PRIME WELL SECURED OFFICE INVESTMENT - Allsop

 
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PRIME WELL SECURED OFFICE INVESTMENT - Allsop
3IOO
  CENTURY WAY
  THORPE PARK
  LEEDS LS15 8ZB
PRIME WELL SECURED OFFICE INVESTMENT
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
3IOO
                                     CENTURY WAY
                                     THORPE PARK
                                     LEEDS LS15 8ZB
                                   PRIME WELL SECURED OFFICE INVESTMENT

                                3IOO
                       LEEDS CITY CENTRE

                                                                             NEW RESIDENTIAL
                                                                                QUARTER

M1

                                                                           NEW TRAIN STATION
                                                                          EAST LEEDS PARKWAY
                                                 M1
                                                J46

                                                                             PROPOSED MIXED USE DEVELOPMENT

                                                            PRIME
     H OT E L & S PA                                     RECRUITMENT

                                                                               M1
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
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                                                                                           CENTURY WAY
                                                                                           THORPE PARK
                                                                                           LEEDS LS15 8ZB
                                                                                         PRIME WELL SECURED OFFICE INVESTMENT

INVESTMENT CONSIDERATIONS
• Leeds is the third largest city in the UK with the largest regional economy outside of London,                   • Future rental growth prospects with top rents in the park achieving £22.50 per sq ft
  and a skilled workforce of 1.4 million people                                                                    • WAULT of 9.09 years to expiries (5.09 years to breaks)
• Modern office building prominently situated within Thorpe Park, Leeds benefitting                                • High quality office space providing 2,218 sq m (23,880 sq ft) over ground and first floors.
  from 109 car park spaces                                                                                           The space has been recently refurbished to a very high standard
• Thorpe Park, Leeds is one of the North of England’s most prestigious mixed use retail, leisure                   • Strong car parking ratio of 1:219 sq ft
  and business communities and is the premier business park on the outskirts of Leeds
                                                                                                                   • Virtual freehold
• The property is fully let to the 5A1 covenant of Atkins Limited and the 5A2 covenant
                                                                                                                   • We are instructed to seek offers in excess of £5,950,000 (Five Million, Nine Hundred and
  of Birdseye Limited
                                                                                                                     Fifty Thousand Pounds) reflecting an attractive net initial yield of 7.00% having allowed for
• Overall rent passing of £442,500 per annum which equates to £18.50 per sq ft                                       standard purchaser costs of 6.63% and a low capital value of approximately £249 per sq ft
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
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                                                                                                                                                                                                         M6                                                                                                                                                                            Harrogate

                                                                                                                                                                                                   THORPE PARK                                                                                                    Skipton
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                                                                                                                                                                                                   LEEDS LS15 8ZB                                                                                                                                                                                  Wetherby
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                                                                                                                                                                                                            OFFICE
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                                                                                                                                                                                                                   INVESTMENT
                                                                                                                                                                                                                      INVESTMENT                                                                                                                                                                               A1(M)
                                                                                                                                                                                                                                                                                                                                                                                                                          Tadcaster
                                                                                                                                                                                                                                                                                                                                                                            Leeds
                                                                                                                                                                                                                                                                                                                                                                            Bradford
                                                                                                                                                                                                                                                                                                                                             Bingley                        Airport

                                                                                                                                                                                                                                   Longridge                                               Nelson
                                                                                                                                                             Blackpool
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                                                                                                                                                                  Blackpool
                                                                                                                                                                                             M55

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                                                                                                                                                                                                                                                                                       Burnley
                                                                                                                                                                                                                                                                                                                                              BRADFORD                        LEEDS                 M1
                                                                                                                                                                  International
                                                                                                                                                                  Airport
                                                                                                                                                                                                                  Preston                                                                                                                                                      M621
                                                                                                                                                                                                                                                              Accrington                                                                                    M606                                                           A1(M)
                                                                                                                                                                                        Warton                                                 Blackburn
                                                                                                                                                                                        Aerodrome
                                                                                                                                                                                                                                                                                                                                      Halifax                                                                Castleford
                                                                                                                                                                                                                                               M65
                                                                                                                                                                                                                                                     Darwen                                                                                                                                                                           M62
                                                                                                                                                                                                                               M61                                                                                                               M62                                          Wakefield
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                                                                                                                                                                                                                            Chorley
                                                                                                                                                              Southport
                                                                                                                                                                                                                                                                           M66                                                           Huddersfield
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                                                                                                                                                                                                                                                                                            Rochdale
                                                                                                                                                                                                                                                                                                                                                                                         M1

