Scarles Yard - Property Pilot
Scarles Yard CHAPELFIELD SHOPPING CENTRE
NORWICH TRAIN STATION
V
NORWICH NR1 3PS
CITY CENTRE AVIVA ISLAND SITE NORWICH BUS STATION SENTINEL HOUSE
MARSH & MCLENNAN
SAINSBURY’S SUPERSTORE SCARLES YARD CAR PARK
City Centre Car Park 15 Year S&P A+ Income
Investment summary
• Purpose-built multi storey car park investment
• Longer term alternative use potential subject to the relevant consents
• Investment grade covenant of Aviva
• Producing a rent of £600,000 per annum (£680 per space)
• 15 year unexpired term • Aviva is the largest private sector employer in Norwich • This car park is used by Aviva for staff car parking, and essential to Aviva’s operation in the city. 1
Scarles Yard Car Park, Norwich NR1 3PS
• Offers in excess of £8,400,000 reflecting a net initial yield of 6.75% after allowance for purchaser’s costs of 5.8%
BARRA CK
ST
PRIN C
E
N
THO
RS AV E
C HA
AV E
GR EE N TS
Z
BL EN
AL LS AIN
KO
RD
S R OA D
W
RD
S N PH E
T EE STR
ET RE ST
STE
ST
RD
R BE
EY RR SU
ST
G
N UE RO
RD
G N
NE
KI
TO A11 / M11
UE
KIN
LD
STE PH E
N
S
ST
IE LF PE
QU EEN
RPE ROA D
NORWICH KO BL EN Z AV EN
RE
47 A1
DL IO
FW AL
ES RD
LAN R O SE
FA RM E
THEA TRE S T
EO
OW
LA GS KIN
ST
A1 47
CA RR O
BETH EL S T
NT H
PL A IN
TER
EXCHANGE S T
STLE ME AD
FIEL D
BA NK
CA
PER
ST AND REWS ST
BISHOPSGATE
GA TE
CHARING CROSS
ST GILES ST
CH A
Norwich’s prime retail facilities and intu Chapelfield, the dominant shopping centre for the region, are located approximately 600m to the west along Queens Road. Carrow Road, home of Norwich City Football Club is approximately 1/2 mile to the east. Norwich Riverside Leisure scheme and Norwich train station are also approximately 1/2 mile to the north east.
TS S T
POTTERGATE
E C
MO UN
NED IC
ST
The property is less than 5 minutes’ walk from the Aviva Island Site, which is the UK HQ for general insurance.
ST B E
47
RIV ERS IDE
PA LA
T
ATE
COLEG
ST
Scarles Yard is located on Kings Lane close to its junction with Queens Road, the city’s inner ring road, at the heart of Norwich city centre.
A1
LEN ST
EE STR
K
EET E STR DUK
K OA
IC STW
Major Norwich employers include Aviva, Marsh, Colmans, Virgin Money, Norwich City Council, Norfolk County Council and Spire Health.
WE
Regular trains run from London Liverpool Street, with a fastest journey time of 1h42m. Direct trains also run to Ipswich (38m), Cambridge (1h19m) and Peterborough (1h28m). Norwich train station operates as a hub for local services to the rest of East Anglia.
Situation
ILL G R APES H
The attractive cathedral city is located approximately 118 miles north east of London, with road access via the M11 and A11 dual carriageway, and excellent access to other regional centres such as Ipswich (45 miles), Cambridge (64 miles) and Peterborough (77 miles) via the A140, A11 and A47 respectively.
BA RN RO AD
ET RE ST
Norwich is Norfolk and East Anglia’s commercial, administrative, retail and cultural hub.
