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Mayflower House Team Valley Trading Estate Fifth Avenue, Gateshead, Ne11 0Sd

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Mayflower House Team Valley Trading Estate Fifth Avenue, Gateshead, Ne11 0Sd MAYFLOWER HOUSE TEAM VALLEY TRADING ESTATE FIFTH AVENUE, GATESHEAD, NE11 0SD STRATEGICALLY LOCATED AND REFURBISHED MULTI LET OFFICE INVESTMENT INVESTMENT SUMMARY + Situated in one of Europe’s largest mixed use commercial location + Prominent position fronting one of the principal estate roads + Refurbished office accommodation totalling approx 27,978 sq ft + Total car parking of 112 spaces (1:249 sq ft) + Long leasehold interest with 99 years remaining at a fixed rent of £100 pa + Following refurbishment, the property has now been fully let in the last 10 months + Let to three tenants on five leases + AWULT to break of 4.7 years and 9.4 years to expiry + Strong covenant strengths of Worldpay Limited, Addison Motors Ltd and Datawright Computer Services Limited + Total passing rent of £257,050.50 pa + Low average passing rent of £9.30 psf + Quoting offers in excess of £2,626,000, which reflects a NIY of 9.25% and a low capital value of £94 psf NORTH TYNESIDE NEWCASTLE North Shields INTERNATIONAL Wallsend AIRPORT LOCATION South Shields NEWCASTLE UPON TYNE Gateshead is located in the North East of England. The town forms part of the Newcastle SOUTH Upon Tyne conurbation, located to the south of the River Tyne. The town is c. 95 miles TYNESIDE north of Leeds, 110 miles south east of Edinburgh and London is approximately 280 miles to the south. Gateshead has a resident population of circa 78,000 and c. 1,400,000 people live within A167 GATESHEAD Boldon 12 miles. By road, Gateshead benefits from excellent access to the A1 facilitating links with Southwick Leeds to the south and Edinburgh to the north. By rail, journey times to London Kings TEAM VALLEY A1 TRADING ESTATE Castletown Cross from Newcastle on the East Coast Main Line are 3 hours and Edinburgh can be A194 reached within 1 hour 40 minutes. Newcastle International Airport is located eight miles to the north of the site and has A1 SUNDERLAND daily flights to Stansted, Heathrow and Gatwick with journey times of less than an hour. 34 From Newcastle other domestic destinations include Belfast, Bristol, Exeter, Jersey and A1(M) Southampton. In 2000, a £27m redevelopment of Terminal One was completed which increased the capacity of the airport to 4.8m passengers per year. Kingsway Nor SITUATION th A167 Team Valley Trading Estate is situated three miles south west of Newcastle City Centre. Fifth Avenue Team Valley provides one of the biggest mixed use trading complexes in Europe, covering approximately 705 acres and comprising in excess of seven million sq ft of Fifth Avenue business space. Team Valley is the region’s dominant business location and has an extensive range of retail amenities, including, Tyneside’s most successful retail park, Team Valley Retail World. A1 The property has a prominent position on Fifth Avenue and Earlsway which is one of the principal estate roads. The Earlsway provides excellent access to the A1(M) immediately to the west of the estate. FI FT H A V E 8.5m N DESCRIPTION U 2 E The property was constructed in the early 1990’s and comprises a two storey, steel framed office building with brick curtain walling beneath a pitched tiled roof. EARL'S COURT Ma y Internally, the property has an eight person lift which is located in the central core with flow e r Ho male, female and disabled toilet facilities on each floor. u se The property has recently undergone a refurbishment which includes the following: + Entrance completely remodelled + Staircase and landings refurbished El Sub Sta + Suites 1, 2 and 3 benefit from new carpets, suspended ceiling and new LG7 Lighting El Sub 8.8m Sta 0m 10m 20m 30m There is car parking to the front of the property which provides 112 spaces (1:249 sq ft). ACCOMMODATION The property has been measured by Armada Surveys and benefits from the following approximate areas: Floor Suite NIA Sq m NIA Sq ft 1st Suite 4 679 7,305 Suite 3 309 3,327 Suite 3a 325 3,499 Ground Suite 2 647 6,960 Suite 1 639 6,887 Total 2,599 27,978 TENANCY TENURE Mayflower House is let to Worldpay Limited, Addison Motors and Datawright Computer on The property is held on a long leasehold interest for a period of 125 years from 8th December five separate full repairing and insuring leases outlined in the schedule below. The AWULT to 