                                                                                                                                                                                                                                                         Bolton
                                                                                                                                                                                   Ormskirk
                                                                                                                                                         Formby                                                                                                                                                                                                                                  Barnsley
                                                                                                                                                                                                                              Wigan                     M61
                                                                                                                                                                                                               A1(M)                                                                                Oldham                                                                                                                          A1(M)

                                                                                                                                                                                                                                                                                                  M60                                                                                                                                       Doncaster
                                                                    A61                                                                                                                                                                                                                                                              Pea
                                                                                                                                                                                                                                                                                                  Ashton-under-Lyne                      k   Dis
          A660
                                                                                                                                                                                                                                                                    MANCHESTER                                                                  tric
                                                                                                                                                                                                                                                                                                                                                     t   Na
                                                                                                                                                                                                                   J44
                                                                                                                                                                                                           St. Helens
                                                                                                                                                                                                                               M6
                                                                                                                                                                                                                                                                                                                                                           tion
                                                                                                                       A58                                                                                                                                          M60                                   M67                                                  al P                                                                M18
                                                                                                      Shadwell                                                    Bootle                            A64                                                 M62                                                                Glossop                                    ark
                                                                                                                                                                                                                                                                                                                                                                                                                                                 A1(M)
                                                                                                                                                                                                                                                                     Sale                                                                                                                                     Rotherham
                                                                                      A6120                                                                  LIVERPOOL
                                                                                                                                                                                                            M62                                                                                                                                                                                                    M1
                                                                                                                                                                                                                                                                                              Stockport
                                                                                                                                                             Birkenhead                                                       Warrington
                                                                                                                                                                                                              Widnes
                                                                                                                                                                                                                                                                                                                                                                                        SHEFFIELD
                                                                                                                                                                                                                                                                     M58          Manchester
                                                                                                                                                                                                                                                                                  International
 120                                                                                                                                         A64                                             Liverpool                                                                            Airport
                                                                                                                                                                                             John Lennon

                                                                                                                                                         Barwick M53                         Airport

                                             A61
                                                                           Oakwood                                     A6120                             in Elmet                                                                                                                                                                                                                                                         M1
                                                                                                                                                                                                                                                                                                                                                                                                                                            Worksop

                                                                                                                                                                                                           LOCATION
                                                                                                                                                                                                                                                               M6
                                                                                                                                                                                                               A1(M)
          Headingly                                                                                                                        Scholes                                                 M58
                                                                                                                                                                                                                                                                                                  Macclesfield                  Buxton
                                                                                               A58          Seacroft
                         A660                                                                                                A64
                                                                                                                                                                                                        With a residential population of c. 780,000 and a catchment population            of
                                                                                                                                                                                                                                                                                   Chesterfield

                                                                           Harehills                                                                                       Hawarden
                                                                                                                                                                           Airport
                                                                                                                                                                                   Chester
                                                                                                                                                                                                        2.2million (within a 30 min drive) the city of Leeds is the 3rd biggest in the UK.
                                                                                                                                                                                                     J47The city is located 43 miles north east of Manchester, 32 miles north of Sheffield
                                                                                                                 Cross Gates                                                                                                                                                                                                                                                                                                       Mansfield

