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Vision ParkCambridge
prime business park investment opportunity
A rAre opportunity to Acquire A prime cAmbridge office pArk
sovereiGn House
viCtory House
bus stop
CaFe
ConQueror House
enDeavour House
VISIoN PARK Cambridge, Cb24 9Zr
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Outlines for indicative purposes only.
• A rare opportunity to acquire part of a prime Cambridge office park totalling four Freehold properties comprising approximately 8,351 sq m (89,889 sq ft) of modern office accommodation.
• The investment includes lettings to the following tenants: santander, Lloyds bank, GW pharmaceuticals, Ge smallworld, rbs, spire Healthcare and rakuten.
• vision park benefits from landscaped grounds, a large ornamental lake, outdoor seating, an on-site café and 427 car parking spaces (1:210 sq ft car parking ratio).
• There has been significant capital expenditure on all of the buildings including replacement and refurbishment of the majority of the vrF air conditioning since 2011.
• Cambridge is world renowned as a city for research and development and is one of the world’s leading high technology business clusters. Testament to this is astra Zeneca relocating its worldwide HQ to Cambridge and will occupy approximately 1 million sq ft.
• Approximately 40% of Cambridge’s total office and laboratory stock is located within the northern city fringe.
• Vision Park has an open user planning consent compared to the restricted user clause at competing parks.
• The Cambridgeshire Guided Busway stop is situated a short distance from Vision Park and provides a 17 minute journey from the park to the city centre.
• WauLt of 7.45 years to expiry with 81% of the accommodation having been let or the leases re-geared since May 2011.
• Current income of £1,825,940 per annum equating to a low average rent of £20.31 per sq ft which offers a significantly discounted rent compared to prime city centre offices which now stand at £34 per sq ft.
• Asset management opportunities include re-gearing the leases, rent reviews and creating an additional floor at Conqueror House.
• Offers are sought in excess of £24,000,000 (twenty Four million pounds), subject to contract and exclusive of VAT. A purchase at this price reflects a net initial yield of 7.19% and a reversionary yield of 8% after allowing for purchaser’s costs of 5.8%. This reflects a capital value of approximately £267 per sq ft.
ExEcutiVE summary
• Vision Park was built in the 1980’s and is a popular and well established business park situated approximately 2 miles to the north of the city centre adjacent to the village of Histon.
• Histon is situated just north of junction 32 of the A14 and is a popular and fast growing area to the north of Cambridge. The village is well served by a number of local amenities within walking distance of the Park. These include a Co-op, Tesco Express, Holiday Inn, Barclays, Natwest and a number of restaurants and public houses.
• Vision Park benefits from a guided bus way linking St. Ives to Central Cambridge with a journey time of 17 minutes from Vision Park to the city centre.
• Vision Park as a whole comprises eight separate modern office buildings: Compass House, Conqueror House, Discovery House, Endeavour House, Endurance House, Enterprise House, Sovereign House and Victory House.
• There is a range of occupiers including Santander, RBS, Lloyds Bank, GW Pharmaceuticals, GE Smallworld, Spire Healthcare, Offshore Marine Management, Rakuten, CHS Group, Regus, Atos and Cambridge Chamber of Commerce.
• Vision Park benefits from an on-site café which adds to the amenity to give a popular and vibrant working environment. The surrounding grounds are landscaped and include a large ornamental lake and outdoor seating.
• The four properties for sale are: Conqueror House, Endeavour House, Sovereign House and Victory House, which total approximately 8,351 sq m (89,889 sq ft) of modern office accommodation.
• The park has the following web address: www.visionparkcambridge.com
Vision Park
VISIoN PARK Cambridge, Cb24 9Zr
Cambridge is one of the world’s leading high technology business clusters in bio-technology, pharmaceuticals, electronics and software, engineering and information technology. The ranking of Cambridge university as 2nd in the world league table of universities adds to Cambridge’s importance as one of the world’s leading cities for research and development.
the Cambridge office and r&D market totals approximately 6 million sq ft of accommodation. more than half of this space is occupied by research and development businesses within the northern fringe of the city. Key occupiers include Microsoft, Toshiba, Citrix, Barclays, RBS, Santander, Cambridge Silicon Radio, Mills and Reeve, Mott MacDonald, Jagex, ARM, Royal Society of Chemistry, NAPP Pharmaceuticals and Kodak.
• TherecentdecisionbyAstraZenecatorelocateitsworldwideHQ to Cambridge signifies the city’s importance in the R&D sector.
