1. home and garden

8 RETAIL, OFFICE AND INDUSTRIAL PROPERTIES
RISK SPREAD THROUGH GEOGRAPHICAL DIVERSITY WITH A MIX OF INCOME AND ASSET MANAGEMENT PROFILES
ENTER
PORTFOLIO OVERVIEW
CONTACTS
Delta Portfolio Overview
David Klein
n A portfolio of English office, office/retail and industrial investment assets.
D&P Klein
11 Bearsfield
Bisley, nr Stroud,
Gloucestershire
GL6 7DB
n Eight locations in the North, Midlands and South.
n Risk and weighting spread, through:
- Multiple tenancies
- Geographical diversity
- Mix of office, retail and industrial uses, building ages and income/asset management profiles.
T 01452 770 900
[email protected]
Wwww.kleinonline.co.uk
n High yield.
Anthony Bianchi
n 40% of the rental income is from the Secretary of State and the substantial private sector tenants listed below.
Bianchi Chartered Surveyors
39 Second Cross Road
Twickenham
Richmond
TW2 5QY
n The portfolio includes modern high specification office buildings.
n Opportunities to increase income by letting vacant areas.
n The government tenant of Mid Point Bradford has just made an unsolicited approach requesting terms for removing its break option.
n Other asset management potential includes redevelopment of Sheldon for large unit retail use subject to planning consent.
T 020 8408 3840
M 07831 622 118
[email protected]
Wwww.bianchisurveyors.co.uk
n Offers will be considered for parts of the portfolio.
n Proposal
We are instructed to seek offers in excess of £4,315,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net
initial yield of approximately 11.0%, assuming standard purchaser’s costs of 5.80%.
Private Sector Tenants Referred to Above:
Tenant
A Plan Holdings
Pre-Tax Profit (£)
Turnover (£)
Net Assets (£)
Reported Year Ending
28/02/2014
21,980,000
61,500,000
14,700,000
Commscare Group Ltd
2,130,000
15,600,000
2,480,000
30/03/2013
Texecom Ltd
2,660,000
26,400,000
7,400,000
30/03/2013
486,000
21,000,000
3,420,000
31/12/2013
Charles Kendall Freight Ltd
(Source: Companies House)
PORTFOLIO OVERVIEW
PROPERTY SUMMARY
PROPERTY LIST
SUMMARY TENANCY SCHEDULE
FURTHER INFORMATION
1
2
Sheldon Chambers, Sheldon, B26 3NW
and Hobs Moat, Solihull, B92 8JT
5
Borough Court, Grammar School Lane, Halesowen,
West Midlands, B63 3SW and Adjacent Land
6
Unit 1a, Bradwood Court, St Crispin Way,
Haslingden, Lancashire BB4 4PW
PORTFOLIO OVERVIEW
3
Monckton House, Epsom Centre, White Horse
Business Park, Trowbridge, BA14 0XG
7
14 Cheshire Avenue,
Northwich CW9 7UA
PROPERTY SUMMARY
4
PROPERTY LIST
8
Units 3 & 7 Puma Court, Kings Business Park,
Liverpool Road, Knowsley, Merseyside, L34 1PJ
SUMMARY TENANCY SCHEDULE
Unit 5 The Courtyard, Mid Point,
Thornbury, Bradford BD3 7AY
Unit 9, Evolution, Wynyard Park, Wynyard,
Billingham, TS22 5TB
FURTHER INFORMATION
CLICK LINKS BELOW TO VIEW DETAILS
8
1 Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
5
2 Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
4
7
6
3 Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
2
1
4 Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
5 Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
3
6 14 Cheshire Avenue, Northwich CW9 7UA
7 Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
8 Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
PORTFOLIO OVERVIEW
PROPERTY SUMMARY
PROPERTY LIST
SUMMARY TENANCY SCHEDULE
FURTHER INFORMATION
SUMMARY TENANCY SCHEDULE
Property
Number
Address
Use
Tenure
Area
Sq Ft
Vacant
Sq Ft
Vacant %
Rent £pa,
Let Areas
No. of
Tenancies
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
Mixed
F
22,744
5,598
24.6%
100,125
17
2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
Mixed
F
12,938
0
0.0%
55,850
9
3
Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
Office
LLH
6,525
0
0.0%
75,900
2
4
Unit 5 The Courtyard, Midpoint, Thornbury, Bradford BD3 7AY
Office
F
2,417
0
0.0%
30,000
1
5
Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
Industrial
F
18,908
0
0.0%
55,500
1
6
14 Cheshire Avenue, Northwich CW9 7UA
Office
F
6,115
0
0.0%
88,667
1
7
Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
Office
LLH
8,000
4,000
50.0%
56,000
1
8
Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
Office
LLH
3,295
0
0.0%
39,540
1
80,942
9,598
11.9%
501,582
33
Total
PORTFOLIO OVERVIEW
PROPERTY SUMMARY
PROPERTY LIST
SUMMARY TENANCY SCHEDULE
FURTHER INFORMATION
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
1
SHELDON CHAMBERS
& HOBS MOAT
SHELDON CHAMBERS, 2235-2243 COVENTRY ROAD, SHELDON B26 3NW AND
HOBS MOAT, 328/330 HOBS MOAT ROAD, SHELDON B92 8JT
PROPERTY LIST
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LOCATION & DESCRIPTION
ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
To Central
Birmingham
Kwikfit
Topps Tiles
Lloyds Branch
Halfords
Dreams
Travelodge
1A
1
A4
5 C
O
VE
NT
RY
RO
AD
To M42 J6
Morrisons
PROPERTY LIST
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LOCATION & DESCRIPTION
ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
LOCATION
Sheldon is about 6 miles south east of Birmingham City Centre and 12 miles west of Coventry.
