3IOOCENTURY WAY THORPE PARK LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT

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LEEDS CITY CENTRE

NEW RESIDENTIAL QUARTER

M1

NEW TRAIN STATION EAST LEEDS PARKWAY M1 J46

PROPOSED MIXED USE DEVELOPMENT

PRIME HOTEL & SPA RECRUITMENT

M1 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT

INVESTMENT CONSIDERATIONS • Leeds is the third largest city in the UK with the largest regional economy outside of , • Future rental growth prospects with top rents in the park achieving £22.50 per sq ft and a skilled workforce of 1.4 million people • WAULT of 9.09 years to expiries (5.09 years to breaks) • Modern office building prominently situated within Thorpe Park, Leeds benefitting • High quality office space providing 2,218 sq m (23,880 sq ft) over ground and first floors. from 109 car park spaces The space has been recently refurbished to a very high standard • Thorpe Park, Leeds is one of the North of England’s most prestigious mixed use retail, leisure • Strong car parking ratio of 1:219 sq ft and business communities and is the premier business park on the outskirts of Leeds • Virtual freehold • The property is fully let to the 5A1 covenant of Atkins Limited and the 5A2 covenant • We are instructed to seek offers in excess of £5,950,000 (Five Million, Nine Hundred and of Birdseye Limited Fifty Thousand Pounds) reflecting an attractive net initial yield of 7.00% having allowed for • Overall rent passing of £442,500 per annum which equates to £18.50 per sq ft standard purchaser costs of 6.63% and a low capital value of approximately £249 per sq ft A1(M) Warton o rks hir e ale M6 s at ion al ark A tho Lancaster rity

Stamford 3IOOM6 Harroate CENTURY WAY Bride THORPE PARK Skipton R LEEDS LS15 8ZB Fleetwood PRIMEWELL WELL SECURED SECURED OFFICE OFFICE INVESTMENT INVESTMENT A1(M) Tadcaster Leeds Binley Airport Beverley Lonride Nelson Blackpool M65 M55 BRAR LEEDS Blackpool M6 M1 International M621 Airport Preston Accrinton M606 A1(M) M62 Warton Blackburn LL Aerodrome Halifax M65 Darwen M62 M61 M62 Wakefield M6 Chorley Southport M66 Huddersfield M62 Rochdale M1 TRE Bolton Humberside Ormskirk M18 M180 M181 Airport Formby Barnsley RMB Wian M61 A1(M) Oldham A1(M) M180 Leeds Bradford M60 A650 International A61 ea Airport Ashton-under-Lyne k is A658 tri A660 MAETER ct M6 ati St Helens44 M67 on M18 A650 A58 A64 M60 al Baildon hadwell Bootle M62 Glossop ark A1(M) A6120 Sale LERL L M62 in Stockport M1 c Birkenhead Warrinton Gainsborouh o ln orsforth EEL sh Widnes i M58 re International A64 Airport o A6120 ld hipley John Lennon s Barwick Airport A6120 M53 Worksop A61 akwood in Elmet M1 A1(M) M6 A650 M58 eadingly choles LOCATION Buxton A58 Macclesfield A658 A6120 eacroft Chesterfield A660 A64 With a residential population of c. 780,000 and a catchment population of LL A6177 Hawarden 2.2million (within a 30 min drive) the is the 3rd biggest in the UK. tanningley arehills Airport 47 The city is located 43 miles north east of Manchester, 32 miles north of Mansfield Skeness A658 A647 ( ) A64 A6120 M1 A58(M) A64 M and 23 miles southwest of . A647 BRAR dsey A6110 LEE A6177 A61 46 arforth ROAD RAIL Leeds A656 A61 The City benefits from excellent road is the busiest station in the A650 A53 3 4 A63 A6177 communications, with the city centre accessible via the M621. country outside central London, with 38 million+ passengers 2 M621 The M62 runs east to west offering direct routes to Manchester, passing through each year. Leeds station has recently had a £20m 45 1 5 Hull and Liverpool, with the M1 running north to south investment into opening the southern entrance (2017).

6 connecting Leeds to the and London to the south and is undergoing a £161m remodel as part of a £500m master plan. 3 M1 willington Newcastle to the north. There are regular bus services from Due to it’s strategic location, Leeds Railway station offers direct M621 M621 Thorpe Park running every 10 minutes to/from the City Centre. routes to England major cities, including: A650 44 A6110 DESTINATION JOURNEY TIME A6036 7 Rothwell 2 Middleton AIR London Kings Cross 2 hour 20 mins Leeds Bradford International airport is located lton A656 Manchester 55 minutes M606 M1 8 miles north west of the city centre providing domestic and 27 Morley international flights to 65+ destinations. Approximately Newcastle 1 hour 20 mins M62 A629 42 3.7 million passengers pass through annually with this Liverpool 1 hour 25 mins 26 Birstall Methley forecasted to grow to 8 million by 2026. 28 M62 29 A58 Manchester International Airport and Doncaster-Sheffield A58 M62 30 42 Airport are both within an hour driving time of Leeds ALA Lofthose

