Grove Technology Park

Investment
Summary
Location
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Grove Technology Park
WANTAGE, OXFORDSHIRE, OX12 9FF
FOR SALE
13.35 Hectares
(32.98 Acres)
Freehold
Technology Park
in Oxfordshire’s
‘Science Vale UK’
FOR SALE
Misrep &
Contact
Details
Investment
Summary
Location
Investment Summary
• Strategic location in South East’s Thames Valley, within
the economically vibrant region of south Oxfordshire
(Science Vale UK).
• Located on the outskirts of the market town of
Wantage, already a recognised home for technology
businesses notably Williams F1, a recent town centre
retail redevelopment and committed new housing
developments totalling circa 4,500 units.
• Substantial landscaped freehold Technology Park
totalling approx 13.35 hectares (32.98 acres)
accommodating approx 15,900 square metres /
170,000 square feet of business centre, offices, industrial
and storage buildings including the long leasehold
buildings, with on-site amenities including security, café,
gym and helicopter landing pad.
• High occupancy, generating current passing rental of
£588,766.82 per annum with active management
opportunities. The Grove Business Centre generates
an additional licence fee income of £366,618.60 for
2013/14 (70% occupancy), and on a fully occupied
basis would generate an annual licence fee income of
£597,456.
• Approximately 6.34 hectares (15.68 acres) of B1,
B2, B8 undeveloped land covered by a Section 106
Agreement of which a further 27,500 sq m (296,000 sq
ft) remains available, subject to planning.
• Offers are sought in excess of £15m (Fifteen Million
Pounds) subject to contract and exclusive of VAT, for
the freehold interest in the property subject to the
existing tenancies and long leaseholds. A price of £15m
could reflect a net initial yield of 7% on rental income
with a capital sum in addition for the undeveloped
land and Grove Business Centre, and allowing for
purchaser’s costs of 5.8%.
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Investment
Summary
Location
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Location
Grove Technology Park is in southern Oxfordshire at the
foot of the Ridgeway and on the outskirts of the historic
market town of Wantage. The Park is one of the science
and business parks serving the region, collectively known
as ‘Science Vale UK’ (www.sciencevale.com).
Oxfordshire has an important position in the South East
economy, being centrally located within the Thames
Valley between M4, M40 and M5 motorways and with
convenient access to London, Heathrow, Birmingham
and the major ports.
Oxford has a global reputation for excellence in
education and research, which continues to act as a
catalyst for the knowledge-based economy.
Attracted by Oxford and the picturesque countryside,
the region is a popular place to live and work, combined
with excellent road and rail connections and air services
at Heathrow and London Oxford airport.
Ordnance Survey© Crown copyright.
All rights reserved. Licence number LIGI055
M40
9
Peterborough
Norwich
A34
2
A4
Faringdon
Milton Keynes
Grove Technology Park
Oxford
Swansea
A4
Cardiff
Bristol
17
London
Dover
Brighton
Exeter
Plymouth
Penzance
Portsmouth
M40
A3
38
Cambridge
Cheltenham
OXFORD
0
Birmingham
Abingdon
Grove
A417
Harwell
Wantage
M4
13
Didcot
SAT NAV
OX12 9FF
A34
Chieveley
M4
To Newbury
Investment
Summary
Location
Market Commentary
Grove Technology Park offers the opportunity to
purchase a substantial and established freehold
campus with a strong tenancy profile combined with
active management opportunities and development
land, at a time of significant investment in the region.
The region has strong demand from existing local
businesses as well as inward investment enquiries from
around the UK and overseas. The Park has provided
accommodation from serviced offices to plots for
bespoke development, appealing to a diverse market.
Southern Oxfordshire is recognised as an important
and expanding cluster of the science and technology
sector to the south of Oxford. The region is the focus
of significant public and private sector investment
including the £55m Oxfordshire City Deal grant
awarded in January 2014 to create 18,000 new jobs.
The region’s economic growth is being supported
by major infrastructure and housing projects. There
are 4,500 new homes consented within Wantage
and Grove alone, including 2,500 on Grove Airfield
immediately to the east of the Grove Technology Park.
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Investment
Summary
Location
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Description
Grove Technology Park is a substantial landscaped
campus of 13.35 hectares (32.98 acres) in total containing
approx 15,900 square metres / 170,000 square feet of
buildings, including those in long leasehold ownership.
As well as having easy access to the amenities in
Wantage, the Park has its own café, private members
health club and helicopter landing pad. The Park offers
serviced offices, a variety of office, industrial, laboratory
and storage units, as well as development land for
bespoke projects.
