3 Percy Way, St John's Business Park, Huntingdon

3 PERCY WAY, ST JOHN’S BUSINESS PARK, HUNTINGDON, PE29 6SZ MODERN OFFICE INVESTMENT OPPORTUNITY

PRIVATE CLIENT INVESTMENT SUMMARY

■■ Modern office building situated in the established St John’s Business Park ■■ Current rent passing of £141,050 pa reflecting£15.25 psf ■■ Huntingdon is an affluent town, well located on the A14 and its junction ■■ Freehold with the A1(M) ■■ Excellent on site car parking ratio of 1:215 sq ft ■■ Detached self-contained building providing 9,248 sq ft (859.1 sq m) ■■ Offers are sought in excess of£1,600,000 (One Million Six Hundred Thousand of modern office accommodation arranged over two storeys Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects ■■ Entirely let to Omega Pharma NV and Omega Pharma Ltd an attractive net initial yield of 8.30% allowing for purchaser’s costs of 6.14%. with an expired term of approximately 5.5 years This represents a low capital value of £173 psf M M M ■ M ■

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3 PERCY WAY, ST JOHN’S BUSINESS PARK, HUNTINGDON, PE29 6SZ MODERN OFFICE INVESTMENT OPPORTUNITY

Location HuntingdonAM is a fast growing market town in East Anglia well located between Cambridge and Peterborough. The town is located approximately 29 km (18 miles) north west of Cambridge, 31 km (19 miles) south of Peterborough, 61 km (38 miles) north east of Milton Keynes and 111 km (69 miles) north of London. The town benefits from excellent transport links situated on the A14 which connects the town to the A1 (M) less than 8 km (5 miles) to the north which acts as an important north-south arterial link. The town also benefits from excellent rail links with a regular fast rail service to London Kings Cross with a fastest journey time of 48 minutes. London Stansted and London Luton Airports are both within 80 km (50 miles) of the property.

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A M A A M Toll A A141 M A141 ■ HUNTINGDON RETAIL PARK Situation St John’s Business Park is situated on the northern AM A ERMINE STREET ■ A M A edge of Huntingdon, on the town’s main ring road ST. JOHNS BUSINESS (A141) Spittals Way. It forms the key business area M A PARK ■ WASHINGLY RD along with Stukeley Meadows Industrial Estate and A ■ Ermine Business Park. The park totals 22 acres A M (8.9 hectares) and comprises a mix of car A ERMINE A BUSINESS showrooms, offices and warehouses. ■ PARK PERCY ROAD

CONEYGEAR RD CONEYGEAR Other occupiers on St. John’s Business Park M M SPITTALS WAY ST. PETER’S include Vindis Audi, Vindis Volkswagen, Anglian INDUSTRIAL ESTATE AM ST PETERS ROAD M Water Group and Homebase. ■ A A1(M) ■ A141 STUKELEY M A14 MEADOWS A INDUSTRIAL M ESTATE B1044 J23 STUKELEY ■ MEADOWS STATION ■ ■ A14 M11 A14 HINCHINGBROOKE ■ BUSINESS PARK M ■

■ ■ 3 PERCY WAY, ST JOHN’S BUSINESS PARK, HUNTINGDON, PE29 6SZ MODERN OFFICE INVESTMENT OPPORTUNITY

2b Description 1 2c The property was built in 2007 and comprises a two storey building of steel frame construction Osprey House with brick elevations under a pitched tiled roof. The property comprises the following specification: • Raised access floors • Shower Facilities El Sub Sta • Suspended ceilings • 8-person passenger lift • Comfort cooling air handling system • Double glazing • Cat. 2 lighting • Secure floor key card access

Y • Male, female and disabled WCs on both floors A

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S L The property benefits from 43 on-site car parking spaces providing an excellent ratio of 1:215 sq ft. A

S El Sub Sta Site Area ESS The InterchangeSite area of approximately 0.75 acres (0.30 hectares). Industrial Estate

Accommodation 3 The property provides the following net internal areas (NIA);

Area (Sq M) Area (Sq Ft) Ground 414.8 4,465 First 435.0 4,683 Ground Shared Areas 9.3 100 6 Total 859.1 9,248

