Bangor University Investment, Wrexham Campus, Unit C Archimedes Centre, Wrexham Technology Park, Croesnewydd Road LL13 7YP

Under Offer

Bangor University Investment, Wrexham Campus, Unit C Archimedes Centre, Wrexham Technology Park, Croesnewydd Road LL13 7YP

Size - 6,812 Sq Ft

For Sale - OFFERS IN THE REGION OF £650,000

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Details

Investment Summary

Modern 2 storey office building let to Bangor University and comprising of part of their Wrexham Campus.
Forming part of the well-established Wrexham Technology Park, close to Wrexham town centre.
Ideally located 600 yards from the A483 dual carriageway and less than 1 mile from the town centre.
Let to Bangor University on a 10 year lease from 7th October 2017.
Long established tenant who also occupies the surrounding buildings.
Passing rent of £60,000 equating to a low office rent of £8.81 per sq ft.
Potential for significant rental growth. £12 – £14 per sq ft for offices on Wrexham Technology Park is currently being achieved.
Long leasehold from Wrexham Council of 125 years from 25th April 1990.
Offers sought in the region of £650,000, exclusive of VAT, showing an attractive gross yield of 9.23% and net initial yield of 8.80% after purchaser’s costs (stamp duty, legal fees, agency fees).

Location

Unit C Archimedes Centre forms part of the well-established and successful Wrexham Technology Park which is located less than 1 mile from Wrexham town centre. An attractive courtyard situation within the Technology Park which is ideally located 600 yards from the A483 dual carriageway, Wrexham Bypass, which gives fast access to Chester (15 minutes), North Wales, the Wirral and the national motorway network beyond via the M53. The Technology Park is home to a number of substantial companies and organisations including Spire Healthcare, The Probation Service, Crown Prosecution Service, Moneypenny, NFU and many others.

Description

The property comprises a modern semi-detached, 2 storey office building of brick elevations under a tiled roof and is finished to a good modern specification to include carpet tiles, suspended ceilings with integrated fluorescent light fittings, aluminium double glazed windows, wall mounted electric heaters and benefits from male / female and disabled WC facilities and fitted kitchen. The office building is lift operated.

Internally the tenants, Bangor University, have partitioned to create a large lecture theatre, smaller lecture theatre and classrooms and private offices.

Externally, and surrounding the property, there is generous allocated car parking.

Accommodation

The property has been measured on an IPMS 3 basis in accordance with the RICS Property Measurement 2nd Edition January 2018 as follows:

Ground Floor: 3,423 sq ft (318.1 sq m)

First Floor: 3,389 sq ft (314.8 sq m)

Total 6,812 sq ft (632.9 sq m)

Tenancy

The property is let in its entirety on a tenant full repairing and insuring lease to Bangor University on a 10 year term from 7th October 2017 at a low passing rental of £60,000 per annum.

The passing rent equates to a low office rent of £8.81 per sq ft. There is recent letting evidence within Wrexham Technology Park showing that rentals between £12 – £14 per sq ft are being achieved, offering strong potential for future rental growth.

We are of the opinion that Bangor University represents an excellent covenant strength of tenant. Established in 1984 Bangor University is one of the 4 principal universities of Wales and was voted in the top 5 UK universities of the year by WhatUni Student Choice Awards 2022 and voted the second best university in Wales by Student Crowd 2023. Around 10,000 students currently study at the university with teaching staff based within 14 academic schools. Bangor University’s research has been ranked highly in the government’s most recent Research Excellence Framework 2021 with 85% judged to be be world-leading (Category 4 star) or internationally excellent (Grade 3 star).

Tenure

We are advised that the property is held long leasehold for a term of 125 years from 5th April 1990 and expiring on 4th April 2115 with a current passing ground rent of £80 per annum.

Proposal

We are instructed to seek offers in the region of £650,000 (six hundred and fifty thousand pounds), subject to contract and exclusive of VAT for our client’s interest. A purchase at this level would reflect an attractive gross yield of 9.23% and net initial yield of 8.80% after standard purchaser’s costs of 4.88% (comprising of stamp duty, legal fees, agency fees).

VAT

We are advised that the property is VAT registered, therefore VAT will be payable on the purchase price unless the transaction can be treated by way of a Transfer Of a Going Concern (TOGC).

Legal Costs

Each party is to be responsible for their own legal costs incurred in the transaction.

Energy Performance

An Energy Performance Certificate is in the process of being prepared and is available upon request.

Further Information / Viewing

Please contact Jonty Goodchild of the sole retained agents Bolton Birch:

Tel: 01244 311681

Email: jonty@boltonbirch.com

Subject to contract

Subject to contract
MISREPRESENTATION ACT 1967. Bolton Birch for themselves and for the vendors or lessors of this property whose agents they are, give notice that: These particulars do not constitute, nor constitute any part of an offer or a contract. All statements contained in these particulars as to this property are made without responsibility on the part of Bolton Birch or the vendors or lessors. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. Any intending purchasers of lessors must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. The vendors or lessors do not make or give and neither Bolton Birch, nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property.

Modern 2 storey office building let to Bangor University and comprising of part of their Wrexham Campus. Forming part of the well-established Wrexham Technology Park, close to Wrexham town centre. Ideally located 600 yards from the A483 dual carriageway and less than 1 mile from the town centre. Let to Bangor University on a 10 year lease from 7th October 2017. Long established tenant who also occupies the surrounding buildings. Passing rent of £60,000 equating to a low rate of £8.81 per sq ft. Potential for significant rental growth. £12 - £14 per sq ft for offices on Wrexham Technology Park is currently being achieved. Long leasehold from Wrexham Council of 125 years from 25th April 1990. Offers sought in the region of £650,000, exclusive of VAT showing an attractive gross yield of 9.23% and net initial yield of 8.8% after purchaser's costs (stamp duty, legal fees, agency fees).