BUILDING 4, ETRURIA OFFICE VILLAGE FORGE LANE, FESTIVAL PARK STOKE-ON-TRENT, ST1 5SY - PRIVATECLIENT - Allsop
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PRIVATECLIENT
BUILDING 4, ETRURIA OFFICE VILLAGE
FORGE LANE, FESTIVAL PARK
STOKE-ON-TRENT, ST1 5SY
MODERN OFFICE INVESTMENT OPPORTUNITY
15 YEARS TO DPDGROUP UK LTD
4
MODERN OFFICE INVESTMENT OPPORTUNITY
BUILDING 4
ETRURIA OFFICE VILLAGE
FORGE LANE, FESTIVAL PARK
STOKE-ON-TRENT, ST1 5SY
INVESTMENT CONSIDERATIONS
n Modern office building prominently situated within n Low passing rent of £11.32 psf rising to £12.30 psf in February 2020 n We are instructed to seek offers in excess of £2,950,000
Stoke’s premier office park “Etruria Office Village” n Secure car parking for 75 cars providing an excellent site (Two Million, Nine Hundred and Fifty Thousand Pounds)
n Detached self-contained building providing 17,952 sq ft (1,668.83 sq m) car parking ratio of 1:239 sq ft subject to contract and exclusive of VAT. This equates to an
attractive net initial yield of 7.00% allowing for purchaser’s
n Let on a new 15 year lease to the strong covenant of DPDGroup UK Ltd n Notable nearby tenants include Bet 365, Vodafone, Royal Mail,
costs of 6.44%.
(5A1) with a term certain of 10 years Staffordshire council, West Midlands Ambulance Service Hub
n Rent passing of £203,170.50 p.a. with a fixed uplift to £220,838 p.a and Hanley Economic Building Society
in February 2020. The vendor is topping up the rent to the fixed uplift n Long Leasehold (139 years remaining) at a peppercorn
4
MODERN OFFICE INVESTMENT OPPORTUNITY
BUILDING 4
ETRURIA OFFICE VILLAGE
M621
FORGE LANE, FESTIVAL PARK
Preston
Blackburn M606
Blackpool M65 HALIFAX
STOKE-ON-TRENT, ST1 5SY
A56
Wakefield M62
Southport Huddersfield
A666 M62
M6 M66 A1
Rochdale M1
M61 Bury
Bolton
Barnsley
Wigan Oldham
M58
M60 DONCASTER
A1(M)
MANCHESTER A628 A616
M57
St.Helens M67 M18 Robin Hood
ROTHERHAM
al Park
M60 A638
LIVERPOOL M62 Stockport A631
SHEFFIELD
A41 A49 M56 A6
Runcorn A6102
Nation
Manchester A57 A1
Liverpool Worksop
M53 M56 A623
Northwich
Macclesfield Buxton Retford
M6
trict
A54 A619 Chesterfield
A54
A55 Middlewich
CHESTER A34
Dis
Congleton A53 A614
Hawarden A523 A61
Mansfield
ak
A51
Leek
Pe
Crewe
A534 Kidsgrove
Nantwich A500 A520
M1
Wrexham
Newcastle-under-Lyme A38 A610
A483
A525
STOKE-ON-TRENT A52 NOTTINGHAM
A520 A52
DERBY
A495 A53 M6
Uttoxeter A606
A50
A34
A51
Stafford Burton
Upon Trent
A5 A53 Loughborough
A46
A51 A38 A6
A483
A458 Shrewsbury A5
A449
M6 TOLL
M54
LEICESTER
WOLVERHAMPTON A452
M6
A49 A5 A46 A6
M1
A458
A449
BIRMINGHAM A5
Birmingham M6
A45
M5
A441
A491
M42 COVENTRY
Kidderminster A435
M42
A49 A456 M45
M40 A4177
LOCATION
Stoke-on-Trent is a significant commercial and industrial centre in
Staffordshire and is located 64 km (40 miles) north of Birmingham,
43 km (27 miles) south of Manchester and 257 km (160 miles)
north of London. With a population of 249,000 (2011 Census) and a
catchment population of 800,000 within a 30-minute drive, the City
is the administrative centre for the area. Communications serving
the wider area of Stoke-on-Trent are excellent. Junction 15 of the
M6 is approximately 8 km (5 miles) to the west via the A500 dual
carriageway, providing easy access to the wider motorway network.
Direct trains to London depart up to three times an hour from Stoke-
on-Trent and take as little as 1 hour 24 minutes. The journey time to
Birmingham is approximately 50 minutes.
4
MODERN OFFICE INVESTMENT OPPORTUNITY
BUILDING 4
ETRURIA OFFICE VILLAGE
FORGE LANE, FESTIVAL PARK
STOKE-ON-TRENT, ST1 5SY
SITUATION
Festival Park extends to over 121 hectares (300 acres) and comprises a modern mixed
use hub incorporating an office park, retail park, leisure park and a 150 bed hotel.
