• Regional Headquarters office building

• Prominently located in Rugby town centre

• Let to Morgan Sindall Construction & Infrastructure Limited

• Highly secure income (Pre-Tax Profits £50m, Net Assets £302m)

• Parent company guarantee from Morgan Sindall Group Plc, a FTSE 250 listed company

• Let until February 2029, without breaks

• Freehold

• £5,040,000, subject to contract

• 8.50% Net Initial Yield

The property is prominently located fronting the A426 (Corporation Street) at the junction with West Leyes. The property also bounds Bennfield Road, thereby offering a large L-shaped site with three frontages.

The Rugby Art Gallery, Museum and Library is directly opposite, as is an Asda Superstore. The property is also in close proximity to Rugby Central Shopping Centre which provides a total of 19,509 sq m (210,000 sq ft) of retail space over four levels, plus a 535 space multi-storey car park. According to its website the centre benefits from over 80,000 visitors per week and has over 50 stores with retailers including Iceland, Wilko, Boots, New Look, Vision Express, Superdrug, Ryman and Subway.

The town’s high street is less than a five minute walk to the east and Rugby railway station is 1.6 km (1 mile) to the north-east. The property benefits from being surrounded by a number of commercial uses as well as residential.

The property comprises an office property built over basement, ground and three upper floors, on a large site, with an under-croft car park. The property has an entrance onto West Leyes. There are 88 car parking spaces provided on site.

The property is of reinforced concrete frame construction with cast insitu floor slabs, built in the 1970s. The internal areas provide bright offices, served by a lift to all floors. The property was refurbished by the current occupier in 2013. The Schedule of Works for the refurbishment can be found in the data room, showing a cost in the order of £1.265m in 2012.

At the time of the works in 2012 asbestos reports were prepared by Redhills Environmental Consultants and Overbury – these are provided in the data room. It was recommended to remove asbestos – we provide in the data room the current Asbestos Management Plan (outlining compliance with current requirements) and Asbestos Register of October 2022.

The Energy Efficiency Rating is “C”.

A Phase I Environmental Report of November 2022 by Avison Young is provided in the data room. The report concludes that the site represents a “Low/Moderate Environmental Risk” and will be assigned to the purchaser on completion at a cost of £2,500 + VAT.

A sub-station owned and operated by Western Power Distribution (East Midlands) Plc is located on the site within the structure of the existing building.

Freehold.

Morgan Sindall Construction & Infrastructure Limited (Co. No. 04273754) has reported the following figures:

Morgan Sindall Construction & Infrastructure Limited is a UK construction and infrastructure business with a network of local offices. The Company works for private and public sector companies on projects and frameworks from £50,000 to over £1 billion. Activities range from small works and repair and maintenance to the design and delivery of complex construction and engineering projects. The Company also operates across the commercial, defence, education, emergency and custodial, energy, healthcare, industrial, leisure and community, nuclear, retail, science and technology, transport and water sectors.

The Company is part of the Morgan Sindall Group plc (Co. No. 00521970) which has reported the following figures:

Morgan Sindall is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It is a group of specialist businesses, delivering construction and regeneration across the UK for the public, commercial and regulated sectors. The group employs approximately 6,900 people and operates through five divisions; Construction & Infrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration.

2021 was a record year for Morgan Sindall, delivering a record set of results 42% above the Group’s last peak in 2019. The Group continued to win work throughout 2021; secured workload at the year end was £8,614m, up 4% on the prior year. Over 46% of this workload is secured for 2024 onwards. Adjusted operating profit increased by 92% to £131.2m (2020: £68.5m)

For further information visit www.morgansindall.com.

The property has been elected by the vendor for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. An opportunity to acquire a regional headquarters office investment;

2. A purchase at the asking price reflects an attractive net initial yield.

3. The property provides highly secure income, being let to Morgan Sindall Construction & Infrastructure Limited (Pre-Tax Profits £50m, Net Assets £302m);

4. The lease is guaranteed by Morgan Sindall Group Plc, a FTSE 250 listed company;

5. Let until February 2029, without breaks;

6. The property occupies a prominent position in Rugby town centre fronting the A426;

7. Freehold;

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

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