1
a
Sheldon Chambers fronts the southern side of the A45 Coventry Road, with Hobs Moat behind it, fronting Hobs
Moat Road, 1 mile west of Birmingham Airport, adjacent to which are The NEC and Birmingham International rail
station. Coventry Road connects directly with M42 Junction 6 some 3 Miles to the East and Birmingham’s outer
ring road A4040 is about 4 miles West North West.
b
c
d
e
Nearby retailers and hotels include the new 80,000 sq ft Morrisons, Sheldon Travelodge, Tesco Sheldon
Superstore, Halfords, Topps Tiles and Kwikfit. Major office occupiers include Virgin Media’s Solihull
office, Jacobs UK, and NG Bailey. The Jaguar Land Rover factory is about a mile to the south.
DESCRIPTION
a) Birmingham International Airport. b) NEC. c) Birmingham International Train Station. d) M42 J6. e) Land Rover Plant
1A
1
Sheldon Chambers is a retail and office
building, fronting Coventry Rd (A45) arranged
over ground and 2 upper floors constructed
in the 1960’s of a frame construction, with
parking to the front and rear. There is
part air conditioning (some being tenants
improvements), suspended ceilings, carpeted
floors, individual electric heaters and Upvc
double glazed windows, stairwells at each end
and two reception areas with intercom services
providing street entrance to the offices. There
are male and female toilets with kitchen
facilities on both floors.
Hobs Moat fronts Hobs Moat Rd and consists of
“Hobs Moat Offices”, a 2 storey 1960s retail and
D2 use building, and “Hobs Moat Warehouse”,
a single storey B1 converted warehouse
containing offices and a print works.
PROPERTY LIST
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AERIAL
LOCATION & DESCRIPTION
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:10791
ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
ASSET MANAGEMENT
OPPORTUNITIES
Let the vacant office space as the market
improves.
Explore larger unit retail redevelopment
possibilities: The retail market within a 1 mile
radius shows a current vacancy rate of 3.2%,
down from 11.5% in 2010, with an increase
of 50% in average rents during the period.
(Source:Costar).
PROPOSAL
We are instructed to seek offers in excess
of £890,000 subject to contract and
exclusive of VAT. A purchase price at this
level reflects an attractive net initial yield
of approximately 10.6%, assuming standard
purchaser’s costs of 5.80%, and provides
an opportunity to increase the income
after purchase by letting vacant areas.
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
ACCOMMODATION
Unit
Sq Ft
Sq M
Ground Retail
1,244
115.57
1st Leisure
1,039
96.53
Total
2,283
212.10
4,950
459.87
3,774
350.61
Ground
1,239
115.11
Hobs Moat Offices
Hobs Moat Warehouse
Ground
Sheldon Chambers - Retail Units
Ground
Sheldon Chambers - Offices
1st
5,088
472.69
2nd (aka Top Floor)
5,410
502.60
Sheldon Chambers Total Offices
11,737
1,090
Sheldon Chambers Total All Uses
15,511
1,441
Combined Buildings
Totals: All Uses
Retail
Leisure
Office
SITE AREA /
PARKING
2,113
5,018
466.18
1,039
96.53
16,687
1,550
EPC
There are 48 marked
parking spaces at the rear,
with additional parking
at the front of the retail
units. The site area is
approximately 0.87 acres
(0.35 hectares).
PROPERTY LIST
22,744
The properties have the following
EPC ratings:
Sheldon Chambers C63 - F145
Hobs Moat
C70 - G208
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LOCATION & DESCRIPTION
ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
TENANCY SCHEDULE
Premises
NIA
Sq Ft
Tenant
Lease
Commmencement
Lease
Expiry
Rent
£pa
Rent
£psf
Vacant Space
Marketing Rent £pa
Vacant Space
Comments
Marketing Rent £psf
Hobs Moat Offices
Ground Retail
Mr Jeremy Andrews t/a
Signarama Sheldon (a Signarama
franchise)
1,244
11/09/2009
10/09/2014
10,000
8.04
Holding over. Terms agreed for new
lease to JT Signs Ltd for 3 years at
same rent, subject to annual break
options on 3 months notice, and a
deposit of £3,000
Rooms 1-5
K Star Thai Boxing Academy
(Sheldon) Ltd
1,039
12/12/2011
11/12/2016
3,125
3.01
Service charge capped at £4,000 pa.
