Single-Let Office Investment With Reversionary Development Potential - 2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Single-Let Office Investment With Reversionary Development Potential 2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB avisonyoung.co.uk
2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB
Investment Summary
• A 1,622 sq m (17,458 sq ft) office building in a highly • Low rent of £14.23 per sq ft offering excellent • We are instructed to seek offers in excess of
accessible location within Coventry, the second potential for future growth due to the current lack £2,800,000 (Two Million Eight Hundred Thousand
largest city in the West Midlands, and one of the of availability in Coventry. Pounds) reflecting an attractive net initial yield of
best-connected cities in the UK. 8.34% assuming purchasers’ costs of 6.43%, and
• Long leasehold on a 150-year lease from 2020. £160.38 per sq ft capital value.
• Fully let to The National Mathematics and Science
College Limited until September 2030. • Excellent underlying potential for long term
conversion or redevelopment for student
• The tenant has a Creditsafe rating of Low Risk. residential accommodation.
2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB
Location Communications
Coventry is a cathedral city located at
Road Train Air
the heart of the UK and, with a
population of 337,400, is the second Coventry is strategically located at Coventry railway station is located in Coventry Airport is located to the south of the city
largest city in the West Midlands and the centre of the national motorway the city centre and offers excellent close to the A45/A46 junction and serves as an
the 11th largest in the UK. The city lies network. The city is in close national rail connections via the important freight and private airport within the
approximately 19 miles (30.6 km) to proximity to Junction 2 and Junction West Coast Mainline. Direct rail region. Birmingham Airport is 10 miles (16.1 km)
the south east of Birmingham and 96 3 of the M6, Junction 1 of the M69, services are available to London to the north west and has a direct train connection
miles (154.5 km) to the north west of Junction 6 of the M42 and Junction Euston with a fastest journey time of with Coventry railway station from Birmingham
London. 15 of the M40 Motorways. This 64 minutes, to Birmingham International. Birmingham Airport is the third
allows rapid access to the full International in 10 minutes, and to largest airport in the UK outside London, seventh
national motorway network serving Birmingham New Street in 21 largest overall and served over 11.5 million
the Midlands conurbations and minutes. passengers in 2016. The East Midlands Airport is
beyond. 42 miles (67.6 km) to the north.
M6
B4101
A45
Stapleton Ln Kirkby Rd
M6
Station Ave BARWELL A45
Ashby Rd
Shilton Rd
Charter Ave Charter Ave A444
CANLEY
A45
Westwood Way
Westwood
Way The National
A45
WESTWOOD
Moat Way Church Ln CANNON PARK Mathematics and
BUSINESS PARK
Mill St A47
Science College
Hinckley Rd The Common
COVENTRY
The National Barwell Ln Charter Ave
A45
Mathematics
Ashby Rd and UNIVERSITY
of WARWICK A47
Science College
A47
UNIVERSITY
OF WARWICK A45
A46
2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB
Situation Investing in Coventry
The property is located on the very successful Westwood Business Park, a 100 acre campus situated Coventry’s excellent connectivity is complimented by strong demographics and a
to the south west of Coventry. A number of major companies are represented on the park including growing economy, making one of the most exciting cities to invest in. Some of
Barclays Bank Plc, E.ON UK and Shell Energy, alongside other high profile companies. the key highlights are as follows:
The Park is well located for easy access to the A45 and A46, which in turn link with the Midlands • Coventry is one of the top cities in the country for jobs growth, patents
motorway network. The National Exhibition Centre and Birmingham Airport are located granted and business growth over the past decade.
approximately 15 minutes’ drive to the north west along the A45. There are frequent rail links to
• Coventry is the fourth best connected city in the UK - 75% of England is within
London Euston from Coventry train station, with a journey time of around 1 hour 10 minutes.
a 2-hour drive time of Coventry.
• Coventry is undergoing a £9 billion programme of investment with potential to
create over 70,000 new jobs.
• The Friargate development is underway and is set to provide 3.2 million sq ft
of mixed-use space, creating up to 15,000 jobs.
• Coventry is a vibrant centre for culture offering a variety of attractions and
ventures and is the UK City of Culture 2021.
• Coventry is the heart of the British motor industry and home to the UK
headquarters of Jaguar Land Rover and Peugeot Citroen. 10% of all UK
Automotive jobs are in Coventry and Warwickshire.
• Coventry is already home to major occupiers including; Barclays, Cadent Gas,
Coventry Building Society, Ericsson, E.ON, Jaguar Land Rover, London EV
Company, Peugeot Citroen, Sainsbury’s, Severn Trent and Tui.
• On average each firm in Coventry and Warwickshire spent £15,000 on
Student accommodation being
developed specifically for NMSC research and development, that’s more than twice the UK figure of £6,800.
• 71,000 people commute to Coventry for work every day. 32,000 commute
from Coventry.
• Six million people live within a 1-hour drive of Coventry.
• The city is home to two leading Universities; Coventry University and
University of Warwick, with a combined total of circa 54,000 students. They
Student Roost: play a significant role in the local economy and expect to grow significantly
The Oaks, Student over the next few years.
accommodation
• Coventry University is rated 15th University in the United Kingdom in The
Guardian University Guide 2020.
