OFFICE / DEVELOPMENT OPPORTUNITY With Potential for Residential Conversion (STP)

Size: px

Start display at page:

Download "OFFICE / DEVELOPMENT OPPORTUNITY With Potential for Residential Conversion (STP)"

Marshall Fisher
5 years ago
Views:

1 Clifton House, 84 Broadway, Peterborough PE1 1QZ Park Road, Peterborough PE1 2TT OFFICE / DEVELOPMENT OPPORTUNITY With Potential for Residential Conversion (STP)

OVERVIEW & Park Road Two adjacent buildings available individually or combined Main building of 4,632 sq m (49,858 sq ft) suitable for alternative uses including residential conversion subject to

walk from the train station LOCATION Peterborough is an historic cathedral city in the east of England.

2 OVERVIEW & Park Road Two adjacent buildings available individually or combined Main building of 4,632 sq m (49,858 sq ft) suitable for alternative uses including residential conversion subject to planning Additional investment building available providing 712 sq m (7,664 sq ft) let to the Government on a new 10 year lease at 86,000 per annum Located in Peterborough City Centre only a short walk from the train station LOCATION Peterborough is an historic cathedral city in the east of England. It is the largest city in Cambridgeshire with a population in excess of 190,000 and is one of the fastest growing cities, in terms of population, in the UK. Peterborough is well located being approximately 75 miles north of London, 36 miles from Cambridge and approximately 80 miles from Birmingham. It is at the junction of the A1(M) and the A47 which in turn provide access to the A14 and M11. The train services are excellent being on the Kings Cross to Edinburgh East Coast main line. The fastest journey time to London being approximately 45 minutes. The properties are located on Broadway and Park Road, a short walk from the heart of Peterborough city centre, the Queensgate Shopping Centre and the train / bus stations. It is also approximately 1 mile from the parkway system providing access to the A1 motorway. DESCRIPTION Clifton House comprises a five storey office building, which was constructed in the mid 1960 s and extensively modernised and refurbished in the 1980 s. It has concrete floors, masonry walls and aluminium framed double glazed windows. It is currently occupied as a Job Centre Plus Park Road is a similar specification three storey building but includes a mixture of timber sash and aluminium framed windows. Both properties are detached but linked on two floors. Externally there is car parking for the use of tenants. There are approximately 10 spaces available with Park Road and 77 spaces with Clifton House.

3 ACCOMMODATION Sq Ft Sq M CLIFTON HOUSE Ground Floor 7, First Floor 10, Second Floor 10, Third Floor 10,777 1,001.2 Fourth Floor 10, TOTAL 49,858 4,632 PARK ROAD Ground Floor 1, First Floor 3, Second Floor 2, TOTAL 7, COMBINED TOTAL 57,522 5,344 * All measurements are approximate. It should be noted that the floor areas have been adopted from a Plowman and Craven report (2013) and are on a net internal floor area basis. Further information available from the agents. EPC Clifton House C(68) Park Road C(72)

4 TENURE Both buildings are for sale freehold. It should be noted that part of the car park servicing Clifton House, to the north, is held on a long leasehold basis for a term of 125 years from 14th February 1990 at a peppercorn rent. Clifton House Currently let to Trillium Prime Property on a lease expiring 31 March However The Secretary of State for the Environment will then lease the building on a new 1 year fully repairing and insuring lease from 01 April 2018, contracted out of the security of tenure provisions of the Landlord and Tenant Act 1954 with a tenant rolling break on 3 months notice (new lease only), at an annual rent of 700,000 exclusive. On the commencement of the new lease the tenant is to pay the sum of 225,000 to the landlord as a non-returnable contribution towards dilapidations. We understand that the tenant is looking to vacate during the summer of Upon vacation the tenant is responsible for removing the link between the two buildings Park Road Let to the Secretary of State on a lease expiring March 2018 at a current rent of 71,785 per annum exclusive. The tenant will then lease the building a new 10 year fully repairing and insuring lease to commence 01 April 2018 at a revised annual rent of 86,000 per annum exclusive. The lease is subject to an upwards only rent review at the expiry of the 5th year of the term and tenant break at the expiry of the 8th year of the term. PRICE The buildings are available individually or combined at the following guide prices. Clifton House (84 Broadway) - 4,950,000 including the agreed dilapidations payment and rent until vacation Park Road 1,200,000. Based on the revised rent of 86,000 the guide price shows a net initial yield of 6.71% after allowing for purchasers costs of 6.8%. VAT is payable on the purchase price(s). BID PROCESS Offers are to be submitted to either agent by noon on Friday 01 December Offers should clearly state:- 1. The name and address of the purchaser. 2. The level of offer in words (offers should be for a fixed sum and not calculated by reference to another offer). 3. Proof of ability to purchase with supporting financial information as appropriate. 4. The offer should confirm for which building the offer is made (or both). 5. Details of the purchasers solicitors. 6. Details of the proposed timescales for exchange and completion. 7. Any conditions attached to any offer. Please note that the vendor reserves the right not to accept the highest, or any, offer made. VIEWINGS Edward Gee (Savills) Steve Hawkins (Barker Storey Matthews) T: T: E: egee@savills.com E: sph@bsm.uk.com

5 IMPORTANT NOTICE Savills, their clients and any joint agents give notice that:- 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own, behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Figures quoted in these particulars may be subject to VAT in addition. November 2017.

HIGH QUALITY OFFICES TO LET. Southgate Park, Peterborough, PE2 6YS Suites from 1,250 9,754 sq ft ( sq m)

HIGH QUALITY OFFICES TO LET. Southgate Park, Peterborough, PE2 6YS Suites from 1,250 9,754 sq ft ( sq m) HIGH QUALITY OFFICES TO LET Southgate Park, Peterborough, PE2 6YS Suites from 1,250 9,754 sq ft (116.12 906.19 sq m) Location Southgate Park is strategically situated at Junction 17 of the A1(M) motorway.