ProCo Print Limited Parkway Close Parkway Industrial Estate Sheffield

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1 ProCo Print Limited Parkway Close Parkway Industrial Estate Sheffield

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3 3 Investment Summary Well located freehold warehouse investment. Located on Parkway Industrial Estate, 2 miles from Sheffield City Centre and directly adjacent to the A57 leading to Junction 33 of M1. Occupiers on Parkway Close include BT, Granton Ragg, Booker Cash & Carry, Zapp GB Ltd, Jungheinrich (GB) Ltd, The Soft Drinks Company and Parkgate Frozen Foods. The property comprises a single storey industrial/warehouse with two storey offices to the front extending to 4, sq m (51,860 sq ft). 4.6m to underside of haunch and 5.25m to eaves. The property underwent a comprehensive refurbishment prior to the tenant s occupation in 2005 and has been kept in a very good condition. The total site area is approximately hectares (1.76 acres), providing a site cover of 57.8%. The property is let to ProCo Print Limited on an FRI lease for a term of 15 years with effect from 29th April 2005, expiring 28th April The rent is reviewed upward only every 5 years to the open market rental value. The current rent of 213,000 per annum ( 4.11 psf) is due for review on 29th April The estimated rental value of the property is 246,000 per annum ( 4.75 psf). Offers in excess of 2,625,000 are sought for the freehold interest, subject to contract. A purchase at this level reflects an attractive net initial yield of 7.75%, a reversionary yield of 8.85% and a low capital value of psf.

4 4 Sheffield is the fourth largest city in England with an urban population of approximately 430,000 and a total of circa 1.1 million people within a 12 mile radius of the city centre. Sheffield Sheffield is located approximately 35 miles south of Leeds, 40 miles east of Manchester and 179 miles north of London. Other South Yorkshire towns nearby include Rotherham 9 miles to the east, Chesterfield 13 miles to the south and Barnsley 15 miles to the north east. Sheffield benefits from excellent road communications being serviced by both the M1 and M18 motorways within 6 miles of the city centre, which provide direct links to the A1(M) and M62. Parkway Industrial Estate Sheffield main-line rail station provides regular links to London St Pancras with the fastest journey time of just under 2 hours. Sheffield is the fourth largest city in England with an urban population of approximately 430,000 and a total of circa 1.1 million people within a 12 mile radius of the city centre. The city has two universities that are home to more than 45,000 students. Major employers within Sheffield include Abbey National, Halifax, HSBC, Norwich Union, Dixons, Yorkshire Cable and Freemans Mail Order.

5 5 Parkway Industrial Estate Parkway Industrial Estate benefits from excellent road links. It is directly accessible from and situated adjacent to the main city centre arterial route, the A57, which provides direct access to Sheffield City Centre, approximately 2 miles to the west of the estate. In addition the A57 becomes the A630, 3 miles to the north of the estate which in turn connects with the M1 Motorway at Junction 33. Parkway Industrial Estate The subject property is situated on the south west side of Parkway Close, immediately off the principal estate road, Parkway Avenue, which provides direct access to the A57. Occupiers on Parkway Close include BT, Granton Ragg, Booker Cash & Carry, Zapp GB Ltd, Jungheinrich (GB) Ltd, The Soft Drinks Company and Parkgate Frozen Foods.

6 6 Description The property comprises a single storey industrial/warehouse building with two storey offices to the front. The building is of steel portal frame construction with part brick and part profile metal elevations. The original pitched, asbestos roof covering has been overclad with new profile metal sheeting incorporating translucent sections. The unit has underwent a comprehensive refurbishment programme in 2005, which dramatically enhanced the appearance of the premises and the quality of the internal areas. Loading access to the warehouse accommodation is via three roller shutter doors located to the front of the unit. The warehouse has been refurbished to a good specification incorporating a solid concrete floor, suspended halogen lights and overhead radiant heating units. The warehouse has an eaves height to the underside of the haunch of 4.6m and a full height of 5.25m. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition). The property has the following approximate gross internal areas: sq m sq ft Warehouse 3, ,235 Production Space ,708 First Floor Offices ,917 Total 4, ,860 The main pedestrian entrance is via a double height glazed reception area to the front of the building. The ground and first floor office accommodation is predominantly open plan and has been fitted out to a good specification that includes carpeted floors, painted and plastered walls, suspended ceilings incorporating category II lighting, perimeter trunking and recessed comfort cooling cassettes. Three separate staircases and a disabled person passenger lift provide access between the floors. Immediately to the front of the office accommodation there is a tarmacadam surfaced parking area and to the side is additional parking facilities and a storage area. To the front of the warehouse is a concrete loading area and two stand alone electricity sub stations. To the rear of the unit there is a concrete slab seating area. The site is securely fenced with palisade fencing and has a total area of hectares (1.76 acres).

7 7 EPC Energy Performance Certificate is available on request. Tenure Freehold. Tenancy The property is let ProCo Print Limited for a term of 15 years with effect from 29th April 2005, expiring 28th April The current rent of 213,000 per annum ( 4.11 psf) is reviewed upwards only every 5 years with the next review due 29th April Covenant Status ProCo Print Limited are print, production and marketing specialists, data analysts and solution architects, business technology specialists and programmers. The subject property is the company s Headquarters with 100 staff on site. Proposal Our client is seeking offers in excess of 2,625,000 for their freehold interest. A purchase at this level reflects a 7.75% net initial yield and a reversionary yield of 8.85%, after deducting purchase costs at 5.8%. Year Ending 30th June th June 2012 Sales Turnover 10,672,877 10,782,148 Profit before Tax 460, ,566 Tangible Net Worth 2,050,598 1,830,556 Further information is available at VAT VAT will be payable on the purchase price. It is anticipated the sale will be undertaken as a transfer of a going concern.

8 Further Information For further information or to arrange an inspection, please contact: Mark Powell Tel: Mark Bolton Tel: MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed and Produced by Ask October 2014.