(Est. service charge 2014 £1,975)
Rooms 1-3
Vacant
2,157
Rooms 4-7
Prestige Sheldon Limited
2,793
25/12/2013
24/12/2018
7,372
2.64
G3
Value Carpets & Flooring Ltd
1,028
27/09/2013
26/09/2016
9,000
8.75
G4 (1)
A Plan Holdings
(Insurance broker with over 70
branches in the midlands, south
and south east England)
1,110
23/12/2006
22/12/2021
14,750
13.29
G4 (2)
A Plan Holdings
(Insurance broker with over 70
branches in the midlands, south
and south east England)
445
23/12/2006
22/12/2021
6,500
14.61
G5
Dream Cake Studio Ltd
450
08/09/2014
07/09/2017
3,750
8.33
G6-7
Mr Paul Kinchin
t/a Sheldon Barbers
741
29/10/2010
28/10/2015
12,000
16.19
08/09/2014
07/09/2017
1,200
2.40
Hobs Moat Warehouse
15,000
6.95
Sheldon Chambers - Retail Units
Service charge capped at £2,000 pa.
Sheldon Chambers - Offices
G1
Diverse Care Services Ltd
500
G2
Vacant
127
1,000
7.87
G8-10
Vacant
612
3,000
4.90
CONTINUED...
PROPERTY LIST
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ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
TENANCY SCHEDULE
NIA
Sq Ft
Premises
Tenant
101-103
LDM Services (Midlands) Ltd
637
Lease
Commmencement
Lease
Expiry
Rent
£pa
Rent
£psf
10/06/2014
09/06/2017
2,000
3.14
Vacant Space
Marketing Rent £pa
Vacant Space
Comments
Marketing Rent £psf
Stepped rent. Year 1 £1,500 Year 2 &
3 £2,000. Vendor will top up to £2,000
104-107
Triton Telecom Ltd
809
01/03/2014
28/02/2017
4,000
4.94
Rent inclusive of service charge
108-109
Telecom Engineers Ltd
500
01/03/2014
28/02/2017
3,000
6.00
Rent inclusive of service charge
110
Vacant
288
111-116
Mrs M Adil
117-120
Vacant
1,375
4.77
794
3,750
4.72
1,062
12/10/2012
11/10/2014
4,000
3.77
121-123
Vacant
611
2,600
4.26
124
Vacant
198
850
4.29
125
Triton Telecom Ltd
189
01/03/2014
28/02/2017
800
4.23
Rent inclusive of service charge
201-203
Charles Kendall Freight Ltd
603
26/01/2014
25/01/2017
5,800
9.62
Annual option to break on 3 months’
notice
216-219
Vacant
Top Floor Suite A
Acuity Unified Comms Ltd
Top Floor Suite B
Best 4 Business Ltd
811
Totals
3,900.00
4.81
1,461
01/08/2014
31/07/2015
6,850
4.69
Mutual break rolling break on 30
days’notice after 1-1-2015
2,535
01/09/2013
31/08/2016
12,500
4.93
Stepped rent. Year 1 £7,500 Year 2
£10,000 Year 3 £12,500. Vendor will
top up to £12,500. Rent includes airconditioner maintenance.
22,744
106,647
Cost to landlord of inclusive leases and service charge caps (2014 budget)
31,475
6,522
Income after inclusive lease and service charge cap costs
100,125
Total Rents and Floor Areas by Use
Retail
5,018
56,000
Leisure
1,039
3,125
Office (1)
16,687
50,647
NOTES: (1) Includes the 4,950 sq ft Hobs Moat Warehouse, where B1 space has been used at different times for office or light industrial purposes.
PROPERTY LIST
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ACCOMMODATION
TENANCY SCHEDULE
BACK...
SITE PLAN
1
Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT
218
4
218
6 to
PO
219
0
Bank
219
2
2196
S
N
2208
2212
2214
2218
Bank
2204
2206
2208a
1
2198 2200
2202
Subway
2220
97.9m
97.9m
Posts
2243
2239
Bank
2241
332
2251
2233
334
2255
5
2233
a
223
The
Wheatsheaf
Hotel
328
330
FF
Und
Def
326
FW
331
FW
324
El Sub Sta
FF
1042
She
lte
r
10
40
98.3m
FW
FF
elt
er
HO
BS
Sh
Def
1032
MO
AT
RO
AD
FF
102
98.3m
LO
DE
6
LA
NE
10
2
10 0
22
7
CR
10
12
10
10
89
7
90
320
O
LD
10
04
88
7
310
0m
10m
20m
30m
10
06
a
98.0m
53
PROPERTY LIST
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ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
2
BOROUGH
COURT
BOROUGH COURT, GRAMMAR SCHOOL LANE, HALESOWEN, WEST MIDLANDS, B63 3SW AND ADJACENT LAND
PROPERTY LIST
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2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
FU RN AC E L AN E
GR
AM
MA
R
SC
HO
OL
LA
NE
To A458 Earls Way
PROPERTY LIST
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ACCOMMODATION
TENANCY SCHEDULE
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2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
LOCATION
Halesowen is a town in the metropolitan Borough of Dudley about 8 miles west of Birmingham City
Centre. Junction 3 of the M5 Motorway is situated approximately 2.3 miles to the east.
