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 Park Occupationally linked to the UK s Nuclear Decommissioning Authority (100+ year contract) Let to Jacobs UK Limited 20,392 sq ft (subject to final measurement upon practical completion) Practical Completion due on 1st of August 2014 15 year lease from completion with tenant break option at expiry of 10th year 5 yearly Open Market Value rent reviews 365,000 per annum commencing rent ( 17.59 psf) Offers in excess of 3,835,000 Net Initial Yield 9%
Location Whitehaven is an attractive town and port situated in the centre of Britain s Energy Coast to the west of the Lake District National Park. It 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 A595 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. WHITEHAVEN CARLISLE A595 MARYPORT A595 A596 A595 A66 WORKINGTON Lilleyhall Industrial Area WHITEHAVEN SILLOTH BROUGHTON WIGTON KESWICK A591 CARLISLE DALSTON A66 Westlakes Science & Technology Park EGREMONT GRASMERE Moorside Power Station Site SELLAFIELD AMBLESIDE SEASCALE WINDERMERE M6 BRAMPTON PENRITH A6 M6 ALLENDALE TOWN A66 APPLEBY- IN-WESTMORLAND KIRKBY STEPHEN A685 Sellafield & NNL Laboratories KENDAL SEDBURGH BARROW-IN-FURNESS M6 Westlakes Science & Technology Park A595 A5092 MILLOM ULVERSTON DALTON-IN-FURNESS BARROW-IN-FURNESS A590 MILNTHORPE ARNSIDE CARNFORTH M6 A683 A65 A687 MORECAMBE BENTHAM INGLETON
Westlakes Science & Technology Park Jacobs House, is located on Westlakes Science and Technology Park, immediately adjacent to the A595 and approximately 3 miles (5 km) south of Whitehaven town centre. Westlakes Science and Technology Park is the prime location for companies providing support services to those involved in West Cumbria s Nuclear and Energy related industry. 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 the 2 billion per annum clean-up of the UK s ageing nuclear facilities. 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. For further information visit www.westlakessciencepark.co.uk
Babcock Environmental Laboratory Amec Britians Energy Coast Doosan Babcock Energy Cavendish Nuclear Morgan Sindall Atkins Uclan Nuvia Balfour Beatty Atos RPS Thales Cavendish Nuclear University of Manchester Carillion Nuclear Decommissioning Authority Sellafield Ltd Jacobs Nuclear Management Partners Occupiers on the Park include:
Description Jacobs House comprises a new build High Quality detached two-storey office block of striking design, the building is due for practical completion in August 2014. The building is arranged as two separate wings of accommodation accessed via a central core with a single entrance lobby and lift core providing access to all areas. The building is of Steel portal frame construction with feature part glazed curtain walling. Externally, the property benefits from a surfaced car park and soft landscaped areas. Internally, the offices benefit from a specification including: Suspended ceilings with integral Category II lighting, Full access raised floors. Air Conditioning Passenger lift Male, Female and disabled toilets Kitchen facilities The tenant is undertaking a comprehensive fit out of the offices in accordance with their corporate requirements
Tenancy The entire property is to be let to Jacobs UK Limited, for a term of 15 years with effect from the date of practical completion, at a rent to be the lower of 365,000 per annum or 17.59 multiplied by the net internal floor area, to be agreed by the developer and the tenant. The lease is drawn on a full repairing and insuring basis and provides 5 yearly upward only rent reviews to open market value. The tenant has the option to determine the lease on expiration of the 10th year of the term. *A copy of the draft lease is available on request. Tenure Freehold EPC An EPC will be undertaken on Practical Completion Accommodation The property provides the following net internal floor areas: Ground Floor 950.9 sq m 10,236 sq ft First Floor 943.5 sq m 10,156 sq ft Total 1,894.4 sq m 20,392 sq ft The property benefits from 85 car parking spaces providing a ratio of 1:19 sq m / 206 sq ft. *Floor areas are subject to a joint measurement with the tenant, on practical completion.
is one of the world s largest and most diverse providers of technical professional, and construction services. Covenant Status Jacobs Engineering Group is one of the world s largest and most diverse providers of technical professional, and construction services, listed on the Standards & Poors 500 stock market index. The company offers a spectrum of support to industrial, commercial and Government clients across multiple markets. Services include scientific and specialty consulting aswell as all aspects of engineering and construction, operations and maintenance. Jacobs UK Limited (Company Number 02594504) report the following figures in their last accounts: 30 September 2012 30 September 2011 Sales Turnover 771,194,000 557,869,000 Pre Tax Profits 27,333,000 11,237,000 Shareholders Funds 17,239,000 32,703,000 For further information visit www.jacobs.com VAT The property is elected for VAT and it is anticipated the sale will be undertaken as a Transfer of a Going Concern.
Proposal Our Client is seeking offers in excess of 3,835,000* for their freehold interest. A purchase at this level reflects a 9% net initial yield, after deducting purchasers costs at 5.8% * The purchase price will alter, based on the finalised commencing rent, post joint measurement For further information or to arrange an inspection, please contact: Chris Bathurst Tel: 07957 138003 Email: cb@christopherdee.co.uk Alex Perratt Tel: 07588 538848 Email: ap@christopherdee.co.uk Andy Ross Tel: 07554 889858 Email: andy@northassociates.com 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. Designed and Produced by Ask 0161 976 1836. June 2014.