• PrivatebusinessinEasternEnglandspendsjustover£4 billion on research and development, which represents more than a quarter of total private sector expenditure each year.
• Cambridgeisranked1st for innovation with 113 patents granted in 2010 per 100,000 residents - this was more than the 6 most innovative cities combined.
• Thecityhasthe2nd highest skilled workforce in the UK with 52.4% of the working-agepopulationwithhighlevelqualifications(NVQ4andabove).
• Cambridgehasapopulationof123,900(2011)andisthe5th fastest growing city in the UK.
• Cambridgehadthelargestdecreaseinitsunemploymentratein2012, a fall of 7.7% and the lowest rate of unemployment in the country at 2.1%.
• Cambridgeisthe4th highest city in terms of earnings in the UK with average earnings at £574 per week.
CAMBRIDGE
(Source: Centre for Cities, 2013)
VISIoN PARK Cambridge, Cb24 9Zr
oFFicE occuPiEr markEtThe Cambridge office market continues to show strong growth. Prime rents in the city centre have now achieved £34 per sq ft and have shown annual growth of 11.5%. However, with limited supply of grade A accommodation, quality second hand accommodation is achieving rents of £28 per sq ft, up 16.7% over the year and poorer quality second hand accommodation has reached rents of £17.50 per sq ft with substantial annual growth of 25%.
take up for the first half of 2013 was recorded at an exceptional 304,200 sq ft compared to an annual average of circa 350,000 sq ft since 2005. The second half of the year is likely to exceed that of the first half making the annual total for 2013 over 600,000 sq ft. Supply of good quality accommodation continues to fall with very limited availability within a 3 mile radius of Cambridge. Demand continues to grow with agents now
having recorded over 1.65 million sq ft of active office requirements for Cambridge.
This demand does not take into account the significant pre-let/pre-sell interest in Cambridge whichisbeingledbyAstraZeneca’sproposedworldwide Headquarter relocation of 1 million sq ft to the Cambridge Biomedical Campus at Addenbrooke’s Hospital, which has significantly raised Cambridge’s R&D profile worldwide. Other major companies looking at pre-lets/pre-sells include: Cambridge Assessment (250,000 sq ft), ARM (150,000 sq ft), Abcam (80,000 sq ft), Sepura (50,000 sq ft) and TWI (300,000 sq ft).
All this will raise average take up rates in Cambridge over years to come and with restricted land supply and increasing demand, rents will continue to grow over both the short and long term.
oFFicE inVEstmEnt markEtCambridge is considered to be one of the most buoyant office markets outside of London and has attracted a range of overseas and UK based investors since January 2011 equating to around £318m of office transactions.
There remains a shortage of institutional quality office stock in the South East and in particular prime opportunities for buyers looking to invest in the office sector. Recent key transactions are set out in the table below.
Date aDDress tenant graDe area sq ft HeaDline rent acHieveD (£/sq ft)
terms
October 2013 296 Cambridge Science Park
XAAR Unrefurbished 16,000 £22.50 5 year straight lease with 4 months rent free.
September 2013 Francis House, 112 Hills Road
Siemens Plc Refurbished 29,985 £31.50 10 year lease with 4 months rent free.
April 2013 22 Station Road, CB1
Birketts LLP New 15,190 £34.00 20 year lease. 15 years term certain. 9 months rent free.
March 2013 22 Station Road, CB1
Mott McDonald Ltd
New 44,190 £32.50 £1,500 pa per cpk
25 year lease. 10 year term certain. 7 months rent free.
October 2012 24 Hills Road Good Technology Refurbished 2,400 £28.00 5 year lease. 3 years term certain. 3 months rent free.
September 2012 Botanic House, 100 Hills Road
KPMG New 7,112 £31.50 10 year lease. 9 months rent free.
September 2012 Cavendish House, Cambridge Business Park
Mathsworks Refurbished 25,000 £25.00 10 year lease. 6 months rent free.
May 2012 Broers Building, Hauser Forum
Base4 Innovation Ltd
New 3,776 £30.00 5 year with a 3 year break.
January 2012 CPC1, Capital Park Voice Commerce Refurbished 13,563 £21.50 10 year term certain. 12 months rent free.
March 2011 21 Station Road, CB1 Microsoft New 78,000 £29.50 £1,500 pa per cpk
20 year lease. 15 year term certain. 3 months rent free.
Date aDDress tenant term certain Price net initial yielD PurcHaser
Current Mount Pleasant House, Huntingdon Road
Multiple 0.73 years Under offer at c.£11.00m*
c. 6.36% for student
accommodation
Unknown.