                                A58(M)             A64(M)                                           A64                            A6120                          M1
                                                                                                                                                                                                        and 23 miles southwest of York.
                                                                                                                                                                  Garforth
6110                               LEEDS                                                                                                                   Garforth
                                Leeds
                                                                    A61                                                                            J46
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                                                                                                                                                                                                                             ROAD                                                                                                             RAIL
                                              J4
                                                                A61                           A53                                                                                                                     The City benefits from excellent road                                                                               Leeds Railway station is the busiest station in the
                                        J3
                                                                                                                                                                                  A63
                                                                                                                                                                                                           communications, with the city centre accessible via the M621.                                                   country outside central London, with 38 million+ passengers
                           J2                      M621
                                                                                                                                                                                                           The M62 runs east to west offering direct routes to Manchester,                                                 passing through each year. Leeds station has recently had a £20m
                                                                                                                 J45
                   J1                               J5                                                                                                                                                     Hull and Liverpool, with the M1 running north to south                                                          investment into opening the southern entrance (2017). Network Rail
                                                               J6
                                                                                                                                                                                                           connecting Leeds to the Midlands and London to the south and                                                    is undergoing a £161m remodel as part of a £500m master plan.
                                                                                                           M1                                  Swillington                                                 Newcastle to the north. There are regular bus services from                                                     Due to it’s strategic location, Leeds Railway station offers direct
                                                                            M621                                                                                                                           Thorpe Park running every 10 minutes to/from the City Centre.                                                   routes to England major cities, including:
       M621                                                                                     J44

                        A6110                                                                                                                                                                                                                                                                                               DESTINATION JOURNEY                                                                           TIME
                                                                                J7
                                        Middleton                                                         Rothwell                                                                                                          AIR                                                                                             London Kings Cross                                                              2 hour 20 mins
                                                                                                                               Oulton                                                                       A656      Leeds Bradford International airport is located
                                                                           M1                                                                                                                                                                                                                                               Manchester                                                                         55 minutes
       Morley                                                                                                                                                                                              8 miles north west of the city centre providing domestic and
                                                                                                                                                                                                           international flights to 65+ destinations. Approximately                                                         Newcastle                                                                       1 hour 20 mins
                                                                                J42                                                                                                                        3.7 million passengers pass through annually with this                                                           Liverpool                                                                       1 hour 25 mins
                                                                                                                                                                                                           forecasted to grow to 8 million by 2026.
                            M62                                                                                                                    Methley
                 J28                                                      J29                                                                                                                              Manchester International Airport and Doncaster-Sheffield
                                                                                                                M62      J30
                                                                            J42                                                                                                                            Airport are both within an hour driving time of Leeds
                                                                                      Lofthouse

                                                         J41
                                                                                                    Stanley
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
3IOO
                                                CENTURY WAY
                                                THORPE PARK
                                                LEEDS LS15 8ZB
                                              PRIME WELL SECURED OFFICE INVESTMENT

LEEDS FACTS:

         LARGEST                                                                         CHANNEL 4
    REGIONAL ECONOMY                                                                   HEADQUARTERS
            OUTSIDE LONDON                                                               RELOCATING TO LEEDS

                                        LABOUR POOL OF                                 MOST FOREIGN
                                       7 MILLION WORKERS                                INVESTMENT
                                         (WITHIN AN HOUR’S DRIVE)                      OF ANYWHERE IN THE NORTH

   9,200+ PROFESSIONAL                 39,000 GRADUATES
       SERVICES JOBS                     3RD BEST CITY
    TO BE CREATED IN THE NEXT DECADE    FOR RETENTION OF GRADUATES

  UK’S TOP PROFESSIONAL                                                              109,000+ BUSINESSES
       SERVICES HUB                                                                    £69 BILLION GVA
           (OUTSIDE LONDON)
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
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                                                                                                                      CENTURY WAY
                                                                                                                      THORPE PARK
                                                                                                                      LEEDS LS15 8ZB
                                                                                                                    PRIME WELL SECURED OFFICE INVESTMENT

Thorpe Park has established itself as one of the North of England’s premier business locations

                                                                                                                                                                    300+ NEW HOUSES
                                                                                                                                                                      COMING 2020                             EAST LEEDS PARKWAY
                                                                                                                                                                                                              RAILWAY STATION
                                                                                                                                                                                                              COMING 2023

