HIGH YIELDING OFFICE INVESTMENT

Transcription

1 HIGH YIELDING OFFICE INVESTMENT Orlando Bridge, SIGNIFICANT PRICE REDUCTION

2 M61 Wigan A A58 A676 4 M61 A666 3 M66 Bolton Rochdale 2 A58 A A56 M A576 B SPA R D A 6 76 M O O R L N A T O P P BOLTON TOWN CENTRE S T P E Investment Summary 9 A A Warrington A580 M62 A57 M Altrincham M A56 A580 7 Salford Manchester 4 5 A A34 M Manchester Airport A6010 A6 A 6 76 D E A N E R D A D E R B Y S T B R I D G E M A N S T A 57 9 T R I N I T Y F L E T C H E R S T T H Y N N E S T L E V E R S T T E R S W AY S T P E T E R S W AY ( A ) B R A D S H A W G AT E M A N C H E S T E R R D ( A 5 8 S T Bolton ORLANDO ST B C A S TL E S T ) R A D C L Bolton town centre office building with on-site parking 79.50% of the income is secured against Co Ltd, who have a 5A1 Dun & Bradstreet rating 67,182 sq ft (6, sq m) with 54 car spaces have recently renewed their lease for a further 5 years Total passing rent of 377,400 p.a. ( 6.99 p.s.f) Potential ERV of 476,684 p.a. ( 7.09 psf), upon refurbishing and letting first floor suite A. Low capital value of psf Location The property is situated at the corner of Thynne Street and Orlando Street, which link to Manchester Road and Trinity Way, and ultimately to the A666 and the regional motorway network. The property is in close proximity to Bolton Railway Station, which has regular services to both Manchester city centre, Blackburn and Preston. Bolton town centre is located to the north of the property within 10 minutes walking distance. The property also benefits from a retail park opposite, consisting of a large Sainsbury s supermarket and other national retailers including Boots and Next. Offers in excess of 3,000,000 which reflects a net initial yield of 11.89% and reversionary yield of 15%, subject to the usual purchasers costs of 5.80%.

3 Market Place Shopping Centre (A666) St Peters Way Town Hall Bradshawgate M61 New Transport Interchange Bolton University Bolton Shopping Park Trinity Street A579 Bolton Railway Station Thynne Street (A58) Manchester Road Central Retail Park Orlando Street

4 Description Orlando Bridge is a detached, three storey office building with 54 car parking spaces. The building is arranged in two wings off a central core, which contains both passenger and goods lifts, and male and female WC s to each floor. The office accommodation is largely open plan and the generic specification includes perimeter trunking and air conditioning to part. Accommodation Area Sq. m. Sq. ft. Ground Floor 2, ,800 First Floor 2, ,644 Second Floor 2, ,738 Totals 6, ,182 Car Parking Spaces - 54 Measured on a net internal basis in accordance with the RICS code of measuring practice, 6th edition. Tenancy Tenant Demise Lease Start RR Donnelley Global Document Solutions Group Ltd Vacant Ground floor A (part) Ground floor A (part) Ground Floor B First Floor A First Floor B Second Floor A Second Floor B Rear parking area Term (years) Lease End Area (Sq Ft) Rent Passing p.a. Rent psft ERV rent passing ERV psf Comments 01/05/ /06/20 2,573 17, , S/C capped at 29/04/10 Holding Over 28/04/15 9,764 77, , Tenant holding over S/C capped at 4.95 psf Subject to Schedule of Condition 01/05/ /06/20 9,463 64, , S/C capped at , , Stripped out floor needs to be refurbished. 01/05/ /06/20 9,406 63, , S/C capped at 01/05/ /06/20 13,319 90, , S/C capped at 01/05/ /06/20 9,419 63, , S/C capped at 18/12/ License for 11 parking spaces. May be terminated by either party with 30 days notice Total 67, , ,684 Tenure 125 year lease from 1st May 1968 from Bolton Metropolitan Borough Council at a rent of 5 p.a., if demanded.

5 Orlando Bridge Buildings Plans REET REET WING A WING B LB 98.1m Warehouse 92.8m ORLANDO STREET 96.6m SL Dairy PROVIDENCE STREET SL Ravenside Retail Park 96.9m L Twr 96.9m ORLANDO STREET Garage Orlando Village 95.7m Depot THYNNE STREET THYNNE STREET Cattle Market Hotel (PH) 0m 25m 50m 75m FOUNDRY STREET MONCRIEFFE STREET SECOND FLOOR WING A WING B WING A WING B FIRST FLOOR WING A VACANT GROUND FLOOR FIRST FLOOR

6 Covenant Information Co Ltd provides customer support for, the UK s largest leading, multi-brand digital retailer. The contact centre is operated on s behalf by Serco. Co Ltd has a Dun & Bradstreet rating of 5A1, indicating a minimum risk of business failure and their financial position can be summarised as follows: GBP 30 Jun 2014 GBP 30 Jun 2013 GBP 30 Jun 2012 Sales Turnover 388, , ,446 Profit / (Loss) Before Taxation 4,400 2,024 ( 8,224) Tangible Net Worth 218, , ,746 Net Tangible Assets (Liabilities) 255, , ,653 RR Donnelley Global Document Solutions Group Ltd is part of the RR Donnelley Group and provides outsourced business services and integrated communications. RR Donnelley Global Document Solutions Group Ltd has a Dun & Bradstreet rating of 5A1, indicating a minimum risk of business failure and their financial position can be summarised as follows: 31 Dec Dec Dec 2012 Sales Turnover 215, , ,786 Profit / (Loss) Before Taxation 699 1,708 7,678 Tangible Net Worth 72,672 24,436 25,454 Net Tangible Assets (Liabilities) 49,643 59,858 63,567 Price We are instructed to seek offers in excess of 3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 11.89% and a reversionary yield of 15%, after purchasers costs of 5.8%. Reflects a low captial value of 45 psf. VAT The property is elected for VAT. It is anticipated that the transaction will be treated as a T.O.G.C. EPC Available upon request. Further Information For further information or to make arrangements for viewing please contact sole agent: Steve Carrick steve.carrick@knightfrank.com Tom Dawson tom.dawson@knightfrank.com David Crawford david.crawford@knightfrank.com Visit No.1 Marsden Street Manchester M2 1HW Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ( information ) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members names October RB&Co