Current Broers Building, Hauser Forum
Multiple 3.35 years Under offer at c. £13.00m
c. 6.87% Unknown.
July 2013 22 Station Road Mott MacDonald Ltd, Birketts LLP
10.50 years £31.87m 6.30% Tesco Pension Fund.
July 2012 Unit 220/230 Cambridge Science Park
Jagex Ltd, Conexant Systems Ltd
10.60 years £22.025m 7.26% Legal and General.
March 2011 21 Station Road Microsoft 15 years £38.60m 6.00% Orchard Street Investment Management.
annual take up
year annual Office take uP (sq ft)
2005 434,500
2006 406,300
2007 468,500
2008 335,700
2009 313,700
2010 361,000
2011 468,100
2012 363,800
2013 (6 months to June)
304,200
Source: Bidwells Data Book
lEttings: inVEstmEnts:
*We understand there was institutional interest at c.£10.25 million for existing office use reflecting 6.83%.
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CAMBRIDGECAMBRIDGE
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Neots Road Madingley Road
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STOURBRIDGECOMMON
DITTONMEADOWS
JESUSGREEN
SHEEP’SGREEN
CAMBRIDGESCIENCE PARK
CAMBRIDGEBUSINESS
PARK
CAMBRIDGESHIRE GUIDED BUSWAY
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PROPOSEDNEW STATIONCHESTERTON
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PROPOSEDNEW STATIONCHESTERTON
SIDINGS
TODD’SPITDICKERSON’S
PIT
CITYCENTRE
VISIoN PARK Cambridge, Cb24 9Zr
The city of Cambridge is the administrative centre of the county of Cambridgeshire located approximately 50 miles north of London, 40 miles south of Peterborough and 30 miles west of Bury St Edmunds. Cambridge is renowned for its University founded in 1209, which is currently ranked 2nd in the world’s league table of universities. The strong links between the local business area and the University have helped to create one of the world’s leading high technology business clusters in bio-technology, pharmaceuticals, electronics and software, engineering and information technology.
The city attracts 4.6 million visitors each year generating £351 million of revenue for the local economy and employs 6,500 in the tourism industry.
RoAD
Cambridge is served by excellent road communications located approximately 2 miles to the south east of junction 13 of the M11, which provides access to London and the M25. The A14 is located 2 miles to the north and provides access to Ipswich and the Port of Felixstowe to the east and the Midlands, A1(M), M1 and M6 to the west. In addition, the Cambridgeshire Guided Busway running via the business park offers passengers a 15-20 minute journey to the city centre.
AIR
Stansted Airport is located approximately 25 miles to the south of the city centre accessible via junction 8 of the M11. The airport currently serves over 100 destinations and was the fourth busiest airport in 2012 after Heathrow, Gatwick and Manchester.
RAIl
Rail services are available from Cambridge Rail Station serving several destinations including direct access to London Kings Cross (48 minutes), London Liverpool Street (1 hour 11 minutes), Ely (15 minutes), Peterborough (50 minutes) and Birmingham New Street (2 hours 38 minutes). Services run approximately every 10 minutes from London during peak times. Work to expand Cambridge station’s capacity by 100% is due to be completed by the end of 2013 allowing more than 30 trains per hour to leave the station. The Northern City Fringe will shortly benefit from a new rail station at Chesterton Sidings in 2015/2016 providing fast access to Central London which will further increase the attraction of the immediate area.
Def
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DiscoveryHouse
EndeavourHouse
EnduranceHouse
Mortlock House
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Surgery
0m 25m 50m 75m
Ordnance Survey © Crown Copyright 2013. All rights reserved. Licence number 100022432. Plotted Scale - 1:1390
Cafe
CAMBRIDGESHIRE GUIDED BUSWAY
situationVision Park is a well-established business park situated approximately 2 miles to the north of Cambridge city centre, adjacent to the village of Histon and is easily accessible from junction 32 of the A14. Vision Park also benefits from its position adjacent to the Cambridgeshire Guided Busway stop providing a journey time of approximately 17 minutes between the Park and city centre.
The Northern City Fringe is Cambridge’s premier electronics and telecoms R&D cluster and accommodates circa 2.5 million sq ft out of a total office and laboratory stock of circa 6 million sq ft. The Northern City Fringe will benefit from the planned new railway station to be completed in 2015/2016 at Chesterton Sidings close to Cambridge Science Park providing fast access to Central London.
