For sale Building 6 Drakes Meadow Business Park Swindon SN3 3LL Modern Office Investment Opportunity
Investment Summary Modern, well specified two-storey office building extending to 21,42 sq ft, with excellent car parking provisions. Constructed in 2002 to a high specification. Situated adjacent to the 312 providing quick and easy access to junction of the just 4 miles to the south. Conveniently located for Swindon Town Centre and Swindon Railway Station both under a mile from the property. Freehold. Let to the strong covenant of Thrings LLP, one of the UK s top 100 law firms with offices in London, Swindon, Bristol and Bath. Full repairing and insuring lease to Thrings LLP until 24/12/2021 (3.9 years unexpired). Rent passing 405,000 per annum. The property is Thrings company headquarters, they have been in occupation for over years, during which they have invested heavily in the building, demonstrating their commitment to this location. Seeking offers of 4,0,000 (Four Million Two Hundred and Twenty Thousand Pounds) reflecting an attractive net initial yield of 9.00% assuming purchasers costs of 6.55%.
Location CHELTENHAM OXFORD Swindon is the principal town and the main commercial centre for Wiltshire. The town lies 17 approximately 40 miles (64 km) east of Bristol, 0 miles (129 km) west of London and 47 20 miles (76 km) west of Reading. 19 0 23 The town 21 has excellent road communications being SWINDON located adjacent to the 17 motorway (Junctions 1 and ) providing access to London READING to the east and Bristol BRISTOL A346 to CARDIFF the west. There is also direct access to the at Gloucester 12via the 10 19 dual carriageway. 12 NEWBURY A3 BATH 14 29 BASINGSTOKE Swindon railway station provides direct rail services to the key rail M3hubs of London Paddington (55 minutes), Bristol Temple Meads (30 minutes) and Cardiff Central (65 A303 minutes). The nearest airports are Bristol International, 49 miles (79 km) to the south west and Heathrow 6 miles (110 km) to the east. Heathrow Airport is the World s busiest international airport with over 69 million passengers annually. LONDON HEATHROW Swindon s excellent transport links have attracted many major UK occupiers including Honda, BMW, Intel, Castrol, Zurich Financial Services, Nationwide Building Society and most recently the National Trust who recently relocated to a new 0,000 sq ft office building in the town. A33 0 9 3 Situation The property is prominently situated adjacent SWINDON to the 312 dual carriageway and is accessed via Penny Lane. Bristol The 312 provides easy access to junction of the approximately 4 miles to the south whilst junction of the is 5 miles to the west. Swindon town centre and Swindon Railway Station are both situated 1 mile to the west. The property is within close proximity to Greenbridge Retail & Leisure Park which comprises 294,000 sq ft of retail space with occupiers including Argos Extra, Currys, Next, Mothercare World, Nuffield Health, Chiquito, Cinema World, McDonalds and KFC. Cirencester 1 Cirencester to Oxford to Oxford London THRINGS LLP CHELTENHAM CHELTENHAM 9 9 14 14 OXFORD 9 14 OXFORD 0 0 17 17 20 20 19 0 19 0 29 29 23 23 21 21 SWINDON 23 21 SWINDON 17 1 17 1 17 READING 1 BRISTOL A346 CARDIFF READING 12 10 CARDIFF BRISTOL A346 12 10 12 10 NEWBURY BATH NEWBURY BATH A3 A33 BASINGSTOKE A3 A33 BASINGSTOKE M3 M3 M3 A303 A303 3 LONDON LONDON HEATHROW HEATHROW 12 12 12 3 3 Bristol Bristol SWINDON SWINDON 1 1 London London
312
Description The property comprises a modern, two storey office constructed in 2002. Internally, the property provides high quality open plan accommodation and benefits from the following specification: Air conditioning Fully accessible raised floors Shower facilities LG3 lighting Passenger lift Externally there are 75 car spaces providing an excellent parking ratio of 1:26 sq ft.
