Prospect House, Trentham Lakes, Gordon Banks Drive

Stoke-on-Trent, Staffordshire ST4 4TW

Overview

  • Located on Trentham Lakes Business Park, a 400 acre (162 hectare) mixed use business park with over 2 million sq ft of development completed.
  • This location has superb road connectivity thus attracting many high-value uses, amenities and national occupiers.
  • Well specified single-let office extending to 36,760 sq ft with 170 car parking spaces (an excellent ratio of 1 space : 216 sq ft).
  • Passing rent of £447,500 per annum (£12.17 per sq ft).
  • Fully let to Atlanta 1 Insurance Services Ltd (D&B 4A1), who recently signed a reversionary lease to December 2029 (tenant break in 2025).
  • Atlanta 1 Insurance Services Ltd. is one of the UK's largest insurance brokers and part of the Ardonagh Group.
  • Atlanta 1 Insurance Services Ltd have a number of trading brands including Autonet Insurance Services.
  • High profile location with significant further development planned.
  • Freehold.
  • Scope to extend the property to provide c.15,400 sq ft of additional NIA and 78 car parking spaces (subject to planning).
  • The property provides very affordable high-quality office accommodation on a large floor plate which includes raised floors and air conditioning.
  • We have been instructed to seek offers in excess of £4,420,000 for our clients freehold interest. A purchase at this level reflects a Net Initial Yield of 9.50% and a capital value per sq ft of £120 (assuming purchase costs of 6.56%).

Location

Stoke-on-Trent has a resident population of 249,000 (2011 Census) and a catchment population of 800,000 within a 30-minute drive and is the principal commercial and administration centre for Staffordshire.

Located in the North Midlands, approximately 43 miles south of Manchester, 45 miles north of Birmingham and 163 miles north west of London the city is strategically situated within a 1 hour travel time of many of the UK's major cities including Manchester, Liverpool, Chester, Birmingham, Sheffield, Derby, Wolverhampton, Nottingham and Leicester.

Stoke-on-Trent benefits from excellent transport communications, putting 90% of the UK population within 4 hours or less. The city is well connected to the national road network with the M6 situated 5 miles west and the A50, which connects Stoke-on-Trent with the M1 to the east.

Stoke-on-Trent railway station is located approximately 1.5 miles north of the Property and sits on the West Coast Mainline providing fast and frequent rail services to Manchester Piccadilly in 40 minutes and Birmingham 50 minutes and London Euston in just 90 minutes. Direct trains to London depart up to three times an hour from Stoke-on-Trent and take as little as 1 hour 24 minutes.

Four international airports are located within one hour's drive of Stoke-on-Trent. These are Manchester, Birmingham, East Midlands and Liverpool John Lennon all of which fly daily to national, European and International destinations.

Situation

Trentham Lakes is a large mixed-use business park covering a 400 acre site with a variety of uses including warehouse/distribution, offices and a number of high-value uses such as leisure, hotels and various car dealerships such as Volkswagen, Toyota, Ford, Seat, Lexus and Audi. Trentham Lakes is also home to the Stoke City Academy, Stoke City F.C and the Bet365 Stadium. In total, Trentham Lakes employs approximately 3,700 people.

The central location, excellent communications and readily accessible labour force have proved to be very attractive to the distribution industry with current major distribution occupiers including Amazon, Pets at Home, Portmeirion Group, DHL Sainsbury's, XPO and Screwfix Direct. In addition, the Property is situated near the completed Prologis Sideway Park, which boasts several high-profile companies including Simarco International, Dunelm and DSV.

The attraction to Trentham Lakes is partly due to the fast and easy access to the UK's motorway network and key trunk roads. The Property is positioned just off the A50, a major route running east to west across the Midlands linking the A500 with the M1 motorway at J23a.