This diverse supply has created a long standing business
community, where many occupiers have expanded
within the Park. The Tenancy Schedule shows the high
occupancy.
Wantage Police Station has relocated its operational
station to the Park and has staff in residence 24 hours a
day.
At the centre of the Park is the Grove Business Centre
which also houses the on-site Park management office.
The Centre has 128 individual office rooms on flexible
licenses, currently running at 70% occupancy and
generating annual licence fee income from April 2013
to March 2014 of £366,618.60 net, with a 4% increase
proposed for April 2014 raising the licence fee income to
£31,196 for the month. The business of the Grove Business
Centre is owned by the vendor and offered with the
freehold of the Park, subject to the occupational Licenses.
There are various areas of undeveloped land within the
Park totalling approx. 6.34 hectares (15.68 acres). There
is a Section 106 agreement and agreed Design Brief.
The Section 106 Agreement allows for B1, B2 and B8
development on The Park of up to 48,308 sq m (520,000 sq
ft ) without further contributions, of which approximately
27,500 sq m (296,000 sq ft) remains. Certain of the trees
are protected by Tree Preservation Orders.
There is mains water, electricity and gas to the Park, and
private sewage treatment plant.
Investment
Summary
Location
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Site Plan
Misrep &
Contact
Details
Undeveloped land (subject
to planning permission)
Approx area
2.98 acres
Plot 1
Plot 2 Plot 3 Plot 4 Plot 5 Plot 6 Plot 1
Plot 2
Approx area
32.98 acres
Tenure and
Proposal
12.1 acres
0.57 acres
0.31 acres
0.175 acres
1.42 acres
1.1 acres
Long leasehold
buildings
Excluded from the
freehold sale but
contributes towards
the service charge
Plot 3
Plot 4
Plot 5
Plot 6
For identification purposes only
Investment
Summary
Location
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Tenancy Schedule
Area (GIA)
RENT / Licence
Fee Income £ Per
Annum
Lease Start
Date
Term
Lease Expiry
Outside
The 54 Act
2,242
14,400
01/12/2009
5
30/11/2014
Yes
181
1,951
5,400
FSMS with no rent
130
1,395
0
Grease Monkeys
132
1,423
10,140
15/08/2011
BLG 110 MID
Reaction Engines
96
1,031
6,500
01/02/2011
6
BLG 110 S
Commercial Arts
81
875
5,850
01/06/2011
7
BLG 111 S
Charlton Environmental
75
806
6,075
8
BLG 111 N
Chris Smith
235
2,531
16,380
9
BLG 112
Frydays
42
451
3,120
Payment monthly in advance
10
BLG 113
Lambourn Surfacing
56
598
1,200
Payment monthly in advance
11
Boston House
1,754
18,875
12
Harvard House
333
3,584
13
Water Tower
Orange
14
T2 Hangar - South
Paladin Leisure
1,347
15
T2 Hangar - North
Procar International
1,583
Plan
Key
Unit
Occupier
Sq M
Sq Ft
1
BLG 108
Crossman Engineering
208
2
BLG 109 N
Part - Sri Services
3
BLG 109 S
4
BLG 110 N
5
Grove Business Centre Under The Ownership And Operation Of The Vendor
Turnover & costs
available to
shortlisted parties
Review Dates
Break Clause
Payment monthly in advance
Rateable Value
Epc
Covenant (Creditsafe
Ranking)
£7,800
G-199
83 A - Very Good
£5,100
G-158
43
£5,900
G-158
14/08/2016
Yes
£5,100
G-194
4 - High Risk
01/12/2014
Yes
£3,750
G-194
97 A - Very Low Risk
5
31/05/2016
Yes
£2,900
G-194
38 C - Creditworthy
21/07/2009
5
20/07/2014
Yes
£2,950
F-149
49 C - Creditworthy
14/08/2006
5
13/08/2011
Yes
£8,900
F-149
5
Revised terms in negotiation
£2,075
Licence Fee income of £366,618.60 for the year to March 2014.