                                                                                                                                                                     OFFICE
                                                                                                                                                                    QUARTER
                                                                                                                                                                                                                        East Leeds
THORPE PARK                                                                                                                                                                                                             Orbital Road

Thorpe Park, Leeds is an established 800,000 sq ft business park                                                              GREEN PARK                                Park Approach

                                                                                                                                                                                                                          A1(M)
with a working population of over 4,500 and is one of the north of
England’s premier business locations. Office occupiers within the park
include Balfour Beatty, NHS, Northern Gas, Regus, Kier, Bellway, Bam
Construction and National Grid.                                                                                                    Barrowby Lane

The Scarborough Group have been developing out             of parkland, sports pitches and public realm to be
                                                                                                                                                                                                                  J46
the park with the latest phase comprising “The             known as Green Park making this a diverse area to
Springs” retail and leisure phase comprising in excess     live, work, shop and relax.
of 190,000 sq ft of retail accommodation with tenants      Plans include the delivery of the first section of the            Cross Gates &                              EXISTING
including M&S, Next, Boots, TK Maxx and Outfit.            ‘East Leeds Orbital Road’ connecting North East
                                                                                                                             Leeds City Centre                        THORPE PARK
                                                                                                                             (12 mins drive)
Leisure accommodation includes an 11 screen Odeon          Leeds to the M1 (J46). This new road will unlock land
Luxe Cinema complex, a gym (Pure Gym), childcare           for the construction of up to 7,000 homes in the East
facilities and a number of restaurants and cafes.          Leeds area. There is also set to be a new railway
Plans are afoot to continue expansion of the Park          station ‘East Leeds Parkway’ and associated Park                             A6120                                                     M1
adding a further 860,000 sq ft of accommodation,           and Ride, connecting Thorpe Park to the city centre in
and an additional 300 homes, to create one of the          eight minutes.                                                                                                     HOTEL & SPA

most prominent and diverse out of town business            At the entrance to the park is the 4-star Thorpe Park
locations in the UK. The local business and resident       Hotel which includes luxury spa and restaurant
community is set to benefit from approximately 113 acres   facilities.

Office occupiers within the park include:

                                                                                                                                                                                            J46
                                                                                                                                                   Stile Hill Way

                                                                                                                                                                                                       Garforth
                                                                                                                                                                                                       & Selby

                                                                                                                                                                                                       A63
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
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                                                                                                                       THORPE PARK
                                                                                                                       LEEDS LS15 8ZB
                                                                                                                     PRIME WELL SECURED OFFICE INVESTMENT

                                                                                                                                                            3100 Century Thorpe Park, Leeds

                                                                                                                                                            1.589

SITUATION
3100 Century Way is situated in a prominent position on the eastern side of Thorpe Park. Situated to the east of Leeds (6 miles from city
centre) and on J46 of the M1, Thorpe park provides an outstanding business park environment. Thorpe Park has is set to benefit
from a new rail station ‘East Leeds Parkway’ and associated Park & Ride, which is set to open in 2023.

                                                                                                                                                                               CENTURY WAY
DESCRIPTION
3100 Century Way is a detached office building providing 23,880 sq ft of office accommodation over ground and first floors. The property is
accessed through a secure key card entryway, which leads to a full height entrance atrium. Atkins, occupy the western side of the property,
while Birdseye occupy the eastern side of the property. The property benefits from excellent natural light with floor to ceiling double glazing.
Male, Female and disabled WC’s are located within the central core at ground and first floor level.
The property provides the following specification:
•   Full access raised floors                    •   13 person passenger lift                      •   Toilets within central core
•   Air conditioning                             •   Energy efficient LED lighting                 •   Full disabled access and facilities
•   Suspended ceilings                           •   Quality carpeting throughout                  •   Secure Car Parking for 109 cars
•   Secure Cycle storage                         •   Shower room on each floor                     •   Double Glazing

SITE AREA                                        TENURE
1.59 acres (0.64 hectares).                      Virtual freehold - 999 year lease from 01/01/2000.