The surrounding area is a prolific centre for science and technology occupiers encompassing Cambridge Science Park, St John’s Innovation Park and Cambridge Business Park, which provides the largest office area in Cambridge. Occupiers include NAPP Pharmaceuticals, Citrix, Grant Thornton, WSP, Mewburn Ellis LLP and The Royal Society of Chemistry.
sitE arEaThe total site area extends to 1.744 Hectares (4.31 acres).
tEnurEFreehold
car ParkingThe property benefits from excellent parking providing approximately 427 spaces providing an excellent car parking ratio of 1:210 sq ft.
© Crown Copyright, ES 100004106. For identification purposes only.
Conqueror House endeavour House sovereign House victory House
VISIoN PARK Cambridge, Cb24 9Zr
CambriDGesHire GuiDeD busWay
sovereiGn House
viCtory House
ConQueror House
enDeavour House
CambriDGesHire GuiDeD busWay
CaFe
Outlines for indicative purposes only.
VISIoN PARK Cambridge, Cb24 9Zr
the investment comprises four multi-let office buildings on vision park totalling approximately 8,642 sq m (93,023 sq ft) including reception areas and storage. since 2011 there has been significant capital expenditure on the properties including replacement and refurbishment of the majority of the vrF air conditioning.
soVErEign HousE
Sovereign House provides three floors of open plan office accommodation. The building will benefit from the following specification:
• full access raised flooring• VRF air conditioning• suspended ceilings• new LG7 lighting• two eight person passenger lifts• shower facilities• male and female WCs on each floor • spacious three storey atrium
Upon completion of the lease to GE Smallworld the building will offer three floors of comprehensively refurbished office accommodation.
conquEror HousE
Conqueror House provides two floors of open plan office accommodation. The building benefits from the following specification:
• full access raised flooring• VRF air conditioning• suspended ceilings• one eight person passenger lift• shower facilities• male and female WCs on each floor• potential to create an additional floor
subject to planning
EndEaVour HousE
Endeavour House provides two floors of open plan office accommodation The building benefits from the following specification:
• full access raised flooring• VRF air conditioning• suspended ceilings with
recessed lighting• male and female WCs on each floor
Victory HousE
Victory House provides three floors of open plan office accommodation. The atrium, ground and first floors have recently been refurbished and the building benefits from:
• full access raised flooring• terrace on the second floor• VRF air conditioning• suspended ceilings• new LG7 lighting• one eight person passenger lift• refurbished central core provides• shower facilities• male, female and disabled WCs on each floor
The building offers three floors of comprehensively refurbished office accommodation.
Floor sq m sq ftGround Reception 115.30 1,241
Office 1,143.10 12,304 First Office 1,129.90 12,162 Second Office 1,117.70 12,031 total 3,506.00 37,738
Floor sq m sq ftGround Reception 60.50 651
Office 1,073.50 11,555 First Office 948.70 10,211
Storage 7.20 78 total 2,089.90 22,495
Floor sq m sq ftGround Reception 65.30 703
Office 691.10 7,439 First Office 692.20 7,451 Second Office 552.00 5,942 total 2,000.60 21,535
Floor sq m sq ftGround Reception 42.60 459
Office 490.30 5,278 First Office 512.60 5,518 total 1,045.50 11,255
Unit Tenant Net area sq m
Net area sq ft
Lease Start
Lease end
Next rent review
(Frequency)
breaks rent £ pa
rent £/sq ft
erV £/sq ft
Comments Car Parking Spaces
Outside the act
soVErEign HousE
Ground & First
GE Smallworld 2,273.00 24,466 £550,000.00 £22.48 £550,485 (£22.50)
Agreement to lease for a term of 10 years with a tenant only 5 year break. Break penalty of £275,000. Lease is conditional on the Landlord fitting out the accommodation to Cat A specification. Works have been tendered and vendor will undertake these works.Guarantee provided by International General Electric (USA).9 months rent free that vendor will top up.
119 No
Second Floor
GW Pharma Limited 1,117.70 12,031 24/05/2011 23/05/2021 24/05/2016 23/05/201623/05/201823/05/2019
£216,810.00 £18.02 £270,697(£22.50)
Tenant only option to breakRent penalty equivalent to 3 months of the yearly (current) rent if break exercised on 2nd or 3rd break dates. Rent deposit of £90,337.50 is held.Carve outs from the service charge include (a) replacement of the roof of the building; (b) remedying any defects in the roof repair carried out by the roofing contractor employed by the landlord to carry out the works in compliance with the landlord’s obligations in the agreement for lease; and (c) upgrading the specification of the air conditioning plant on the roof of the building.
