Grove Technology Park

Transcription

1 Grove Technology Park WANTAGE, OXFORDSHIRE, OX12 9FF FOR SALE Hectares (32.98 Acres) Freehold Technology Park in Oxfordshire s Science Vale UK FOR SALE

2 Investment Summary Strategic location in South East s Thames Valley, within the economically vibrant region of south Oxfordshire (Science Vale UK). Located on the outskirts of the market town of Wantage, already a recognised home for technology businesses notably Williams F1, a recent town centre retail redevelopment and committed new housing developments totalling circa 4,500 units. Substantial landscaped freehold Technology Park totalling approx hectares (32.98 acres) accommodating approx 15,900 square metres / 170,000 square feet of business centre, offices, industrial and storage buildings including the long leasehold buildings, with on-site amenities including security, café, gym and helicopter landing pad. High occupancy, generating current passing rental of 588, per annum with active management opportunities. The Grove Business Centre generates an additional licence fee income of 366, for 2013/14 (70% occupancy), and on a fully occupied basis would generate an annual licence fee income of 597,456. Approximately 6.34 hectares (15.68 acres) of B1, B2, B8 undeveloped land covered by a Section 106 Agreement of which a further 27,500 sq m (296,000 sq ft) remains available, subject to planning. Offers are sought in excess of 15m (Fifteen Million Pounds) subject to contract and exclusive of VAT, for the freehold interest in the property subject to the existing tenancies and long leaseholds. A price of 15m could reflect a net initial yield of 7% on rental income with a capital sum in addition for the undeveloped land and Grove Business Centre, and allowing for purchaser s costs of 5.8%.

3 Location Grove Technology Park is in southern Oxfordshire at the foot of the Ridgeway and on the outskirts of the historic market town of Wantage. The Park is one of the science and business parks serving the region, collectively known as Science Vale UK ( Oxfordshire has an important position in the South East economy, being centrally located within the Thames Valley between M4, M40 and M5 motorways and with convenient access to London, Heathrow, Birmingham and the major ports. Oxford has a global reputation for excellence in education and research, which continues to act as a catalyst for the knowledge-based economy. Attracted by Oxford and the picturesque countryside, the region is a popular place to live and work, combined with excellent road and rail connections and air services at Heathrow and London Oxford airport. M40 Ordnance Survey Crown copyright. All rights reserved. Licence number LIGI055 9 Swansea Cheltenham Cardiff Bristol Exeter Peterborough Birmingham Cambridge Milton Keynes Oxford London Brighton Portsmouth Norwich Dover Faringdon Grove Technology Park M4 A417 A420 A338 Grove A417 Harwell Wantage 13 A34 OXFORD Abingdon Didcot A34 Chieveley M4 M40 SAT NAV OX12 9FF Penzance Plymouth To Newbury

4 Market Commentary Grove Technology Park offers the opportunity to purchase a substantial and established freehold campus with a strong tenancy profile combined with active management opportunities and development land, at a time of significant investment in the region. The region has strong demand from existing local businesses as well as inward investment enquiries from around the UK and overseas. The Park has provided accommodation from serviced offices to plots for bespoke development, appealing to a diverse market. Southern Oxfordshire is recognised as an important and expanding cluster of the science and technology sector to the south of Oxford. The region is the focus of significant public and private sector investment including the 55m Oxfordshire City Deal grant awarded in January 2014 to create 18,000 new jobs. The region s economic growth is being supported by major infrastructure and housing projects. There are 4,500 new homes consented within Wantage and Grove alone, including 2,500 on Grove Airfield immediately to the east of the Grove Technology Park.

5 Description Grove Technology Park is a substantial landscaped campus of hectares (32.98 acres) in total containing approx 15,900 square metres / 170,000 square feet of buildings, including those in long leasehold ownership. As well as having easy access to the amenities in Wantage, the Park has its own café, private members health club and helicopter landing pad. The Park offers serviced offices, a variety of office, industrial, laboratory and storage units, as well as development land for bespoke projects. This diverse supply has created a long standing business community, where many occupiers have expanded within the Park. The Tenancy Schedule shows the high occupancy. Wantage Police Station has relocated its operational station to the Park and has staff in residence 24 hours a day. At the centre of the Park is the Grove Business Centre which also houses the on-site Park management office. The Centre has 128 individual office rooms on flexible licenses, currently running at 70% occupancy and generating annual licence fee income from April 2013 to March 2014 of 366, net, with a 4% increase proposed for April 2014 raising the licence fee income to 31,196 for the month. The business of the Grove Business Centre is owned by the vendor and offered with the freehold of the Park, subject to the occupational Licenses. There are various areas of undeveloped land within the Park totalling approx hectares (15.68 acres). There is a Section 106 agreement and agreed Design Brief. The Section 106 Agreement allows for B1, B2 and B8 development on The Park of up to 48,308 sq m (520,000 sq ft ) without further contributions, of which approximately 27,500 sq m (296,000 sq ft) remains. Certain of the trees are protected by Tree Preservation Orders. There is mains water, electricity and gas to the Park, and private sewage treatment plant.

