Hawthorn Park Leeds Yorkshire LS14 1PQ

Phoenix House

High Yielding Office Investment For SaleOn behalf of A Foster & R Phillips joint LPA Receivers

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Executive Summary Location AccommodationSituation Description Further InformationTenancy Covenant Information

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant Information

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Executive SummarySingle let office investment in Seacroft (north west Leeds)

7.58 years unexpired term

Current rent passing £307,218 pa

Property provides approximately 1,495.54 sq m (16,098 sq ft) net internal area

Includes 51 parking spaces, including 3 disabled

Offers sought in excess of £1,900,000 (One Million Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT

This reflects an attractive net initial yield of 15.28%

Executive Summary

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant InformationLocation

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Location Leeds is one of the principal cities in West Yorkshire. Nearby urban centres include Bradford 11 miles to the east, Wakefield 11 miles to the south and Harrogate 15 miles to the North. In 2011 it had an estimated population of 757,700 making it the 3rd largest city in the UK.

Leeds is a well-connected city with excellent road links. The M621 borders the southern edge of the city and connects with the M62 at junction 27 (5 miles to the south west) and with the M1at junction 43 (5 miles to the south east).

Leeds railway station is the second largest railway station outside London and provides travel over various mainline routes. Leeds Bradford airport is also located 9 miles to the north-west.

The Property

The Property

Seacroft

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant InformationSituation

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Situation The property is located in Seacroft approximately 4 miles north east of the city centre. It is positioned within the established and attractive Hawthorn Business Park. The business park is well located along Coal Road just 0.5 miles from the Leeds outer ring road. It is also located 1 mile from the A58 which is the main arterial transport link between Leeds and Wetherby.

Nearby property types provide a good mix of land uses. Coal Road is generally typified by office/light industrial uses with occupiers including Screwfix and Unilever. In the wider vicinity there is an ample supply of residential as well as the Seacroft Green Shopping Centre, a trading destination for various national retailers.

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant InformationDescription

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

DescriptionThe property comprises a detached two storey office building constructed within an ‘L Shape’ configuration around a central entrance core dating from approximately 2002.

The building is of steel framed construction with part rendered brick and block cavity walling, with double glazed, coated aluminium windows with toughened glass. The roof is single pitched covered with coated metal sheeting.

Internally the offices are fitted out to a modern specification. The space is generally open plan albeit with the inclusion of various cellular meeting/breakout rooms lining the perimeter. Key features are as follows:

• Raised carpeted floors

• Suspended ceilings with recessed Cat II lighting

• Air conditioning

• 8 person passenger lift

• Male, Female & Disabled toilets on each floor

• Shower room

• DDA compliant

• 51 parking spaces including 3 disabled

• 16 bicycle storage points

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant InformationAccommodation

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Accommodation The office space has been measured in accordance with the RICS Code of Measuring Practice on a net internal area basis (NIA), the entrance and lobby floor areas have also been included for information purposes. Full details below:

floor Areas (NIA)

Sq m Sq ft

Ground 747.77 8,049

First 747.77 8,049

Total 1,495.54 16,098

Ground floor reception 15.60 168

First floor lobby 16.50 178

Site Area The site extends to approximately 0.33 hectares (0.82 acres) and provides a low site density of 27%

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant InformationAerial

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant InformationTenancy Covenant Information

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

TenancyThe property is let to Allenbuild Ltd with a guarantee from Montpellier Group Plc. Montpellier Group Plc changed its name to Renew Holdings PLC in 2006.

The property is let for a period of 20 years commencing 1 February 2003 with an unexpired term of 7.58 years.

The current passing rent is £307,218 per annum. The rent is reviewed on a five yearly on an upwards only basis. The next review is 1 February 2018.

The property is not currently occupied by the tenant.

Covenant InformationRenew Holdings Plc (Company Number 1248351). Renew delivers multidisciplinary civil, mechanical and electrical engineering services nationwide, concentrating on critical planned and reactive maintenance and asset renewal. Their operations focus on the key markets of Energy (including Nuclear), Environmental, and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spending programmes giving long-term visibility of committed funding.

Renew reported a sales turnover of £464m in 2014 which was an increase of over £110m from their 2013 sales turnover figure of £350m. In addition, their profits increase by £3m from £10.7m in 2013 to £13m in 2014.

Renew Holdings are listed on the London Stock exchange and further information can be found at www.renewholdings.com

Executive Summary Location AccommodationSituation Description Further InformationTenancyAerial Covenant Information

Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ

Further InformationMichael Buer MRICS0113 280 8069 michael.buer@gva.co.uk

gva.co.uk/8993

GVACity Point, 29 King Street, Leeds, LS1 2HL

Or any other recoveries properties offered for sale please visit:

www.gva.co.uk/recovery

For any other investment properties offered for sale please visit:

www.gva.co.uk/investment

Subject to Contract

July 2015

Further Information TenureThe property is held long leasehold under title number WYK726397. The leasehold agreement commenced on 1 April 2002 for a term of 999 years. We understand the ground rent payable is one white rose per annum.

VATThe prices quoted are exclusive but may be subjective to VAT.

Service ChargeThe service charge is payable quarterly and the apportionment relating to the subject property is 32%.

Proposal Offers sought in excess of £1,900,000 (One Million Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT

A sale at this level reflects a very attractive net initial yield of 15.28%. This assumes normal acquisition costs at 5.8%.

Management CompanyThe long leaseholder of the subject property holds 30 shares in the management company (also registered landlord). The number of shares is based on the size of each unit on the business park. The subject property is the largest.

The long leaseholder of the subject property also retains the right to appoint a director of the management company.

Further Information

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GVA is the trading name of GVA Grimley Limited, conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: i.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. ii.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. iii.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. iv.) All rentals and prices are quoted exclusive of VAT.

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Phoenix House, Hawthorn Park, Leeds, Yorkshire, LS14 1PQ