Overview
- Office
Description
Location
Description:
The property was constructed in 2007 and comprises open plan offices over two floors. The office building sits within a large 1.16 acre site benefiting from a secure car park comprising 75 car parking spaces providing a ratio of 1:239 sq ft. The building benefits from a good specification including suspended ceilings with recessed fluorescent lighting, gas central heating, air conditioning, perimeter data trunking, passenger lift and male, female and disabled toilets on each floor.
Tenancy:
The entire property is let to DPD Group UK Ltd on a 15 year lease expiring 31.01.2032. The current passing rent of £225,500 reflecting a low £12.56 per sqft. There is a tenant's break option in January 2028 on 6 months notice. If the tenant doesn't operate the break they benefit from one year at half rent. The tenant has been in occupation at Festival Park for over 20 years and took full occupation of the building in 2017. They have a logistics hub directly opposite.
Tenure:
The property is held Long Leasehold for a term expiring November 2157 (131 years unexpired) from November 2007 at a ground rent of a peppercorn. The Landlord is Stoke on-Trent Regeneration Limited.
Covenant Information:
Founded in 1999, DPD is one of the UK's leading parcel delivery and logistics operators and forms part of Geopost, the international parcel delivery network owned by La Poste. DPD operates an extensive UK and European delivery network, providing time-critical domestic and international parcel services to businesses and consumers. DPD Group UK Ltd has a Dun & Bradstreet rating of 5A1, reflecting its strong financial covenant. For the year ended 29 December 2024, the company reported turnover of £1.483 billion, pre-tax profit of £198.2 million and net assets of £218.3 million.
Summary
Key points
- Modern office Investment opportunity
- Let to DPDGroup UK Ltd
- Detached self-contained building
- A passing rent of £225,500 reflecting a low £12.56 per sqft
Contact
Harris Lamb
Tel: 0121 4559455
Andy Groves
andrew.groves@harrislamb.com
Harris Lamb
Tel: 0121 4559455
Mike Burr
mike.burr@harrislamb.com
EPC
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