6,100 Sq Ft

Detached Office Investment For Sale
UNIT 10 RAMSAY COURT
Hinchingbrooke Business Park Huntingdon PE29 6FY
6,100 Sq Ft
BARKER STOREY
MATTHEWS
MATTHEWS
01480 451578
150 High Street, Huntingdon PE29 3YH
bsm.uk.com
www.gladman.co.uk/investmentportfolio

UNIT
10 10 RAMSAY COURT G6K
G6K
Introduction
Location
The Gladman office product has been developed to offer high quality business
The
accommodation
Gladman office
in attractive
product has
settings.
been developed
Developments
to offer
are
high
always
quality
ideally
business
placed to take
accommodation
advantage of local
in attractive
road networks.
settings.
This
Developments
formula has produced
are always
successful
ideally placed
business
to take
locations
advantage
Huntingdon nationwide
of
is in and
local
East offers
road
Anglia, tenants
networks.
15 miles and
This
purchasers
formula
to the north cost
has produced
west efficient, of Cambridge. modern,
successful
It flexible
business
has direct and high
locations
access quality via
nationwide
rail to office Peterborough space.
and offers tenants and purchasers cost efficient, modern, flexible and high quality
and London’s Kings Cross. Luton, Stanstead and Norwich International
office space.
Airports are all within a convenient drive time.
CB Richard Ellis has been instructed to market a number of the completed and let properties
CB Richard Ellis has been instructed to market a number of the completed and let properties
Ramsay as an Court investment can be at found a competitive on Hinchingbrooke yield. Business Park where occupiers include Marriot
as an investment at a competitive yield.
Hotels, Anglian Water and Cambridge Health Authority.
The Park is adjacent to the A14 and is within 2 miles of Junction 14 of the A1 and is well
located to take advantage of the regions arterial road routes.
Location
Ramsay Court
Huntingdon is in East Anglia, 15 miles to the north west of Cambridge. It has direct access
Huntingdon
via rail to Peterborough
is in East Anglia,
and London
15 miles
Kings
to the
Cross.
north west
Luton,
of
Stanstead
Cambridge.
and
It
Norwich
has direct
International
access
via
Airport
rail to
are
Peterborough
all within a convenient
and London
drive
Kings
time.
Cross. Luton, Stanstead and Norwich International
Ramsay Airport Court are all is a within development a convenient of 14 drive office time. buildings totalling 43,000 sq ft and constructed
in 2005/06. Ramsay Unit Court sizes can range be found from on 2,250 Hinchingbrooke sq ft to 6,100 Business sq ft. The Park development where occupiers has generous include, car
parking Ramsay
Marriot with Hotels,
Court approximatley can
Anglian
be found
Water, 1 space on
NXT
Hinchingbrooke per plc 230 and sq Cambridgeshire ft. Business Park
Health
where
Authority.
occupiers include,
Marriot Hotels, Anglian Water, NXT plc and Cambridgeshire Health Authority.
The park is adjacent to the A14 and is within 2 miles of Junction 14 of the A1 and is well
Specification
The
located
park
to
is
take
adjacent
advantage
to the A14
of the
and
regions Floor is within
arterial
2 Areas miles
road
of
routes.
Junction 14 of the A1 and is well
located to take advantage of the regions arterial road routes.
The property is a two storey Our client has provided us with the following net
detached office building with the internal areas:
following specification:
Specification
PE29 6FY
PE29 6FY
Ground 2,981 sq ft 303.79 sq m
• Suspended Specification
ceiling
Floor Areas Areas
The property is a two storey 1st Floor 3,119 sq ft 315.87 sq m
• Recessed The property lighting is a two storey
Our client has provided us with the following net
detached office building with the Our client has provided us with the following net
• Air detached conditioning office building with the Total internal areas: 6,100 sq ft 566.70 sq m
following specification:
internal areas:
• Full following access raised specification: floors
• Passenger lift
Ground 2,981 sq ft 303.79 sq m
• Suspended ceiling
Ground 2,981 sq ft 303.79 sq m
•
• 26 • Suspended
car Recessed parking spaces lighting
ceiling
Tenure
• Recessed lighting
1st Floor 3,119 sq ft 315.87 sq m
• Air conditioning
1st Floor 3,119 sq ft 315.87 sq m Long leasehold - 999 year lease from 7th October
• Long leasehold - 999 year lease from 7th October
• Air
Lease
Full
conditioning
access raised floors
Total 6,100 sq ft 566.70 sq m Long 2002. leasehold - 999 year lease from 7th
• 2002.
