PRIME WELL SECURED OFFICE INVESTMENT - Allsop
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
3IOO CENTURY WAY THORPE PARK LEEDS LS15 8ZB PRIME WELL SECURED OFFICE INVESTMENT
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
3IOO
LEEDS CITY CENTRE
NEW RESIDENTIAL
QUARTER
M1
NEW TRAIN STATION
EAST LEEDS PARKWAY
M1
J46
PROPOSED MIXED USE DEVELOPMENT
PRIME
H OT E L & S PA RECRUITMENT
M1
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
INVESTMENT CONSIDERATIONS
• Leeds is the third largest city in the UK with the largest regional economy outside of London, • Future rental growth prospects with top rents in the park achieving £22.50 per sq ft
and a skilled workforce of 1.4 million people • WAULT of 9.09 years to expiries (5.09 years to breaks)
• Modern office building prominently situated within Thorpe Park, Leeds benefitting • High quality office space providing 2,218 sq m (23,880 sq ft) over ground and first floors.
from 109 car park spaces The space has been recently refurbished to a very high standard
• Thorpe Park, Leeds is one of the North of England’s most prestigious mixed use retail, leisure • Strong car parking ratio of 1:219 sq ft
and business communities and is the premier business park on the outskirts of Leeds
• Virtual freehold
• The property is fully let to the 5A1 covenant of Atkins Limited and the 5A2 covenant
• We are instructed to seek offers in excess of £5,950,000 (Five Million, Nine Hundred and
of Birdseye Limited
Fifty Thousand Pounds) reflecting an attractive net initial yield of 7.00% having allowed for
• Overall rent passing of £442,500 per annum which equates to £18.50 per sq ft standard purchaser costs of 6.63% and a low capital value of approximately £249 per sq ft
Morecambe kA
uth
Lancaster orit
y
3IOO
CENTURY WAY
M6 Harrogate
THORPE PARK Skipton
YORK
LEEDS LS15 8ZB Wetherby
Fleetwood
PRIME
WELLWELL
SECURED
SECURED
OFFICE
OFFICE
INVESTMENT
INVESTMENT A1(M)
Tadcaster
Leeds
Bradford
Bingley Airport
Longridge Nelson
Blackpool
M65
Blackpool
M55
M6
Burnley
BRADFORD LEEDS M1
International
Airport
Preston M621
Accrington M606 A1(M)
Warton Blackburn
Aerodrome
Halifax Castleford
M65
Darwen M62
M61 M62 Wakefield
M6
Chorley
Southport
M66 Huddersfield
M62
Rochdale
M1
Bolton
Ormskirk
Formby Barnsley
Wigan M61
A1(M) Oldham A1(M)
M60 Doncaster
A61 Pea
Ashton-under-Lyne k Dis
A660
MANCHESTER tric
t Na
J44
St. Helens
M6
tion
A58 M60 M67 al P M18
Shadwell Bootle A64 M62 Glossop ark
A1(M)
Sale Rotherham
A6120 LIVERPOOL
M62 M1
Stockport
Birkenhead Warrington
Widnes
SHEFFIELD
M58 Manchester
International
120 A64 Liverpool Airport
John Lennon
Barwick M53 Airport
A61
Oakwood A6120 in Elmet M1
Worksop
LOCATION
M6
A1(M)
Headingly Scholes M58
Macclesfield Buxton
A58 Seacroft
A660 A64
With a residential population of c. 780,000 and a catchment population of
Chesterfield
Harehills Hawarden
Airport
Chester
2.2million (within a 30 min drive) the city of Leeds is the 3rd biggest in the UK.
J47The city is located 43 miles north east of Manchester, 32 miles north of Sheffield
Cross Gates Mansfield
A58(M) A64(M) A64 A6120 M1
and 23 miles southwest of York.
