Ross House Binley Business Park, Coventry Cv3 2Tr Investment Summary

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Ross House Binley Business Park, Coventry Cv3 2Tr Investment Summary SECURE SINGLE-LET OFFICE INVESTMENT ROSS HOUSE BINLEY BUSINESS PARK, COVENTRY CV3 2TR INVESTMENT SUMMARY • Opportunity to acquire a modern, single-let office • The Tenant (McCarthy & Stone Retirement Lifestyle Offers invited in excess of £2,672,000 investment in Binley Business Park, a highly Limited) is a subsidiary of McCarthy & Stone Plc, established office park less than three miles east of which is a FTSE-250 listed builder of retirement housing (Two Million Six Hundred and Seventy Coventry City Centre. across the UK with a market cap of circa £803m. Two Thousand Pounds) reflecting a • Two-storey detached office building on a site of • The property is let until November 2022, providing net initial yield of 9.25% and a capital approximately 1.04 acres. 2.97 years of unexpired income at a passing rent of £263,014 per annum, equating to approximately £21.01 psf. value of £213 per sq ft. • The site contains approximately 67 car parking spaces, providing an attractive car parking ratio of 1:187 sq ft. • Held long leasehold, with an unexpired term of 131.90 years. A ground rent of one peppercorn is payable per year. ROSS HOUSE SECURE SINGLE-LET OFFICE INVESTMENT BINLEY BUSINESS PARK, COVENTRY CV3 2TR Chesterfield Lincoln M6 Chester Mansfield Crewe M1 STOKE-ON-TRENT NOTTINGHAM DERBY M1 A1(M) EAST MIDLANDS Staord Burton upon Trent M6 Shrewsbury Cannock Telford M6(T) Tamworth M42 M54 LEICESTER WOLVERHAMPTON Walsall M1 COVENTRYHinckley West Bromwich M6 LOCATION BIRMINGHAM M69 Corby BIRMINGHAM Coventry is the 12th largest city in the United Kingdom and one of the biggest in the West Midlands, M42 M6 second only to Birmingham, with a total population of 360,100. The city is 100 miles north of London and M5 Solihull Kidderminster Rugby 21 miles east of Birmingham. There are also several affluent towns in the surrounding area, including Royal M42 Leamington Spa, Kenilworth, and Warwick. Stourport- M45 on-Severn M40 Coventry is one of the top 10 cities in the country for jobs growth, patents granted and business growth Leamington Redditch Spa over the past decade. It is also home to two top UK universities, with a combined enrolment of 54,000. NoDuerthampto to nits strategic location and healthy labour market, the city is home to many national and regional level companies, particularly across the engineering, aerospace, and automotive sectors. Worcester Stratford Bedford upon Avon M1 M5 Evesham Banbury Milton Keynes ROAD RAIL AIR Tewkesbury M50 Coventry is a West Midlands town located 22 Coventry Railway Station is just south of the city Coventry benefits from two airports in the miles east of Birmingham and 10 miles from centre and provides regular servicesM1 to London surrounding area, with the largest being M40 GLOUCESTERSHIRERoyal LeamingtonCheltenham Spa. The city is near Junction 2 and Birmingham, reachable in 61 and 21 minutes Birmingham International Airport, approximately and Junction 3 of the M6, Junction 1 of the M69, respectively. Coventry City Council are undertaking 10 miles to the north-west. Passenger figures Gloucester Junction 6 of the M42 and Junction 15 of the M40 motorways. an £82m regeneration of the station, which will create have grown significantly since 2010, with almost 13 million This allows rapid access to the full national motorway additional retail space, along with a multi-storey car park, bus passengers using the airport in 2017 alone. network serving the Midlands conurbations and beyond; 75% interchange and new highway infrastructure. The delivery of Oxford of England’sM5 area is reachable within a 2-hour drive time of HS2 Phase 1 is also set to deliver a boost to rail transport links Coventry. in the West Midlands region. ROSS HOUSE SECURE SINGLE-LET OFFICE INVESTMENT BINLEY BUSINESS PARK, COVENTRY CV3 2TR SITUATION Daimler Green M6 Ross House is located on Binley Business Park, alongside other A4600 ANSTY ROAD major national occupiers including NFU Mutual, Orbit Homes A444 A46 EASTERN BYPASS and Jewson. The property fronts Harry Weston Road, which is Barras Heath accessed directly from the Binley Road (A428). Binley Road is an important arterial route connecting the A46 East Bypass and HOLYHEAD ROAD the City Centre. It also intersects with A4082 and A444 to give Spon End ROSS HOUSE excellent connectivity to the northern and southern areas of BINLEY ROAD COVENTRY Stoke Coventry. The A46 Eastern Bypass allows easy access to the M6 approximately 2.5 miles to the