The A500 (Queensway) is within 1 mile of the Property to the west and provides convenient access to J15 of the M6 motorway to the south (5 minutes-drive) and J16 to the north (14 minutes-drive). In addition, Prospect House is easily accessed via local bus routes as there is a stop on Gordon Banks Drive directly outside the property.

Trentham Lakes also offers excellent amenities including Harvester Pub/Restaurant, Power League, Holiday Inn and Nuffield Health (Gym).

Description

The property comprises a modern steel portal frame office with brick insulated metal clad elevations and was developed in the mid-2000's on the 5.58-acre site. Internally the property provides single span open plan office space accessed through a reception area, with ancillary staff accommodation including a canteen, breakout and quiet areas, reception and small first floor area containing meeting rooms.

Externally, the property benefits from a large 170 space car park and landscaped grounds.

Accommodation

A Schedule of Accommodation can be found within the link below.

Extension Opportunity

Subject to planning, there is scope to extend on multiple elevations given the low site coverage. Plans for an extension to the western elevation adding c.15,400 sq ft of accommodation (STP), alongside an additional 78 car parking spaces, are included below. Further details are available on request.

Owing to its excellent location and given the design of the existing building, the property also lends itself well for conversion to a manufacturing / logistics facility (subject to planning).


Tenure

Freehold.

Tenancy

The Property is let under a single lease to Atlanta 1 Insurance Services Ltd (Company Number: 03642372) for a term expiring 31/12/2024. This is an assignment of the original lease between Orpingford Property Ltd and The Outright Company UK Ltd and Fortis UK.

A reversionary lease has been agreed from 01/01/2025 to 31/12/2029 at a commencing rent of £447,500 per annum, which is to be reviewed on 01/01/2029. There is a Tenants Option to Break on 01/01/2025.

Covenant Information

Atlanta 1 Insurance Services Ltd (company registration no. 03642372 and formerly known as Autonet Insurance Services Ltd) has a Dun and Bradstreet rating of 4A1, which represents a minimum risk of business failure.

The company was first established in 1998 in Stoke-On-Trent and has grown to become one of the UK's largest insurance brokers employing over 630 staff.

Autonet Insurance Services is the companys main brand, but it also has a number of other brands used for specialist markets.

In 2020, the company was a finalist at the Insurance Times Awards in the 'Personal Lines Broker of the Year award' - an award that is judged on the basis of growth, innovation and profit.

In its latest company accounts (2019) Atlanta 1 Insurance Services Ltd reported strong growth in its brokered gross written premium, rising from £156m in 2018 to £163m in 2019. In addition, the company once again increased its year-on-year policy count, rising from 410,000 in 2018 to 420,000 in 2019.

The immediate parent company of Atlanta 1 Insurance Services Ltd is Atlanta Investment Holdings 3 Ltd. (company registration no. 10162225), which also owns the well-known insurance brands Swinton Insurance (company registration no.00756681) and Carole Nash (company registration no.02600841).

Atlanta Investment Holdings 3 Ltd is a retail insurance subsidiary of The Ardonagh Group, who are the UK's largest independent insurance broker with over 6,000 employees and a network of over 100 locations across the UK and Ireland. Ardonagh brings together brands including Autonet, Arachas, Bishopsgate, Bravo Group, Carole Nash, Geo Underwriting, Price Forbes, Swinton, Towergate and URIS.

Further information can be found within the link below.


VAT

We understand the property is elected for VAT and the sale will be treated as a transfer of a going concern (TOGC).

Anti-Money Laundering Regulations

In order to discharge its legal obligations, including under applicable anti-money laundering regulations, C&W will require certain information of the successful bidder. In submitting a bid, you agree to provide such information when Heads of Terms are agreed.

EPC

C (70).

Proposal

We have been instructed to seek offers in excess of £4,420,000 for our client's freehold interest. A purchase at this level reflects a Net Initial Yield of 9.50% and a capital value per sq ft of £120 (assuming purchase costs of 6.56%).

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NET INITIAL YIELD:
9.5%
PRICE:
£4,420,000
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