• Full
Passenger
access raised
lift
floors
Total 6,100 sq ft 566.70 sq m
• October 2002.
The • property Passenger
26 car parking is let liftto spaces Munters Ltd on an 8 year FRI lease subject to upwards only rent reviews
• 26 car parking spaces
at the end of years 3 and 6. The rent for the first 3 years is as follows:
Year 1 - £80,000 per annum exclusive
Price Pricing
Year 2 - £80,000 per annum exclusive
We are seeking offers
of
of
£925,000
£935,500 which reflects
We are seeking offers of £935,500 which reflects
an attractive net initial yield of 9.25% after
Year 3 - £90,000 per annum exclusive
an reflects attractive an attractive net initial net yield initial of 9.25% yield of after 8.18%
Covenant Status Status
purchaser’s costs of 5.75%.
BAE Systems (Operations) Ltd has a Dun & Bradstreet rating of 5A 1.
purchaser’s rising to 9.2% costs after of 25.75%.
years.
The BAE tenant Systems has an (Operations) option to break Ltd has at the a Dun end & of Bradstreet the 5th year rating on of paying 5A 1. a penalty equivalent to
3 months rent.
The The
property property
is is
held held in
in an
an SPV
SPV which which can
can be
be
bought bought
through through separate
separate negotiation.
Dec 06 Dec 05 Dec 04
negotiation.
Dec 06 Dec 05 Dec 04
Tenant Sales Turnover Covenant & Surety £4,947,000,000 £4,711,000,000 £4,212,000,000
Sales Turnover £4,947,000,000 £4,711,000,000 £4,212,000,000
Munters Profit Ltd / (Loss) is a recently Before formed Taxes company £1,494,000,000 following the £293,000,000 demerger of the £323,000,000
two main
operating Profit / divisions (Loss) Before based Taxes in Huntingdon £1,494,000,000 over the last £293,000,000 25 years. No statutory £323,000,000 accounts
have Tangible yet been Net filed Worth but Management £2,455,000,000 Accounts since £1,274,000,000 August 2010 are available £969,000,000
Tangible Net Worth £2,455,000,000 £1,274,000,000 £969,000,000
as is a
breakdown of the accounts for this part of the operation prior to the demerger. These
Net Current Assets (Liabilities) £2,468,000,000 £604,000,000 £282,000,000
figures Net are Current available Assets upon (Liabilities) request. £2,468,000,000 £604,000,000 £282,000,000
The lease is guaranteed by the parent company Munters AB who own 100% of the
shareholding in Munters Ltd. Munters AB are global leaders in energy efficient air
Ground Floor
First Floor
treatment and damage restoration. In 2009 the group had a turnover of 6,263 million
Ground Floor
First Floor
Swedish Tenancy
Krona (approx. Schedule
£600m) and net earnings of 135m Swedish Korona (approx £13m).
A copy of the parent company report and accounts can be provided on request.