Accommodation The property provides the following net internal floor areas: Description Sq m Sq ft Ground Floor 1,012 10,92 First Floor 94 10,590 Total 1,996 21,42 Tenure The property is held freehold. Tenancy The property is let on a full repairing and insuring lease to Thrings LLP from 25/12/2001 expiring 24/12/2021 providing an unexpired term of 3.9 years. The current passing rent is 405,000 per annum ( 1.5 per sq ft). Covenant Thrings LLP are rated as one of the UK s top 100 law firms and have been established for over 300 years. The firm employs over 350 staff and operates from offices in Swindon, Bath, Bristol and London. The subject property is the registered office of Thrings LLP and they are in full occupation. Thrings LLP have a Credit Safe rating of 64 out of 100 (Low Risk) and published financial information is as follows: Year to Date Turnover Pre Tax Profit Shareholders Funds Employees 30/04/2017 21,634,7 4,21,551 6,752,672 314 30/04/20 23,574,952 5,93,12 7,612,204 304 30/04/20,092,35 5,601,0 7,51,577 256 For further information go to www.thrings.com
Swindon Office Market The office market in Swindon has performed well in recent years. The market began the upcycle in earnest in 2014 and has continued since. Swindon has been identified by the Centre For Cities Institute as one of five key growth cities for the future together with Oxford, Cambridge, Norwich and Milton Keynes. All of these cities, while having their own unique dynamics, are characterised by highly educated workforces, high productivity rates and high population growth rates and Swindon is no exception to that. It is a consequence of all those dynamics that the town continues to appeal to a wide range of substantial private sector companies. Available office stock is at an all-time low, which is helping to increase rents and decrease incentives. Headline office rents in Swindon for grade A stock now stand at 20.00 per sq.ft The supply of office space has been further constrained by the amount of office space being converted to residential through permitted development rights. Therefore the lack of high quality office stock in Swindon is likely to remain the status quo for several years, which will drive demand towards well located well specified offices. The Swindon market is characterised by over 70% of office demand coming for out of town premises, with most businesses wanting good access to the road network as well as sufficient parking (which the town centre does not offer). The most comparable occupational transactions are as follows: Adress Delta 1100, Weldon Road, Swindon Stella Building, Windmill Hill Business Park, Swindon Stella Building, Windmill Hill Business Park, Swindon Date Size (sq ft) The most comparable investment transactions are as follows: Rent (PA) Rent ( per sq ft) Tenant Oct 17 7,397 125,750 17.50 Sodexo Ltd Oct 17 6,020 120,400 20.00 RBS Apr 17 2,744 50,764 1.50 Robert Half Address Date Tenant Size (sq ft) Cap Val Yield Lease Term Delta 110, Welton Road, Swindon 1 Longwell Avenue, Stockley Park Mulbery Buildings, Kembrey Park, Swindon Jan 1 Jan 1 Dec 17 Multi-let 3 x tenants Celgene Global Bio Tech Multi-let 2 x tenants 930 Aztec West, Bristol Sep 17 Highways Agency 30,367 4.20m.56% WAULT 4.1 years to expiries and 3.1 years to breaks 74,95 30.05m 6.5% 3.1 years,571 3.20m.95% WAULT 4.9 years to expiries 30,430.50m 6.6% 4. years Swindon offers a significant discount to the neighbouring office markets of Bristol and Reading where headline rents are 32.50 per sq ft and 35.00 per sq ft respectively.
EPC The property has an EPC rating of C71, a copy of the rating is available on request. VAT The property is elected for VAT however we anticipate that the sale will be treated as a transfer of a going concern (TOGC). Proposal We are seeking offers of 4,0,000 for the freehold interest reflecting an attractive net initial yield of 9.00% after purchaser s costs of 6.55%.
If you d like to talk to one of our team to discuss this property please get in touch. Key contact Richard Howell 0117 9 5210 0794 962 96 richard.howell@gva.co.uk gva.co.uk/13999 GVA 65 Gresham Street, London EC2V 7NQ Our offices Birmingham Dublin Bristol Edinburgh Cardiff Glasgow Leeds Liverpool London Manchester Newcastle GVA is the trading name of GVA Grimley Limited. 201 GVA GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.