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St Mark's & St Mary's House ST MARK’S & ST MARY’S HOUSE ST MARY’S STREET, PRESTON, PR1 4AT REGIONAL HQ OFFICE INVESTMENT LET TO THE FIRST SECRETARY OF STATE INVESTMENT CONSIDERATIONS ■ Located on the A59 ring road and opposite the Queen’s Shopping Park ■ Excellent car parking ratio of 1:337 ■ Preston is the administrative centre of Lancashire approximately 30 miles ■ Current passing rent of £565,000 per annum northwest of Manchester ■ Unexpired lease term of 6.5 years ■ Freehold ■ Tenant has recently removed break option showing commitment to the site ■ Let to the undoubted covenant of The First Secretary of State ■ Seeking offers in excess of£5,825,000 (Five Million Eight Hundred and Twenty ■ The property serves as an HMRC administrative hub with staff from other local Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase government offices consolidating in the subject property over the last 3 months at this level would reflect anet initial yield of 9.10% after allowing for ■ 58,327 sq ft (NIA) of office space split across 2 x three-storey buildings purchaser’s costs of 6.62% including a secure 173 car park ■ Low capital value of circa £100 per sq ft A 6 0 6 3 ST MARK’S & ST MARY’S HOUSE A ST MARY’S STREET, PRESTON,6 PR1 4AT REGIONAL HQ OFFICE INVESTMENT LET TO THE FIRST SECRETARY OF STATE e n a L r o o R ROAD M E H FLETC e A n La 6 n 0 to 6 le T b E 3 “Most Improved City in the United Kingdom” ib E R R 24 T B6 S SWAN EET STR A ST MARY’S S MPBELL 59 HMP CA Preston TREE T Corporat Preston A59 NEWHALL LANE Bus A5 e 9 Station 9 5 Stre et A ET E TR S H L C O R U N H D C O City Centre N R St George's O et A Shopping Centre re D St n A687 e e u A65 A61 Q RGATE FISHE A19 LANCASTER ate rg Fishe A59 w Fishergate i n Shopping Centre c YORK k l e A658 y e A65 n S q a L M6 A61 u Leeds a A64 m Bradford r A629 e a A6068 h A1(M) A19 A585 n e v BLACKPOOLPreston A59 A LEEDS M55 BRADFORD A583 A59 BURNLEY LOCAL MARKET & DEMOGRAPHICS PRESTON A63 Blackpool M65 A646 HALIFAX Preston is the administrative centre of Lancashire and is home to a A59 A56 M62 mix of public and private sector occupiers. A report conducted by A565 A6033 SOUTHPORT PWC and the thinktank Demos, which used a range of measures HUDDERSFIELD M61 ROCHDALE A1 including employment, workers’ pay, house prices, transport, the M6 M66 M62 M1 A570 A59 environment, work life balance and inequality, found that Preston BOLTON A629 has improved the most across the United Kingdom. M58 OLDHAM MANCHESTER A628 A580 Robin Hood LIVERPOOL ( ) M62 M60 A1 M Preston Unemployment Rate UCLAN campus masterplan k r a SHEFFIELD within Preston City Centre P l A1 a 3.1% Manchester M56 A523 Liverpool n M1 LOCATION o (compared to 6.5% in 2014) M53 i £200m A623 t A61 a N Preston is the administrative centre of Lancashire located 25 miles Other major employers includeRetford the Springfields Nuclear Processing Plant, t A60 c i r (40 km) south of Lancaster, A55635 miles (56 km) North West of Manchester t James Hall & Co, Booths Fulwood, Eric Wright Group and Homeserve. s i D and 62 miles (99 km) west of Leeds. M6 A614 k The area benefits from excellent communications with the city A53 a It is a majorHawarden commercial centre with the city being home to major e prominently situated on the national road and rail networks, P offices for the British DefenceA51 Aerospace industry with key BAE both of which provide excellent links across the UK: Systems facilities located on either side of the city. 16-24 year olds in Preston Lancashire Vacancy Rate hold at least an NVQ level 3 qualification 8.1% (compared to historical ROAD RAIL AIR 44% average of 9%) Preston is situated on the M6 providing access to Preston Railway Station is a major hub on the Liverpool John Lennon Airport and Manchester (compared to 34% in 2014) Birmingham to the south and Carlisle and Scotland West Coast Main Line, offering direct services to Airport, both international airports, are to the north. The M55 lies to the north of the city London Euston (2 hours 8 minutes) to the south approximately 40 miles (64 km) south-west and Lancashire Grade A Office Rents linking Preston and Blackpool. The M61 and M65 and Glasgow, Edinburgh and Aberdeen in the south-east of the city respectively. Preston Railway both terminate at Preston with the M61 providing north. It also serves as a centre for connecting Station provides a direct service to Manchester £ £15 psf access to Manchester via Bolton and the M65 services to Blackpool, Lancaster, Blackburn, Leeds, Airport, with a journey time of approximately linking the city to Colne via Blackburn and Burnley. Manchester, Liverpool and Wigan. 