2
SITUATION
Borough Court is on Grammar School Lane, which joins Old Hawne Lane to the adjacent Stourbridge
Road/Earls Way (A458) Roundabout.
The Cornbow Shopping centre, redeveloped in 2007 as part of a £30 million town centre regeneration
programme, is within a 10 minute walk. It consists of over 50 shops and occupiers include Asda, Clarks,
M&Co, New Look, Thomas Cook, Thorntons, Argos and Superdrug.
Halesowen’s established industrial area is approximately 0.5 miles to the north east of the property,
providing units large and small. Large-unit occupiers include Eriks UK’s HQ, Acco and Makro. The areas
to the north and west of the property are predominantly residential. There are a number of large office
buildings to the east on Earls Way, New Road and Whitehall Road, where A&J Mucklow’s HQ, Barratt
Homes’ West Midlands office and the Birmingham Halesowen Travelodge are situated.
The area benefits from an excellent network of public transport, served by a new bus station which
formed part of the town centre redevelopment.
2
DESCRIPTION
Borough Court is a courtyard of office units, amounting to about 12,900 sq ft, consisting of a multi-let
terrace of steel-framed units built in the 1960s (Units 1-4 & 6), a single let refurbished c1900s brick
building (Units 7, 8 &9) and a single storey link building (Unit 5), together with c 9,200 sq ft of adjacent
land used for storage.
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:9875
PROPERTY LIST
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ACCOMMODATION
TENANCY SCHEDULE
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2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
SITE AREA /
PARKING
There are 25 parking spaces. The site area is approximately
0.58 acres (0.236 hectares).
TENANCY SCHEDULE
The units and the adjacent land are fully let, in accordance with the
tenancy schedule.
EPC
The property has an EPC rating of E125.
PROPOSAL
We are instructed to seek offers in excess of £470,000 subject
to contract and exclusive of VAT. A purchase price at this level
reflects an attractive net initial yield of approximately 11.34%,
assuming standard purchaser’s costs of 4.80%.
PROPERTY LIST
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TENANCY SCHEDULE
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2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
TENANCY SCHEDULE
Premises
Tenant
Unit 1 (Two Storey)
Tracey & Paul Nicholls
Unit 2 (Two Storey)
Safety Surplus Ltd
Current Use
NIA Sq Ft
Lease
Commmencement
Lease Expiry
Rent
£pa
Rent
£psf
Comments
Leisure
(Fitness)
2,797
22/01/2013
21/01/2018
7,500
2.68
TBO 21-1-16 on 6 months’ notice.
Schedule of condition.
Office
2,650
01/11/2012
31/10/2017
9,500
3.58
TBO 31-10-15 on 6 months’ notice
Office and
Light Industrial
2,195
30/11/2013
29/11/2016
8,000
3.64
Annual TBO on 3 months’ notice
Office &
Photo Studio
1,000
30/11/2013
29/11/2014
4,000
4.00
Unit 3 (Two Storey)
Tulleys Print Ltd
Unit 4 (Ground Floor)
Kay Benson
Unit 5 (Single Storey)
Allen Air Conditioning Ltd
Office & Storage
809
12/08/2013
11/08/2016
4,000
4.94
Unit 6 (1st Floor)
Mission Contract Interiors
Office
1,046
26/11/2013
25/11/2016
3,600
3.44
Situated above Unit 4. TBO 25-11-14 &
25-11-15 on 3 months’ notice
Unit 7
Ann Richards Accountancy Svs.
Office
955
12/07/2012
11/07/2022
4,025
4.21
TBO 11-7-15 & 11-7-18
Units 8 & 9
Ann Richards Accountancy Svs.
Office
1,486
12/07/2012
11/07/2022
6,225
4.19
TBO 11-7-15 & 11-7-18
Adjacent Land
Greenways Contemporary Ltd
25/04/2013
24/04/2016
9,000
Outdoor display
of glass doors
and windows
Totals
12,938
55,850
NOTES:
We are informed as follows:
n All leases effective FR&I via service charge
PROPERTY LIST
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ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
9,203 sq ft site
2
Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land
KIN
G
ST
R
EE
T
128.3m
El
24
13
Sub Sta
Pa
th
FURN
A CE
16
Tennis Court
LANE
The Earls High School
19
Tennis Court
7
23
3
123.4m
Cadet
Centre
17
Borough
Court
LB
RIV
E
13
WH
ITE
FR
IAR
SD
GR
AM
MA
R
SC
LA
HO
NE
OL
1 to 9
1
11
36
39
5
6
7a
7b
9
46
43
40
8
to
12
0m
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10m
20m
30m
LOCATION & DESCRIPTION
Club
ACCOMMODATION
TENANCY SCHEDULE
SITE PLAN
3
Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
3
MONCKTON
HOUSE
Delta 3 Trowbridge Draft
Text and notes only: No preferred font or
format implied.