Located within Festival Park, Etruria Office Village is an established office location
situated approximately 1.5 miles north west of Stoke-on-Trent town centre and is the
principal out of town business park in Stoke-on-Trent. Other office occupiers include
Vodafone, Bet365, Royal Mail and National Probation Services.
Building 4 occupies a prominent location on Festival Park at the junction with Media
Way and Forge Lane. The subject property is situated adjacent to the new Bet365 HQ
(practical completion taking place earlier this year) opposite the DPD logistics hub.
The subject property is well served by transport links due to its location on Forge
Lane which directly links to the A53 and in turn the M6 at junction 15 (9 minutes
drive). Furthermore, a bus stop for Bus 23 is located directly outside the subject
property offering local connectivity routes from Audley to Hanley.
FESTIVAL
HEIGHTS
RETAIL PARK
DESCRIPTION
A5 3
ELKSTONES The property was constructed in 2007 and
comprises fully refurbished open plan offices
over two floors. The office building sits within
a large site benefiting from a secure car park
FESTIVAL
RETAIL
PARK comprising 75 car parking spaces providing a
ratio of 1:239 sq ft.
TO W
A500 QUEEN
A5 0 0 6
SUBJECT
A53
N RO
PROPERTY The building benefits from a good specification
A
MARSH STREET
D
OCTOGON
RETAIL
CENTURY
RETAIL including suspended ceilings with recessed
ALTON PARK PARK
S WA
fluorescent lighting, gas central heating,
FOR
(A5006)
AD
ETRURIA RO
POTTE
AD (A5010)
GE
Y
FESTIVAL ETRURIA RO
air conditioning, perimeter data trunking,
LEISURE
RIES WAY
LA
PARK
NE
(A50)
HUB
P OTT
passenger lift and male, female and disabled
ER
AD IE
S toilets on each floor.
RO
6
00
E
W
DG
A5
AY
I
BR ETRURIA
CO PARK
ETR
3
A5
UR I A
UTTOXETER
LI
VA L E
O A D S T REET
CH F
A 5P
LICHI
0OTT0E
FIEL
8 S WAY
ELD
ROA
R IE
8)
( A 500
D
STRE
D
ST ET
BR
4
MODERN OFFICE INVESTMENT OPPORTUNITY
BUILDING 4
ETRURIA OFFICE VILLAGE
FORGE LANE, FESTIVAL PARK
STOKE-ON-TRENT, ST1 5SY
ACCOMMODATION
The property provides the following approximate net internal areas:
Sq ft Sq m
Ground Floor 8,980 834.3
First Floor 8,972 833.5
Total 17,952 1,668.8
TENANCY
The entire property is let to DPDGroup UK Ltd on a new 15 year lease from 1st February
2018 at a current passing rent of £203,170.50 pa.
There is a fixed rental uplift on 1st February 2020 when rent will rise to £220,838 pa.
The tenant benefits from 13.5 months rent free being taken as 27 months at half rent.
The vendor will top up the rent free and fixed uplift.
There are open market rent reviews every 5 years with the next one due on 1st February
2023. There is a tenant’s break option in January 2028.
It is worth noting that the tenants have been in occupation of the first floor of the building
for many years and have recently decided to occupy the entire building. They have a
logistics hub directly opposite.
TENURE
The property is held Long Leasehold for a term expiring November 2157
(139 years unexpired) from November 2007 at a ground rent of a peppercorn.
The Landlord is Stoke-on-Trent Regeneration Limited.
COVENANT INFORMATION
Founded in 1999, DPD is an international parcel delivery service in the light-weight parcel delivery market.
The DPDGroup was established in 2015 and is made up of DPD, Chronopost and Seur brands all under one
umbrella. DPDGroup deliver 4.8 billion parcels daily worldwide operating in Europe, with a direct presence
in 22 countries (via wholly owned or controlled subsidiaries).
DPDGroup UK Ltd has a 5A1 D & B rating and have reported the following financial figures over the past 3 years:
01 Jan 2017 03 Jan 2016 04 Jan 2015
Turnover £806,161,000 £700,246,000 £872,547,000
Pre-Tax Profit £130,927,000 £124,938,000 £104,329,000
Tangible Net Worth £56,904,000 £69,545,000 £53,026,000
EPC PROPOSAL
The property has been rated on the EPC scale as follows:
We are instructed to seek offers in excess of £2,950,000 (Two Million, Nine
GF - C(67); FF - C(64)
Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.
VAT This equates to an attractive net initial yield of 7.00% allowing for purchaser’s
We understand the property has been elected for VAT. It is anticipated costs of 6.44%.
that the sale will be treated as a Transfer of Going Concern (TOGC).
DATAROOM
For Dataroom access please use the following link: PRIVATE CLIENT TEAM
https://datarooms.allsop.co.uk/register/dpd Jonathan Butcher Ronnie Morgan
020 7543 6755 020 7543 6808
jonathan.butcher@allsop.co.uk ronnie.morgan@allsop.co.uk www.allsop.co.uk
PRIVATECLIENT
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to
be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties,
undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as
to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary
searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk MAY 2018
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