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West Point & Centre Court WEST POINT & CENTRE COURT EXETER STREET, PLYMOUTH PL4 0AH PROMINENT CITY CENTRE OFFICE INVESTMENT WEST POINT & CENTRE COURT, EXETER STREET, PLYMOUTH PL4 0AH INVESTMENT SUMMARY ■ Location ■ Rent Plymouth is the principal city of Devon, 118 miles (190 km) The property produces a total rent of £307,750 per annum south west of Bristol, 55 miles (89 km) east of Truro and 44 equating to £11.06 per sq.ft. overall. miles (71 km) south west of Exeter. It is situated on the A38 and A30 providing access to the M5 and the national ■ Proposal motorway network. We are instructed to seek offers of £3,000,000 (Three Million Pounds only) which reflects a NIY of 9.64% ■ Situation based on purchaser’s costs of 6.45% and a low capital value The property is situated at the eastern end of the city of only £114 psf inclusive of acquisition costs. centre fronting the A374 Exeter Street linking to the A38 to the east. ■ Description Two adjacent office buildings; Centre Court is a two-storey office building fronting the A374 and West Point is a four-storey building, accessed from Ebrington Street. The two buildings are linked with a courtyard. ■ Accommodation 27,815 sq ft (2,584.01 sq.m.) with 42 car parking spaces (1:662 sq.ft.). ■ Site Footprint Comprises 0.45 acres (0.182 Hectares) ■ Tenure Three titles - two are Freehold and one is Long Leasehold relating to a substation in the corner of Centre Court. ■ Tenancies The building is let to three tenants, The Secretary of State for Communities and Local Government, The First Secretary of State and Plymouth Community Healthcare CIC. The Wault is 4.9 years to expiry (2.7 years term certain). PROMINENT CITY CENTRE OFFICE INVESTMENT www.bcmre.com WEST POINT & CENTRE COURT, EXETER STREET, PLYMOUTH PL4 0AH LOCATION The property is located in Plymouth, which is the principal city of Devon and the second largest conurbation in the South West of England in terms of both employment and population. It is located 190 km (118 miles) south west of Bristol, 89 km (55 miles) east of Truro, and 71 km (44 miles) south west of Exeter. The city has excellent road communications with both the A38 and A30 dual carriageways providing access to the national motorway network at Junction 31 of the M5 motorway at Exeter. Plymouth has a mainline railway station with a direct journey time to London of just over 3 hours whilst there are other direct services to the Midlands, the North, South Wales and Scotland. A1 A14 Exeter Airport is 71 km (44 miles) away. A6 NEWMARKET A14 CAMBRIDGE NORTHAMPTON BEDFORD WORCESTER STRATFORD-UPON-AVON A5 M40 A11 A46 M1 M11 IPSWICH A429 The city is also classed as a major port offering both passenger and vehicle ferry services currently SUDBURY BANBURY MILTON A1 HEREFORD A505 A44 KEYNES FELIXSTOWE operated by Brittany Ferries. M5 M1 A6 A470 M50 A5 HARWICH A40 LUTON STEVENAGE STANSTED A44 M40 A120 A40 CHELTENHAM LUTON COLCHESTER A10 A429 A41 DUNSTABLE A1 (M) BISHOP’S BRECON BEACONS GLOUCESTER CARMARTHEN NATIONAL PARK HERTFORD WARE STORTFORD A12 A470 AYLESBURY HEMEL ST CLACTON-ON-SEA A48 ALBANS A483 A40 HEMPSTEAD CHELMSFORD A414 HARLOW OXFORD HATFIELD A414 DEMOGRAPHICS CIRENCESTER AMERSHAM M25 A465 PONYTPOOL M5 M40 A12 LLANELLI A420 HIGH M1 M25 WYCOMBE M25 NORTH A449 A470 WATFORD SEA The city has a population of 462,000 within the primary catchment. M48 SWANSEA PONTYPRIDD M4 A433 BASILDON NEWPORT SWINDON SOUTHEND-ON-SEA M4 SLOUGH WEST A13 SWANSEA A343 DRAYTON LONDON CITY M4 M4 SHEERNESS CARDIFF READING HEATHROW Public Services makes up the largest share of total employment in Plymouth at 37.2% A46 CHIPPENHAM LONDON MARGATE BRISTOL A2 ROCHESTER A346 M4 BRACKNELL M5 A38 NEWBURY A350 A322 CARDIFF BATH M20 CROYDON BRISTOL A33 M2 BRISTOL CHANNEL WESTON-SUPER-MARE M3 Plymouth is a major residential expansion area with a projected population growth of 0.8% by A36 A343 A3 M25 A37 SEVENOAKS A338 BASINGSTOKE A24 MAIDSTONE 2017. A programme to build 5,500 new homes on the edge of the city began earlier this year. ANDOVER REIGATE A22 M20 FARNHAM GUILDFORD M23 A303 A39 A361 DOVER MINEHEAD M5 A36 A303 GATWICK ASHFORD M3 ALTON ROYAL GLASTONBURY A3 CRAWLEY TUMBRIDGE A31 WELL FOLKESTONE BRIDGE WATER A361 A22 A26 Plymouth University is home to 35,000 students and 3,000 staff with the main campus located a A37 SALISBURY WINCHESTER A23 short walk from the subject property. BARNSTAPLE A272 A272 UCKFIELD TAUNTON A350 A36 PETERSFIELD A354 SOUTHAMPTON WELLINGTON YEOVIL A338 SOUTHAMPTON LEWES R M27 A3 (M) E CHICHESTER V HASTINGS O NEWHAVEN D F BRIGHTON O M5 BROCKENHURST PORTSMOUTH A377 A354 I T R A A338 PORTSMOUTH EASTBOURNE S T A386 ENGLISH CHANNEL BOURNEMOUTH A30 DORCHESTER POOLE EXETER EXETER ISLE OF WRIGHT LAUNCESTON WEYMOUTH A386 EXMOUTH DARTMOOR