Investment summaries for individual
properties, if any, will be provided after the
portfolio summary has been drafted.
Address
Monckton House, Epsom Centre, White
Horse Business Park, Trowbridge, BA14
0XG
MONCKTON HOUSE, EPSOM CENTRE, WHITE HORSE BUSINESS PARK, TROWBRIDGE, BA14 0XG
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Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
EPS
OM
ROA
D
EPS
OM
SQ
UA
RE
To Towbridge
A36
PROPERTY LIST
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3
LOCATION & DESCRIPTION
ACCOMMODATION
TENANCY SCHEDULE
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3
Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
LOCATION
Trowbridge is the County town of Wiltshire and is located approximately 13 miles south east of Bath,
40 miles south west of Swindon and 33 miles north east of Salisbury. The town has direct access to
the A350 which in turn links with Junction 17 of the M4 approximately 32 km (20 miles) to the north.
Neighbouring towns of Frome, Chippenham and the city of Bath are all within a 30 minute drive of
Trowbridge with Bristol and Swindon accessible in under an hour. The resident population within a 30
minute drive is approximately 450,000 rising to 1,750,000 within an hour.
3
SITUATION
The property is situated on White Horse Business Park, widely acknowledged as the region’s most
established commercial location. The 60 acre park accommodates some 53,400 sq m (575,000 sq ft) of
high quality business accommodation ranging from high specification offices to light industrial units.
DESCRIPTION
Monckton House is a two storey, self-contained office building constructed in 2006 to a high
specification and includes:
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Suspended ceilings.
Air conditioning.
Passenger lift.
Two Disabled W.C.s (one on each floor).
The property includes 34 car spaces providing an excellent parking ratio of 1:192 sq ft.
There are two entrances to the central core, allowing the accommodation to be sub divided floor by floor
and wing by wing.
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3
Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
TENURE
The property is held on a 999 year lease from 28 September
1994 at a peppercorn rent.
INVESTMENT RATIONALE
Mathematics in Education and Industry expanded recently and
were granted a new lease of the whole of their now larger
demise, with a rebased rent but no rent free period, which
demonstrates their high satisfaction with the location and the
building.
EPC
The property has an EPC rating of C67.
PROPOSAL
We are instructed to seek offers in excess of £640,000
subject to contract and exclusive of VAT. A purchase price at
this level reflects an attractive net initial yield of approximately
11.21%, assuming standard purchaser’s costs of 5.80%.
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3
Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
TENANCY SCHEDULE
Premises
Tenant
NIA
Sq Ft
Lease
Commmencement
Lease Expiry
Rent
£pa
Rent
£psf
First Floor
Mathematics in Education and Industry
3,209
14/07/2014
31/08/2016
33,700
10.50
13 parking spaces.
12.73
21 parking spaces. TBO 12-7-16 on 6
months’ notice
Ground Floor
The Orders of St John Care Trust
Totals
3,316
12/07/2006
6,525
11/07/2021
42,200
75,900
NOTES:
n We are informed that both leases are effective FR&I via a service charge.
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Comments
3
Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG
Derby Court
EPSOM SQUARE
1 to 4
Holloway House
SL
Pond
Oak House
Monckton House
MP 107.5
Pond
Pond
0m
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4
Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
4
UNIT 5
THE COURTYARD
UNIT 5 THE COURTYARD, MID POINT, THORNBURY, BRADFORD BD3 7AY
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Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
ANE
DICK L
MI
DP
OI
NT
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4
Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
LOCATION
Mid Point Business and Leisure Park, Thornbury, is approximately 3km (2 miles) east of Bradford City
Centre and 10km (6 miles) to the west of Leeds City Centre. From the south, the park can be accessed
from J26 M62 / J1 M606 or J1 M621 via the Leeds and Bradford ring roads.
4
Leeds Bradford International Airport is approximately 8km (5 miles) to the north east of the property.
SITUATION
Mid Point Park is south east of Thornbury Roundabout and The Courtyard development fronts onto
Dick Lane.
Apart from the tenant, other significant local office occupiers include Loop Customer Services (part
of Kelda Group, which includes Yorkshire Water) and Bowers Metrology (part of Bowers group, which
includes Spear & Jackson). Two minutes’ walk from the property are the amenities of a Virgin Active
health club and the Leeds-Bradford Odeon Cinema, while it is 10 minutes’ walk to Woodhall Retail Park,
(B&Q, Iceland etc).