58 No
sub total 3,390.70 36,497 £766,810.00 £821,182 177
conquEror HousE
Part Ground Spire Healthcare Limited 597.50 6,431 30/09/2011 29/09/2026 30/09/2016 30/09/201606/05/2021
£111,978.00 £17.41 £144,720 (£22.50)
Mutual option to break 26 Yes
Part Ground Offshore Marine Management Limited
476.00 5,123 19/01/2012 30/04/2016 01/05/2014 £89,512.50 £17.47 £115,267(£22.50)
Current rent £81,840. Fixed increase to £89,512.50 at review which the vendor will top up.Rent deposit of £40,075.20 held.
23 Yes
First Floor National Westminster Bank Plc
948.70 10,211 09/09/2004 08/09/2014 £177,150.00 £17.35 £229,747(£22.50)
Cap on air conditioning maintenance of £0.83 per sq ft. No current shortfall. Schedule of Condition.
48 No
sub total 2,022.20 21,765 £378,640.50 £489,734 97
EndEaVour HousE
Part Ground Signify Solutions Limited 229.40 2,469 01/05/2013 30/04/2015 £53,105.00 £21.50 £55,575(£22.50)
Rent deposit of £15,699 held.Lift excluded from the demise.
11 Yes
Part Ground & First
Lloyds Bank Plc 773.50 8,326 24/06/1990 23/06/2015 £175,275.00 £21.05 £187,335(£22.50)
Air Conditioning was replaced and altered by the tenant. Alterations are disregarded at rent review and there is an obligation to reinstate for effective use in an open plan office. 40 No
sub total 1,002.90 10,795 £228,380.00 £242,910 51
Victory HousE
Ground Rakuten Ichiba UK Limited 691.10 7,439 30/08/2013 29/08/2023 30/08/2018 28/09/201628/09/2019
£163,658.00 £22.00 £168,592(£22.50)
Tenant only option to break on 28/09/2016. If actioned break penalty of £163,658 at first break. Mutual option to break 28/09/2019. Rent Deposit of £163,658.
36 Yes
First Rakuten Ichiba UK Limited 692.20 7,451 30/08/2013 29/08/2023 30/08/2018 28/09/201628/09/2019
£163,922.00 £22.00 £167,647(£22.50)
Tenant only option to break on 28/09/2016. If actioned break penalty of £163,922 at first break. Mutual option to break 28/09/2019. Rent deposit of £163,922.
37 Yes
Second Santander UK Plc 552.00 5,942 27/06/2012 26/06/2022 27/06/2017 £124,530.00 £20.96 £133,695(£22.50)
Current rent £112,670. Minimum fixed increase at review to £124,530, which will be topped up by the vendor. Cap on service charge of £45,957.50 and increased in line with RPI. No shortfall on 2013 / 2014 budget.
29 No
sub total 1,935.30 20,832 £452,110.00 £469,934 102
totals 8,351.10 89,889 £1,825,940.50 £2,023,760 427
ge Smallworld (LP007404)
D&B Rating: O3
Guaranteed by International General Electric USA (01764221)
For the year ending 31 December 2011, GE Smallworld reported a turnover of £27,778,000, a pre-tax profit of £1,378,000 and a net worth of £13,875,000.
GE Smallworld is one of the global market leaders for GIS (Geographic Information Systems). It was acquired by GE Energy, a division of General Electric in September 2000.
gW Pharma Ltd (03704998)
D&B Rating: 3A2
For the year ending 30 September 2012, G W Pharma Ltd reported a turnover of £33,120,354, a pre-tax profit of £18,150,536 and a net worth of £8,050,338.
GW Pharmaceuticals was founded in 1998 and is licenced by the UK Home Office to work with a range of controlled drugs for medical research purposes. The company focuses on developing cannabinoids, medicines containing controlled substances, as well as plant-based prescription pharmaceuticals.
Lloyds bank plc (00002065)
D&B Rating: 5A1
For the year ending 31 December 2012, Lloyds Bank plc reported a negative pre-tax profit of £474,000,000 and a net worth of £43,593,000,000.
Lloyds Bank plc is ultimately owned by Lloyds Banking Group plc who operate from more than 3,000 branches across the UK. As of September 2013, HM Treasury held a 32.7% shareholding. Lloyds Banking Group plc is one of the UK’s major commercial and retail banks.
