New build West kes Science and Techno gy Park Whitehaven Cumbria. r herford house

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Juliana Davis
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1 let to for 15 y rs New build office investme West kes Science and Techno gy Park Whitehaven Cumbria r herford house West kes

investme summary New build office investment r r elevation Located on the established Westlakes Science and Technology Park, Whitehaven Occupationally linked to the Nuclear Decommissioning Authority

2 investme summary New build office investment r r elevation Located on the established Westlakes Science and Technology Park, Whitehaven Occupationally linked to the Nuclear Decommissioning Authority (100+ year contract) at Sellafield Nuclear Power Station, within 10 miles 18,359 sq ft (subject to final measurement upon practical completion) to be let to Atkins Limited. Practical Completion due in May 2015 (To be let to Atkins Ltd) 15 year FR+I lease with 5 yearly rent reviews linked to RPI 285,691 per annum commencing rent ( psf) Offers in excess of 3,200,000 Net Initial Yield 8.45% Contact Chris Bathurst Tel: cb@christopherdee.co.uk Mark Bolton Tel: mb@christopherdee.co.uk Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

tion Whitehaven is an attractive town and port situated in þe ce re of Britain s Energy Coast to þe west of þe Lake

A5905 Whitehaven lies approximately 40 miles (64 km) south west of Carlisle, 45 miles (72 km) west of Penrith, and

The town is intersected by the which provides access to Workington and Carlisle to the north and the Sellafield

The town is connected to the national railway network with regular services to Carlisle, Workington and

Parton Victoria Rd Carlisle Workington Cockermouth A66 Whitehaven Moorside Power Station Site Egremont Sellafield &

Carlisle A66 M6 Ambleside 43 42 Windermere A69 41 Penrith 40 A6 39 M6 38 Kirkby Stephen Kendal A684 37 Whitehaven

3 tion Whitehaven is an attractive town and port situated in þe ce re of Britain s Energy Coast to þe west of þe Lake District National Park. A5905 Whitehaven lies approximately 40 miles (64 km) south west of Carlisle, 45 miles (72 km) west of Penrith, and 45 miles (72 km) north of Barrow-in-Furness. The town is intersected by the which provides access to Workington and Carlisle to the north and the Sellafield Nuclear Site to the south. The M6 Motorway is approximately 40 miles (64 km) to the east, and accessed via the A66. The town is connected to the national railway network with regular services to Carlisle, Workington and Barrow-in-Furness with regular services to London Euston via Carlisle. Parton Victoria Rd Carlisle Workington Cockermouth A66 Whitehaven Moorside Power Station Site Egremont Sellafield & NNL Laboratories Maryport A596 Westlakes Science & Technology Park Gosforth Seascale A66 Wigton Keswick A Carlisle A66 M6 Ambleside Windermere A69 41 Penrith 40 A6 39 M6 38 Kirkby Stephen Kendal A Whitehaven Hig h Rd Main St Keekle Terrace Hensingham Frizington M6 A5902 Ulverston A590 A591 A A65 M6 Kirby Lonsdale A590 Sandwith Mirehou se Rd Westlakes Science & Technology Park Barrow-in-Furness Carnforth 35 A687 A65 Barrowin-Furness Lancaster 34 M6 Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

west kes Westlakes Science and Technology Park is immediately adjacent to the and approximately 3 miles (5 km) south of

Westlakes provides a high quality working environment and is home to over 1,450 staff in some 70 diverse businesses and

The University of Central Lancashire has a campus on the Science Park where it is delivering Higher Education courses and

Established in 2005, this Government organisation manages clean-up of the UK s ageing nuclear facilities at various sites

Sellafield accounts for 65-70% of the nation s nuclear legacy and is the largest public sector project in the UK with an

4 west kes Westlakes Science and Technology Park is immediately adjacent to the and approximately 3 miles (5 km) south of Whitehaven town centre. Westlakes provides a high quality working environment and is home to over 1,450 staff in some 70 diverse businesses and organisations. The University of Central Lancashire has a campus on the Science Park where it is delivering Higher Education courses and providing R&D support to local businesses. The UK s Nuclear Decommissioning Authority HQ is based at Westlakes Science Park. Established in 2005, this Government organisation manages clean-up of the UK s ageing nuclear facilities at various sites across the UK. Sellafield accounts for 65-70% of the nation s nuclear legacy and is the largest public sector project in the UK with an estimated cost of 67bn across its 100+ year programme. þe prime tion for mpanies providing support services to þose involved in West Cumbria s Nucl r and Energy re ted industry. Compare Costs Decomissioning cost of Sellafield 67bn Crossrail 20bn HS2 43bn Third runway at Heathrow 18.6bn Two new QE class aircraft carriers 6.2bn Description Location Westlakes Space Location Aerial Description Westlakes Siteplan Aerial Floor Details planscovenant Tenure/Tenancy Proposal Covenant Proposal

ærial Nuclear Management Partners University of Manchester Carillion Jacobs Engineering Rutherford House Thales Sellafield Ltd Nuclear Decommissioning Authority Cavendish Nuclear Uclan RPS Doosan

5 ærial Nuclear Management Partners University of Manchester Carillion Jacobs Engineering Rutherford House Thales Sellafield Ltd Nuclear Decommissioning Authority Cavendish Nuclear Uclan RPS Doosan Babcock Energy Atos Cavendish Nuclear Britains Energy Coast Nuvia Atkins Morgan Sindall Babcock Environmental Laboratory Amec Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

description Rutherford House comprises a new build High Quality detached twostorey office block of striking design, which is due for practical

The building is of Steel portal frame construction with feature part glazed curtain walling and local limestone entrance feature.

