st. crispins house, norwich
DESCRIPTION
Brochure for Landmark City Centre InvestmentTRANSCRIPT
F R E E H O L D F O R S A L E
L a n d m a r k C i t y C e n t r e O f f i c e I n v e s t m e n t
S t . C r i s p i n s H o u s e D u k e S t r e e t N o r w i c h N R 3 1 P D
L a n d m a r k C i t y C e n t r e O f f i c e I n v e s t m e n t
S t . C r i s p i n s H o u s e D u k e S t r e e t N o r w i c h N R 3 1 P D
S u m m a r y
• Norwich is the County City and administrative centre of Norfolk, located 100 miles
north of London and 60 miles east of Cambridge.
• The current passing rent is £785,097 per annum.
• The property comprises a five storey office building with open plan floor plates
arranged around a central enclosed atrium. The building provides
10,688 sq m (115,050 sq ft) on a site of 0.69 hectares (1.71 acres).
• The property benefits from its own café/retail area and on site car parking
for 33 vehicles.
• The building has excellent prominence to the inner ring road and is a short walk
from the prime retailing part of the city centre.
• Asset Management opportunities include upgrading and letting the vacant office
accommodation, conversion to a hotel or student accommodation (stp) and pursue a
change of use to residential through permitted development rights.
• Offers are sought in the region of £4,750,000 (Four Million Seven Hundred and Fifty
Thousand pounds), subject to contract and exclusive of VAT.
• A purchase at this level reflects a net initial yield of 15.62%, based upon purchasers’
costs of 5.8% and reflects a low capital value of £41 per sq ft.
A well located city centre opportunity with huge asset management
opportunities and residential potential, subject to planning.
The Market
Chapelfield
Norwich City FC
Railway Station
The Forum
Norwich Castle
Norwich Cathedral
Inner Ring Road
St James Place
St Crispin’s House
Anglia Square
KING’S LYNN
PETERBOROUGH
CAMBRIDGE
CROMER
GREATYARMOUTH
LOWESTOFT
BEDFORD
STANSTED
THETFORD
LONDON
CHELMSFORD
FELIXSTOWE
HARWICH
IPSWICH
COLCHESTER
A47A47
A47
A148
A140
A140
A14
A14
A10A1(M)
A141A14
A14A1M1
A11
A12
A12
A11
M11
M11
A11
M25
A1(M)A10
M1
A146
NORWICH
N o r w i c h
The city of Norwich is the commercial and administrative centre of Norfolk, with
approximately 215,000 people living in the built up area, located 100 miles to the north
east of London, 60 miles east of Cambridge and 43 miles north of Ipswich.
The city has excellent communication links with the A11, providing easy access to
Cambridge and on to London via the M11. The connectivity of the city has been further
enhanced by the dualling of the A11. The A47 provides access to the East Coast (Great
Yarmouth and Lowestoft) and to Peterborough to the west.
Norwich is served by a regular half hourly direct service to London Liverpool Street and
has an international airport offering flights to many domestic and European locations,
with 4 daily flights to Amsterdam (Schipol Airport) and connections to worldwide
destinations.
The city has also two universities. The University of East Anglia was voted the number
one university in the country by the Times Higher Education Student Experience Survey.
The Norwich University of the Arts, which is located approximately 300m from the
subject premises, was established in 1845 and was the top specialist Art and Design
Institution in the Guardian League Tables for 2014. The city’s student population is in
excess of 22,000.
The Norwich Research Park is a world leader in the field of Environmental, Food, Health
and Plant Sciences and is due for significant expansion in the next few years.
Norwich is one of the UK’s top ten retail destinations with most quality retailers having
a presence within the city centre attracting a wider population of 560,000 people.
The city also has an excellent leisure offering which includes three City Centre theatres,
top quality national and local restaurateurs, a vibrant art scene and is currently the
UNESCO World City for Literature.
S i t u a t i o n
The property is situated at the junction of Duke Street and St. Crispins Road
(inner ring road), approximately a quarter of a mile north of the city centre.
St Crispins House is located south of Anglia Square. The location is a well established
office location, although there are several residential developments nearby.
Anglia Square to the north was recently purchased by Threadneedle Fund Management
which plans to redevelop the site to provide a mixed use scheme to include leisure,
retail, offices and residential. This will significantly enhance the surrounding area.
D e s c r i p t i o n
St Crispins House comprises a five storey office building with car parking. The property
has large floor plates arranged around a central courtyard atrium which houses an on
site café with seating and break out areas. The property has concrete cladding with
perimeter glazing on all floors. There are three main entrance lobbies each providing
access to the upper floors via lifts. The upper floors are arranged in a ‘U’ shaped
footprint.
The central atrium provides an attractive design feature and break out space.
Internally, the general specification provides concrete floor plates with carpet finish,
perimeter centralised heating/cooling and a suspended ceiling with recessed lighting.
All floors have structural columns located throughout and also there are three sets of
WC facilities on each floor.
St Crispins benefits from 33 on site car parking spaces.
A c c o m m o d a t i o n
The property has been measured in accordance with the
RICS Code of Measuring Practice and provides the following
net internal areas.