DESCRIPTION
Unit 5 The Courtyard is a self-contained, end of
terrace two storey office unit built in 2007 to a
specification that includes:
4
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© Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:11687
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aised access floors.
R
Suspended ceilings.
LG7 recessed lighting.
Gas central heating.
Aluminium double glazed windows.
Male / female / disabled WCs.
Security shutters.
9 car spaces (a ratio of 1 space to 269 sq ft).
FURTHER INFORMATION
SITE PLAN
ACCOMMODATION
Floor
Sq M
Sq Ft
Ground floor
111.02
1,195
First floor
Total
113.53
1,222
224.55
2,417
4
Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
TENANCY
TenantThe property is let in its entirety to
The Secretary of State for Communities and
Local Government and is occupied by the
Driving Standards Agency.
LeaseFull repairing and insuring lease for a
term of 15 years from 7 October 2010,
expiring 6 October 2025.
Stop PressThe tenant has written via its agent to request
terms for removing the 2015 break option.
Copy letter on file and available upon request.
Passing Rent
£30,000 per annum.
Break OptionsTenant’s break options effective the 5th and
10th anniversaries of the term, subject to 6
months prior written notice. The tenant will
receive a 4 month rent free period if it does
not operate the 5th anniversary break clause.
Rent Reviews5-yearly, upward only, to open market
rental value.
TENURE
Freehold.
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4
Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
LOCAL MARKET OCCUPANCY
The c 110,000 sq ft of office stock at Mid Point Park has been
fully let since 2011. Within a 1 mile radius of Mid Point, the
office stock of c 1.4 million sq ft of has a vacancy rate of 3.2%,
down from 20% in 2012. (Source: Costar)
PLANNING
Planning permission was granted on 1 October 2009 for
the change of use of the property from B1(a) (offices) to sui
generis (driving test centre). A change back to B1(a) office
would probably not be contentious.
SERVICE CHARGE
The external common areas and estate roads are maintained
by a management company. The tenant contributes to this
maintenance by way of service charge.
EPC
The property has an EPC rating of B47.
PROPOSAL
We are instructed to seek offers in excess of £265,000 subject
to contract and exclusive of VAT. A purchase price at this level
reflects an attractive net initial yield of approximately 10.28%,
assuming standard purchaser’s costs of 4.80%.
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Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY
2
Boro
Co n
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Me
t Dis
4
22
465
471
1
A
33
35
The Courtyard
El Sub Sta
169.8m
5
463
58
PO
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A
t Bd NE
y
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Mid Point Business Park
Hotel
Hotel
El
Sub
Sta
Sewa
2
El Sub Sta
0m
10m
20m
30m
Gas Gov
1 to 17
Headingley
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5
Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
5
1A
BRADWOOD COURT
UNIT 1A, BRADWOOD COURT, ST CRISPIN WAY, HASLINGDEN, LANCASHIRE BB4 4PW
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Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
To M66
A
56
ST
CR
IS
N
PI
WA
Y
To M65
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Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
LOCATION
Haslingden is 19 miles north of Manchester . Nearby towns include Burnley (10 miles to the north),
Bolton (12 miles to the south west) and Rochdale (12 miles to the south east).
5
Haslingden forms part of a conurbation with Bacup and Rawtenstall. and can be reached from either
Junction 5 or 8 of the M65 Motorway or from the start of the M66 Motorway.
SITUATION
DESCRIPTION
Bradwood Court is on Saint Crispin Way,
approximately 1/3 of a mile from the main
A56 north-south arterial dual carriageway,
three miles from the start of the M66, seven
miles from Junction 8 of the M65 and five
miles from Junction 5 of the M65. The property
is therefore well positioned for access to the
regional and national motorway networks
and for serving the Lancashire and Greater
Manchester conurbations.
A single storey industrial unit built in the 1990s
of steel portal frame construction with steel
clad elevations and a mono pitched profile
steel roof incorporating translucent light
panels. Internally the warehouse benefits from
blockwork elevations to an approximate height
of 2.00 metres. It is one of five units of varying
sizes which together form Bradwood Court.
In addition to the tenant of Bradwood Court,
major industrial occupiers in the area include
Interfloor (250,000 sq ft), Courtesy Shoes and
Foremost Furniture.
5
ACCOMMODATION (GIA)
Floor
Use
Ground Floor
Mezzanine
Total
Sq M
Sq Ft
Warehouse/Office
878.34
9,454
Storage/Office/Canteen
878.34
9,454
1,756.68
18,908
Bradwood Court has 65 parking spaces used in common. The demise of Unit 1a also includes 2
dedicated parking spaces - one in front of the unit by its entrance and 1 elsewhere shown on the plan.
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:11978
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Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
TENANCY
TenantTexecom Limited. Note that Texecom
also occupies the other four units in
Bradwood Court.
LeaseFull repairing and insuring lease for a term of
9 years and 8 months from 13 October 2010,
expiring 30 June 2020, without break.
Passing Rent
£55,500 per annum.
Rent Reviews1 July 2015, upward only, to open market
rental value.