Conditioning Passenger lift Male, Female and disabled toilets Kitchen facilities Externally, the property benefits from a surfaced car park and

6 description Rutherford House comprises a new build High Quality detached twostorey office block of striking design, which is due for practical completion in May The building is of Steel portal frame construction with feature part glazed curtain walling and local limestone entrance feature. Internally, the offices benefit from a specification including: Suspended ceilings with integral lighting Full access raised floors Air Conditioning Passenger lift Male, Female and disabled toilets Kitchen facilities Externally, the property benefits from a surfaced car park and soft landscaped areas. The tenant is undertaking a comprehensive fit out of the offices in accordance with their corporate requirements. a High Quality office b ck of striking design. due for mpletion in may Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

7 sitep n Vehicle barrier Vehicle barrier Covered motorcycle parking CROW PARK WAY Visitor parking Accessible parking x 7 Main entrance Covered cycle store Smoking shelter Electric vehicle charging Proposed office building Fenced refuse & recycling store Storage unit Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

8 Lobby fl r p ns ground fl r Draught Lobby Accommodation The property provides the following net internal floor areas: Fire Escape Stair Fire Escape Stair Ground Floor 9,202 sq ft sq m Open Plan Office Open Plan Office First Floor 9,157 sq ft sq m Main Stair Lobby Lockers Shower Shower Total 18,359 sq ft 1,705.4 sq m WC Cleaner LV Switch Room Female WCs Male WCs The property benefits from 150 car parking spaces providing a ratio of 1:122 sq ft / sq m. First fl r *Floor areas are subject to a joint measurement with the tenant, on practical completion. Refuge Open Plan Office 8 person lift Locker Shower Rm Main Stair Shower Cleaner Female WCs Male WCs Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

tenure/tenancy Tenure New 199 year long lease from 9th April 2014. Freehold available through separate negotiation.

9 tenure/tenancy Tenure New 199 year long lease from 9th April Freehold available through separate negotiation. Tenancy The entire property is to be let to Atkins Ltd, for a term of 15 years with effect from the date of practical completion. The commencing rent will be the lower of 285,691 pa or psf multiplied by the net internal floor area, to be agreed by the developer and the tenant. EPC An EPC will be undertaken on Practical Completion. Rental Value The commencing rent equates to psf. The most recent letting on Westlakes was dated August 2014 where Jacobs Engineering took a 10 year lease on 20,392 sq ft at 365,000 pa i.e psf (without any rent free). The lease is drawn on a full repairing and insuring basis and provides 5 yearly upward only rent reviews based on the increase in all items RPI over the period and capped at 4% pa (0% collar). *A copy of the draft lease is available on request. Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

10 vena atkins is þe uk s rgest engineering and design nsultancy and þe se nd rgest multi-disciplinanry nsultancy in europe The company has a network of over 100 offices throughout the UK, with other offices in Denmark, France, Ireland, Norway, Portugal and Sweden. Further information is available at Graydon UK credit rating of: 1A Excellent. Latest accounts Date of accounts 31 Mar Mar 2013 Turnover 868.9m 850.8m Pre-tax profit 47.9m 30.1m Net assets 149.4m 162.6m Description Location Westlakes Space Location Aerial Description Westlakes Siteplan Aerial Floor Details planscovenant Tenure/Tenancy Proposal Covenant Proposal

11 proposal Proposal Our Client is seeking offers in excess of 3,200,000* for their long leasehold interest. A purchase at this level reflects an 8.45% net initial yield, after deducting purchasers costs at 5.8% * The purchase price will alter, based on the finalised commencing rent, post joint measurement VAT The property is elected for VAT and it is anticipated the sale will be undertaken as a Transfer of a Going Concern. For further information or to arrange an inspection, please contact: Chris Bathurst Tel: cb@christopherdee.co.uk Mark Bolton Tel: mb@christopherdee.co.uk MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee and North Associates nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. April 2015 Designed and produced by Studio enar studioenar.co.uk Location Westlakes Aerial Description Siteplan Floor plans Tenure/Tenancy Covenant Proposal

Jacobs House - New build office investment Westlakes Science and Technology Park Whitehaven, Cumbria LET TO

Jacobs House - New build office investment Westlakes Science and Technology Park Whitehaven, Cumbria LET TO Investment Summary New build Office Investment Located on established Westlakes Science and Technology