Garforth
6110 LEEDS Garforth
Leeds
A61 J46
A656
ROAD RAIL
J4
A61 A53 The City benefits from excellent road Leeds Railway station is the busiest station in the
J3
A63
communications, with the city centre accessible via the M621. country outside central London, with 38 million+ passengers
J2 M621
The M62 runs east to west offering direct routes to Manchester, passing through each year. Leeds station has recently had a £20m
J45
J1 J5 Hull and Liverpool, with the M1 running north to south investment into opening the southern entrance (2017). Network Rail
J6
connecting Leeds to the Midlands and London to the south and is undergoing a £161m remodel as part of a £500m master plan.
M1 Swillington Newcastle to the north. There are regular bus services from Due to it’s strategic location, Leeds Railway station offers direct
M621 Thorpe Park running every 10 minutes to/from the City Centre. routes to England major cities, including:
M621 J44
A6110 DESTINATION JOURNEY TIME
J7
Middleton Rothwell AIR London Kings Cross 2 hour 20 mins
Oulton A656 Leeds Bradford International airport is located
M1 Manchester 55 minutes
Morley 8 miles north west of the city centre providing domestic and
international flights to 65+ destinations. Approximately Newcastle 1 hour 20 mins
J42 3.7 million passengers pass through annually with this Liverpool 1 hour 25 mins
forecasted to grow to 8 million by 2026.
M62 Methley
J28 J29 Manchester International Airport and Doncaster-Sheffield
M62 J30
J42 Airport are both within an hour driving time of Leeds
Lofthouse
J41
Stanley
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
LEEDS FACTS:
LARGEST CHANNEL 4
REGIONAL ECONOMY HEADQUARTERS
OUTSIDE LONDON RELOCATING TO LEEDS
LABOUR POOL OF MOST FOREIGN
7 MILLION WORKERS INVESTMENT
(WITHIN AN HOUR’S DRIVE) OF ANYWHERE IN THE NORTH
9,200+ PROFESSIONAL 39,000 GRADUATES
SERVICES JOBS 3RD BEST CITY
TO BE CREATED IN THE NEXT DECADE FOR RETENTION OF GRADUATES
UK’S TOP PROFESSIONAL 109,000+ BUSINESSES
SERVICES HUB £69 BILLION GVA
(OUTSIDE LONDON)
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
Thorpe Park has established itself as one of the North of England’s premier business locations
300+ NEW HOUSES
COMING 2020 EAST LEEDS PARKWAY
RAILWAY STATION
COMING 2023
OFFICE
QUARTER
East Leeds
THORPE PARK Orbital Road
Thorpe Park, Leeds is an established 800,000 sq ft business park GREEN PARK Park Approach
A1(M)
with a working population of over 4,500 and is one of the north of
England’s premier business locations. Office occupiers within the park
include Balfour Beatty, NHS, Northern Gas, Regus, Kier, Bellway, Bam
Construction and National Grid. Barrowby Lane
The Scarborough Group have been developing out of parkland, sports pitches and public realm to be
J46
the park with the latest phase comprising “The known as Green Park making this a diverse area to
Springs” retail and leisure phase comprising in excess live, work, shop and relax.
of 190,000 sq ft of retail accommodation with tenants Plans include the delivery of the first section of the Cross Gates & EXISTING
including M&S, Next, Boots, TK Maxx and Outfit. ‘East Leeds Orbital Road’ connecting North East
Leeds City Centre THORPE PARK
(12 mins drive)
Leisure accommodation includes an 11 screen Odeon Leeds to the M1 (J46). This new road will unlock land
Luxe Cinema complex, a gym (Pure Gym), childcare for the construction of up to 7,000 homes in the East
facilities and a number of restaurants and cafes. Leeds area. There is also set to be a new railway
Plans are afoot to continue expansion of the Park station ‘East Leeds Parkway’ and associated Park A6120 M1
adding a further 860,000 sq ft of accommodation, and Ride, connecting Thorpe Park to the city centre in
and an additional 300 homes, to create one of the eight minutes. HOTEL & SPA
most prominent and diverse out of town business At the entrance to the park is the 4-star Thorpe Park
locations in the UK. The local business and resident Hotel which includes luxury spa and restaurant
community is set to benefit from approximately 113 acres facilities.
