Bocam Park_Bridgend.indd

Modern Office Investment and Land Opportunity
Modern Office Investment and Land Opportunity
BRIDGEND
BRIDGEND
1
Modern Office Investment and Land Opportunity
Unit 31
Unit 14
INVESTMENT SUMMARY
§ Located on an established business park, in a Tier
1 grant assisted area, adjacent to J35 of the M4.
§ A mixed investment and development opportunity
including:
§ Unit 31, Bocam Park - A multi-let, detached
office building extending to 27,419 sq ft
(2,547.29 sq m) with an income of £269,610 per
annum.
§ Unit 14, Bocam Park - A semi-detached office
building extending to 4,050sq ft (376.25 sq
m) which is vacant but with existing occupier
interest.
§ Development land extending to a gross area of
circa 10.18 acres.
Development Land
Freehold Interest
C
§ The freehold interest (excluding Unit 1) and
estate management of Bocam Park. The total
site extends to approximately 28 acres.
§ Available as either a single or individual lots.
A
§ Offers in the region of £3,250,000 for the entire
freehold interest.
B
BRIDGEND
2
Modern Office Investment and Land Opportunity
LOCATION
Bocam Park is an established, mixed use business park located approximately 3 miles east
of Bridgend town centre, adjacent to Junction 35 of the M4 Motorway. Bridgend is located
20 miles west of Cardiff and 22 miles south east of Swansea and is the commercial and
administrative centre of Bridgend County Borough Council.
Bridgend has a mainline railway station with services to London Paddington and the local
network. Cardiff International Airport is located approximately 30 minutes’ drive from the
town centre.
Bocam Park provides modern office accommodation totalling approximately 135,000 sq ft
and a car dealership, constructed in phases by a single developer over the last 10 years.
The park is strategically situated immediately to the south west of junction 35 of the M4
in a Teir 1 grant assisted area and within a 30 minute drive of both Cardiff and Swansea.
Key occupiers in the immediate area include CGI, Welsh Blood Service, Macmillan Cancer
Support, Welsh Government, Sinclair Garages (Mercedes), Sony, Invacare, BBI Healthcare
and Velindre NHS Trust.
BRIDGEND
DESCRIPTION
An investment and development opportunity comprising the following elements:
§ Unit 31 – Multi-let office investment, extending to 27,419 sq ft.
§ Unit 14 – Semi-detached vacant office unit, extending to 4,050 sq ft.
§ Development Land – Identified for office and hotel use.
§ Freehold Interest (excluding Unit 1) and estate management of the entire business park.
BRIDGEND
3
Modern Office Investment and Land Opportunity
Unit 31 Bocam Park
UNIT 31 BOCAM PARK
DESCRIPTION & SPECIFICATION
A three storey, detached office building comprising the following specification:
§ Comfort cooling and heating
§ Raised access floor with floor boxes
§ Suspended ceilings with recessed lighting
§ Passenger Lifts
§ Male, female and disabled WCs
§ Fully carpeted
§ Hardwood finishes
§ Disabled access
§ Multiple entrance points to allow letting flexibility
CAR PARKING
107 car parking spaces are allocated to the property (1:256 sq ft).
EPC
ACCOMMODATION
The property benefits from an
EPC rating of C55.
NIA
Sq M
Sq Ft
Ground Floor
864.27
9,303
First Floor
839.46
9,036
Second Floor
843.55
9,080
2,547.28
27,419
Total
BRIDGEND
TENURE
The property is available by way
of a 999 year long leasehold
interest if sold individually.
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Modern Office Investment and Land Opportunity
UNIT 31 BOCAM PARK
TENANCIES
Unit
Tenant
Sq ft
NIA
Lease Start
Lease term
Breaks
Rent psf
Rent pa
Comments
Ground Floor
Welsh Ministers (Cafcass)
3,510
15/12/2008
10 years
-
£13.50
£47,385
-
Ground Floor
ISA Training Ltd
5,793
01/01/2013
5 years
01/01/2016
£ 7.00
£40,551
-
First Floor
Skanska Construction UK Ltd
6,225
08/10/2007
10 years
-
£13.50
£84,038
-
First Floor
Vacant
2,811
-
-
-
-
-
Existing occupier interest.
Second Floor
Staedtler (UK) Ltd
6,974
01/09/2008
10 years
-
£14.00
£97,636
-
Second Floor
Vacant
2,106
-
-
-
-
-
Existing occupier interest.
Unit 31 Bocam Park
SERVICE CHARGE
We understand that the building service charge is running at
approximately £2.70 per sq ft and that the estate charge is currently
running at approximately £0.50 per sq ft. Further service charge
information is available on request.
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5
Modern Office Investment and Land Opportunity
UNIT 31 BOCAM PARK
COVENANT INFORMATION
WELSH MINISTERS (CAFCASS)
SKANSKA CONSTRUCTION UK LTD
Cafcass stands for Children and Family Court Advisory and Support Service and was
set up in April 2001 under the provisions of the Criminal Justice and Court Services
Act. Cafcass helps over 140,000 children and young people per year who are going
through care or adoption proceedings, or whose parents have separated and are
unable to agree about future arrangements for their children. Cafcass is the voice
of children in the family courts and helps to ensure that children’s welfare is put first
during proceedings. The lease is signed in the name of The Welsh Ministers of The
Welsh Assembly Government.
Skanska, established in 1887, is one of the world’s leading project development and
construction groups. The UK operation employs approximately 5,000 and is one of
the country’s top contractors.
