GRADE A OFFICE INVESTMENT LET TO UNDOUBTED COVENANT OF BELIEVE HOUSING LIMITED 0191 261 2361 FOR 15 YEARS avisonyoung.co.uk/15309 SPECTRUM 4 SPECTRUM BUSINESS PARK, SEAHAM SR7 7TT BUSINESS PARK SAT NAV BUSINESS PARK @spectrumbizpark SR7 7TT www.spectrumbusinesspark.co.ukBUSINESS PARK Executive Summary - 15 years to Believe Housing Limited • Let on an agreement to lease to Believe Housing • Personal concessionary passing rent of £208,321 Ltd, an undoubted covenant, and social housing per annum (£5.95 per sq ft) which changes provider to Durham County Council. It manages, throughout the term finishing in year £243,373 maintains, administers and develops, what was per annum (£6.95 per sq ft). A higher rent is until 2015, Durham County Council’s social housing reserved under the lease which if assigned portfolio, comprising approximately 18,500 homes increases the passing rent to £418,393 per annum located across the whole of County Durham (£11.95 per sq ft) • A detached 3 storey Grade A office completed • We are instructed to invite offers of £2.95 million in 2008, extending to 3,253 sq m (35,012 sq ft) (Two Million Nine Hundred and Fifty Thousand with 129 car parking spaces Pounds) for our client’s freehold interest. A purchase at this level will reflect a net initial yield on the • Located on a site extending to 0.856 hectares concessionary rent of 6.65% in Years 2-9 6.08% (2.117 acres) with 129 car parking spaces rising from Year 10- 7.2% and Year 12- 7.47% and • Situated in an area benefitting from significant from Year 13 onwards 7.75% commercial development and well placed for retail • Yields have been calculated net of purchase costs and leisure facilities taken at 6.4%. On a capital value basis, this figure • 15 year full repairing and insuring lease without reflects a very low rate of £85 per sq ft break option, which is expected to commence in December 2019 following the completion of Landlord’s works to renew air conditioning BUSINESS PARK BUSINESS PARK BUSINESS PARK Seaham SR7 7TT Location BUSINESS PARK BUSINESS PARK BUSINESS PARK A1 A1068 Ashington Newbiggin- by-the-Sea Morpeth A189 LocationA1 Blyth Cramlington Seaham is an attractive coastal NEWCASTLE INTERNATIONAL A1 AIRPORT A19 town located in County Durham, Tynemouth approximately 15 miles south east South Shields A69 TYNE of Newcastle upon Tyne, 10 miles NEWCASTLE TUNNEL UPON TYNE east of Durham and 20 miles north A1 Gateshead A1018 of Middlesbrough. The town benefits A19 from excellent road communications A194(M) SUNDERLAND A692 with the A19 dual carriageway located 65 A1231 Washington approximately 1.5 miles to the west, Stanley 64 A19 providing easy access to the main 63 Consett Chester- le-Street conurbations in the region. The A1(M), A1(M) Houghton- le-Spring SEAHAM the region’s other main other arterial A167 A690 A691 A182 route, is situated 7 miles to the west. Sea front walkway 62 A19 Easington Durham Peterlee 61 A167 Hartlepool A1(M) Sedgefield A19 Seaton Carew A689 60 A689 Bishop A689 Auckland Redcar Newton A167 Aycliffe Billingham 59 MIDDLESBROUGH Stockton- A167 on-Tees 58 Transport links A66 Darlington Guisborough A67 A19 A66(M) TEESSIDE 57 INTERNATIONAL AIRPORT A1(M) BUSINESS PARK BUSINESS PARK BUSINESS PARK The local demographic provides an excellent source of available labour, with over 1.1 million Location people living in the recruitment catchment that occupiers at Spectrum can draw from. Seaham benefits from its own railway station, which forms part of the regional network and connects with Sunderland and Newcastle Central Stations. These in turn connect to the East Coast main rail line passing between London and Edinburgh and the Tyne & Wear Metro system. The town is conveniently situated between two airports, with Newcastle International Airport positioned approximately 25 miles to the north west and Teesside International Airport approximately 25 miles to the south. Rail Metro Newcastle International Airport Teesside International Airport BUSINESS PARK BUSINESS PARK BUSINESS PARK Seaham is one of Durham County Council’s Location key employment sites with support from Business Durham. Seaham has benefitted from significant commercial regeneration in the last few years with the opening of Byron Place Shopping Centre, a scheme anchored by a 42,000 sq ft ASDA foodstore with other occupiers including an Argos, Wilkinsons, Subway, Farm Foods, Greggs, Specsavers, Home Bargains and a newly completed Costa. Asda Food Store Byron Place BUSINESS PARK BUSINESS PARK BUSINESS PARK The workforce in this catchment area is young Location with 15.5% of the total available workforce being in the 16-24 year old age bracket. Approximately 1.5 miles to the west lies Dalton Park outlet shopping centre, the North East region’s prime outlet shopping facility comprising over 300,000 sq ft of retail and leisure space. Occupiers include M & S, Next, Nike, Adidas, Holland & Barratts, Starbucks