New Professional Offices Let to Baker Tilly Management Ltd (Trading name RSM)

Transcription

1 I N V E S T M E N T O P P O RT U N I T Y New Professional Offices Let to Baker Tilly Management Ltd (Trading name RSM) OLD RAILWAY QUARTER FIREFLY AVENUE CHURCHWARD SWINDON SN2 2GG

2 I N V E S T M E N T S U M M A RY SWINDON TOWN CENTRE ISAMBARD HOUSE ENGLISH HERITAGE STEAM OUTLET VILLAGE High quality, new offices in a unique mixed use location which has undergone extensive regeneration. Car parking ratio 1 : 242 sq.ft. Agreement for Lease completed, 15 year lease with tenant option to break after 10 years and 8 months to commence on completion of developer s CAT A works. Single tenancy and occupied by global accountancy group, RSM. NATIONAL TRUST We are instructed to seek offers in excess of 1,550,000 exclusive for the new 999 year long leasehold interest reflecting a net initial yield of 7.1% after allowing for purchaser costs of 5.8%.

3 L O C AT I O N Elgin Drive 16 BQ Lidl Designer Outlet Audi TOWN CENTRE Bridgemead Retail Park John Lewis at Home A3102 Great Western Way M4 Queens Drive Oxford Rd Marlborough Rd A420 To Oxford A419 The property occupies a prominent position within the Old Railway Quarter, the new and successful mixed use regeneration / redevelopment which is taking place at Churchward Village. Churchward is home to the Great Western Designer Outlet Village, the National Trust headquarters, English Heritage National Monuments and The Steam Museum. Churchward provides a unique and vibrant environment with renovated Listed buildings sitting side by side with the modern architecture of the new build, to create a 21st Century urban landscape that is unrivalled in the town. The two upper floors of the property contain 30 contemporary apartments which have all been sold on 999 year long leaseholds. The development at Churchward will provide a total of 325 apartments along with the commercial space. 15 Isambard House on Churchward, a Grade 2 Listed Building providing 17,000 sq.ft. of office accommodation, is currently under offer to a national occupier who are relocating to Swindon. K E M B L E D R SWINDON TOWN CENTRE W E S T C O T T P L A C E

4 D E S C R I P T I O N A C C O M M O D AT I O N Description The developers are currently in the process of undertaking the CAT A works which include: VRF air conditioning Suspended ceilings LED lighting throughout Raised floors Male/female/disabled and shower facilities Carpet and floor boxes by way of an allowance The CAT A works accommodate enabling works for the tenant s CAT B fit out, which will commence on completion of the lease. The reinstatement provisions are to a CAT A open plan configuration. Accommodation Under the Agreement for Lease the premises were measured in accordance with the RICS Code of Measuring Practice, 6th Edition, and the net internal area has been agreed at 7,296 sq.ft. ( sq.m.).

5 T E R M S C O N TA C T S Tenure A new 999 year long leasehold at peppercorn rent with unrestricted right to use 30 car parking spaces. Tenancy An Agreement for Lease has been completed and a new lease for a term of 15 years on effective FRI terms will commence on completion of the developer s CAT A works. The lease contains a tenant s option to break at 10 years, 8 months subject to 6 month s prior written notice. The initial rent is 116,726 per annum exclusive ( 16 per sq.ft.). There is an initial 8 month rent free period which the vendors will top up on completion. Viewing Further Information For further information or to arrange an inspection, please contact: Jeremy Sutton jeremysutton@keningtons.com Covenant information Baker Tilly Management Limited is the company that provides both staffing and premises services to Baker Tilly UK Group plc. Baker Tilly s trading name is now RSM. In the year ending 31 March 2015 the tenant reported a turnover of 64,519,000, pre-tax profits of 4,573,000 and a net worth of 9,417,000. The Credit Safe rating is 69 (low risk). The lease is guaranteed by Arrando Investments Limited, the holding company. VAT The property has been elected for VAT. Energy Performance Certificate The energy performance certificate will be commissioned on completion of the developer s CAT A works. Proposal We are instructed to seek offers in excess of 1,550,000 exclusive for the new 999 year long leasehold interest reflecting a net initial yield of 7.1% after allowing for purchaser costs of 5.8%. The vendors are proposing to exchange contracts with completion to take place simultaneously with the completion of the occupational lease which itself will commence on completion of the developer s CAT A works, scheduled to be around the end of April Important: Keningtons for themselves and for the vendor/lessor of this property whose agents they are give notice that (i) these particulars do not constitute any part of an offer or contract (ii) all statements contained in these particulars are made without responsibility on the part of Keningtons or the vendor/lessor and nothing contained in these particulars is to be relied upon as a statement or representation of fact; (iii) any intending purchaser/lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars; (iv) the vendor/lessor does not make or give and Keningtons nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property; (v) all rentals and prices are exclusive of VAT. Brochure compiled February 2016.