31/12/2013
31/12/2012
31/12/2011
Turnover
971,584,000
937,258,000
1,053,446,000
Pre Tax Profit
33,327,000
31,039,000
33,768,000
Shareholders Funds
179,456,000
157,605,000
123,838,000
Skanska Construction Uk Ltd has an ICC risk score of 71, which demonstrates
confidence and a low risk potential.
ISA TRAINING LTD
ISA Training was established in 1998 and is an independent hairdressing training
provider in Wales and England.
31/07/2013
31/07/2012
31/07/2011
Turnover
-
-
-
Pre Tax Profit
-
-
-
391,000
334,000
342,000
Shareholders Funds
ISA Training has an ICC rating of 76 out of a 100, with 100 being the lowest risk.
This demonstrates confidence and a low risk potential.
STAEDTLER (UK) LTD
A UK business, with a large German parent company, involved in the manufacture
and sale of writing and drafting materials and instruments.
Turnover
Pre Tax Profit
Shareholders Funds
31/12/2013
31/12/2012
31/12/2011
17,826,000
16,649,000
15,124,000
566,000
217,000
136,000
5,572,000
5,171,000
4,900,000
Staedtler Uk Ltd has an ICC risk score of 78, which demonstrates confidence and a
low risk potential.
BRIDGEND
6
Modern Office Investment and Land Opportunity
UNIT 14 BOCAM PARK
DESCRIPTION & SPECIFICATION
A two storey semi-detached building with the following specification:
§ Comfort cooling and heating
§ Raised access floor with floor boxes
§ Suspended ceilings with recessed lighting
§ Passenger Lift
§ Male, female and disabled WCs
§ Fully carpeted
§ Hardwood finishes
§ Capped services
§ Disabled access
CAR PARKING
18 car parking spaces are allocated to the property (1:225 sq ft).
EPC
ACCOMMODATION
The property benefits from an
EPC rating of C52.
NIA
Sq M
Sq Ft
First Floor
188.13
2,025
Ground Floor
188.13
2,025
Total
376.25
4,050
BRIDGEND
TENURE
The property is available
by way of a 999 year long
leasehold interest if sold
individually.
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Modern Office Investment and Land Opportunity
DEVELOPMENT LAND
There is land extending to a total of 10.18 acres potentially available for development
subject to planning. The land comprises the following elements:
Land Area
Acres
Comments/Planning Status
A
2.12
An existing detailed planning consent for an extension
to the existing office park of 44,000 sq ft of B1 offices.
B
6.01
Potential for hotel development, subject to planning.
Please note that the net developable area is restricted to
accommodate flood prevention measures.
C
2.05
Land earmarked for flood defence measures.
C
A
Total
10.18
Further details on the development land and planning history are available on request.
B
TENURE
The development land is available by way of a 999 year long leasehold interest if sold
individually.
BRIDGEND
8
Modern Office Investment and Land Opportunity
FREEHOLD INTEREST
The vendor is prepared to include the entire freehold interest
(excludes unit 1) of Bocam Park in the sale, which extends to
approximately 28 acres and is shown for identification purposes
on the plan opposite.
The freeholder is responsible for maintaining the estate and
common areas, the costs of which together with management
fees are recoverable via an estate service charge.
The estate charge is currently running at approximately £0.50 per
sq ft. Further service charge information is available on request.
KEY
Freehold boundary
Freehold excludes Unit 1 and associated car
parking, however the freeholder still recovers a
service charge contribution.
BRIDGEND
9
VAT
The property is elected for VAT. However, it is anticipated that
sale of the property will be treated as a Transfer of a Going
Concern (TOGC).
BRIDGEND
CAPITAL ALLOWANCES
To be confirmed.
CONTACTS
INVESTMENT/ASSET MANAGEMENT
CONSIDERATIONS
For further information, please contact:
§ Excellent location adjacent to Junction 35 of the M4
Motorway.
§ Tier 1 location, entitling qualifying occupiers to the
maximum financial/ training assistance.
§ Existing occupier interest in the vacant space.
JUSTIN MILLETT
RHYDIAN MORRIS
JLL
T 029 2072 6006
M 07816 813 434
E [email protected]
JLL
T 029 2072 6002
M 07792 273 120
E [email protected]
ROB EMANUEL
RHYS WILLIAMS
Emanuel Jones
T 029 2081 1581
M 07801 924361
E [email protected]
Emanuel Jones
T 029 2081 1581
M 07879 339280
E [email protected]
§ Detailed planning consent for a further 44,000 sq ft of B1
office development.
§ Additional development opportunities, subject to
planning.
PROPOSAL
We are instructed to seek offers in excess of £3,250,000 (Three
million two hundred and fifty thousand pounds), subject to
contract and exclusive of VAT, for our client’s entire freehold
interest.
Whilst their preference is for a single sale the vendor will also
consider offers for part or parts of their holding.
© Crown Copyright 2014. All rights reserved. Promap licence number 100020449. Jones Lang LaSalle licence number 100017659.
This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not
form any part of any contract. Misrepresentations Act 1967 & Declaration. Jones Lang LaSalle for themselves and for the vendors of
this property whose agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending
purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and
necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending
purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise
as to the correctness of each of them; c) no person in the employment of Jones Lang LaSalle has any authority to make or give any
representation or warranty whatever in relation to this property. Subject to Contract • Exclusive of VAT • January 2015.