and McDonalds. Phase 2 of the Dalton Park development was completed in Q1 2017 by Bowmer and Kirkland. The development includes a six screen Cineworld cinema, Frankie & Benny’s, Pizza Express, Prezzo, KFC. The development also includes a family public house. ® BUSINESS PARK BUSINESS PARK BUSINESS PARK Private service sector organisations are the Location principal employers in the area. Seaham is served by a good range of leisure facilities. Immediately north west of the town centre is Seaham Hall Hotel and Spa, a 5 star hotel complex set in a 37 acre estate. The town boasts two popular golf clubs, Seaham Harbour Club and Sharpley Country Golf Club, both within 2 miles of Spectrum Park. Guest Accommodation BUSINESS PARK BUSINESS PARK BUSINESS PARK Major employers in Seaham include Res Q, Northumbrian Water, UMi, Seaham Harbour Dock, Location DWP, Durham County Council and Andrew James Worldwide. Foxcover Distribution Park, Seaham’s most modern high specification industrial estate is situated 300 yards to the west. The development extends to 620,000 sq ft of mainly distribution space constructed in the mid to late 2000’s with units ranging from 30,000-132,000 sq ft. The estate benefits from full occupation. Major occupiers include Interserve, Yearsley Group, Metromail, Robertson Group, Sofa Workshops and Lightweight Containers. Foxcover Distribution Park Seaham Harbour, a working port facility, has recently been refurbished and redeveloped by Seaham Harbour Dock Company and Durham County Council. A £3.2M scheme to upgrade the North Dock completed in 2013 and included the creation of a flagship building “The Waterside” comprising 12 commercial units, floating pontoons to accommodate 77 leisure craft, reinstatement of the dock gates, refurbishment of the slipway and improved public access. The nearby retail and leisure facilities and marina together with beaches, sea front walkways and a selection of new tourist shops Seaham Harbour Seaham Harbour Commercial Units overlooking a green, collectively provide an attractive working environment. www.seahammarina.com. Most recently in Q1 2019 planning permission has been granted to JV Partners, Tolent and Home Group to construct a 1,500 unit residential development with complimentary buildings on a site immediately south of Spectrum Park. The scheme will be built over a 10 year period and increase the critical mass, transport links and employment attraction of the subject area. Sea front walkway BUSINESS PARK BUSINESS PARK BUSINESS PARK Situation VivaRail To A19 & Dalton Park Retail Outlet Kiddie Products MRC Global A182 Castle Eden Brewery DWP 1st & 2nd floors Andrew James Worldwide To Town Centre Ground lets to EDBS 7 UNDER OFFER 3 RES Q & Shopping Centre Orbis A182 6 UMI & GREAT ANNUAL SAVINGS 8 DURHAM COUNTY COUNCIL 4 BELIEVE HOUSING Sunderland to Teesside 5 NORTHUMBRIAN WATER Railway Link BUSINESS PARK BUSINESS PARK BUSINESS PARK Situation Spectrum 4 is located to the north west corner of Spectrum Housing Business Park, approximately ½ mile south of Seaham town centre and the Byron Place Shopping Centre. The building Proposed benefits from unobstructed views toward the sea and marina retail convenience Potential 330 area. The park has immediate access to the A182 highway linking units car parking spaces with the A19 dual carriageway, 1.5 miles to the west. NORTHUMBRIAN WATER 5 The adjacent half acre site, formerly used as a bus turning circle is now in the ownership of the Developer of the Park and is being DURHAM COUNTY COUNCIL 8 marketed for retail food units aimed at serving the occupiers BELIEVE HOUSING 4 on the park. Ground lets to EDBS 1st & 2nd floors 6 UNDER OFFER Spectrum Business Park is served by good bus connections UMI & GREAT to Seaham, Sunderland, Teesside and the wider area with the 7 ANNUAL SAVINGS X6, X7, 60, 202 and X21 routes all stopping at the business park. RES Q 3 Schedule times are provided on Spectrum’s web site. The business park was constructed between the mid 2000’s and 2010 and alongside the adjoining Lighthouse View estate, comprises nine Grade A out of town office buildings, providing Andrew James a total of 35,767 sq m (385,000 sq ft) of accommodation, DWP ranging in size from 2787 to 6584 sq m (30,000 to 70,878 sq ft). Tenants include Durham County Council, DWP, James Andrew Worldwide, Res Q, Northumbrian Water, Great Annual Savings, EDBS, Room 501 Publishing Company, Sitex Orbis, Kidd MRC Transmark and national support organisation UMi. Further information is provided on the park’s website, www.spectrumbusinesspark.co.uk BUSINESS PARK BUSINESS PARK BUSINESS PARK Description BUSINESS PARK BUSINESS PARK BUSINESS PARK Landlord’s works being undertaken prior to tenant fit out Description The property comprises a detached Grade A office building constructed in approximately 2008 over three floors situated on a total site extending to checking 2.117 acres (0.856 Hectares).