A380 NATIONAL PARK A388 A38 TORQUAY A385 NEWQUAY PLYMOUTH DARTMOUTH PLYMOUTH PROMINENT CITY CENTRE OFFICE INVESTMENT FALMOUTH www.bcmre.com ENGLISH CHANNEL WEST POINT & CENTRE COURT, EXETER STREET, PLYMOUTH PL4 0AH 14 15 16 13 1 4 3 2 12 5 6 KEY 9 Barbican Leisure Scheme 1 West Point & Centre Court 10 National Marine Aquarium 2 Old Tree Court 11 Sutton Harbour Marina 3 12 Bretonside bus station Unite Student Accommodation 11 7 4 Jury’s Inn 13 Drakes Circus shopping centre 5 North Quay House 14 Roland Levinsky Building 6 Salt Quay House 15 Plymouth College of Art 8 7 Mast House & Design 8 Premier Inn 16 Beaumont 10 9 PROMINENT CITY CENTRE OFFICE INVESTMENT www.bcmre.com WEST POINT & CENTRE COURT, EXETER STREET, PLYMOUTH PL4 0AH SITUATION The properties are situated in a very prominent location at the eastern end of the city centre, fronting onto the A374 Exeter Street which is the main arterial route into the city from the Marsh Mills junction of the A38. Close by lie the amenities of the main retail and leisure provision, including Drakes Circus Shopping Centre, Sutton Harbour Marina (home to the National Marine Acquarium), and the Barbican Leisure scheme. Plymouth University’s main campus lies close by, as does the Plymouth College of Art and Design, and many of the surrounding buildings provide residential accommodation for students. Bretonside Bus Station, situated directly south of Drakes Circus, is due to see construction start soon on a large new cinema-anchored leisure extension. This will cement the location as the premier family leisure destination in the city. The immediate area is also home to the city’s grade A office provision, including Old Tree Court and Salt/ North Quay House’s. Significant occupiers include Plymouth University, Foot Anstey, DWP, the GPU, Cygna and Capita. DESCRIPTION The properties comprise two adjacent office buildings with ancillary car parking constructed in 1990/91. West Point provides accommodation over basement, ground and three upper floors, and Centre Court provides accommodation over ground and first floors. Both properties provide good quality modern office accommodation benefitting from suspended ceilings and raised floors. Reception – West Point Office accommodation – HMRC ACCOMMODATION Centre Court provides a total of 12,900 sq.ft. over two floors, and West Point a total of 14,915 sq.ft. over 5 floors. In total the property provides 42 car parking spaces, located in the basement, opposite the reception of West Point, and on the small plot of land along Hill Street. Subject property – view from Exeter Street PROMINENT CITY CENTRE OFFICE INVESTMENT www.bcmre.com WEST POINT & CENTRE COURT, EXETER STREET, PLYMOUTH PL4 0AH TENURE The property is held under three titles, two freehold and one long leasehold. Further information is available upon request. The long lease relates to a substation situated in the corner of Centre Court. TENANCIES The properties are let in accordance with the schedule below. All the accommodation is fully occupied by the various tenants. Building Floor Tenant Floor Area Rent Rent Lease Expiry Break Rent Term Comments sq.ft. p.a. psf Start Review Certain Secretary of State for Occupied by UK Border and Communities & Local West Point Part 2nd Floor 2,269 £32,300 £14.24 25-Mar-91 24-Mar-16 n/a n/a 0 Immigration Agency which is in Government (UK Border full occupation, holding over & Immigration Agency) Ground, 1st, Part First Secretary of State 12,646 £136,500 £10.79 21-Mar-09 20-Mar-24 2-April-21 25-Mar-19 4.45 Occupied by HMRC and UK BIA 2nd & 3rd Floors (HMRC) Plymouth Community Centre Point All Healthcare CIC 12,900 £138,950 £10.77 25-Mar-16 24-Mar-20 30-Apr-18 1.56 (Livewell Southwest) TOTAL 27,815 £307,750 £11.06 2.7 COVENANTS Plymouth Community Healthcare CIC– otherwise known as Livewell Southwest is directly responsible for the Plymouth area, as well as for co-ordinating work with the other south west PCTs. HMRC and UKBA – both of these tenants are central government departments and therefore offer undoubted covenants. The GPU is responsible for the property estates of both departments. SERVICE CHARGE The service charge budget for y/e Dec 2016 is £179,320 which equates to £6.48 psf. Further details are available upon request. PROMINENT CITY CENTRE OFFICE INVESTMENT www.bcmre.com WEST POINT & CENTRE COURT, EXETER STREET, PLYMOUTH PL4 0AH PLYMOUTH DEVELOPMENT PIPELINE OFFICE MARKET There is very little significant office development planned in the city centre. Sutton Harbour plc have one site upon which offices could be developed, but build costs mean that a pre-let at £20 psf is required. The supply of offices in Plymouth City centre is primarily made up of secondary period or post war developments.
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