PRIME GOVERNMENT LET OFFICE INVESTMENT

Transcription

1 RIME GOVERNMENT LET YORK ROAD & 1-15 LOWER BROWN STREET LE1 5TU RINCES COURT ON THE INSTRUCTIONS OF

2 RIME GOVERNMENT LET Freehold office building securely let to the Government for a further eight years. EXECUTIVE SUMMARY Modern courtyard office building comprising 11 three storey interlinking units. Located on York Road - an established commercial area of Leicester. Office accommodation totalling 2,071.9 sq m (22,302 sq ft). The site extends to 0.52 acres and has a low site coverage of 46%. Freehold. Leased to The Secretary of State for the Environment for a further eight years and currently occupied by the Crown rosecution Service (CS). Reversionary value-add potential (residential/ student conversion or office break-up). Current passing rent of 290,000 per annum ( per sq ft). Offers in excess of 4,150,000 (Four Million One Hundred And Fifty Thousand ounds) reflecting a net initial yield of 6.56%. 02

3 RIME GOVERNMENT LET LANCASTER YORK LOCATION BRADFORD LEEDS HULL Leicester is the second largest commercial centre in the East Midlands and the administrative capital of Leicestershire, located approximately: MANCHESTER WAKEFIELD 102 miles north-west of London 30 miles south of Nottingham 45 miles north-east of Birmingham 28 miles north-east of Coventry LIVEROOL STOKE-ON-TRENT WOLVERHAMTON BIRMINGHAM SHEFFIELD NOTTINGHAM DERBY ETERBOROUGH NORWICH The city benefits from excellent communications being adjacent to the M1 motorway (Junction 21 & 21a), which in turn provides access to the M69, M6 and M42 motorways. The A6 runs though the city centre providing access to Loughborough 12 miles (19.3 km) to the north and Market Harborough 17 miles (27.4 km) to the south. Leicester s ring road, the A563, connects to towns and cities to the east, such as eterborough, Grantham and Melton Mowbray via the A607 and A47. These communications are further enhanced with a mainline railway station providing a fastest journey time of approximately 1 hour and six minutes to London St. ancras as well as frequent, direct rail services to Birmingham, Sheffield and Nottingham. East Midlands airport is located approximately 19 miles (30.6 km) north-west of the city providing frequent domestic and international flights. COVENTRY NORTHAMTON CAMBRIDGE OXFORD ARDIFF BRISTOL LONDON M1 J21 TRAIN STATION EAST MIDLANDS AIRORT 03

4 RIME GOVERNMENT LET SITUATION The property is situated at the junction with York Road and Lower Brown Street on the south west side of the city centre, just inside the inner ring road, Oxford Street. The immediate vicinity comprises a mixed area with a range of commercial, industrial, residential and leisure uses. York Road forms the northern boundary to the property and Lower Brown Street the eastern boundary. MAGISTRATES COURT JOHN LEWIS SHOWCASE CINEMA DE LUX HIGHCROSS HOUSE OF FRASER DEBENHAMS HAYMARKET SHOING CENTRE CURVE THEATRE DEMONTFORT UNIVERSTY At the benefit of the employees of the Crown rosecution Service (the occupier), rinces Court is conveniently located 0.2 miles to the south-west of Leicester Magistrates Court on ocklingtons Walk and 0.4 miles to the west of the Crown Court on Wellington Street. MAGISTRATES COURT MARKET TOWN HALL SQUARE NEW WALK LACE UNIVERSITY The location of rinces Court is ideally situated for the operations of the CS, being roughly mid-way between the Magistrates and Crown Court, due to the employees requirement of frequent visits to both courts. YORK RD NEW WALK LACE CROWN COURT RAILWAY STATION The property is also close to New Walk lace on (Welford Road), an exciting high profile city centre redevelopment comprising of over 50,000 sq ft of Grade A Office space, 71 high quality apartments and two A3/A4 units on the ground floor. DE MONTFORT UNIVERSITY A6 CROWN COURT STUDENT ACCOMMODATION De Montfort University is located just to the west of the subject property on Oxford Street and there are seven student accommodation developments in a surrounding 1,000 ft radius of the subject property. TIGERS REGENT COLLEGE DE MONTFORT HALL UNIVERSITY OF = Student Accommodation DEMONTFORT HALL 04