                                                                                                                                                                                              © Crown Copyright, ES 100004106. For identification purposes only.
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
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                                                                                                                                    THORPE PARK
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                                                                                                                                 PRIME WELL SECURED OFFICE INVESTMENT

ACCOMMODATION & TENANCY SCHEDULE
 Office Suite                              Tenant                   Sq Ft               Sq M           Lease Start         Lease End             Unexpired                 Rent        Rent         Rent Review     Comment
                                                                                                                            (Break)             Term (Break)                            psf

 Part GF & FF West +                                                                                                       07/08/2028              8.5 years
                                           Atkins Limited           13,510              1255.1         08/08/2018                                                       £250,000 pa    £18.51       08/08/2023
 59 Car Parking Spaces                                                                                                    (07/08/2024)            (4.5 years)

                                                                                                                                                                                                                    Rent free period until 19.9.2020, then £96,250 pa from 20.9.2020
 Part GF & FF East +                       Birds Eye                                                                        19/12/2029             9.8years
                                                                    10,370             963.4            20/12/2019                                                      £192,500 pa   £18.56         20/12/2024     and £192,500 pa from 20.2.2021. Vendor to top up the rent.
 50 Car Parking Spaces                     Limited                                                                         (19/12/2025)           (5.8 years)
                                                                                                                                                                                                                    Tenant to benefit from 12 months half rent if break is not exercised.

 Total                                                             23,880                                                                                                £442,500

COVENANT
Atkins Limited                                                                                                                                       Birds Eye Limited
Founded in London in 1938 by Sir William Atkins, Atkins Limited has grown to be a British Multinational                                              Founded in 1923 by Clarence Frank Birdseye II, with his newly developed and patented quick
engineering, design, planning and project management company, with offices in 28 countries employing over 18,300+ employees                          freeze machine Birds Eye has steadily grown to being a global household name in the frozen
and having undertaken operations in 150 countries. Since being listed on the London Stock Exchange as W S Atkins (Now Atkins                         food business. Their products are sold in the US, Europe, Australia and New Zealand. In the
Ltd) in 1996 the company has continued to grow and by 2016, Atkins Ltd was the UK’s largest engineering consultancy and the                          UK, the Birds Eye brand is owned by Nomad foods, which is listed on the New York Exchange.
worlds 11th largest global design firm. Subsequently in 2017 Canadian company, SNC-Lavalin acquired Atkins for £2.1 billion.
Notable Projects that Atkins have been involved in include the design of the Burj Al Arab hotel, designs of the Birmingham New Street
Station development, the Oxford circus diagonal crossing as well as being the official engineering design provider for London 2012 Olympics.
Please find below Atkins Limited’s (5A1) previous 3 years accounts:                                                                                  Please find below Birds Eye Limited’s previous 3 years accounts:

                                             31 December 2018                      31 December 2017                          31 March 2017                                                        31 December 2018                 31 December 2017                   31 December 2016
 Turnover                                         £776,900,000                         £564,200,000                         £808,700,000               Turnover                                       £430,968,000                     £406,959,000                         £399,112,000
 Pre-Tax Profit                                     £47,800,000                         £60,700,000                           £70,700,000              Pre-Tax Profit                                    £11,380,000                       £17,146,000                       £15,781,000
 Net Worth                                        £327,700,000                         £252,400,000                         £246,800,000               Net Worth                                       £189,362,000                     £194,418,000                        £179,217,000
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
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                                                                                                                       THORPE PARK
                                                                                                                       LEEDS LS15 8ZB
                                                                                                                     PRIME WELL SECURED OFFICE INVESTMENT

