Multi-Let Freehold Office Investment Opportunity

 

SUMMARY

INVESTMENT SUMMARY

          • An attractive office park investment located on the established Norwich Business Park.
          • Two detached modern office buildings with excellent parking for 107 cars (Ratio 1:189 per sq ft).
          • Units 9 and 10 provide a total net internal area of 20,317 sq ft (1,888 sq m).
          • Freehold.
          • Notable occupiers include GMB Union, The Norwich Chamber of Commerce and Tribal Plc.
          • Multi let to 6 tenants, producing a total income of £176,595 per annum.
          • A weighted average unexpired lease term of 6.2 years to lease expiries and 5.4 years to breaks.
          • Potential to increase income through active asset management.

LOCATION

LOCATION

Norwich is the premier city and administrative centre of the East Anglia region as well as the County Town of Norfolk. The City lies 110 miles (177 km) north east of London, 64 miles (103 km) east of Cambridge and 45 miles (72 km) north of Ipswich. It is home to The University of East Anglia which is currently ranked 18th in the Guardian University League Tables and has a student population in excess of 17,000 individuals.

  • There are excellent road transport links from Norwich with the A11 trunk road providing direct access to Cambridge, and on to London and the national motorway network. Road communications have been vastly improved since the final section of the A11 was opened to full dual carriageway status in 2014 and The Norwich Northern Distributor, which opened in April 2018, consists of 8.7 miles (14 km) of dual-carriageway linking the A47 to the south east of the city to the proposed Rackheath Eco-town and to Norwich International Airport.
  • Frequent train services run from Norwich to London Liverpool Street with a fastest journey time of approximately 1 hour 42 minutes. Direct trains also operate to Ipswich, within approximately 38 mins, Cambridge within 1 hour 19 mins and to Peterborough in 1 hour 28 mins.In addition Norwich International Airport offers regular flights to domestic and European destinations and is situated just over 4 miles (6.4 km) to the north of the City Centre.
  • SITUATION

    SITUATION

    The property is situated in the well-established Norwich Business Park, located just 3 miles (4.8 km) south of the city centre, bound by the A140 to the north providing direct access to the A47 southern bypass and the A146 to the north-west providing direct access to the City Centre.

  • Units 9 & 10 are positioned at the entrance of the Business Park where other occupiers include Virgin Money, Epos Now and Ingleton Wood LLP.
  • There is also a major Homebase and new Asda Superstore to the west accessed off Sandy Lane.
  • DESCRIPTION

    DESCRIPTION

    Units 9 and 10 are modern detached office buildings arranged over ground and first floors. Both benefit from good car parking facilities with Unit 9 having 63 designated spaces (1:173 sq ft) and Unit 10 having 44 spaces (1:190 sq ft).

  • Both units benefit from the following specification;
  • • High quality carpeting on raised floors
    • Suspended ceilings
    • Cat 2 recessed strip lighting
    • Central heating
    • Aluminium double glazed opening windows
    • Kitchenette facilities
    • 8 person passenger lift

  • ACCOMODATION

    Buchanan Bond have been provided with the following floor areas which were measured in accordance with the RICS Code of Measuring Practice (6th Edition), on a Net Internal Area (NIA) basis and comprise the following:

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    TENANCY

    TENANCY

    The properties are let in accordance with the tenancy schedule detailed below and produce a current rent of £176,595 per annum. Please note the floor areas stated are net lettable areas.

    TENURE

    Freehold.

    NOTABLE COVENANTS

    Tribal Group Plc
    Tribal Group Plc, together with its subsidiaries, provides education related systems and solutions, and educational consultancy services in the United Kingdom, the Asia Pacific, North America, and internationally.

    Norfolk Chamber of Commerce
    The Norfolk Chamber is a not-for-profit independent business and is one of 52 accredited Chambers by the British Chambers of Commerce. The Chamber’s long track record of 120 years and their diverse membership, makes them the preeminent network and most respected voice of business in Norfolk.

    GMB Union
    The GMB is a general trade union in the UK which has more than 631,000 members. GMB members work in nearly all industrial sectors, in retail, security, schools, distribution and the utilities, social care, the NHS and ambulance service and local government. Members are entitled to free insurance as well as other benefits for a monthly fee.

     

    IMAGES

    PHOTO GALLERY

    PROPOSAL

    EPC

    Available upon request.

    VAT

    The property is elected for VAT and it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).

    PRICE

    Offers are invited in excess of £1,850,000 subject to contract and exclusive of VAT. This reflects a a NIY of 9.00%, a Reversionary Yield of 11.00% and a low capital value of £91.00 taking into consideration standard purchaser’s costs of 6.23%.

    MISREPRESENTATION ACT 1997 & DECLARATION

    Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
    i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
    ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
    iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.

    BROCHURE

    BROCHURE

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