Modern High Yielding Multi-Let Business Park Investment
Let to tenants including George Wimpey Midland Ltd
5 distinctive office buildings of approximately 4,124.69 sq m (44, 398 sq ft) with excellent parking provisions
31 Licencees in serviced office accommodation
Located on the eastern side of Cannock with excellent access to the M6, M6 Toll and Birmingham Airport
Six Week Completion
Lot 29
Auction 17th October 2013
Rent £446,718 per Annum
Status Sold
Price £2,030,000
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
131 miles north-west of London
17 miles north of Birmingham
Roads
M6 Toll (Junction T7) and M6 (Junction 11)
Rail
Cannock
Air
Birmingham Airport
Situation
The properties are located in a prominent corner position to the north of Hayes Way and by the roundabout joining with Eastern Way. The 4 storey Falcon Point building provides a distinctive focal point for Park Plaza as a whole and is highly visible from the road.
Tenure
Freehold.
Location
Miles
131 miles north-west of London
17 miles north of Birmingham
Roads
M6 Toll (Junction T7) and M6 (Junction 11)
Rail
Cannock
Air
Birmingham Airport
Situation
The properties are located in a prominent corner position to the north of Hayes Way and by the roundabout joining with Eastern Way. The 4 storey Falcon Point building provides a distinctive focal point for Park Plaza as a whole and is highly visible from the road.
Tenure
Freehold.
Description
Park Plaza was constructed in 2004 and comprises 5 modern office buildings.
All are of steel frame construction with glazed frontages.
Chase House, Point North, Point South and Point East all have 2 storeys and Falcon Point has 4 storeys. Internally all the properties have suspended ceilings with recessed fluorescent strip lighting and there is also air conditioning throughout. There is extensive car parking for approximately 179 cars.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
Park Plaza was constructed in 2004 and comprises 5 modern office buildings.
All are of steel frame construction with glazed frontages.
Chase House, Point North, Point South and Point East all have 2 storeys and Falcon Point has 4 storeys. Internally all the properties have suspended ceilings with recessed fluorescent strip lighting and there is also air conditioning throughout. There is extensive car parking for approximately 179 cars.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
Chase House
Ground & First
Office
1,114.83 sq m
(12,000 sq ft)
GEORGE WIMPEY MIDLAND LTD (1)
15 years from 25/03/2005 (2)
£109,200
25/03/2015
Chase House Unit 3
Ground
Office
258.36 sq m
(2,781 sq ft)
SERVEVAST LTD
6 years from 02/02/2006 (Holding Over) (3)
£28,850
(01/05/2012)
Chase House Unit 5
First
Office
259.20 sq m
(2,790 sq ft)
AST DESIGN & ENGINEERING LTD
4 years from 01/05/2012 (4)
£22,300
01/05/2014
Point North
Ground
Serviced Offices
231.51 sq m
(2,492 sq ft)
12 SEPARATE LICENCEES (5) (6)
Short term licences
£65,352 Gross annual equivalent
Point North
First
Office
351.73 sq m
(3,786 sq ft)
MICROBAN (EUROPE) LTD (7)
4 years from 19/08/2013
£30,000
04/09/2015
Point South
Ground & First
Serviced Offices
461.35 sq m
(4,966 sq ft)
19 SEPARATE LICENCEES (5) (6)
Short term licences
£106,596 Gross annual equivalent
Point East Units 1 & 2
Ground & First
Office
338.73 sq m
(3,646 sq ft)
SPRINGTIDE LTD
3 years from 01/08/2013 (8)
£21,000
(31/07/2016)
Point East Units 3 & 4
Ground & First
Office
341.60 sq m
(3,677 sq ft)
VACANT
Falcon Point
Ground
Office
178.93 sq m
(1,926 sq ft)
THE BESPOKE RESOURCES GROUP LTD
3 years from 01/02/2012
£14,000
(31/01/2015)
Falcon Point
First
Office
189.52 sq m
2,040 sq ft)
SHILLING MERGERS LTD
3 years from 01/06/2012 (9)
£16,320
(31/05/2015)
Falcon Point
Second
Office
200.58 sq m
(2,159 sq ft)
THE BESPOKE RESOURCES GROUP LTD
3 years from 01/02/2012
£16,000
(31/01/2015)
Falcon Point
Third
Office
198.35 sq m
(2,135 sq ft)
METROPOLITAN HOUSING TRUST LTD
3 years from 27/03/2012 (10)
£17,100
(26/03/2015)
Totals
4,124.69 sq m
(44,398 sq ft)
£446,718 Gross
(1) George Wimpey Midland Ltd is a subsidiary of Taylor Wimpey UK Ltd. The ultimate holding company is Taylor Wimpey plc. (Source: www.riskdisk.com 20/09/2013) (2) The lease to George Wimpey Midland Ltd contains an option to determine on 25/03/2015. (3) For the year ending 30/04/2012 Servevast Ltd reported a turnover of £4,173,301, pre-tax profits of £25,142 and a total net worth of £148,801. (Source: www.riskdisk.com 20/09/2013). (4) The lease to AST Design and Engineering Ltd contains an option to determine on 30/04/2014. (5) Please refer to the legal pack for more detailed information on the individual licencees terms and the service charge costs attributable to the purchaser. (6) Ground Floor Point North & Ground and First Point South – the seller has granted two leases to Chase Space Ltd which will be surrendered before completion. (7) The lease to Microban (Europe) Ltd contains an option to determine on 19/08/2015. For the year ending 31/12/2012 Microban (Europe) Ltd reported a turnover of £1,626,105, pre-tax profits of £65,578 and a total net worth of £453,761 (Source: www.riskdisk.com 16/09/2013). (8) The lease to Springtide Ltd contains an option to determine on 31/12/2014. (9) The lease to Shilling Mergers Ltd contains an option to determine on 31/05/2014. (10) The lease to Metropolitan Housing Trust Ltd contains an option to determine on 27/03/2014.