Tenure D A O Freehold. R

Y 0m 10m 20m 30mC R E P

© Crown Copyright, ES 100004106. For identification purposes only. 2 1 Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 3 PERCY WAY, ST JOHN’S BUSINESS PARK, HUNTINGDON, PE29 6SZ MODERN OFFICE INVESTMENT OPPORTUNITY

Tenancy The property is let in its entirety to Omega-Pharma N.V and Omega Pharma Ltd on a 15 year FRI lease from 29th September 2007 expiring 28th March 2023. The current passing rent is £141,050 pa (£15.25 psf) and is subject to 5 yearly upward only rent reviews. The tenant is not in occupation. The ground floor is currently sub-let to Capita Plc (previously Cedar HR Software Ltd) for a term of 10 years from 19th April 2010 expiring the 18th April 2020 at a passing rent of £68,250 pa (£14.95 psf). The sub-lease is outside the 1954 L&T Act.

Covenant Omega Pharma is a Belgian based pharmaceutical company established in 1987 and quickly grew to become one of the largest over the counter healthcare companies in Europe. In 2015 Omega Pharma was acquired by Perrigo Company plc and now trades as Perrigo UK & Ireland. Perrigo is the world’s largest manufacturer of over the counter healthcare products and supplier of infant formulas for the store brand market. The company is also a leading provider of branded over the counter products throughout Europe and the U.S. Perrigo employs over 10,000 people worldwide. Investment Market Omega Pharma NV is a Belgium based company and has a D&B rating of 5A1 There has been strong demand for well let regional office investments as is demonstrated by the following recent transactions: representing a minimum risk of business failure.

31 Dec 2016 31 Dec 2015 31 Dec 2014 Date Property Purchase NIY Cap Val Tenant Unexpired Purchaser (d) (d) (d) Price (psf) Term

Turnover 29,266,053 35,177,706 36,373,172 Jun-17 4 Lancaster Way, Huntingdon £5,250,000 6.00% £246 Anglian Water 11.5 years Local Services Ltd Authority Tangible Net Worth 1,503,820,133 1,028,538,780 844,255,376 Jun-17 4 Cyrus Way, Cygnet Park, Peterborough £2,000,000 7.00% £181 Bulley Davey 5.6 years Local Omega Pharma Ltd is a UK based company and has a D&B rating of 3A1 Authority representing a minimum risk of business failure. Apr-17 Trinity House, Ashford £5,850,000 6.16% £282 Kent Community 12.0 years Local Health NHS Authority 31 Dec 2015 31 Dec 2014 31 Dec 2013 Foundation Trust (£) (£) (£) Apr-17 Bulley Davey, Peterborough £2,000,000 7.00% £181 Bulley Davey 5.5 years Local Turnover 86,776,000 80,387,000 68,889,000 Authority Tangible Net Worth 11,252,000 8,194,000 5,420,000 Jan-17 Harrow House, Basingstoke £1,369,000 7.23% £126 Trane UK Ltd 4.0 years Undisclosed Net Current Assets 7,777,000 4,657,000 5,011,000 Jan-17 Aibel House, Petersfield £2,100,000 6.96% £209 Colt International 5.0 years Private (to break) Aug-16 Centre 3, 80 Wilbury Way, Hitchin £2,185,000 7.50% £104 Willmott Dixon 5.0 years Local Construction Ltd (to break) Authority EPC The property has an EPC rating of C (56).

DATAROOM VAT For access to the Allsop Data Room, please use the following link: The property has been elected for VAT. https://datarooms.allsop.co.uk/register/huntingdon

PROPOSAL Offers are sought in excess of £1,600,000 (One Million Six Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 8.30% allowing for purchaser’s costs of 6.14%. This represents a low capital value of £173 psf

For further information or to make arrangements for viewing please contact:

PRIVATE CLIENT TEAM

Alex Butler Jonathan Butcher 020 7543 6722 020 7543 6755 [email protected] [email protected]

www.allsop.co.uk

PRIVATE CLIENT

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 08.17