Floor m² sq ft
Ground 1,813.7 19,523
First 2,61 1.6 28,111
Second 3,162.2 34,038
Third 2,171.1 23,370
Fourth 1,337.1 14,392
Total 10,688.5 115,050
Atrium Café 74.3 800
Site area: 1.71 ac 0.69 haGRD Floor
1st Floor 2nd Floor 4th Floor
3rd Floor
Te n a n c y S c h e d u l e
The property is currently let to the following tenants:-
Premises Tenant Rent PA Term Term Term ExpiryCommencement
Ground Commercial Trust Limited £16,500 4 years 3 Jun 2014 2 Jun 2018Ground The Stationery Office Limited incl 2nd floor 18 years 4 July 2002 1 Dec 2020Ground Norwich & Norfolk Citizens Advice Bureau £19,532 6 years 1 Jun 2012 31 May 2018Ground Countrywide Legal Indemnities Limited £49,154 12 years 16 Aug 2005 1 Jul 2017Ground Under Offer £29,286 Under Offer Under Offer Under Offer1st Floor Banner Business Services Limited £125,000 6 years 1 May 2014 30 Apr 20202nd Floor The Stationery Office Limited £357,399 18 years 4 Jul 2002 1 Dec 20203rd Floor Countrywide Limited £79,020 12 years 16 Aug 2005 1 Jul 20173rd Floor Central Mortages Limited £31,776 5 years 2 Mar 2011 1 Mar 20163rd Floor Smart Loan Limited £15,056 1 year 1 Nov 2013 31 Oct 20144th Floor UK Credit Limited £25,652 3 years 1 Nov 2013 31 Oct 20164th Floor B3 Contact Centres Limited £15 ,500 5 years 1 Nov 2012 31 Oct 20174th Floor Central Mortgages Limited £6,780 5 years 15 Jul 2011 14 Jul 2016Ground Mark Warby (Café) £5,250 9 years 10 Jun 2009 9 Jun 2018Roof Orange £9,192 16 years 30 Jan 2006 29 Jan 2022
£785,097
C o v e n a n t P r o f i l e
The Stationery Office Limited2011 2012 2013
Turnover £59,600,000 £55,200,000 £52,400,000PreTax Profit £20,800,000 £18,600,000 £14,500,000
Experian Score:- 100 (very low risk)
Banner Business Services Limited2010 2011 2012
Turnover £117,397,000 £113,113,000 £114,756,000PreTax Profit £1,419,000 -£523,000 -£49,000
Experian Score:- 100 (very low risk)
Countrywide Legal Indemnities Limited2011 2012 2013
Turnover £7,996,586 £9,075,286 £11,405,258PreTax Profit £241,779 £156,411 £535,358
Experian Score:- 100 (very low risk)
V a c a n t F l o o r S p a c e
Floor Area (sq m) Area (sq m)
Ground 453.46 4,881
1st Floor 628.95 6,770
3rd Floor 657.00 7,072
4th Floor 382.76 4,120
N o r w i c h O f f i c e M a r k e t
• Whilst supply remains relatively high, several good quality refurbished offices have
secured excellent tenants.
• There is limited Grade A stock within the City Centre.
• Norwich is one of the best performing locations in East Anglia along with
Cambridge and North Norfolk.
• The City has a strong reputation within both the creative and financial sectors.
N o r w i c h R e s i d e n t i a l M a r k e t
• Average property prices in East Anglia were up by 9.6% over the last year
creating an average asking price locally of £250,000.
• East Anglia prices are rapidly increasing only beaten by central London
over the last 12 months.
• Norwich is one of the best performing locations in East Anglia along
with Cambridge and North Norfolk.
• There is strong demand for investment properties from both professional
landlords and smaller private portfolio owners.
• The first time buying market is very active with strong demand from
young professionals.
A s s e t M a n a g e m e n t O p p o r t u n i t i e s
St Crispins House offers a number of asset management opportunities
to a purchaser including:-
• Refurbishment of the existing office accommodation and re-letting to
produce a significantly enhanced yield.
• A mixed use residential / office scheme (STP).
• A phased residential conversion of the entire building
(STP and subject to the existing leases).
• The building is well located for conversion to a city centre hotel.
• Norwich has two well established universities with a student population in
excess of 22,000 and there continues to be a shortage of student accommodation.
B u s i n e s s R a t e s
The rateable value for each unit is provided in the data room.
VAT
The property is elected for VAT.
Proposal
We are instructed to seek offers in the region of £4,750,000 (Four Million Seven
Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a net yield of 15.62%, after purchasers costs of 5.8%
and a capital value of £41 per sq ft.
Note: Arnolds Keys for themselves and for the vendors or lessees of this property whose agents they are give notice that (i) the particulars are set out as a generaloutline only for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or contract: (ii) all descriptions, dimensions, references tocondition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchaser or lessees should not rely onthem as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in theemployment of Arnolds has any authority to make or give any representation or warranty whatever in relation to this property.
To arrange a viewing, or obtain access to the data room, please contact:
Craig Knights Tel: 01603 216825 / Mobile: 07795 176527 / [email protected]
Guy Gowing Tel: 01603 216804 / Mobile: 07771 870553 / [email protected]