1989 at a fixed rent of £100 pa. Therefore there are 99 years remaining. break is 4.7 years and 9.4 years to expiry. Next Break Rent psf Description Tenant Area Lease Start Lease End Review Option (£) Annual Rent Comments Current Rent psf Desc tenant Unit size Lease Start Lease End Next Review Break Option (£) Annual Rent Comments Status Ground Floor Datawright Computer 6,887 30-Oct-14 29-Oct-24 30-Oct-19 30-Oct-19 9.00 61,983.00 Initial rent of £30,991.50, rising to £61,983 pa Suite 1 Services Limited effective from 30/01/2017. Vendor to top up. Rent increases to £61,983 per annum Service charge cap at £5.50 psf. Lease guaranteed Datawright effective 30/01/2017. Tenant break by Kerridge Commercial Systems Limited. Ground Floor Computer Let 6,887.00 30-Oct-14 29-Oct-24 30-Oct-19 30-Oct-19 4.5 30,991.50 option subject to 6 months written notice. Suite 1 Services Occupied Service charge cap at £5.50 per sq. ft. per Ground Floor Worldpay Limited 6,960 11-Mar-15 10-Mar-25 11-Mar-20 11-Mar-20 9.00 62,640.00 13 month rent free period commencing 09/03/2015. Limited annum. Suite 2 Vendor to top up. Service charge capped at £4.50 psf. 13 month rent free period commencing 09/03/2015, service charge capped at Ground Floor Worldpay £4.50 per sq. ft. per annum. Tenant Let First Floor Worldpay Limited 3,327 11-Mar-15 10-Mar-25 11-Mar-20 11-Mar-20 9.00 29,943.00 13 month rent free period commencing 09/03/2015. 6,960.00 11-Mar-15 08-Mar-25 09-Mar-20 09-Mar-20 9 62,640 Suite 2 Limited benefits from an additional 3 month rent Occupied Part Suite 3 Vendor to top up. Service charge capped at £4.50 free period if they don't exercise their psf. break option. 13 month rent free period commencing First Floor Addison Motors Ltd 3,499 06-Aug-14 05-Aug-19 n/a 06-Aug-17 10.50 36,739.50 Initial rent of £18,369.50, rising to 36,739.50 pa 09/03/2015, service charge capped at Suite 3a effective from 06/08/2016. Vendor to top up. First Floor Suite Worldpay £4.50 per sq. ft. per annum. Tenant Let 7,305.00 11-Mar-15 08-Mar-25 09-Mar-20 09-Mar-20 9 65,745 4 Limited benefits from an additional 3 month rent Occupied free period if they don't exercise their break option. First Floor Worldpay Limited 7,305 11-Mar-15 10-Mar-25 11-Mar-20 11-Mar-20 9.00 65,745.00 13 month rent free period commencing 09/03/2015. Suite 4 Vendor to top up. Service charge capped at £4.50 First Floor Suite Addison Rent increases to 36,739.50 per annum Let 3,499.00 06-Aug-14 05-Aug-19 n/a 06-Aug-17 5.25 18,369.75 psf. 3a Motors Ltd effective 6/08/2016. Occupied 13 month rent free period commencing 27,978 257,050.50 09/03/2015, service charge capped at First Floor Part Worldpay £4.50 per sq. ft. per annum. Tenant Let 3,327.00 11-Mar-15 08-Mar-25 09-Mar-20 09-Mar-20 9 29,943 Suite 3 Limited benefits from an additional 3 month rent Occupied free period if they don't exercise their break option. TOTAL 207,689.25 COVENANT INFORMATION Worldpay Limited (Company number 03424752) - 62% of the current income. Worldpay are a global internet payment solutions company for merchants facilitating the ability to accept payment for online transactions. For further information please visit www.worldpay.com 31/12/14 31/12/13 31/12/12 Turnover (£) 169,973,000 152,537,000 121,167,000 Pre Tax Profit 17,380,000 12,439,000 12,850,000 Net Assets 31,908,000 23,585,000 35,952,000 Addison Motors Limited (Company number 00714804) - 14% of the current income. Addison are a large national car sales, hire and repair company. For further information please visit: www.drivebenfield.com 31/12/13 31/12/12 31/12/11 Turnover (£) 622,411,000 541,075,000 415,494,000 Pre Tax Profit 7,352,000 3,100,000 3,642,000 Net Assets 50,500,000 47,108,000 45,109,000 Datawright Computer Services Limited (Company number 01509879) - 24% of the current income. Datawright are a provider of business systems across many industries, including finance, production, manufacturing, design engineering and software development For further information please visit: www.kcsdatawright.com 30/09/13 30/09/12 30/09/11 Turnover (£) 1,269,000 1,437,000 1,326,000 Pre Tax Profit -55,000 297,000 283,629 Net Assets 471,000 525,000 304,035 Kerridge Commercial Systems Limited (Company number 07090521) - Guarantor to Datawright Computer Services Limited. 30/09/13 30/09/12 30/09/11 Turnover (£) 28,479,000 25,521,000 18,944,000 Pre Tax Profit 2,616,000 1,947,000 1,158,000 Net Assets 5,296,000 3,830,000 2,427,000 EPC The property has an EPC rating of D-81.
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