CHESTERBANK BUSINESS PARK

Transcription

1 A5104 HIGH STREET BORDERS INDUSTRIAL ESTATE RIVER LANE

2 INVESTMENT SUMMARY Multi let industrial investment in established location Rental 167,840 equating to an overall rental of 2.31 per sq ft 32 units, ranging from 598 sq ft to 21,328 sq ft Total floor area 72,658 sq ft of which 24,552 sq ft is first floor accommodation We are instructed to seek offers in excess of 1.6 million, Subject to Contract, and exclusive of VAT. This reflects an attractive net initial yield of 9.85%, when allowing 6.45% for costs and attractive reversionary yield of 12.55%. INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

3 LOCATION Chester is the administrative centre of Cheshire and is located 20 miles south of Liverpool, 38 miles south west of Manchester and 10 miles north of Wrexham. The city has a resident population of 120,000 and an extensive primary catchment of around 800,000 which extends into Wales, Merseyside and Cheshire. Chester has a prosperous local population as the area is an excellent commuter base for both Liverpool and Manchester workers. Chester benefits from excellent road communications with the M53 (Junction 12) located 2 miles to the north east of the city centre which provides direct access to Liverpool and the M56. In addition the A55, A583 and A41 provide access around the city centre. Chesterbank Business Park is located at the western end of River Lane, a well-established industrial and commercial location, within the region. FLINT A548 A548 CONNAHS QUAY A494 A550 A550 A550 QUEENSFERRY B5129 CHESTER RD A548 A5117 J16 A540 RIVER DEE MORRISONS SUPERSTORE HAWARDEN SALTNEY A5104 M56 J11 A5116 CHESTER J15 M53 A41 CHESTERBANK A56 A5115 M56 Nearby occupiers include Plumb Centre, City Plumbing Supplies, Go-Outdoors, Newy & Eyre, Asda and Morrisons. A55(T) A55(T) BROUGHTON A483 CHESTER BUISNESS PARK A55(T) Airbus, one of the largest manufacturing plants in the United Kingdom, is located approximately 3 miles from the property. A S E A L A N D R O A D River Lane is located approximately 2 miles to the west of Chester, and is accessed directly from the Chester Road, A5104, one of the main arterial roads into the City Centre from the west. ND SE A L A A D O A R CHESTER F O R E G A T E S T The immediate area has seen considerable development in recent years with industrial regeneration on River Lane and considerable private residential housing in the immediate area, and also the Broughton Retail Park which is also within two miles and provides approximately 300,000 sq ft of shopping with direct access onto the A55 North Wales Expressway. Please refer to location plan. CH4 8SL CHESTERBANK R I V E R L A N E MARLEY WAY T EE R ST A C H E S T E R SALTNEY Chester Golf Club O N P CURZ A R K C U R Z O N PA R K S A H O U G H G R E E N N N I I C H H O O L L A A S S T T A N U U N S R R D Chester Race Course A W R E X H A M S T GE H A N D B R I D INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

4 RIVER LANE A5104 HIGH STREET RIVER DEE CHESTERBANK RIVERSIDE INDUSTRIAL ESTATE UNDER DEVELOPMENT BY OWNER OCCUPIERS INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

5 DESCRIPTION/SPECIFICATION Chesterbank Business Park comprises 32 industrial units of various sizes ranging from 598 sq ft to 21,328 sq ft. Chesterbank Business Park, as shown edged red, extends to approximately 4.43 acres (1.79 hectares). Chesterbank Business Park is a multi let industrial estate, initially constructed as a series of individual single units, but sub-divided and refurbished in the 1990 s, to provide a number of smaller units. Three of the properties, Unit 1, Unit 11 & Saltney House have been sold off on a freehold and long leasehold basis, but with service charge recovery. Chesterbank Business Park comprises 32 units, providing 72,658 sq ft, of which 24,552 sq ft is first floor accommodation. There are ample communal areas for car parking, manoeuvrability and loading, and in addition there are common use toilets. INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

6 6b 6a 10 8 CHESTERBANK 2a-2c Electricity Sub Station 4 to TENURE Freehold. All properties are let on the equivalent of Full Repairing & Insuring terms, with service charge provision. El Sub Sta 3a-3c 1 and 2 20 Unit 1 - sold freehold and is excluded from the sale. 7 Mast 11 1 to 3 6 Chesterbank Unit 11 sold on a long leasehold basis. Parc Diwydiannol y Ffin / The Borders Industrial Park 1 9L 9 10 Business Park 3 17 Unit 12 Saltney House sold freehold to an owner occupier and is exluded from the sale J 9K 9A 5b 4 5a 5 3a 3b 4 to 7 Brymau Four Estate 11 9E-F 6 8 6d,e,f 7 6h 13 to 15 6j,k Indicative Site Boundary. Land Registry plan can be provided upon request. 0m 25m 50m 75m INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