Following a 4% increase for the current year (from April 2014), potential Licence
fee income when fully occupied of £597,456 per annum
£189,750
E-110
£28,825
C-74
5,851.32
31/07/2002
15
30/07/2017
£10,500
14,498
85,000
21/07/2004
15
20/07/2019
Yes
21/07/2014
£51,500
E-109
51 B - Good
17,039
85,165
01/01/2008
10
31/12/2017
Yes
01/01/2013
£35,000
E-109
70 B - Good
£37,500
E-120
94 A - Very Low Risk
16
Merlin House
Bybox Holdings Ltd
528
5,680
50,880
28/07/2008
5.5
15/04/2014
No
Section 25 Notice Served Terminating
lease on 28 January 2015
17
UNITS 1,2 & 3
Astrosystems Ltd
646
6,951
71,745.50
25/03/2008
10
24/03/2018
Yes
25/03/2013
£56,000
E-107
87 A - Very Good
18
UNITS 4 & 5
Tiling Excellence
484
5,212
30,000
06/06/2009
10
05/06/2022
No
06/06/2017
06/06/2018
£52,000
D-89
50 C - Creditworthy
19
UNITS 6 & 7
Facility Specialist Management Services
Ltd
485
5,216
61,750
20/08/2013
10
19/08/2023
No
20/08/2018
01/02/2018
£52,000
C-66
47 C - Creditworthy
20
UNITS 8, 9 & 10
Wila Lighting
756
8,143
68,050
24/02/2000
15
24/02/2015
No
£57,000
D-86
93 A - Very Good
21
UNIT 11
Realistic Games
276
2,968
30,516
01/12/2012
5
30/11/2017
Yes
£4,350
D-100
81 A - Very Good
£5,800
E-125
70 B - Low Risk
22
UNIT 12
Manlove Forensics
PLOT 1
McAvoy Limited
270
2,905
30,744
28/04/2009
10
6,000
31/05/2019
Yes
Payment monthly in advance for use of hardstanding
LONG LEASEHOLDS
23
UNIT 14
A.T.S.I Ltd
peppercorn
28/08/2012
999
24
Thames Valley Police
Thames Valley Police Authority
peppercorn
21/06/2012
999
25
The Glenmore Centre
Glenmore Commercial Estates Ltd
peppercorn
21/04/2006
999
26
CMS BUILDING
Colin Badger & Steve Martin Liquorish &
Brook Alder And Union Pension Trustees
Ltd
peppercorn
06/04/2004
999
27
EMS BUILDING
Master Property Trading Ltd
peppercorn
19/12/2003
999
28
Stan James Building
Stan James (Abingdon) Ltd
peppercorn
24/11/1998
999
UTILITIES
29
Gas Substation South
30
Gas Substation North
31
Electricity Substation North
32
Electricity Substation South
33
Sewage Farm
34
AASVOGEL BUILDING
35
John Lewis Of Hungerford
Owned and operated by the vendor serving the Park. Annual Payment from Crown Packaging of £42,000 for sewerage services.
EXCLUDED FROM THE FREEHOLD SALE BUT CONTRIBUTE TOWARDS THE ESTATE SERVICE CHARGE
TOTAL
9,697 104,374
588,766.82
Break clause served with effect
01/05/2014
Investment
Summary
Location
Tenure: Freehold
Proposal
Offers are sought in excess of £15m (Fifteen Million
Pounds) subject to contract and exclusive of VAT, for the
freehold interest in the property subject to the existing
tenancies and long leaseholds. This reflects a net initial
yield of 7% on rental income with a capital sum in
addition for the undeveloped land and Grove Business
Centre, and allowing for purchaser’s costs of 5.8%.
VAT
The property has been elected for VAT, and the
transaction will be dealt with by way of a Transfer of a
Going Concern (TOGC).
TUPE
TUPE will apply to this sale, further details on request.
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Investment
Summary
Location
Market
Commentary
Description
Site Plan
Tenancy
Schedule
Tenure and
Proposal
Misrep &
Contact
Details
Further Information
Further information is available from the sole agents.
Short listed parties will be provided access to the
Data Room of information including leases, EPCs,
Title, planning, environmental phase one report, and
service charge information. Viewing days will be
organised during April. Further details upon request.
Contacts:
Mark Meeson
E [email protected]
M 07980 955438
David Williams
E [email protected]
M 07768 985949
Ross Thomson
E [email protected]
M 07854 719944
Telephone: 01865 349011
Date: April 2014
Subject to Contract
IMPORTANT NOTICE
Meeson Williams Phillips give notice that these property particulars are provided as a general outline for guidance only. Intending
purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection
or otherwise as to their accuracy. As such, it does not constitute or form part of a contract. No person in the employ of Meeson
Williams Phillips or the representing agent of the property displayed has the authority to make or give any representation or
warranty in relation to the property. Unless otherwise stated, all rents and prices quoted in these property particulars are exclusive of
VAT which may be payable in addition to the amount quoted.

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