5 RIME GOVERNMENT LET 1 Leicester Railway Station 3 New Walk Museum 5 Town Hall Square 7 Bannatyne Health Club 9 St Georges Tower Student Accommodation 2 Leicester Crown Court 4 Leicester Market 6 New Walk lace 8 Leicester Magistrates Court 10 Haymarket Shopping A YORK ROAD WELFORD ROAD 7 06

6 RIME GOVERNMENT LET DESCRITION Designed to provide 11 three storey units arranged around a central forecourt parking area, the property comprises an early 1990s courtyard office scheme constructed in a U shape with wings fronting York Road and Lower Brown Street. The ground floor incorporates two arched vehicular accesses, one from York road and one from Lower Brown Street. The property is, however, currently in a single occupation and all the units are now interlinked. SECIFICATION Steel frame construction Brick elevations itched tile covered roof Feature tower with conical tile covered roof Six person passenger lift Timber framed double glazed window Gas fired central heating Cat 2 fluorescent lighting Male & Female WCs on every floor (including disabled facilities) ACCOMMODATION Accommodation Sq M Sq Ft Ground ,544 First ,313 Second ,445 Total 2, ,302 There are 29 surface car parking spaces providing a ratio of 1:769 sq ft. The site extends to 0.52 acres and has a low site coverage of 46%. 07

7 RIME GOVERNMENT LET TENURE The property is Freehold. TENANCY The entire premises is let to The Secretary of State for the Environment and occupied by Leicester Crown rosecution Service for a term of 35 years from 25 March 1991 expiring 24 March 2026 on full repairing and insuring terms subject to five yearly upward only rent reviews. The current passing rent is 290,000 per annum, reflecting per sq ft. The Crown rosecution Service (CS) is the principal public prosecuting agency for criminal cases that have been investigated by the police and other investigative organisations in England and Wales. The CS provides legal advice to the police and other investigative agencies during the course of criminal investigations to determine whether a suspect should face criminal charges following an investigation and to conduct prosecutions both in the magistrates' courts and the Crown Court. The CS is independent, and makes decisions independently of the police and government. FUTURE ASSET MANAGEMENT OORTUNITIES The reversionary value-add potential of the investment further underpins the secure government income for the next eight years. Office space encompassed by the inner city ring road is typically old and low quality. Much of the stock here completed in the boom of the 1970s with significant numbers of premises now seeing their uses change, particularly to student accommodation. STUDENT ACCOMMODATION The subject property is in a prime position for conversion to student accommodation being located 0.2 miles directly to the east from De Montfort University and one mile to the north-west from the University of Leicester. The number of university students in Leicester in stood at 55,700, 65% above the average for Great Britain. RIVATE RENTED SECTOR (RS) The East Midlands has experienced a marked increase in demand for city centre living over the recent years. This has been fuelled by substantial investment made in the city which has driven economic growth and has made Leicester a more desirable place to live. The University of Leicester and De Montfort University have also contributed to the increase in demand with overseas students seeking private accommodation. INDIVIDUAL UNITS Typically Leicester s office market is characterised by demand within the smaller sizebands, particularly from local occupiers. Breaking up the subject property into smaller, individual units once more is likely to be received favourably in the occupational market. Due to the excellent car parking ratio and supply/demand imbalance the property is likely to command higher rents/capital values. 08

8 RIME GOVERNMENT LET ON THE INSTRUCTIONS OF EC FURTHER INFORMATION The property has an EC rating of D92. VAT We understand the property is elected for VAT. It is intended that the sale will be treated as a Transfer of a Going Concern (TOGC). For further information please contact: DAMIAN LLOYD T M E damian.lloyd@gva.co.uk ALEX DARLINGTON T: M E alex.darlington@gva.co.uk ROOSAL We are instructed by our clients to seek a figure in excess of 4,150,000 (Four Million One Hundred and Fifty Thousand ounds) subject to contract and exclusive of VAT. An acquisition at this level would reflect a net initial yield of 6.56%, after allowing for purchaser s costs of 6.55% GVA, 3 Brindleyplace, Birmingham B1 2JB GVA for themselves and for vendors or lessors 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 intended purchasers or lessees and do not constitute, nor 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 purchasers 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 GVA has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rental and prices are quoted exclusive of VAT. carve-design.co.uk [13329 GVA rinces Court DF Brochure V10] February