6 Investment Summary Location Market Commentary Description Site Plan Tenancy Schedule Site Plan Misrep & Contact Details Undeveloped land (subject to planning permission) Approx area 2.98 acres Plot 1 Plot 2 Plot 3 Plot 4 Plot 5 Plot 6 Plot 1 Plot 2 Approx area acres Tenure and Proposal 12.1 acres 0.57 acres 0.31 acres acres 1.42 acres 1.1 acres Long leasehold buildings Excluded from the freehold sale but contributes towards the service charge Plot 3 Plot 4 Plot 5 Plot 6 For identification purposes only

7 Tenancy Schedule Plan Key Unit Occupier Sq M Area (GIA) Sq Ft RENT / Licence Fee Income Per Annum Lease Start Date Term Lease Expiry Outside The 54 Act Review Dates Break Clause Rateable Value Epc Covenant (Creditsafe Ranking) 1 BLG 108 Crossman Engineering 208 2,242 14,400 01/12/ /11/2014 Yes 7,800 G A - Very Good 2 BLG 109 N Part - Sri Services 181 1,951 5,400 Payment monthly in advance 5,100 G BLG 109 S FSMS with no rent 130 1, ,900 G BLG 110 N Grease Monkeys 132 1,423 10,140 15/08/ /08/2016 Yes 5,100 G High Risk 5 BLG 110 MID Reaction Engines 96 1,031 6,500 01/02/ /12/2014 Yes 3,750 G A - Very Low Risk 6 BLG 110 S Commercial Arts ,850 01/06/ /05/2016 Yes 2,900 G C - Creditworthy 7 BLG 111 S Charlton Environmental ,075 21/07/ /07/2014 Yes 2,950 F C - Creditworthy 8 BLG 111 N Chris Smith 235 2,531 16,380 14/08/ /08/2011 Yes Revised terms in negotiation 8,900 F BLG 112 Frydays ,120 Payment monthly in advance 2, BLG 113 Lambourn Surfacing ,200 Payment monthly in advance 11 Boston House 1,754 18,875 Turnover & costs Licence Fee income of 366, for the year to March ,750 E-110 Grove Business Centre Under The Ownership And Operation Of The Vendor available to Following a 4% increase for the current year (from April 2014), potential Licence 12 Harvard House 333 3,584 shortlisted parties fee income when fully occupied of 597,456 per annum 28,825 C Water Tower Orange 5, /07/ /07/ , T2 Hangar - South Paladin Leisure 1,347 14,498 85,000 21/07/ /07/2019 Yes 21/07/ ,500 E B - Good 15 T2 Hangar - North Procar International 1,583 17,039 85,165 01/01/ /12/2017 Yes 01/01/ ,000 E B - Good 16 Merlin House Bybox Holdings Ltd 528 5,680 50,880 28/07/ /04/2014 No Section 25 Notice Served Terminating lease on 28 January ,500 E A - Very Low Risk 17 UNITS 1,2 & 3 Astrosystems Ltd 646 6,951 71, /03/ /03/2018 Yes 25/03/ ,000 E A - Very Good 18 UNITS 4 & 5 Tiling Excellence 484 5,212 30,000 06/06/ /06/2022 No 06/06/ /06/ ,000 D C - Creditworthy 19 UNITS 6 & 7 Facility Specialist Management Services Ltd 485 5,216 61,750 20/08/ /08/2023 No 20/08/ /02/ ,000 C C - Creditworthy 20 UNITS 8, 9 & 10 Wila Lighting 756 8,143 68,050 24/02/ /02/2015 No 57,000 D A - Very Good 21 UNIT 11 Realistic Games 276 2,968 30,516 01/12/ /11/2017 Yes 4,350 D A - Very Good 22 UNIT 12 Manlove Forensics 270 2,905 30,744 28/04/ /05/2019 Yes PLOT 1 McAvoy Limited 6,000 Payment monthly in advance for use of hardstanding LONG LEASEHOLDS 23 UNIT 14 A.T.S.I Ltd peppercorn 28/08/ Thames Valley Police Thames Valley Police Authority peppercorn 21/06/ The Glenmore Centre Glenmore Commercial Estates Ltd peppercorn 21/04/ CMS BUILDING Colin Badger & Steve Martin Liquorish & Brook Alder And Union Pension Trustees Ltd peppercorn 06/04/ EMS BUILDING Master Property Trading Ltd peppercorn 19/12/ Stan James Building Stan James (Abingdon) Ltd peppercorn 24/11/ Gas Substation South 30 Gas Substation North 31 Electricity Substation North 32 Electricity Substation South UTILITIES 33 Sewage Farm Owned and operated by the vendor serving the Park. Annual Payment from Crown Packaging of 42,000 for sewerage services. 34 AASVOGEL BUILDING 35 John Lewis Of Hungerford EXCLUDED FROM THE FREEHOLD SALE BUT CONTRIBUTE TOWARDS THE ESTATE SERVICE CHARGE Break clause served with effect 01/05/2014 5,800 E B - Low Risk TOTAL 9, , ,766.82

8 Tenure: Freehold Proposal Offers are sought in excess of 15m (Fifteen Million Pounds) subject to contract and exclusive of VAT, for the freehold interest in the property subject to the existing tenancies and long leaseholds. This reflects a net initial yield of 7% on rental income with a capital sum in addition for the undeveloped land and Grove Business Centre, and allowing for purchaser s costs of 5.8%. VAT The property has been elected for VAT, and the transaction will be dealt with by way of a Transfer of a Going Concern (TOGC). TUPE TUPE will apply to this sale, further details on request.

9 Further Information Further information is available from the sole agents. Short listed parties will be provided access to the Data Room of information including leases, EPCs, Title, planning, environmental phase one report, and service charge information. Viewing days will be organised during April. Further details upon request. Contacts: Mark Meeson E [email protected] M David Williams E [email protected] M Ross Thomson E [email protected] M Telephone: Date: April 2014 Subject to Contract IMPORTANT NOTICE Meeson Williams Phillips give notice that these property particulars are provided as a general outline for guidance only. Intending purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. As such, it does not constitute or form part of a contract. No person in the employ of Meeson Williams Phillips or the representing agent of the property displayed has the authority to make or give any representation or warranty in relation to the property. Unless otherwise stated, all rents and prices quoted in these property particulars are exclusive of VAT which may be payable in addition to the amount quoted.