Office occupiers within the park include:
J46
Stile Hill Way
Garforth
& Selby
A63
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
3100 Century Thorpe Park, Leeds
1.589
SITUATION
3100 Century Way is situated in a prominent position on the eastern side of Thorpe Park. Situated to the east of Leeds (6 miles from city
centre) and on J46 of the M1, Thorpe park provides an outstanding business park environment. Thorpe Park has is set to benefit
from a new rail station ‘East Leeds Parkway’ and associated Park & Ride, which is set to open in 2023.
CENTURY WAY
DESCRIPTION
3100 Century Way is a detached office building providing 23,880 sq ft of office accommodation over ground and first floors. The property is
accessed through a secure key card entryway, which leads to a full height entrance atrium. Atkins, occupy the western side of the property,
while Birdseye occupy the eastern side of the property. The property benefits from excellent natural light with floor to ceiling double glazing.
Male, Female and disabled WC’s are located within the central core at ground and first floor level.
The property provides the following specification:
• Full access raised floors • 13 person passenger lift • Toilets within central core
• Air conditioning • Energy efficient LED lighting • Full disabled access and facilities
• Suspended ceilings • Quality carpeting throughout • Secure Car Parking for 109 cars
• Secure Cycle storage • Shower room on each floor • Double Glazing
SITE AREA TENURE
1.59 acres (0.64 hectares). Virtual freehold - 999 year lease from 01/01/2000.
© Crown Copyright, ES 100004106. For identification purposes only.
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
ACCOMMODATION & TENANCY SCHEDULE
Office Suite Tenant Sq Ft Sq M Lease Start Lease End Unexpired Rent Rent Rent Review Comment
(Break) Term (Break) psf
Part GF & FF West + 07/08/2028 8.5 years
Atkins Limited 13,510 1255.1 08/08/2018 £250,000 pa £18.51 08/08/2023
59 Car Parking Spaces (07/08/2024) (4.5 years)
Rent free period until 19.9.2020, then £96,250 pa from 20.9.2020
Part GF & FF East + Birds Eye 19/12/2029 9.8years
10,370 963.4 20/12/2019 £192,500 pa £18.56 20/12/2024 and £192,500 pa from 20.2.2021. Vendor to top up the rent.
50 Car Parking Spaces Limited (19/12/2025) (5.8 years)
Tenant to benefit from 12 months half rent if break is not exercised.
Total 23,880 £442,500
COVENANT
Atkins Limited Birds Eye Limited
Founded in London in 1938 by Sir William Atkins, Atkins Limited has grown to be a British Multinational Founded in 1923 by Clarence Frank Birdseye II, with his newly developed and patented quick
engineering, design, planning and project management company, with offices in 28 countries employing over 18,300+ employees freeze machine Birds Eye has steadily grown to being a global household name in the frozen
and having undertaken operations in 150 countries. Since being listed on the London Stock Exchange as W S Atkins (Now Atkins food business. Their products are sold in the US, Europe, Australia and New Zealand. In the
Ltd) in 1996 the company has continued to grow and by 2016, Atkins Ltd was the UK’s largest engineering consultancy and the UK, the Birds Eye brand is owned by Nomad foods, which is listed on the New York Exchange.
worlds 11th largest global design firm. Subsequently in 2017 Canadian company, SNC-Lavalin acquired Atkins for £2.1 billion.
Notable Projects that Atkins have been involved in include the design of the Burj Al Arab hotel, designs of the Birmingham New Street
Station development, the Oxford circus diagonal crossing as well as being the official engineering design provider for London 2012 Olympics.
