Investment Sale Office Investment Opportunity Staniland Way Werrington Peterborough PE4 6FN
, Staniland Way, Werrington, Peterborough PE4 6FN Executive Summary Well configured office building providing flexible accommodation. 19,200 sq ft on ground and first floors 52 car parking spaces. Let to Santander UK Plc, Peterborough City Council and Telefónica O2 UK Ltd. Situated next to proposed 72,000 sq ft Tesco superstore part of the Werrington District Centre. Wide range of asset management opportunities. Total rental income of 234,523 per annum. We are seeking offers in the region of 2,750,000 (Two Million, Seven Hundred and Fifty Thousand Pounds), subject to contract, for the freehold interest in the property which reflects a net initial yield of 8.06%, after allowing for purchasers costs at 5.75%. This reflects a low capital value of 143 per sq ft.
, Staniland Way, Werrington, Peterborough PE4 6FN Location The total population within the Peterborough primary catchment area is 637,000, with an estimated shopping population of 340,000. The city is forecast to see above average population growth over the period 2009-14. The Werrington Centre comprises a mix of retail and commercial properties. The Centre is anchored by a Tesco supermarket (30,000 sq ft) together with associated retailers that include Norwich & Peterborough Building Society, Ladbrokes, Domino s Pizza and a variety of independent retailers. The Centre also provides social facilities of a health centre and dentist surgery. Peterborough is an historic Cathedral City situated approximately 80 miles north of central London. Peterborough was designated a new town in 1967 and since this time has undergone rapid expansion, particularly based on manufacturing and engineering and is a major commercial centre. The city benefits from good road and rail communications. The city is situated approximately 4 miles to the east of Junction 17 of the A1(M) and is surrounded by a system of duel carriageways, the A1260 and A47, both of which provide direct routes to the A1(M). Nearby centres include Northampton, Leicester, Cambridge and Bedford all of which are easily accessible by road. Peterborough is located on the main east coast rail line which connects London to Edinburgh, with high speed services, providing a fastest journey time to London of approximately 46 minutes. Situation is located within the Werrington District Centre approximately 5km (3.25 miles) north of Peterborough City Centre. Werrington is a predominantly residential area comprising the Wards of North and South Werrington supporting a population in the order of 14,800. The Werrington District Centre has the benefit of good communications to the A47 via the Paston Parkway and A15 (Werrington Parkway). comprises one of two office buildings located at the entrance to the Centre off Staniland Way. The subject property and Olympus House, both of similar design, were constructed in the late 1980 s. Planning permission was granted in 2009 for the redevelopment of the existing Tesco store to provide a modern 72,000 sq ft superstore and 535 car spaces.
, Staniland Way, Werrington, Peterborough PE4 6FN Description was constructed in 1989 and is situated to the north east corner of the Werrington Centre. The property is of brick construction under a pitched tiled roof with double glazed wooden window frames. The premises benefit from the following facilities/specification: Double height entrance hall Category II lighting Central heating and part air conditioning Suspended ceilings Disabled toilet Male and Female toilets on each floor Passenger lift 52 car parking spaces Site The property occupies a site totaling 0.80 acres (0.32 hectares). Tenure Freehold Tenancy The property is let in accordance with the following tenancy schedule: Description Current Tenant Area Area Annual Rent Lease Term Next Rent Next Lease Comment (sq m) (sq ft) Rent ( psf) Start (years) Review Break Expiry (pa) Ground floor Santander UK Plc c/o Mapeley Columbus Ltd 887.22 9,550 117,960 12.35 13/06/1990 25 13/06/2010 12/06/2015 Tenant is not in occupation Part first floor Peterborough City Council Strategic Property Services 520.26 5,600 69,063 12.33 25/06/1991 20 24/06/2011 Part first floor SayBest Limited 376.35 4,051 36,500 9.01 23/10/2005 10 23/10/2010 22/10/2010 22/10/2015 2010 break has been exercised Mast site no. 17016 Telefónica O2 UK Limited 3,000 30/11/2006 8.5 03/05/2008 02/05/2012 02/05/2015 2008 rent review outstanding/ and 2011 review to RPI or OMV Mast site no. 17016D Telefónica O2 UK Limited 8,000 03/05/2002 10 03/05/2008 02/05/2012 02/05/2015 2008 rent review outstanding/ and 2011 review to RPI or OMV Total 1,783.83 19,201 234,523
, Staniland Way, Werrington, Peterborough PE4 6FN Covenants Turnover Pre-tax Profit Net Assets Santander UK Plc Year ending 31/12/2009 8.76 bn 1.69 bn 7.22 bn Year ending 31/12/2008 9.24 bn 1.10 bn 6.70 bn Year ending 31/12/2007 8.42 bn 0.86 bn 3.34 bn Saybest Limited Year ending 31/12/2009 1.26 m 7.74 m Year ending 31/12/2008 1.53 m 7.38 m Year ending 31/12/2007 (1.81 m) (5.70 m) Telefonica O2 UK Limited Year ending 31/12/2008 5.57 bn 0.88 bn 9.44 bn Year ending 31/12/2007 5.06 bn 0.73 bn 8.81 bn Year ending 31/12/2006 4.28 bn 0.38 bn 8.28 bn Peterborough City Council Statutory body VAT We understand that the property is elected for VAT. Proposal We are seeking offers in the region of 2,750,000 (Two Million, Seven Hundred and Fifty Thousand Pounds), subject to contract, for the freehold interest in the property which reflects a net initial yield of 8.06%, after allowing for purchasers costs at 5.75%. This reflects a low capital value of 143 per sq ft. Viewing and Further Information Further information and arrangements to view the property can be obtained from the sole agents: Lambert Smith Hampton 6 Wellbrook Court Girton Road Cambridge CB3 0NA Andrew McGahey Tel: 01223 814265 Email: amcgahey@lsh.co.uk Additional information is available at: www.lshinvestmentsales.co.uk Subject to Contract and Exclusive of VAT Lambert Smith Hampton July 2010 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. www.lsh.co.uk