ST
AD RS RIA ITEF WH
ST CRISPINS RD
S RO MAGDA
M HA IG HE
Location
IN ST CRIS P
KING
N
ST
O C
A BR
SCARLES YARD CAR PARK
A D LE
M1 CROMER
A1
NOTTINGHAM
KINGS LYNN
M6 PETERBOROUGH
NORWICH
A47
A11
A10
A14
LEICESTER
BIRMINGHAM
THETFORD
COVENTRY
M42
Birmingham
A1
A148
CAMBRIDGE
GREAT YARMOUTH
A140
A14
BURY ST EDMUNDS
NORTHAMPTON
M5 M40 GLOUCESTER
Luton M11 A1(M)
OXFORD
SWINDON
Stansted
M1
M4
M3
A12
LONDON M20
Gatwick
Scarles Yard Car Park, Norwich NR1 3PS
IPSWICH
Heathrow M25 M23
2
A12
CHELMSFORD
READING
BRISTOL
COLCHESTER
A143
DOVER FOLKSTONE
Description Scarles Yard comprises a purpose built multi storey car park of concrete frame construction with ancillary integrated warehouse / workshop units located along its Kings Lane frontage. The car park provides approximately 823 car parking spaces, over ground, first and second storeys, with entrances from Kings Lane and Holls Lane accessed via a secure barrier system. The workshop units are incorporated into the Kings Lane elevation and accessed via roller shutter doors. They are currently used by Aviva for document storage and other ancillary uses associated with Aviva’s other operations in central Norwich. The car park is for exclusive use of Aviva employees, who pay a monthly fee for weekday access. On Saturdays and Bank Holidays the car park is open to the public for a flat daily fee of £2.00, which offers a very competitive alternative to the city centre and shopping centre car parks, and is particularly popular when Norwich City play at home. Opening hours are Monday – Friday 06.00 to 21.30, Saturdays 07.00 to 18.00 and Bank Holidays 08.00 to 18.00.
Accommodation The property comprises approximately 823 car parking spaces arranged over three storeys, with integrated ancillary workshop / warehouse accommodation, and an office for the car park manager. The workshop accommodation is arranged over ground floor with part mezzanine floors, and divided into three independently accessed units. The total floor space (GIA) is approximately 15,303 sq ft on ground floor, with a further 5,563 sq ft at first floor mezzanine level. Each unit is independently accessed via both a roller shutter door and a pedestrian door.
3
Scarles Yard Car Park, Norwich NR1 3PS
Site Area
Tenure
The property has a site area of approximately 2.168 acres
Freehold
(0.877 hectares).
Tenancy The property is let on the following terms:
Aviva Central Services UK Limited (Company No. 3259447) is a subsidiary trading company and reported the following financial results over the last three years:
• Tenant: Aviva Central Services UK Limited • Guarantor: Aviva Insurance Limited (S&P A+ credit rating)
Aviva Central Services UK Limited 3259447
31/12/2013 (£000’s)
31/12/2012 (£000’s)
31/12/2011 (£000’s)
• Alienation: Assignment only to S&P AA- rated entity or better
Revenue
£1,070,000
£1,002,000
£936,000
£0
£0
£0
-£47,000
-£41,000
-£109,000
• Term: 15 years from completion • Rent: £600,000 per annum, reflecting £680 per space and £2.75 per sq ft on the workshop accommodation • Review Basis: The rent is to be reviewed five-yearly to open market value
Pre-Tax Profit Total Equity
Aviva Insurance Limited (Company No. SC2116) is rated by Standard & Poor’s as having an A+ Credit Rating. The company has reported the following financial results over the last three years: Aviva Insurance Limited - SC2116
31/12/2013 (£000’s)
31/12/2012 (£000’s)
31/12/2011 (£000’s)
Net Earned Premiums
£4,757,000
£4,617,000
£1,819,000
Pre-Tax Profit
£1,277,000
-£99,000
-£2,597,000
Total Equity
£7,246,000
£14,535,000
£14,619,000
• Repair: Effective full repairing and insuring terms
Tenant Information Aviva is the UK’s largest insurer, and one of the leading European and global insurance providers, with over 31 million customers worldwide. Aviva was launched as a brand in July 2002, the group having been formed by the merger of CGU and Norwich Union in 2000. The group has been in business for over 300 years, and due to its pre-merger ties to Norwich continues to maintain a significant operational presence in the city. The group employs approximately 5,000 in Norwich, making it the largest employer locally. Aviva Plc has recently released very impressive preliminary results for the y/e December 2014 showing operating profits increased by 6%, EPS by 10% and AUM up to £246Bn. In 2014 Aviva Plc announced its intention to merge with Friends Life in a deal likely to complete late April 2015. This will add considerable synergies to the combined business, approximately £70Bn additional AUM and additional £600M of cashflow.
4
Scarles Yard Car Park, Norwich NR1 3PS
Scarles Yard
NORWICH NR1 3PS
EPC
Contact
The property has an Energy Performance Rating of E-122.
For any further information or should you wish to arrange an inspection, please contact:
Proposal We are instructed to seek offers in excess of £8,400,000 (Eight Million Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.75% assuming purchaser’s costs of 5.8%.
VAT The property is not elected for VAT. Accordingly VAT will not be charged.
Vendor Due Diligence and Data Site The property is available with the benefit of a full survey pack and reliance letters. All information is contained on a data site, access to which is available on request. Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quoted exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. March 2015.
