to Cobalt and the North-East coast to the east, running every half hour in each direction. The R19 service runs directly through Cobalt and connects with every peak time Metro at Northumberland Park Interchange. Only a 3 minute journey from Cobalt, the 9/A runs from South Tyneside at Percy Main and meets every ferry at the North Shields terminal. With a service running every 15 minutes, the Stephenson Link is a rapid transport link connecting the Park to the north and south loops of the Tyne & Wear Rail Network, and providing direct access to both Newcastle International Airport and Newcastle city centre. A1 Newcastle International Airport 11 miles to the North West North Shields A19 A1 Wallsend South Shields Jarrow Newcastle City Centre Hebburn

6 occupiers tting M A S T E R P L A N Cobalt Business Park is considered to be one of the foremost Business Parks in the UK in terms of size and quality. When fully developed at 3 million sq ft, it will be the UK s largest office park on 143 acres of land. The Park benefits from having an excellent location with good transport links and numerous on-site facilities. The high specification offices provide head quarter style accommodation let to an impressive range of tenants that include the following: Proctor & Gamble Accenture EDS Newcastle Building Society Orange Siemens Fujitsu North Tyneside Council Santander Cards Northumbria Healthcare NHS Trust Land Securities Trillium (Department of Work and Pensions) A19 DC2 Management Centre DC1 The Park also has a unique combination of on-site facilities: 39 acre countryside park which was designated as a local nature reserve in The Just Learning Children s Day Nursery has secure play areas (with CCTV) and 25 staff on site providing childcare for up to 110 children aged between 2 months to 5 years. 157 bedroom Newcastle Village Leisure Hotel incorporating 4 star facilities, conference banqueting and business meeting facilities and leisure facilities such as a 25 metre pool, sauna, fitness studio and spa. Dedicated hub building with on-site retail and amenity unit. Situation Cobalt 30 is situated just off the main spine road through the park. The building occupies a self contained plot which is prominent and offers occupiers a highly visible position. Nearby is the Stellium Data Centre campus as well as the retail hub which services the park. A19 Cobalt Data Centre Campus The Silverlink Retail Park is also located close to the Park and existing tenants include Next, Argos, Halfords, Currys and PC World. Other nearby occupiers include an Odeon Cinema, Pizza Hut, Frankie & Benny s, McDonald s and a complex of car showrooms (including Porsche, Audi, Volkswagen, Toyota and BMW). More information on Cobalt Business Park is available at

7 C30 COBALT BUILDING Description The property comprises a modern 5 storey Headquarters office building completed in The building is of steel frame construction with proprietary glazing and brick clad façade. The property boasts a feature entrance centred around the main core. Internally, the accommodation is configured around a central core over each of the levels, the central core accommodates the servicing as well as being the main point of access to the upper floors via a central staircase and a bank of lifts. Specification The specification once fully fitted is proposed to provide the follwing: On completion of final fit-out Cobalt 30 will have outstanding level of specification from the use of the highest quality materials and the employment of the latest energy efficiency technologies to stylish door furniture. 5 storeys 63,507 sq ft (NIA) 259 car park spaces (parking ratio 1:246 sq ft). 2 storey height reception and atrium at ground floor and 2 storey high atrium at second floor. 3 x 13 person passenger lifts VRF Air conditioning. 3m clear floor to ceiling height. Suspended ceiling with LG7 lighting incorporating T5 lamp technology T5 fluorescent lamps in combination with super-reflective aluminium could increase the efficacy of luminaires for fluorescent lamps by more than 30%. B Rated Energy Performance Certificate The office is rated in terms of the energy use per square metre of floor area, energy efficiency based on fuel costs and environmental impact based on carbon dioxide (CO2) emissions. BREEAM Excellent. Fully DDA compliant.

8 C30 COBALT BUILDING C30 Ground Floor 1st & 3nd Floor 2nd & 4th Floor Accommodation We have measured the building to provide the following net internal areas: Ground Floor First Floor Second Floor Third Floor Fourth Floor 12,570 sq ft 12,346 sq ft 13,662 sq ft 12,356 sq ft 13,690 sq ft TOTAL 64,630 SQ FT In addition, there is parking for 259 cars which reflects an attractive rate of 1 space for 249 sq ft.

9 Tenure The property is held on a ground lease for a peppercorn rent expiring 23 March The property is offered for sale on a long leasehold basis. Tenancy The building is offered to the market subject to a services agreement with developer Highbridge North Tyneside Developer 1 Limited their agreement is subject to a guarantee from Highbridge Business Park Limited. The services agreement commenced at the 1st of April 2010 and expires on the 30th September The current annual income is 1,427,931 with fixed annual increases of 2% for the duration of the lease. There is a rental schedule of payments included as part of the services agreement as follows: Date 01/04/ /07/ /10/ /01/ /04/ /07/ /10/ /01/ /04/ /07/ /10/ /01/ /04/ /07/2021 Payment 356, , , , , , , , , , , , , ,587 Tenant Information The building is subject to a services agreement with Cobalt Data Centre Limited (formerly Highbridge North Tyneside Developer One Limited, Company No ). The company has a Creditsafe rating of 80 which reflects very low risk. A copy of the Creditsafe report is available upon request. Capital Allowances There are no capital allowances available with the sale. Plant and Machinery None of the systems have been tested by either the vendor or their agent and purchasers are advised to satisfy themselves on their working order of any such systems or items. VAT VAT will be applicable but it is envisaged that the sale will be by way of Transfer of a Going Concern. Proposal We are inviting offers in the region of 8,925,000 exclusive for the benefit of our client s interest in the property. This reflects an attractive initial yield of 15% after allowing for costs. Assuming a purchase with an effective date of 1st July 2018 there would be approximately 5,120,180 of rental income.

10 FURTHER INFORMATION For further information contact Steven Gay Ryden LLP 130 St. Vincent Street Glasgow G2 5HF T : M: Ryden for themselves and for the vendors or lessors of this property whose agents they are, give notice that the particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or contract. All descriptions, dimensions, references to condition and necessary permissions 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 must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of has any authority to make or give any representation or warranty whatever in relation to this property. All prices, rents and premiums etc. are quoted exclusive of VAT. June 2018