Contacts
Contact
Tenant Passing Rent Lease Start Lease End Term Break Break Notice Comment
Tenant Passing Rent Lease Start Lease End Term Break Break Alan Notice Matthews Comment Rehan Zaman
Rehan
0161 233
Zaman
BAE Systems £91,500 08/09/2006 07/09/2011 5 years 07/07/2009 6 months 3 month rent
5642
The BAE Huntingdon Systems £91,500 Office Market
08/09/2006 07/09/2011 5 years 07/07/2009 6 months e: arm@bsm.uk.com 3 month rent 0161
rehan.zaman@cbre.com
233 5642
(Operations) Ltd (£15.00 psf) written penalty if first rehan.zaman@cbre.com
Huntingdon (Operations) has Ltd a well established (£15.00 psf) office market with around 400,000 sq ft of new space written penalty if first
break is
constructed in the last 20 years. Demand has improved since 2009 and there is currently very
break is Robin Jones
exercised Robin
0161 233
Jones
5692
little Grade A space available of the type offered at Ramsay Court.
exercised 0161
robin.jones@cbre.com
233 5692
robin.jones@cbre.com
MISREPRESENTATION ACT: 1. No description or information given by CBRE whether or not in these Particulars and whether
MISREPRESENTATION
MISREPRESENTATION written or verbal
ACT: 1.
("information")
No
ACT:
description
1. No
or
about description
information
the property or
given
information
by Barker
its given condition
Storey
by
Matthews
CBRE or its whether
whether
value may or
or not
not be
in
in
these
relied these
Particulars
upon Particulars as a and statement whetheror
and whether
written representation
written
or verbal
or verbal
of ("information") fact.
(“information”)
Neither CBRE about
about
have the
the
any
property
property authority
or its
to its
condition
make condition any
or its
representations or
value
its
may
value
be relied
may and
upon
be accordingly relied
as a statement
upon any as information
or
a statement given oris
representation
representation entirely
of
without
fact.
of
Barker
responsibility fact.
Storey
Neither
Matthews
CBRE on the have
has
part
no
any of
authority
the authority agents
to make
to or make the
any
seller(s)or
representations
any representations lessor(s).
and accordingly
2. and These accordingly particulars
any information
any do information not constitute, given nor is
given is
entirely constitute
entirely
without
without
part responsibility
responsibility
of, an offer or
on contract,
the
the
part
part
of
nor
the
of shall
agents
the agents they
or the
merge
seller(s)or
or the in seller(s)or any
lessor(s).
offer lessor(s).
2. These
contract
particulars
2. which These
do
may particulars
not
hereafter
constitute,
do be
nor
not made constitute, between nor the
constitute
constitute sellers
part
or
of,
part lessors
an offer
of, and
or
offer
contract,
the or recipient contract,
nor shall
of nor the
they
shall information.
merge
they
in
merge
any
3.
offer
The in
or
any photographs
contract
offer or
which
contract show
may
examples which
hereafter
may
be
of hereafter schemes
made between
be (with made the between exception theof
the sellers
sellers aerial
or lessors
or photography). lessors
and the
and
recipient
Any the recipient areas
of the
of measurements of
information.
the information.
3. The distances
photographs
3. The photographs given
show
are
examples
approximate show
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schemes
only. 4. of
(with
Any schemes
the
reference
exception
(with to the alterations exception to, ofor
of aerial
aerial use
photography).
of photography). any part
Any
of the Any
areas
property areas
of measurements
of is measurements not a statement
or distances
or that distances
given
any necessary
are
given
approximate
are planning, approximate
only.
building
4. Any
only.
reference
regulations 4. Any reference
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or other to consent alterations has to, been or
to, or
use
use
obtained.
of
of
any
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part
part These
of
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the
the matters
property
property must
is
is
not
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verified
statement
a statement by
that
any that
any
intending any
necessary
necessary buyer
planning,
or planning, lessee.
building
building 5. Any
regulations
buyer regulations or
or
lessee
other
or other
consent
must consent satisfy has himself beenby
has been
obtained. inspection
obtained.
These or
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otherwise matters
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of any intending
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buyer
given.
or
or
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lessee.
5.
5.
Any
Any
buyer
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or
or
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must
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01260 288800
www.gladman.co.uk
BARKER STOREY
MATTHEWS
MATTHEWS
01480 451578
150 High Street, Huntingdon PE29 3YH
bsm.uk.com