Richard Talbot-Williams Tel: 0207 338 4244 [email protected] Hugh Yates Tel: 0207 338 4336 [email protected]
NORWICH TRAIN STATION
V
NORWICH NR1 3PS
CITY CENTRE AVIVA ISLAND SITE NORWICH BUS STATION SENTINEL HOUSE
MARSH & MCLENNAN
SAINSBURY’S SUPERSTORE SCARLES YARD CAR PARK
City Centre Car Park 15 Year S&P A+ Income
Investment summary
• Purpose-built multi storey car park investment
• Longer term alternative use potential subject to the relevant consents
• Investment grade covenant of Aviva
• Producing a rent of £600,000 per annum (£680 per space)
• 15 year unexpired term • Aviva is the largest private sector employer in Norwich • This car park is used by Aviva for staff car parking, and essential to Aviva’s operation in the city. 1
Scarles Yard Car Park, Norwich NR1 3PS
• Offers in excess of £8,400,000 reflecting a net initial yield of 6.75% after allowance for purchaser’s costs of 5.8%
BARRA CK
ST
PRIN C
E
N
THO
RS AV E
C HA
AV E
GR EE N TS
Z
BL EN
AL LS AIN
KO
RD
S R OA D
W
RD
S N PH E
T EE STR
ET RE ST
STE
ST
RD
R BE
EY RR SU
ST
G
N UE RO
RD
G N
NE
KI
TO A11 / M11
UE
KIN
LD
STE PH E
N
S
ST
IE LF PE
QU EEN
RPE ROA D
NORWICH KO BL EN Z AV EN
RE
47 A1
DL IO
FW AL
ES RD
LAN R O SE
FA RM E
THEA TRE S T
EO
OW
LA GS KIN
ST
A1 47
CA RR O
BETH EL S T
NT H
PL A IN
TER
EXCHANGE S T
STLE ME AD
FIEL D
BA NK
CA
PER
ST AND REWS ST
BISHOPSGATE
GA TE
CHARING CROSS
ST GILES ST
CH A
Norwich’s prime retail facilities and intu Chapelfield, the dominant shopping centre for the region, are located approximately 600m to the west along Queens Road. Carrow Road, home of Norwich City Football Club is approximately 1/2 mile to the east. Norwich Riverside Leisure scheme and Norwich train station are also approximately 1/2 mile to the north east.
TS S T
POTTERGATE
E C
MO UN
NED IC
ST
The property is less than 5 minutes’ walk from the Aviva Island Site, which is the UK HQ for general insurance.
ST B E
47
RIV ERS IDE
PA LA
T
ATE
COLEG
ST
Scarles Yard is located on Kings Lane close to its junction with Queens Road, the city’s inner ring road, at the heart of Norwich city centre.
A1
LEN ST
EE STR
K
EET E STR DUK
K OA
IC STW
Major Norwich employers include Aviva, Marsh, Colmans, Virgin Money, Norwich City Council, Norfolk County Council and Spire Health.
WE
Regular trains run from London Liverpool Street, with a fastest journey time of 1h42m. Direct trains also run to Ipswich (38m), Cambridge (1h19m) and Peterborough (1h28m). Norwich train station operates as a hub for local services to the rest of East Anglia.
Situation
ILL G R APES H
The attractive cathedral city is located approximately 118 miles north east of London, with road access via the M11 and A11 dual carriageway, and excellent access to other regional centres such as Ipswich (45 miles), Cambridge (64 miles) and Peterborough (77 miles) via the A140, A11 and A47 respectively.
BA RN RO AD
ET RE ST
Norwich is Norfolk and East Anglia’s commercial, administrative, retail and cultural hub.
ST
AD RS RIA ITEF WH
ST CRISPINS RD
S RO MAGDA
M HA IG HE
Location
IN ST CRIS P
KING
N
ST
O C
A BR
SCARLES YARD CAR PARK
A D LE
M1 CROMER
A1
NOTTINGHAM
KINGS LYNN
M6 PETERBOROUGH
NORWICH
A47
A11
A10
A14
LEICESTER
BIRMINGHAM
THETFORD
COVENTRY
M42
Birmingham
A1
A148
CAMBRIDGE
GREAT YARMOUTH
A140
A14
BURY ST EDMUNDS
NORTHAMPTON
M5 M40 GLOUCESTER
Luton M11 A1(M)
OXFORD
SWINDON
Stansted
M1
M4
M3
A12
LONDON M20
Gatwick
Scarles Yard Car Park, Norwich NR1 3PS
IPSWICH
Heathrow M25 M23
2
A12
CHELMSFORD
READING
BRISTOL
COLCHESTER
A143
DOVER FOLKSTONE
Description Scarles Yard comprises a purpose built multi storey car park of concrete frame construction with ancillary integrated warehouse / workshop units located along its Kings Lane frontage. The car park provides approximately 823 car parking spaces, over ground, first and second storeys, with entrances from Kings Lane and Holls Lane accessed via a secure barrier system. The workshop units are incorporated into the Kings Lane elevation and accessed via roller shutter doors. They are currently used by Aviva for document storage and other ancillary uses associated with Aviva’s other operations in central Norwich. The car park is for exclusive use of Aviva employees, who pay a monthly fee for weekday access. On Saturdays and Bank Holidays the car park is open to the public for a flat daily fee of £2.00, which offers a very competitive alternative to the city centre and shopping centre car parks, and is particularly popular when Norwich City play at home. Opening hours are Monday – Friday 06.00 to 21.30, Saturdays 07.00 to 18.00 and Bank Holidays 08.00 to 18.00.