TENURE
EPC
Freehold.
The property has an EPC
rating of C58.
LOCAL MARKET OCCUPANCY
The industrial vacancy rate within a 1 mile radius of the
property (an inventory of about 850,000 sq ft) is reported to
be a little below 6%. (Source: Costar)
PROPOSAL
We are instructed to seek offers in excess of £475,000 subject
to contract and exclusive of VAT. A purchase price at this level
reflects an attractive net initial yield of approximately 11.15%,
assuming standard purchaser’s costs of 4.80%.
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Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW
h
Path (um
)
Hutch Bank
Farm
5
BRADWOOD COURT
1
El Sub Sta
2
Path
(u m )
Hurstwood Enterprise Park
Works
0m
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6
14 Cheshire Avenue, Northwich CW9 7UA
6
14
CHESHIRE AVENUE
14 CHESHIRE AVENUE, NORTHWICH CW9 7UA
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14 Cheshire Avenue, Northwich CW9 7UA
To M6
CHES
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6
14 Cheshire Avenue, Northwich CW9 7UA
LOCATION & SITUATION
Cheshire is a very desirable region for business occupiers thanks to its strategic location and excellent
lifestyle qualities.
6
n Located within minutes of Junction 19 of the M6.
n The M56 and M60 motorways provide a journey time of less than 30 minutes to Chester, Liverpool
and Manchester.
n Within 15 minutes drive of Manchester International Airport.
n Within 30 minutes drive of Liverpool John Lennon Airport.
n Approximately 5 minutes from Lostock Gralam train station on the West Coast Intercity line.
DESCRIPTION
Handsome two storey office building of 6,115 sq ft NIA with the following Grade A specification;
6
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Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:11361
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ull height glazed entrance foyer.
F
Full access raised floors.
Suspended ceilings with LG3 or LG7 compliant lighting.
Solar tinted glazing.
Carpeted throughout.
Shower facilities and bicycle parking.
Fully air conditioned.
BREEAM very good.
22 car parking spaces.
FURTHER INFORMATION
SITE PLAN
6
14 Cheshire Avenue, Northwich CW9 7UA
TENANCY
Tenant
Commscare Group Ltd.
LeaseFull repairing and insuring lease from
9 August 2011 expiring 31 March 2027.
Passing Rent£88,667 per annum.
Rent Reviews1 April 2019 and 1 April 2019, upward only, to
open market rental value.
Break OptionTenant’s break options 31 March 2019 and
31 March 2022 on 6 months’ notice. In each
case the tenant will receive a rent free period
of 3 months if it does not exercise the break.
TENURE
EPC
Freehold.
The property has an EPC
rating of C61.
ADMIRAL COURT OCCUPANCY
The c 112,000 sq ft of offices in 11 buildings at Admiral Court are
reported to be 97.2% occupied. (Source: Costar)
PROPOSAL
We are instructed to seek offers in excess of £840,000 subject
to contract and exclusive of VAT. A purchase price at this level
reflects an attractive net initial yield of approximately 9.98%,
assuming standard purchaser’s costs of 5.80%.
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14 Cheshire Avenue, Northwich CW9 7UA
T
Gas Govn
2
BO
GIB
1
ND
E
RIV
471
473
1
2
ER
ST
HE
NC
A
M
2
RO
AD
RO
34.9m
Losto
Gral
D
OA
NR
MA
6
14
m
4
10
18
8
12
UE
EN
AV
IRE
H
ES
CH
16
El S
ub
S ta
26
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7
Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
7
UNITS 3 & 7
PUMA COURT
UNITS 3 & 7 PUMA COURT, KINGS BUSINESS PARK, LIVERPOOL ROAD, KNOWSLEY, MERSEYSIDE, L34 1PJ
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Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
Vertex
CSC
To A57
KHT
Leopard Court
Golf Course
To J2 M57
9
B51
To Huyton
& M62
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7
Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
LOCATION & SITUATION
Kings Business Park is an established office park superbly located close to the major intersections
of the M57 with the M62 and A580, with direct access from Junction 2 of the M57 motorway.
The site has extensive frontage to the A57 Liverpool Road and the town centres of Huyton and Prescot
are within 2 miles. Liverpool City Centre is approximately 7 miles to the west.
7
The park is served by many local bus routes and both Prescot and Huyton Stations offer regular rail
services to Liverpool Lime Street and other destinations.
Occupiers include Balfour Beatty, Compass Law, NHS 5 Boroughs Partnership, Richmond Fellowship,
Alternative Futures Group and King’s Park Day Nursery.
DESCRIPTION
The office specifications include;
n
n
n
n
aised floors with floorboxes wired for power.
R
Suspended ceilings with integral LG3 lighting.
Gas fired central heating.
WC and kitchen facilities on each floor.
Kings Business Park is a secure enclosed site with 24 hour security.