north. A4053 B4027 BRINKLOW ROAD Several local bus services depart from Brandon Road and Binley Brinklow Road, nearby the subject property, allowing for access Binley Business Park A4114 the centre of town and the surrounding area. BINLEY ROAD A4082 A428 A428 RUGBY ROAD Binley Industrial Estate Binley Woods Whitley A46 EASTERN BYPASS A45 H Green Lane A444 AR RY W ES El Sub Sta TO Tollbar End N RO AD STONEBRIDGE HWY Merchant A45 Binley Park Inn y (PH) d Ross House B d r a W & t s n o C o r o B Hotel ESS 3 D A O R 7 El N Sub O 7 T a S Sta E W Y R R A 9 H 1 3 Oak House ROSS HOUSE SECURE SINGLE-LET OFFICE INVESTMENT BINLEY BUSINESS PARK, COVENTRY CV3 2TR TENANCY INFORMATION The property is let on an FRI basis in its entirety to McCarthy & Stone Retirement Lifestyle Limited for £263,014 per annum (£21.01 psf) from 26 November 2007 to 25 November 2022. McCarthy & Stone Retirement Lifestyle Limited is a subsidiary of McCarthy & Stone Plc, which is a very established builder of retirement housing across the UK. It is a FTSE-250 company, with a market capitalisation of circa £803m at time of writing. The covenant is rated as 1, the Minimum Risk by Dun & Bradstreet and a summary of the company’s financial accounts are as below: Tangible Net Year to Date Turnover (£) Pre-Tax Profit (£) DESCRIPTION & ACCOMMODATION Worth (£) Ross House was constructed in circa 2000’s and features open plan office accommodation of 12,521 31/08/2018 759,600 60,200 585,000 sq ft arranged over ground and first floor. There is generous parking with approximately 67 spaces. The building is organised on a multiple wing basis, which lends itself to a multi-let layout in the future should 31/08/2017 543,000 69,700 529,600 it be necessary. The building currently configured by the tenant to include a showroom. The general office specification is as follows: 31/07/2016 674,000 77,900 466,000 • Steel frame • 67 space private car park *figures quoted in thousands • Limited perimeter heating and air • Individual secure gate access to property conditioning with CCTV • Double glazing TENURE • Suspended acoustic tiled ceiling Area (sq ft) Area (sq m) The property is held on a long leasehold basis (title number WM764562) with an • Raised floors Ground Floor 6,263 582 unexpired term of approximately 131.9 year remaining on the lease. A ground rent of • 2.7m floor to ceiling height one peppercorn is payable per year. • Schindler 630kg 8-person passenger lift First Floor 6,257 581 • Mixed and disabled toilets on ground floor TOTAL 12,521 1,163 and mixed toilets on first floor ROSS HOUSE SECURE SINGLE-LET OFFICE INVESTMENT BINLEY BUSINESS PARK, COVENTRY CV3 2TR Coventry is one of the top 10 cities in the country for jobs growth, patents granted and business growth over the past decade EPC PROPOSAL CONTACT The property has an EPC rating of D-88. The We are instructed to seek offers in excess of For further information or to arrange an inspection of the property, please contact: certificate is available upon request. £2,672,000 (Two Million Six Hundred and Seventy JACK STACEY LUKE STEYN WILL SHERLOCK Two Thousand Pounds), subject to contract and T: 020 3214 1967 T: 020 7182 8470 T: 0121 616 5563 exclusive of VAT. Assuming a net rent of £263,014 VAT M: 078 2586 0099 M: 077 1775 7888 M: 077 9560 6832 per annum, a purchase at this level would reflect the E: [email protected] E: [email protected] E: [email protected] below yield profile, after allowing for purchaser’s costs We understand that the property has been elected of 6.41%. for VAT. As such, it is intended that the sale will be structured as a Transfer of Going Concern (TOGC). Net Initial Yield 9.25% Capital Value £213 psf CBRE for themselves and for the vendors or lessors of the property whose agents they are give notice that: (i) these particulars are given without responsibility of CBRE or the vendors or lessors as a general outline only for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) CBRE cannot guarantee the accuracy of any descriptions, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii) no employee of CBRE (and their joint agents where applicable) has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on purchase price and/or rent, all figures are quoted SECURE SINGLE-LET OFFICE INVESTMENT exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; (v) except in respect of death or personal injury caused by the negligence of CBRE, its employees or servants, CBRE will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars save to the extent that any statement made in these particulars has been made fraudulently.
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