A58 41 A629 tanley

A646 M62 A650 M62 M1 Brighose

25 A644 ewsry A629 A62 Wakefield 40 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT

LEEDS FACTS:

LARGEST CHANNEL 4 REGIONAL ECONOMY HEADQUARTERS OUTSIDE LONDON RELOCATING TO LEEDS

LABOUR POOL OF MOST FOREIGN 7 MILLION WORKERS INVESTMENT (WITHIN AN HOUR’S DRIVE) OF ANYWHERE IN THE NORTH

9,200+ PROFESSIONAL 39,000 GRADUATES SERVICES JOBS 3RD BEST CITY TO BE CREATED IN THE NEXT DECADE FOR RETENTION OF GRADUATES

UK’S TOP PROFESSIONAL 109,000+ BUSINESSES SERVICES HUB £69 BILLION GVA (OUTSIDE LONDON) 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT Thorpe Park has established itself as one of the North of England’s premier business locations

NEW HOUSES COMING 22 EAST LEEDS PARKWAY RAILWAY STATION COMING 22

E ARTER East Leeds THORPE PARK Orbital Road REE AR Park Approach Thorpe Park, Leeds is an established 800,000 sq ft business park A1(M) with a working population of over 4,500 and is one of the north of England’s premier business locations. Office occupiers within the park include Balfour Beatty, NHS, Northern Gas, Regus, Kier, Bellway, Bam

Construction and National Grid. Barrowby Lane J46 The Scarborough Group have been developing out of parkland, sports pitches and public realm to be the park with the latest phase comprising “The known as Green Park making this a diverse area to Springs” retail and leisure phase comprising in excess live, work, shop and relax. of 190,000 sq ft of retail accommodation with tenants Plans include the delivery of the first section of the Cross Gates ET including M&S, Next, Boots, TK Maxx and Outfit. TRE AR ‘East Leeds Orbital Road’ connecting North East (12 mins drive) Leisure accommodation includes an 11 screen Odeon Leeds to the M1 (J46). This new road will unlock land Luxe Cinema complex, a gym (Pure Gym), childcare for the construction of up to 7,000 homes in the East facilities and a number of restaurants and cafes. Leeds area. There is also set to be a new railway Plans are afoot to continue expansion of the Park station ‘East Leeds Parkway’ and associated Park A6120 M1 adding a further 860,000 sq ft of accommodation, and Ride, connecting Thorpe Park to the city centre in and an additional 300 homes, to create one of the eight minutes. HOTEL & SPA most prominent and diverse out of town business At the entrance to the park is the 4-star Thorpe Park locations in the UK. The local business and resident Hotel which includes luxury spa and restaurant community is set to benefit from approximately 113 acres facilities.

Office occupiers within the park include:

J46

Garforth

Stile Hill Way

A63 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT

3100 Century Thorpe Park, Leeds

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SITUATION 3100 Century Way is situated in a prominent position on the eastern side of Thorpe Park. Situated to the east of Leeds (6 miles from city centre) and on J46 of the M1, Thorpe park provides an outstanding business park environment. Thorpe Park has is set to benefit from a new rail station ‘East Leeds Parkway’ and associated Park & Ride, which is set to open in 2023.

DESCRIPTION 3100 Century Way is a detached office building providing 23,880 sq ft of office accommodation over ground and first floors. The property is accessed through a secure key card entryway, which leads to a full height entrance atrium. Atkins, occupy the western side of the property, CENTURY WAY while Birdseye occupy the eastern side of the property. The property benefits from excellent natural light with floor to ceiling double glazing. Male, Female and disabled WC’s are located within the central core at ground and first floor level. The property provides the following specification: • Full access raised floors • 13 person passenger lift • Toilets within central core • Air conditioning • Energy efficient LED lighting • Full disabled access and facilities • Suspended ceilings • Quality carpeting throughout • Secure Car Parking for 109 cars • Secure Cycle storage • Shower room on each floor • Double Glazing

SITE AREA TENURE 1.59 acres (0.64 hectares). Virtual freehold - 999 year lease from 01/01/2000.

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created on Plotted Scale - 1:1,250

Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT

ACCOMMODATION & TENANCY SCHEDULE

Office Suite Tenant Sq Ft Sq M Lease Start Lease End Unexpired Rent Rent Rent Review Comment (Break) Term (Break) psf

Part GF & FF West + 07/08/2028 8.5 years Atkins Limited 13,510 1255.1 08/08/2018 £250,000 pa £18.51 08/08/2023 59 Car Parking Spaces (07/08/2024) (4.5 years)

Rent free period until 19.9.2020, then £96,250 pa from 20.9.2020 Part GF & FF East + Birds Eye 19/12/2029 9.8years 10,370 963.4 20/12/2019 £192,500 pa £18.56 20/12/2024 and £192,500 pa from 20.2.2021. Vendor to top up the rent. 50 Car Parking Spaces Limited (19/12/2025) (5.8 years) Tenant to benefit from 12 months half rent if break is not exercised.

