• To be sold by clicktopurchase® Best Offers by 2.00pm on Monday 14th February 2022, unless sold prior

• On behalf of Administrators, acting as agent without personal liability

• Modern office investment

• Secure income – let to Daisy Communications (Net Assets £95.8m)

• Let until May 2027

• Freehold

• £2,700,000, subject to contract

• 12.1% Net Initial Yield

• Rising to a guaranteed 13.1% in May 2022

• Low Capital Value of £1,550 per sq m / £144 per sq ft

The property is situated immediately adjacent to Prudhoe railway station and is accessed via Princess Way, close to its junction with Station Road. The access from Princes Way also serves a residential block of apartments, Brock House.

Prudhoe town centre is approximately 0.8 km (0.5 miles) to the south-east. The property is within an established commercial area with surrounding uses also comprising residential.

Tyneview Retail Park, a new retail and roadside development fronting Princes Way, is approximately 1.6 km (1 mile) to the east of the subject property. Extending to approximately 75,329 sq ft with 435 car parking spaces, the park consists of a number of national retailers including a 19,000 sq ft Aldi food store, a 22,000 sq ft B&M Homestore including a 75,000 sq ft garden centre, Greggs, McDonald’s and restaurant Café Ginevra. The retail park will also be complimented by additional retail and a drive-thru restaurant. The scheme has been developed by Prudhoe Estates, a joint partnership between Advance Northumberland and Northumberland Estates. It is anticipated that this new scheme will help attract new trade for the town, creating around 200 jobs.

The property comprises a modern, purpose built office building constructed in 2006, of steel framed construction with a pitched, profile metal sheeting clad roof. The property occupies a self-contained site with the benefit of 133 car parking spaces.

Arranged over ground and two upper floors, the internal specification includes suspended ceilings, raised floors, double glazing, ceiling mounted air conditioning units, 8-person passenger lift, male, female and disabled WC’s at each floor.

A Phase I Environmental Assessment was undertaken by Avison Young in December 2021 which concluded that “the site represents a Low Environmental Risk”. A copy of the report is available to download and will be assigned to a purchaser at a cost of £2,000 + VAT.

Freehold.

Daisy Communications Limited (Co. No. 04145329), has reported the following figures;

Daisy Communications is one of the largest independent telecommunications providers in the United Kingdom.

Established in 2001, the company assists approximately 88,000 customers – businesses of all sizes and across almost every sector – connect better with their customers, suppliers and teams. As an independent provider the company works with all of the major telecommunications networks and suppliers. In 2005 Daisy was named the fastest growing technology business in the UK and in 2007 the company’s founder and chairman Matthew Riley won the Bank of Scotland’s Entrepreneur Challenge.

Employing approximately 550 staff, the company’s headquarters is in Nelson, Lancashire with additional offices in Aston, Basildon, Nottingham and Prudhoe.

For further information visit www.daisycomms.co.uk.

It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) and the purchaser will be required to submit the appropriate election to HMRC. It should be noted that the administrators may not hold documentation to prove VAT election at the point of completion.

1. An opportunity to acquire a high-yielding office investment;

2. A modern, purpose-built office building with the benefit of 133 car parking spaces;

3. The investment provides secure income, being let to Daisy Communications Ltd (Net Assets £95.8 million);

4. Let until May 2027;

5. Freehold;

6. A purchase at the asking price reflects an attractive yield profile and low capital value.

The affairs, business and property of the Company is being managed by the Joint Administrators Andrew Knowles and Steven Muncaster, who act as agents for the Company and without personal liability. Both are licensed by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.

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