52 minutes. ST MARK’S & ST MARY’S HOUSE ST MARY’S STREET, PRESTON, PR1 4AT REGIONAL HQ OFFICE INVESTMENT LET TO THE FIRST SECRETARY OF STATE St Mark's & St Mary's House, St Mary's Street, Preston PR1 4AT 3 3 S t M ar y 's C h 41.8m urc h SITUATION The property is situated in a prominent position on the A59 Preston ring St Mary’s and St Mark’s House both benefit from large glazed atrium Museum 3 8 road, the main arterial route out of Preston connecting directly with the reception entrances with each building served by an eight person S t M a M6, M61 and M65 motorways. passenger lift. The office wings are arranged around central amenity cores r y 's War Memorial H Sta o ub which provide male, female and disabled WCs alongside kitchen facilities u l S s E The area is mixed use including residential, light industrial and retail. e use Ho on each floor. The office space benefits from the following specification; ine enn Neighbouring occupiers include Travelodge, Holiday Inn, Queens Retail P 5 5 t o carpeted flooring, double glazing, suspended ceilings, recessed lighting, 5 7 Park, Lidl and Club 3000 Bingo. The Museum of Lancashire and HM Prison S wall mounted radiators and perimeter trunking. TA Preston are both adjacent to the property. NL t EY our 's C ary 31 M 4 S t St o T 6 RE The buildings were substantially refurbished by HMRC in 2000 and works ET 29 included the replacement of all windows, the roofs, the internal finishes 25 42.1m 39.3m DESCRIPTION and the mechanical and electrical systems. The buildings are in good rks 7 Wo 1 NE LA LL HA 0 condition and have been well maintained with management undertaken W NE The property was constructed in the early 1970s and forms 2 x three-storey ED & 5 2 by Mapeley. W 4 a W rd IT Bd steel and concrete framed office buildings with brick facades. St Mary’s T y 3 O N Shelter 1 CR 6 S T R House is an L shaped building and houses the main reception area for E E T both buildings. St Mark’s House is located across the car park and forms a SITE AREA T shaped building. Secure car parking in the centre and to the front of the 40.2m buildings is accessed via St Mary’s Street and provides 165 parking spaces The site extends to circa 2.48 acres (1 hectare), with a low site cover of Car Park plus an additional 8 disabled parking spaces equating to a ratio of 1:337 sq ft approximately 20%. 0m 10m 20m 30m © Crown Copyright,Ordnance SurveyES ©100004106. Crown Copyright 2019. All rights For reserved. identification Licence number 100022432. Plottedpurposes Scale - 1:1250 only. ST MARK’S & ST MARY’S HOUSE ST MARY’S STREET, PRESTON, PR1 4AT REGIONAL HQ OFFICE INVESTMENT LET TO THE FIRST SECRETARY OF STATE ACCOMMODATION TENANCY The property has been measured professionally by Lane & Frankham The property is let on two co-terminus FRI leases to The First and provides the following areas (NIA): Secretary of State expiring 23rd June 2025 (6.5 years unexpired) at a current rent of £565,000 per annum (£9.69 psf). St Mary’s House St Mark’s House The tenant has recently removed the break clause from the Floor Area (Sq Ft) Floor Area (Sq Ft) original lease demonstrating its commitment to the site. Reception 674 Reception 743 GF 8,345 GF 10,489 COVENANT 1F 8,394 1F 10,644 The First Secretary of State represents an undoubted covenant 2F 8,394 2F 10,644 being the Sovereign UK Government. Total 25,807 Total 32,520 St Mary’s House and St Mark’s House act as a regional HQ property for HMRC. Other Government operations in the nearby The overall area (NIA) of the property is 58,327 sq ft. area are consolidating in the subject property. TENURE Freehold. EPC VAT PROPOSAL St Mary’s House – D (78) The property is elected for VAT and St Mark’s House – D (77) it is anticipated that the sale will be treated as a transfer of a going We are instructed to seek offers in excess of£5,825,000 (Five Million Eight concern (TOGC). Hundred and Twenty Five Thousand Pounds), subject to contract and DATAROOM exclusive of VAT.
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