LEEDS OFFICE MARKET

OFFICE COMMENTARY                                                                                                                                           INVESTMENT COMPARABLES
Leeds office rents are experiencing continued upwards pressure            Recent comparable letting evidence in the Leeds out of town office                Recent transactions at Thorpe Park include the following:
driven by strong occupier demand and limited available stock.             market is set out below:
                                                                                                                                                             Date     Address                  Price          Net       WAULT        Purchaser         Comments
Prime rents in the city centre are established at £30 psf on new build                                                                                                                                      Initial      (Term
                                                                           Date    Address         Size (Sq Ft)   Tenant                     Rent (£ psf)
accommodation with rents up to £34 psf being achieved on smaller                                                                                                                                             Yield      Certain)
suites. Headline Leeds out of town rents have reached £22.50 psf           Q4 18   Lumina,           15,800       Pharmacy2U                    £22.50
                                                                                                                                                             Apr-19   Paradigm,             £10,200,000    6.52%        5.1 years    Leeds City        Grade A office
which represents good relative value when compared with the                        Thorpe Park
                                                                                                                                                                      3175 Century Way                                               Council           space
city centre. Supply has been limited in the out of town market with        Q2 18   Optim, White      40,000       Perform Media                 £21.50
                                                                                   Rose Office                                                               Apr-19   Regus,                 £5,270,000    7.48%         5 years     Due West Ltd      20 year old
Lumina, Thorpe Park being the only delivered product in the last 12                Park                                                                               1200 Century Way                                                                 building
months which was half let pre-construction. With this lack of Grade A
space there is reportedly strong interest in pre-lets on the next phase    Q2 18   Paradigm,         12,600       Pure Retirement               £22.50       Aug-18   3125 & 3150           £12,100,000     7.27%       2.75 years   Canal and River   Larger Lot size
                                                                                   Thorpe Park                                                                        Century Way                                                    Trust             Shorter term
of the scheme. Due to lack of supply rents have seen steady rental                                                                                                                                                                                     certain
growth across the last 2-3 years with close to 20% growth across this
                                                                                                                                                             May-18   2100 & 2200           £12,000,000     7.25%       4.3 years    Due West Ltd      Larger Lot size
period and this trend looks set to continue for the foreseeable future.                                                                                               Century Way
PRIME WELL SECURED OFFICE INVESTMENT - Allsop
INVESTMENT RATIONALE
                                                                                                                                      • Leeds’ City Centre and Out of Town office markets are performing well                             • Low passing rent of £18.50 psf with future rental growth prospects
                                                                                                                                        and current market dynamics are favourable for landlords                                            possible with top rents within the park achieving £22.50 psf
                                                                                                                                      • Thorpe Park is Leeds’ premier business park. Ongoing and                                          • Birdseye Ltd and Atkins Ltd have recently demonstrated their
                                                                                                                                        planned improvements to its infrastructure will further enhance its                                 commitment to the subject property through new lease deals completed
                                                                                                                                        reputation, providing a platform for further rental growth and                                      last year and high quality tenant fit outs
                                                                                                                                        yield compression                                                                                 • Attractive income profile with 9.09 years to expiries (5.09 years to breaks)

     VAT                                                                               EPC                                        PROPOSAL
                                                                                       Available upon request.
     The property is elected for VAT and we would expect the
     transaction to be treated as a Transfer of a Going Concern.
                                                                                                                                  We are instructed to seek offers in excess of £5,950,000 (Five Million, Nine Hundred and
                                                                                                                                  Fifty Thousand Pounds) reflecting an attractive net initial yield of 7.00% having allowed for
     AML                                                                                                                          standard purchaser costs of 6.63% and a low capital value of approximately £249 per sq ft.
     A successful bidder will be required to provide information to satisfy the AML
     requirements when Head of Terms are agreed.
                                                                                                                                  For further information or to make arrangements for viewing please contact:
     DATAROOM
                                                                                                                                  Alex Butler                        Jonathan Butcher                            Ronnie Morgan
     For access to the Allsop dataroom please use the following link:                                                             020 7543 6722                      020 7543 6755                               020 7543 6808
     https://datarooms.allsop.co.uk/register/thorpeparkleeds                                                                      alex.butler@allsop.co.uk           jonathan.butcher@allsop.co.uk               ronnie.morgan@allsop.co.uk                   allsop.co.uk

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 02.20
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