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Teesdale House Teesdale House Modern Office Investment Opportunity in a Strategic Location with Secure Government Income Stockton TS17 6BL Teesdale House Westpoint Road, Teesdale Business Park, Stockton TS17 6BL Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information Teesdale House Westpoint Road, Teesdale Business Park, Stockton TS17 6BL Executive Summary • Modern, purpose-built office extending to 15,964 sq ft with generous parking provision • Strategically located on Teesdale Business Park, the prime office location on Teesside • Fully let to NHS Property Services Limited at a low, re-based rent of £9.99 per sq ft with fixed uplift of 38% in June 2018 • Significant tenant’s improvements undertaken throughout 2014, providing a strong indication of the tenant’s commitment to the unit • Excellent asset management and rental growth potential • Offers in excess of £1.6M are sought for the freehold interest reflecting a net initial yield of 9.42%, and a reversionary yield of 13.00% after deduction of standard purchaser’s costs of 5.8%. A68 A1 A7 A697 A1068 A76 A701 A696 A68 Dumfries Newcastle A75Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information A74(M) A7 Airport Teesdale House Westpoint Road, TeesdaleA75 Business Park, Stockton TS17 6BL A69 A69 A69 A1 Newcastle Upon Tyne A75 A68 A692 Carlisle 43 64 42 63 Sunderland A69 Location A69 A596 M6 A68 Durham 62 41 61 Stockton-on-Tees is situatedA595 approximately 250 urban conurbation and the wider region of the miles north of London, 58 miles north of Leeds North East of England. It has an urban area Penrith A688 A19 and 35 miles south of Newcastle upon Tyne. The population 40of circa 85,000 people and a wider town is an important sub-regional centre and is district population ofA66 approximately 190,000 A1(M) A66 a major focusA596 for retail and leisure activity in the people, with an estimated 350,000 people living A68 59 area. The Teesdale Business ParkK iseswick positioned to within 6 miles ofM6 the town centre. A688 the east of the town centre, within the curve of Immediate access to the National Rail Network 58 Stockton- Middlesbrough the River Tees. on-Tees is provided by Thornaby Station, which is 39 Stockton is positioned at the intersection of the approximately two to three minutes’ walk from A66 57 Darlington A19 and A66 Trunk Road, which provide easy the subject property. Thornaby Station connects The Property access to the A1 (M), approximately 15 miles to to Darlington and the East Coast Main Line. In A6 38 A685 the west. Travelling via the A19, it is possible to turn this provides direct services to London’s Kings 56 connect to Leeds, York, Durham and Newcastle Cross (2½ hours travel time) and Edinburgh (2 A19 within one hour’s drive time. hours travel time). Stockton-on-Tees is an astutely located 37 Kendal N commercial centre within both the immediate 1046 Sh A ore A1(M) Rd A 1 36 3 0 49 River Tees Stockton 5 A65 P The Property r i n -on-Tees c e 35 R e e d g i 48W s r e n D e r o e t s e t c p n n e v ri o P t v i A i n E a t s S t R D R r d t d r a v r s a n e 34 L r H r rm D Ya C n to ce e rin A130 l P A65 a Y Lancaster 5 47 Harrogate 33 A 1 1 3 0 A59 York A1(M) M6 5 3 1 A Mandale Rd A66 A 13 00 13 Blackpool 32 12 M55 Leeds 4 1 M55 Bradford M621 Kingston-Upon-Hull Preston 31 30 Blackburn M62 5 29 2 3 4 M606 23 8 Southport Bolton 22 M6 M62 M61 M66 21 A1(M) 27 3 20 Huddersfield 6 M180 4 Barnsley 4 5 26 3 19 M18 3 17 20 1 14 M6 21 M57 13 6 M62 Manchester 7 4 21 25 M62 21A 6 1 M60 2 Liverpool Stockport Warrington 4 Sheffield M53 20 8 7 5 Liverpool Manchester 4 River Mersey M56 5 John Lennon M6 Airport Rhyl Airport 14 15 Macclesfield 18 Chester M6 Congleton Crewe Wrexham Stoke on-Trent Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information Teesdale House Westpoint Road, Teesdale Business Park, Stockton TS17 6BL Situation Teesdale Business Park is situated to the south of Stockton town centre on the River Tees and extends to over 700,000 sq ft of office, education, leisure and residential space. It is estimated that 4,500 people are employed on the park and it is widely recognised as the commercial heart of Teesside in addition to being one of the major business centres in the north east. Major occupiers on the park include Inland Revenue, Santander, DVLA, Swift Insurance, Barclaycard, Siemens, Atkins, the Royal Bank of Scotland, First Choice Holidays plc, Cummins Ltd, Halcrow Group, Serco, Allied Bank and Bond Dickinson solicitors. Durham University’s