Offshore marine management Ltd (04986831)
D&B Rating: 2A4
For the year ending 31 December 2011, Offshore Marine Management Ltd reported a turnover of £40,788,000, a pre-tax profit of £2,145,000 and a net worth of £2,171,000.
Offshore Marine Management is an independent marine services company providing solutions for offshore cable installation projects for the renewable energy, offshore wind power, sub-sea telecommunication and the oil and gas industries.
National Westminster bank plc (00929027)
D&B Rating: 5A1
For the year ending 31 December 2012, National Westminster Bank plc reported a negative pre-tax profit of £3,322,000,000 and a net worth of £19,701,000,000.
In March 2000, The Royal Bank of Scotland Group completed the acquisition of NatWest in a £21 billion deal. NatWest is now part of one of the world’s largest financial services groups.
rakuten ichiba UK Ltd (06593631)
For the year ending 31 December 2011, Rakuten Ichiba UK Ltd reported a negative pre-tax profit of £83,800 and a negative net worth of £83,700.
Rakuten Ichiba UK Ltd is ultimately owned by Rakuten Inc., which is one of the world’s leading Internet service companies, providing a variety of consumer and business services including e-Commerce, eBooks, eReading, travel, banking, credit cards, e-Money, portal and media, online marketing and professional sports.
As of 31 December 2012, Rakuten Inc. reported its capital at ¥108,255,000,000 (£685,501,800).
Santander UK plc (02294747)
D&B Rating: 5A1
For the year ending 31 December 2012, Santander UK plc reported a pre-tax profit of £1,231,000,000 and a net worth of £10,027,000,000.
Santander UK plc is one of the UK’s leading personal finance services companies and one of the largest providers of mortgages and savings.
Signify Solutions Ltd (03915262)
D&B Rating: A1
For the year ending 31 March 2013, Signify Solutions reported a net worth of £681,461.
Signify Solutions was founded in 2000 and has its headquarters on Vision Park. It provides secure authentication and identity management services to a number of corporate and public sector clients.
In June 2013, Accumuli plc, an independent specialist in IT security acquired Signify Solutions Ltd for a total of £2.6m. For the year ending 31 March 2012, Accumuli plc reported a turnover of £14,118,000, a pre-tax profit of £298,000 and a net worth of £2,002,000.
Spire Healthcare Ltd (01522532)
D&B Rating: 5A1
For the year ending 31 December 2012, Spire Healthcare Ltd reported a turnover of £580,827,000, a pre-tax profit of £134,698,000 and a net worth of £1,701,691,000.
Spire Healthcare is a leading provider of private healthcare, with 37 private hospitals throughout the UK. The company was formed from the sale of BUPA Hospitals to Cinven in 2007, followed by the purchase of Classic Hospitals and Thames Valley Hospital in 2008. Spire Healthcare treats over 930,000 patients per year and employs over 7,600 people.
VISIoN PARK Cambridge, Cb24 9Zr
Covenant Profile
5A1 31.81%
A1/2A4 /3A2 19.81%
Other 48.38%
income Profile to expiry
10yr+ 36.49%
5-10yrs 36.22%
0-5yrs 27.29%
WAULT of 7.45 years to expiry and 3.5 years to break.
VISIoN PARK Cambridge, Cb24 9Zr
Scott Tyler020 7543 [email protected]
For further information or to make arrangements for viewing please contact:
Guy Scott Plummer020 7543 [email protected]
Andrew Hoban020 7543 [email protected]
www.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. 11.13
sErVicE cHargEThe budgeted service charge for the year beginning 01/01/2014 is £755,550; of this figure, £138,000 is for the estate service charge.
The subject properties hold a controlling stake of the Estate Management Company.
The service charge ranges from £7.41 to £9.55 per sq ft across the buildings and is reflective of on-going management initiatives. More information can be provided upon request.
VatThe Property is registered for VAT.
caPital allowancEsAny capital allowances available to a qualifying purchaser can be made available by separate negotiation. More information can be provided upon request.
EPcsSovereign House: 69 (Grade C)Conqueror House: 71 (Grade C)Victory House: 77 (Grade D)Endeavour House: 121 (Grade E)
Offers are sought in excess of £24,000,000 (twenty Four million Pounds), subject to contract and exclusive of VaT. a purchase at this price reflects a net initial yield of 7.19% and a reversionary yield of 8% after allowing for purchaser’s costs of 5.8%.
Vision ParkCambridge