**Location**
Unit C Archimedes Centre forms part of the well - established and successful
Wrexham Technology Park which is located less than 1 mile from Wrexham town
centre. An attractive courtyard situation within the Technology Park which is
ideally located 600 yards from the A483 dual carriageway, Wrexham Bypass,
which gives fast access to Chester (15 minutes), North Wales, the Wirral and
the national motorway network beyond via the M53. The Technology Park is home
to a number of substantial companies and organisations including Spire
Healthcare, The Probation Service, Crown Prosecution Service, Moneypenny, nfu
and many others.
**Description**
The property comprises a modern semi - detached, 2 storey office building of
brick elevations under a tiled roof and is finished to a good modern
specification to include carpet tiles, suspended ceilings with integrated
fluorescent light fittings, aluminium double glazed windows, wall mounted
electric heaters and benefits from male / female and disabled WC facilities
and fitted kitchen. The office building is lift operated.
Internally the tenants, Bangor University, have partitioned to create a large
lecture theatre, smaller lecture theatre and classrooms and private offices.
Externally, and surrounding the property, there is generous allocated car
parking.
**Accommodation**
The property has been measured on an ipms 3 basis in accordance with the RICS
Property Measurement 2nd Edition January 2018 as follows:
Ground Floor: 3, 423 sq ft (318. 1 sq m)
First Floor: 3, 389 sq ft (314. 8 sq m)
**Total 6, 812 sq ft (632. 9 sq m)**
**Tenancy**
The property is let in its entirety on a tenant full repairing and insuring
lease to Bangor University on a 10 year term from 7th October 2017 at a low
passing rental of £60, 000 per annum.
The passing rent equates to a low office rent of £8. 81 per sq ft. There is
recent letting evidence within Wrexham Technology Park showing that rentals
between £12 - £14 per sq ft are being achieved, offering strong potential for
future rental growth.
We are of the opinion that Bangor University represents an excellent covenant
strength of tenant. Established in 1984 Bangor University is one of the 4
principal universities of Wales and was voted in the top 5 UK universities of
the year by WhatUni Student Choice Awards 2022 and voted the second best
university in Wales by Student Crowd 2023. Around 10, 000 students currently
study at the university with teaching staff based within 14 academic schools.
Bangor University's research has been ranked highly in the government's most
recent Research Excellence Framework 2021 with 85% judged to be be world -
leading (Category 4 star) or internationally excellent (Grade 3 star).
**Tenure**
We are advised that the property is held long leasehold for a term of 125
years from 5th April 1990 and expiring on 4th April 2115 with a current
passing ground rent of £80 per annum.
**Proposal**
We are instructed to seek offers in the region of £650, 000 (six hundred and
fifty thousand pounds), subject to contract and exclusive of VAT for our
client's interest. A purchase at this level would reflect an attractive gross
yield of 9. 23% and net initial yield of 8. 80% after standard purchaser's costs
of 4. 88% (comprising of stamp duty, legal fees, agency fees).
**VAT**
We are advised that the property is VAT registered, therefore VAT will be
payable on the purchase price unless the transaction can be treated by way of
a Transfer Of a Going Concern (togc).
**Legal Costs**
Each party is to be responsible for their own legal costs incurred in the
transaction.
**Energy Performance**
An Energy Performance Certificate is in the process of being prepared and is
available upon request.
**Further Information / Viewing**
Please contact Jonty Goodchild of the sole retained agents Bolton Birch.

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