7 TENANCY Please see Tenancy Schedule below. Floor / Unit Tenant Area (sq ft) Rent per annum Lease start Lease expiry Rent Review Break Clause ERV Comments Unit 2 K Parkinson Esq 3,982 12,000 01/12/ /11/ ,000 Includes self contained yard Unit 3 Fisher Wilson Ltd 1,145 5,500 20/05/ /05/ /05/2017 5,725 Unit 3A Jason Stanway 1,294 5,200 01/08/ /07/2017 6,470 Unit 3B Alan Jones 1,506 4,800 01/10/2014 7,530 Tenant holding over Unit 3C & D Deva Boxing Centre 6,832 4,500 25/10/ /05/ /10/2017 7,000 6 months rent free. Rent yrs 2-5 6,750, First floor accommodation Unit 4 Muscle Works Chester Ltd 4,700 6,000 05/05/ /05/ /05/ /05/ ,000 Fixed uplift to 12,000 Break on 6 months notice (notice date 05/11/2019) subject to 2,000 penalty Unit 5 & 5A Paul Roberts 2,311 5,700 01/02/ /01/2016 7,000 Tenant holding over Unit 5B LCD TV Retail Limited 686 2,750 01/12/ /11/2019 4,000 Unit 5C Ian Thomas 1,966 3,250 01/12/ /11/2018 4,000 First floor accommodation Unit 6 Alex McDermott 2,193 8,000 14/06/ /06/2010 8,800 Tenant holding over t/a Michael Alexander Unit 6A Vacant 2,045 8,200 01/07/ /06/2013 8,200 Twelve month rent guarantee Unit 6B Egerton Electrical Ltd 940 3,760 01/09/ /08/2019 4,700 Unit 6C Forrest & Jones Ltd 891 3,565 01/12/ /11/2019 4,500 3 months rent free Unit 6D Russell Keeley 600 2,700 12/08/ /08/2018 3,000 Unit 6E Autosteer Direct Ltd 1,358 3,700 19/09/ /09/2019 4,000 Unit 6F Countess of Chester Hospital NHS Foundation Trust 1,103 4,500 01/06/ /05/2019 4,500 INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

8 TENANCY Please see Tenancy Schedule below. Floor / Unit Tenant Area (sq ft) Rent per annum Lease start Lease expiry Rent Review Break Clause ERV Comments Unit 6G & H Ashley Jones 1,850 5,775 01/05/ /04/ /05/ /04/2019 7,400 Break on 6 months notice (notice date 31/10/2018) Fixed uplift to 7,025 on 01/05/2017 Unit 6J Peter Allman 900 2,400 26/08/ /08/2011 4,500 Tenant vacating 31/3/17 Twelve month rent guarantee unit 6K & L Patrick Majeran 1,519 6,000 08/03/ /03/ /03/2018 7,500 Break on 6 months notice (notice date 07/09/2017) Unt 7 DTS Scaffolding Services Ltd 1,343 7,200 09/09/ /09/ /09/ ,000 Schedule of condition RPI review. Includes large self contained yard. Unit 9 David Jackson 600 2,000 01/05/ /04/2012 3,000 Tenant Vacating - Twelve month rent guarantee Unit 9A Lukasz Lesko 1,550 3,200 01/08/ /09/ /10/2017 6,200 Fixed uplift to 6,200 on 01/10/2017 Unit 9B Paulson Traders 1,550 5,200 01/02/ /01/2019 6,200 Stepped rent 5,700 yr 2 & 6,200 yr 3 Limited Unit 9C Kevin Higgins 1,529 6,500 08/09/ /09/2019 6,500 Unit 9 D-M ATG Furniture Ltd 21,328 17,600 21/03/ /03/ ,000 Schedule of Condition. GF - 5,574 sq ft, FF - 15,754 sq ft Unit 9H Arturas Barcinskas 650 2,390 22/01/ /01/2017 3,000 unit 9J Andrew Salt t/a Catering 1,112 4,450 18/03/ /03/2019 5,000 Chester Ltd Unit 9K Stephen Johnstone & 612 3,000 01/02/ /01/2020 3,000 Son Funeral Directors Unit 9L Mitchells Garage 1,250 5,500 01/09/ /08/2019 6,000 Limited Unit 10 Paul Mitchell 2,850 12,500 01/09/ /08/ ,500 72, , ,825 INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

9 INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

10 SERVICE CHARGE The common areas are subject to a service charge, the service charge currently payable is 0.55 per sq ft. MARKET COMMENTARY The current owners asset management strategy has resulted in seven lettings since January River Lane is regarded as a leading industrial location within Chester. The property can be further improved with the rental income maximised, to a potential of 213,825 per annum. Many opportunities to re-gear leases. Some units will require improvement, and ultimately this will improve the overall ERV. There remains break up opportunities to sell to owner occupiers, and offer units when they become available For Sale. EPC Energy Performance Certificates are available upon request. SERVICES Mains water, gas and drainage are connected to the site. LEGAL COSTS Each party is responsible for payment of their own legal costs incurred in documenting this transaction. PLANS/PHOTOGRAPHS Any plans or photographs forming part of these particulars were correct at the time of preparation and it is expressly stated that these are for reference, rather than fact. HAWARDEN AIRPORT CHESTERBANK VAT The property is registered for VAT purposes, which will therefore be payable on the purchase price, although it is envisaged that the transaction will be treated as a TOGC. INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY

11 PROPOSAL We are instructed to seek offers in excess of 1.6 million, Subject to Contract and exclusive of VAT for the property. This reflects an attractive net initial yield of 9.85%, when allowing 6.45% for costs and attractive reversionary yield of 12.55%. Based upon the overall floor area this provides a capital value of per sq ft calculation includes first floor space per sq ft ground floor only. VIEWING Strictly by appointment through the sole agents Beresford Adams Commercial, Chester Ref: FC/FEB17 fraser.crewe@bacommercial.com Misrepresentation Act Unfair Contract Terms Act 1977 The Property Misdescriptions Act These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. February RB&Co INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION & SPECIFICATION TENURE & PLAN TENANCY GALLERY