3
7
ACCOMMODATION (GIA)
Unit
Sq M
Sq Ft
Unit 3
371.61
4,000
Unit 7
371.61
4,000
Total
743.22
8,000
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Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
TENANCY UNIT 3
Tenant
Compass Cost Consultants Ltd.
LeaseFull repairing and insuring lease for a term
of 8 years from 6th December 2007, expiring
5th December 2015.
Passing Rent£56,000 per annum.
VACANT POSSESSION UNIT 7
Unit 7 is offered with vacant possession.
EPC
TENURE
The two properties are
held on separate leasehold
interests, both for a term of
999 years from 30th July
2008 at a peppercorn.
The properties have an EPC
rating of:
Unit 3
On request
Unit 7C66
PROPOSAL
We are instructed to seek offers in excess of £480,000 subject
to contract and exclusive of VAT. A purchase price at this level
reflects an attractive net initial yield of approximately 11.13%,
assuming standard purchaser’s costs of 4.80%, and provides an
opportunity to increase the income after purchase by letting the
vacant building.
We would make the following allocation, illustrating the exceptional
opportunity these units offer to a buyer in the price per sq ft for
the vacant Unit 7 and net initial yield for the let Unit 3 as follows:
Unit 3 (let)
£280,000 / 19.00% net initial yield.
Unit 7 (vacant) £200,000 / £50 per sq ft.
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Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ
El Sub Sta
12
1
Tiger Court
13
b
13
a
2
9
11
4
8
Puma Court
10
7
24
0
51.2m
23
2
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8
Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
8
UNIT 9
EVOLUTION
UNIT 9, EVOLUTION, WYNYARD PARK, WYNYARD, BILLINGHAM, TS22 5TB
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Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
A1
9
A689 CO
AL LANE
W Y N YA
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Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
LOCATION & SITUATION
The property is located in the Wynyard Business Park, a modern development completed in 2005 and
providing approximately 1.2 million square feet of office, warehouse and storage facilities in addition
to communal facilities such as an onsite café, crèche and fitness centre. The Business Park lies to the
north of the A689, close to its intersection with the A19 at Billingham
8
Wynyard Park’s tenants include Amec, Conoco Phillips, the NHS, NFU Mutual and Clipper Logistics.
DESCRIPTION
The ground floor of a two storey end terrace office building of steel frame construction with composite
sheet clad elevations, with aluminium powder coated and double glazed windows, with a net internal
floor area of 3,295 sq ft.
The main office area has a carpet tile covered floor, with painted plaster walls and a suspended grid
ceiling, with recessed category II lighting. The accommodation benefits from a small kitchen facility to
the south eastern corner, having a vinyl floor covering, with a range of wall and base mounted kitchen
units. Heating is provided by a wall mounted, gas fired radiator system.
The demise includes 10 car parking spaces.
8
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8
Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
TENANCY
TenantEvolution Business & Tax Advisors LLP,
Chartered Accountants. (The tenant also
occupies the 1st floor of the building, which is
not part of the interest for sale).
LeaseFull repairing and insuring lease for a term of
10 years from 28 October 2010.
Passing Rent
£39,540 per annum.
Break OptionThere is a tenant’s option to break on the 5th
anniversary of the term on giving 6 months
prior written notice.
TENURE
Leasehold 999 years from 16 September 2005 at a rent of
£200 per annum.
EPC
The property has an EPC rating of B50.
PROPOSAL
We are instructed to seek offers in excess of £255,000 subject
to contract and exclusive of VAT. A purchase price at this level
reflects an attractive net initial yield of approximately 14.80%,
assuming standard purchaser’s costs of 4.80%.
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Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB
Mast
(Telecommunication)
1
8
Evolution
9
17
12
Wynyard Park
El Sub Sta
1 to 4
El Sub Sta
5
6
0m
10m
20m
30m
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CONTACTS
DATA ROOM
To request access to the data room please contact David Klein at D&P Klein [email protected]
or Anthony Bianchi at Bianchi Chartered Surveyors [email protected]
Copy legal documents and other information are in the data room. Please email the agents for access.
SERVICES
Services have not been tested and no warranty is made or implied.
VAT
VAT will be charged on transactions where it is due. Some of the properties may be eligible for sale as a
TOGC. Please see data room for further information.
David Klein
Anthony Bianchi
D&P Klein
11 Bearsfield
Bisley, Nr Stroud,
Gloucestershire
GL6 7DB
Bianchi Chartered Surveyors
39 Second Cross Road
Twickenham
Richmond
TW2 5QY
T 01452 770 900
[email protected]
Wwww.kleinonline.co.uk
T 020 8408 3840
M 07831 622 118
[email protected]
Wwww.bianchisurveyors.co.uk
kleinonline.co.uk
Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without
any responsibility on the part of the agents or vendor and are not to be construed as containing any representation or fact upon which any
person is entitled to rely. Neither the agents nor any person in their employ has any authority to make or give any representation or warranty
whatsoever in relation to the property. September 2014. RB&Co 0161 833 0555. www.richardbarber.co.uk
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