Total 23,880 £442,500

COVENANT Atkins Limited Birds Eye Limited Founded in London in 1938 by Sir William Atkins, Atkins Limited has grown to be a British Multinational Founded in 1923 by Clarence Frank Birdseye II, with his newly developed and patented quick engineering, design, planning and project management company, with offices in 28 countries employing over 18,300+ employees freeze machine Birds Eye has steadily grown to being a global household name in the frozen and having undertaken operations in 150 countries. Since being listed on the London Stock Exchange as W S Atkins (Now Atkins food business. Their products are sold in the US, Europe, Australia and New Zealand. In the Ltd) in 1996 the company has continued to grow and by 2016, Atkins Ltd was the UK’s largest engineering consultancy and the UK, the Birds Eye brand is owned by Nomad foods, which is listed on the New York Exchange. worlds 11th largest global design firm. Subsequently in 2017 Canadian company, SNC-Lavalin acquired Atkins for £2.1 billion. Notable Projects that Atkins have been involved in include the design of the Burj Al Arab hotel, designs of the New Street Station development, the Oxford circus diagonal crossing as well as being the official engineering design provider for London 2012 Olympics. Please find below Atkins Limited’s (5A1) previous 3 years accounts: Please find below Birds Eye Limited’s previous 3 years accounts:

31 December 2018 31 December 2017 31 March 2017 31 December 2018 31 December 2017 31 December 2016 Turnover £776,900,000 £564,200,000 £808,700,000 Turnover £430,968,000 £406,959,000 £399,112,000 Pre-Tax Profit £47,800,000 £60,700,000 £70,700,000 Pre-Tax Profit £11,380,000 £17,146,000 £15,781,000 Net Worth £327,700,000 £252,400,000 £246,800,000 Net Worth £189,362,000 £194,418,000 £179,217,000 3IOOCENTURY WAY THORPE PARK LEEDS LS15 8ZB

PRIME WELL SECURED OFFICE INVESTMENT

LEEDS OFFICE MARKET

OFFICE COMMENTARY INVESTMENT COMPARABLES Leeds office rents are experiencing continued upwards pressure Recent comparable letting evidence in the Leeds out of town office Recent transactions at Thorpe Park include the following: driven by strong occupier demand and limited available stock. market is set out below: Prime rents in the city centre are established at £30 psf on new build Date Address Price Net WAULT Purchaser Comments Date Address Size (Sq Ft) Tenant Rent (£ psf) Initial (Term accommodation with rents up to £34 psf being achieved on smaller Yield Certain) suites. Headline Leeds out of town rents have reached £22.50 psf Q4 18 Lumina, 15,800 Pharmacy2U £22.50 Thorpe Park Apr-19 Paradigm, £10,200,000 6.52% 5.1 years Leeds City Grade A office which represents good relative value when compared with the 3175 Century Way Council space city centre. Supply has been limited in the out of town market with Q2 18 Optim, White 40,000 Perform Media £21.50 Lumina, Thorpe Park being the only delivered product in the last 12 Rose Office Apr-19 Regus, £5,270,000 7.48% 5 years Due West Ltd 20 year old Park 1200 Century Way building months which was half let pre-construction. With this lack of Grade A space there is reportedly strong interest in pre-lets on the next phase Q2 18 Paradigm, 12,600 Pure Retirement £22.50 Aug-18 3125 & 3150 £12,100,000 7.27% 2.75 years Canal and River Larger Lot size Thorpe Park Century Way Trust Shorter term of the scheme. Due to lack of supply rents have seen steady rental certain growth across the last 2-3 years with close to 20% growth across this May-18 2100 & 2200 £12,000,000 7.25% 4.3 years Due West Ltd Larger Lot size period and this trend looks set to continue for the foreseeable future. Century Way INVESTMENT RATIONALE • Leeds’ City Centre and Out of Town office markets are performing well • Low passing rent of £18.50 psf with future rental growth prospects and current market dynamics are favourable for landlords possible with top rents within the park achieving £22.50 psf • Thorpe Park is Leeds’ premier business park. Ongoing and • Birdseye Ltd and Atkins Ltd have recently demonstrated their planned improvements to its infrastructure will further enhance its commitment to the subject property through new lease deals completed reputation, providing a platform for further rental growth and last year and high quality tenant fit outs yield compression • Attractive income profile with 9.09 years to expiries (5.09 years to breaks)

VAT EPC PROPOSAL The property is elected for VAT and we would expect the Available upon request. transaction to be treated as a Transfer of a Going Concern. We are instructed to seek offers in excess of £5,950,000 (Five Million, Nine Hundred and Fifty Thousand Pounds) reflecting an attractive net initial yield of 7.00% having allowed for AML standard purchaser costs of 6.63% and a low capital value of approximately £249 per sq ft. A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed. For further information or to make arrangements for viewing please contact: DATAROOM Alex Butler Jonathan Butcher Ronnie Morgan For access to the Allsop dataroom please use the following link: 020 7543 6722 020 7543 6755 020 7543 6808 https://datarooms.allsop.co.uk/register/thorpeparkleeds [email protected] [email protected] [email protected] allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 02.20