Accommodation The property comprises approximately 823 car parking spaces arranged over three storeys, with integrated ancillary workshop / warehouse accommodation, and an office for the car park manager. The workshop accommodation is arranged over ground floor with part mezzanine floors, and divided into three independently accessed units. The total floor space (GIA) is approximately 15,303 sq ft on ground floor, with a further 5,563 sq ft at first floor mezzanine level. Each unit is independently accessed via both a roller shutter door and a pedestrian door.
3
Scarles Yard Car Park, Norwich NR1 3PS
Site Area
Tenure
The property has a site area of approximately 2.168 acres
Freehold
(0.877 hectares).
Tenancy The property is let on the following terms:
Aviva Central Services UK Limited (Company No. 3259447) is a subsidiary trading company and reported the following financial results over the last three years:
• Tenant: Aviva Central Services UK Limited • Guarantor: Aviva Insurance Limited (S&P A+ credit rating)
Aviva Central Services UK Limited 3259447
31/12/2013 (£000’s)
31/12/2012 (£000’s)
31/12/2011 (£000’s)
• Alienation: Assignment only to S&P AA- rated entity or better
Revenue
£1,070,000
£1,002,000
£936,000
£0
£0
£0
-£47,000
-£41,000
-£109,000
• Term: 15 years from completion • Rent: £600,000 per annum, reflecting £680 per space and £2.75 per sq ft on the workshop accommodation • Review Basis: The rent is to be reviewed five-yearly to open market value
Pre-Tax Profit Total Equity
Aviva Insurance Limited (Company No. SC2116) is rated by Standard & Poor’s as having an A+ Credit Rating. The company has reported the following financial results over the last three years: Aviva Insurance Limited - SC2116
31/12/2013 (£000’s)
31/12/2012 (£000’s)
31/12/2011 (£000’s)
Net Earned Premiums
£4,757,000
£4,617,000
£1,819,000
Pre-Tax Profit
£1,277,000
-£99,000
-£2,597,000
Total Equity
£7,246,000
£14,535,000
£14,619,000
• Repair: Effective full repairing and insuring terms
Tenant Information Aviva is the UK’s largest insurer, and one of the leading European and global insurance providers, with over 31 million customers worldwide. Aviva was launched as a brand in July 2002, the group having been formed by the merger of CGU and Norwich Union in 2000. The group has been in business for over 300 years, and due to its pre-merger ties to Norwich continues to maintain a significant operational presence in the city. The group employs approximately 5,000 in Norwich, making it the largest employer locally. Aviva Plc has recently released very impressive preliminary results for the y/e December 2014 showing operating profits increased by 6%, EPS by 10% and AUM up to £246Bn. In 2014 Aviva Plc announced its intention to merge with Friends Life in a deal likely to complete late April 2015. This will add considerable synergies to the combined business, approximately £70Bn additional AUM and additional £600M of cashflow.
4
Scarles Yard Car Park, Norwich NR1 3PS
Scarles Yard
NORWICH NR1 3PS
EPC
Contact
The property has an Energy Performance Rating of E-122.
For any further information or should you wish to arrange an inspection, please contact:
Proposal We are instructed to seek offers in excess of £8,400,000 (Eight Million Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.75% assuming purchaser’s costs of 5.8%.
VAT The property is not elected for VAT. Accordingly VAT will not be charged.
Vendor Due Diligence and Data Site The property is available with the benefit of a full survey pack and reliance letters. All information is contained on a data site, access to which is available on request. Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quoted exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. March 2015.
Richard Talbot-Williams Tel: 0207 338 4244 [email protected] Hugh Yates Tel: 0207 338 4336 [email protected]
