Concentrix Call Centre, Adwick Park, Rotherham, South Yorkshire, S63

The subject property is a detached office arranged over two floors built and designed for call centre operations. The building has a mix of clad and glazed elevations. Internally there is a double height reception area served by a 10 person passenger lift. Staircase and wc cores are on either side of the building. Both ground and first floors are predominantly open plan offices with certain areas divided off for meeting rooms and contract led customer areas. The wc's on each floor have all recently been refurbished as well as upgrade works to the canteen.

As part of the October 2023 lease re-gear there is an agreed Deed of Works to be undertaken by the tenant before September 2025. The landlord is to contribute upto £300,000 for those works. The vendor will enter into an undertaking to cover the contribution figure. The improvements and upgrades set out in the schedule of works include:

Installation of PV panels on the roof
Installation of battery storage, linked to the PV panels
Installation of EV charging points
M&E upgrade works including removal of gas fuelled plant and replacement with electric
alternatives

The building caters for upto to 2,500 working staff through on site desk space, the off site server system and flexi working. The space has been designed internally for the operation of specific contracts. The building operates generally from 7:00 am to 9:00 pm weekdays.

There is a telecom mast on site, adjoining the eastern elevation of the building.

Tenancy:

The property is let on an FRI lease to Telecom Service Centres Ltd. The original lease from back in 1999 had previously been extended and was to expire in March 2024. The lease was varied in October 2023 to provide an extended term until 24 March 2034. The tenant has a break option in March 2029, requiring six months' prior notice. If the break option is not exercised the tenant will be granted a five months rent free period.

The passing rent is now £430,000, only £6.86 per sqft. As part of the re-gear the rent was reduced from the previous £677,500 per annum.

There is an open market rent review in March 2029, subject to a minimum uplift to £450,000 and a cap of £550,000. The improvement works scheduled in the Deed of Works can be reflected at review as landlord's.

The telecom mast is let separately to Hutchison 3G & EE Ltd. A 20 year lease was agreed in April 2016 at a rent of £4,750 per annum. There are 5 yearly open market rent reviews. The tenant can terminate the agreement on 6 months notice at any time. The income generated from the telecom mast is retained by Telecom Service Centres Ltd.