Queens Campus and Woolfson Research Institute are located on the estate, alongside Stockton Riverside College, creating demand for retail and leisure use alongside residential accommodation, the conversion potential for which underpins capital values across Teesdale Park. There are proposals from Muse, the development arm of AMEC, to build a mixed use scheme including residential on North Bank, situated immediately on the opposite side of the River Tees. GVA are involved in advising Muse and we are aware that the scheme is targeting rents of £17 - £18 per sq ft for Grade A space on a pre-let basis. The first office building extending to an area of 43,000 sq ft, has been pre-sold to Thirteen Group Housing Association with completion due in Spring 2015, for a price exceeding £165 per sq ft. Over 50 new homes have already been completed and sold at Northshore as part of the award-winning Vivo residential scheme. A further 76 new homes will be built this year. Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information Teesdale House Westpoint Road, Teesdale Business Park, Stockton TS17 6BL Description The property comprises a modern, purpose built office building over three storeys, with brick / block walls and a pitched, hipped roof with tile covering and dormer windows. The uppermost floor is situated in the roof void. The internal accommodation is set out to provide cellular and open plan offices, meeting rooms, stores, kitchen areas and WCs, alongside a well-appointed reception. Vertical access is via a passenger lift and stair to all floors. The building benefits from suspended ceilings and recessed lighting to the office areas, alongside a combination of perimeter radiator heating and air conditioning cassette units. Externally, there is a large block paved car park providing 60 marked parking bays with a generous ratio of 1:266 sq ft. The property occupies a site 0.89 acres (0.36 ha) with a low site coverage ratio of 20%. Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information Teesdale House Westpoint Road, Teesdale Business Park, Stockton TS17 6BL Accommodation Tenancy The property provides the following accommodation. The property is fully let to NHS Property Services Limited on fully repairing and insuring terms from 29 January 2013 until 25 June 2023. The rent passing is £159,440 per annum (£9.99 per sq ft), with a Floor Areas (NIA) fixed uplift on 24th June 2018 to £220,000 per annum (£13.78 per sq ft), an increase of 38%. Sq m Sq ft The tenant has an option to break on 24th June 2018, subject to 9 months’ notice. Ground 596.9 6,425 The current lease is a renewal and alongside substantial recent improvement works, reflects the tenant’s continued commitment to the unit. The property is the NHS’s regional headquarters and as First 601.6 6,476 such is occupied by Hartlepool & Stockton Clinical Commission Group (HSCCG). HSCCG represents over 30 GP practices across the Hartlepool and Stockton area and are responsible for planning and Second 284.6 3,063 paying for a range of health services covering everything from routine operations, emergency and Total 1,483.1 15,964 urgent care, learning disabilities, long term conditions, end of life and mental health care. HSCCG is directly funded by the NHS with an annual budget of £370 million. Please note that the above areas do not include tenant’s improvements. Tenure Covenant NHS Property Services (NHSPS) is a limited company wholly owned by the Secretary of State for Health, Freehold. with a remit to provide estate and facilities management for NHS facilities across the UK, from GP practices to administrative buildings. NHSPS maintains, manages and improves over 4,000 properties, working in partnership with NHS organisations and taking over the former Primary Care Trust and Strategic Health Authority portfolio. As the Secretary of State is the sole shareholder in NHS Property Services, the covenant provided by the tenant can be considered as undoubted. Executive Summary Location Situation Description Accommodation Tenure Tenancy Covenant Market Information Further Information Teesdale House Westpoint Road, Teesdale Business Park, Stockton TS17 6BL Occupier Markets/ Asset Management The North East occupational market has witnessed a return to strength, with prime headline office build space of up to 5,000 sq ft with £14.50 per sq ft generally accepted as the rental tone at the rents regaining their pre-recession peaks and year on year take up starting to increase significantly, time.
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