FOR SALE MODERN HIGH PROFILE OFFICE INVESTMENT High quality single let office building Excellent out-of-town business park location Fully let to Beaumont ABS Ltd with a guarantee from LegalZoom.com, Inc FRI lease with 14 years unexpired (9 years to tenant break) 11534 sq ft NIA 65 parking spaces - high parking ratio 5.6 spaces per 1,000 sq ft Rent 160,286 pax - reflecting only 13.90 per sq ft including car parking Offers in excess of 1,960,000 subject to contract Net initial yield 8% 1 PARAGON AVENUE PARAGON BUSINESS VILLAGE WAKEFIELD WF1 2UF
1 Paragon Avenue, Paragon Business Village, Wakefield, WF1 2UF LOCATION Wakefield is situated at the heart of West Yorkshire with a population of 320,000 and a catchment population of 2.4 million. The city has an ideal strategic location aside the M1, M62, M621 and A1 motorways providing excellent links east to west and north to south. Leeds is only 8 miles to the north and Sheffield is 25 miles to the south. The city has excellent connectivity to London which is less than 2 hours by train from Wakefield Westgate Station situated approximately 1.5 miles from Paragon Business Village. SITUATION Paragon Business Village is situated on the A650 dual carriageway which links J41 of the M1 with Wakefield city centre, and is a high profile mixed use development including modern offices where occupiers include well known businesses such as Nationwide Building Society, City & Guilds, Freedom Plc and Chadwick Lawrence Solicitors and Government offices acquired as headquarters for an emergency services control centre. The mixed use development also includes leisure and food occupiers including Bannatyne Health Club, Burger King, Brewers Fayre and Premier Inn, and there is also a Busy Bees creche. In addition Persimmon and Bellway have developed housing on the edge of the Business Village. Nearby, Snowhill Retail Park opens in May 2017 including Aldi, Iceland, Poundworld, Costa, Subway and McDonald s. DESCRIPTION The high profile property is located at the entrance to the Business Village at the junction of Paragon Avenue and the A650 and comprises a modern detached two storey B1 office building of striking design built for, and first occupied in 2000 by KCOM Plc. The property is principally brick with feature metal framework to the front along with glazing and composite panels. The roof is of curved design with profile metal cladding.
1 Paragon Avenue, Paragon Business Village, Wakefield, WF1 2UF The building s principal features include: Mainly open-plan modern comfort cooled offices on two floors Full height reception Suspended ceilings Raised floors Modern lighting Central heating and air conditioning Kitchen and toilet facilities on both floors 8 person passenger lift Sealed unit double glazed windows 65 dedicated car parking spaces including 4 disabled spaces ACCOMMODATION The building has the following net internal areas:- Ground Floor - 537.35 sq m 5784 sq ft First Floor - 534.29 sq m 5750 sq ft Total - 1071.54 sq m 11534 sq ft There are 65 car parking spaces providing an excellent parking ratio of 1 to 177 sq ft (NIA). TENURE Long leasehold. 199 years from 28 January 2014 at a peppercorn rent. The site extends to approximately 0.324 hectares (0.80 acres) as identified on the attached site plan. TENANCY The entire property is let to Beaumont ABS Limited for 15 years from 1 February 2016 at a passing rent of 160,786 pa, on full repairing and insuring terms and incorporates upward only rent reviews at the end of every 5 th year. The lease is guaranteed by LegalZoom.com, Inc.
1 Paragon Avenue, Paragon Business Village, Wakefield, WF1 2UF COVENANT INFORMATION Beaumont Legal is a business which has been providing legal services in Wakefield for over 200 years, and became a national provider of online volume conveyancing services. The business was acquired by Beaumont ABS Limited in February 2016. That company was the corporate acquisition vehicle owned by LegalZoom.com, Inc. LegalZoom.com, Inc is a company based in USA and is a leading provider of online legal services in the USA and the best known legal brand in America. Since 2014 LegalZoom has been majority owned by Global Investment firm Permira Capital. Its acquisition of Beaumont Legal was part of a strategy to establish a presence in the UK legal services market. RENTAL VALUE AND COMPARABLES We believe that the property is reversionary based on recent letting evidence including that set out below. 2150 Century Way, Thorpe Park, 10,558 sq ft let to NCC Group at 15.50 per sq ft - Nov 15. 2100 Century Way, Thorpe Park, 11,529 sq ft let to Hain Daniels Group at 18 per sq ft - Dec 2015. Raynham House, Capitol Park, 12,529 sq ft let to BDW Trading Ltd at 16.73 per sq ft - Dec 2015. Optim, White Rose Office Park - 10,000 sq ft let to Gorse Academies Trust at 20 per sq ft - March 2016. PROPOSAL We are instructed to seek offers in excess of 1,960,000 (One Million Nine Hundred & Sixty Thousand Pounds) subject to contract and exclusive of VAT. The property is owned by an SPV and it is envisaged that the transaction may be structured by way of a sale of the shares in the company (SPV). After allowing for purchaser s costs including SDLT at 0.5% a purchase at this level would reflect a net initial yield of 8%.
1 Paragon Avenue, Paragon Business Village, Wakefield, WF1 2UF VAT The property is elected for VAT. ENERGY PERFORMANCE CERTIFICATES The property has an energy performance rating of 102 (Band E). A copy of the energy performance certificate is available upon request. FURTHER INFORMATION For more information or to arrange an inspection please contact:- David Towler Tel: (0113) 245 1447 davidtowler@cartertowler.co.uk (Reference CDT.CM.17117) Details prepared March 2017