• The University of Warwick is third most targeted university nationally by the
UK’s top 100 graduate employers, and is rated tenth in the UK by The Times
Higher Education 2020.
2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB
Description
2 The Oaks is a 1,622 sq m (17,458 sq ft) two storey office building providing well specified
accommodation. There are 20 car parking spaces at the front of the building (including 2
disabled spaces) and 3 car parking spaces at the rear.
The building is ideal as a self contained headquarters office however provides the ability to
let on a floor by floor, or wing by wing basis.
The office specification includes the following:
• Glazed reception positioned in an off central location
• Underfloor trunking
• Suspended ceilings
• Recessed LED lighting (TBC)
• Perimeter heating system
• Comfort Cooling
• A 6 person passenger lift
• Double glazed openable windows
• Male and Female WC's on both floors
• Central stair core
• Emergency stair core
Area
We have been provided with a measured survey which states the following areas. The
survey can be found in the data room.
Description Sq M Sq Ft
Ground Floor 791.1 8,515
Reception 32 344
First Floor 798.9 8,599
Total 1,622 17,458
Service Charge
A park service charge is payable and more information can be found in the data room.
2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB
Tenancy information Future Development Potential
The property is currently let to The National Mathematics and Science College Limited Westwood Business Park is an established office location but with the offices formally
(Company no. 09416929) on a 10-year lease expiring 29 April 2026 at a current annual rental of known as 1 and 3 The Oaks having been demolished to develop brand new student
£248,441 (£14.23 per sq ft). There is a rent-free period currently running which expires on 23 accommodation, it offers long term potential for conversion or redevelopment for student
June 2022 and the revised rent will be payable from this date, however the vendor will top-up residential, subject to the appropriate planning permission being obtained.
the rent upon completion.
NMSC have signed an agreement for lease to take 56 beds on Phase 2 The Oaks to
There is a reversionary lease extension in place from 29 April 2026 to 7 September 2030. Accommodate their students, the lease termination of which coincides with the lease on
the subject property. NMSC also have the option to take a further 86 beds in Phase 2 if
There is then an option for the tenant to extend the lease for a further five years starting 8 they so wish.
September 2030, requiring notice between 8 September 2029 and 8 June 2030.
Covenant information Option to Buy
A third party have an option to buy the property at the proposed price offered from any
The National Mathematics and Science College Limited (09416929) is
investor. In summary:
a co-educational college, dedicated to providing world-class education in
the STEM subjects; Science, Technology, Engineering, and Mathematics, • From receipt of offer from an investor, the third party have 40 working days to make the
for students aged 15-19, looking to gain entry to the world’s leading universities. decision on if they are going to buy. The third party cannot negotiate the offer.
For further information visit https://natmatsci.ac.uk/ • If the third party do accept they are contractually bound to complete within a further 30 days.
• If they do not accept, the vendor is able to complete with the investor anytime within the
Tenure next 12 months.
The property is held long leasehold, subject to a peppercorn rent, on a 150-year lease from 2020.
Student Roost:
The Oaks, Student
accommodation
Student accommodation being
developed specifically for NMSC
2 The Oaks, Westwood Way, Westwood Business Park, Coventry, CV4 8JB For further information
please contact:
Energy Performance Certificates For further information or
The building has an EPC of D. Certificate is available upon request. to arrange a viewing
please contact:
Data Room
A dedicated data room is available for interested parties to review key documents.
Adrian Griffith
Direct Line: 0121 609 8347
VAT Email: adrian.griffith@avisonyoung.com
The property has been elected for VAT and therefore VAT will be payable. It is intended that the
property will be sold as a TOGC. Alex Darlington
Direct Line: 0121 609 8325
Proposal Email: alex.darlington@avisonyoung.com
We are instructed to seek offers in excess of £2,800,000 (Two Million Eight Hundred Thousand
Pounds) reflecting an attractive net initial yield of 8.34% assuming purchasers’ costs of 6.43%,
and £160.38 per sq ft capital value. Property Ref: 109730
May 2021
Avison Young
3 Brindleyplace
Birmingham
B1 2JB
Tel: 08449 02 03 04
Fax: 0121 609 8314
Avison Young hereby gives notice that the information provided either for itself, for any joint agents or for the vendors lessors of this property whose Anti-Money Laundering
agent Avison Young is in this brochure is provided on the following conditions:
To comply with our legal responsibilities for Anti-Money Laundering, it will be
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 necessary for the successful bidder to provide information necessary to complete
contract, or part of an offer or contract. these checks before the deal is completed. Information required will include.
2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other • Corporate structure and ownership details.
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 • Identification and verification of ultimate beneficial owners.
statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. • Satisfactory proof of the source of funds for the Buyers / funders / lessee.
3) No person in the employment of Avison Young, 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) Avison Young 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 Avison Young.
Designed and produced by Q Squared Design Ltd, Tel: 01789 730833. May 2021.You can also read