Please find below Atkins Limited’s (5A1) previous 3 years accounts: Please find below Birds Eye Limited’s previous 3 years accounts:
31 December 2018 31 December 2017 31 March 2017 31 December 2018 31 December 2017 31 December 2016
Turnover £776,900,000 £564,200,000 £808,700,000 Turnover £430,968,000 £406,959,000 £399,112,000
Pre-Tax Profit £47,800,000 £60,700,000 £70,700,000 Pre-Tax Profit £11,380,000 £17,146,000 £15,781,000
Net Worth £327,700,000 £252,400,000 £246,800,000 Net Worth £189,362,000 £194,418,000 £179,217,000
3IOO
CENTURY WAY
THORPE PARK
LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
LEEDS OFFICE MARKET
OFFICE COMMENTARY INVESTMENT COMPARABLES
Leeds office rents are experiencing continued upwards pressure Recent comparable letting evidence in the Leeds out of town office Recent transactions at Thorpe Park include the following:
driven by strong occupier demand and limited available stock. market is set out below:
Date Address Price Net WAULT Purchaser Comments
Prime rents in the city centre are established at £30 psf on new build Initial (Term
Date Address Size (Sq Ft) Tenant Rent (£ psf)
accommodation with rents up to £34 psf being achieved on smaller Yield Certain)
suites. Headline Leeds out of town rents have reached £22.50 psf Q4 18 Lumina, 15,800 Pharmacy2U £22.50
Apr-19 Paradigm, £10,200,000 6.52% 5.1 years Leeds City Grade A office
which represents good relative value when compared with the Thorpe Park
3175 Century Way Council space
city centre. Supply has been limited in the out of town market with Q2 18 Optim, White 40,000 Perform Media £21.50
Rose Office Apr-19 Regus, £5,270,000 7.48% 5 years Due West Ltd 20 year old
Lumina, Thorpe Park being the only delivered product in the last 12 Park 1200 Century Way building
months which was half let pre-construction. With this lack of Grade A
space there is reportedly strong interest in pre-lets on the next phase Q2 18 Paradigm, 12,600 Pure Retirement £22.50 Aug-18 3125 & 3150 £12,100,000 7.27% 2.75 years Canal and River Larger Lot size
Thorpe Park Century Way Trust Shorter term
of the scheme. Due to lack of supply rents have seen steady rental certain
growth across the last 2-3 years with close to 20% growth across this
May-18 2100 & 2200 £12,000,000 7.25% 4.3 years Due West Ltd Larger Lot size
period and this trend looks set to continue for the foreseeable future. Century Way
INVESTMENT RATIONALE
• Leeds’ City Centre and Out of Town office markets are performing well • Low passing rent of £18.50 psf with future rental growth prospects
and current market dynamics are favourable for landlords possible with top rents within the park achieving £22.50 psf
• Thorpe Park is Leeds’ premier business park. Ongoing and • Birdseye Ltd and Atkins Ltd have recently demonstrated their
planned improvements to its infrastructure will further enhance its commitment to the subject property through new lease deals completed
reputation, providing a platform for further rental growth and last year and high quality tenant fit outs
yield compression • Attractive income profile with 9.09 years to expiries (5.09 years to breaks)
VAT EPC PROPOSAL
Available upon request.
The property is elected for VAT and we would expect the
transaction to be treated as a Transfer of a Going Concern.
We are instructed to seek offers in excess of £5,950,000 (Five Million, Nine Hundred and
Fifty Thousand Pounds) reflecting an attractive net initial yield of 7.00% having allowed for
AML standard purchaser costs of 6.63% and a low capital value of approximately £249 per sq ft.
A successful bidder will be required to provide information to satisfy the AML
requirements when Head of Terms are agreed.
For further information or to make arrangements for viewing please contact:
DATAROOM
Alex Butler Jonathan Butcher Ronnie Morgan
For access to the Allsop dataroom please use the following link: 020 7543 6722 020 7543 6755 020 7543 6808
https://datarooms.allsop.co.uk/register/thorpeparkleeds alex.butler@allsop.co.uk jonathan.butcher@allsop.co.uk ronnie.morgan@allsop.co.uk allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to
be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties,
undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as
to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary
searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 02.20You can also read
