HIGH YIELDING MIXED USE INVESTMENT OPPORTUNITY. Southern Gateway. Speke Boulevard Liverpool L24 9HZ

Transcription

1 HIGH YIELDING MIXED USE INVESTMENT OPPORTUNITY Southern Gateway Speke Boulevard Liverpool L24 9HZ

2 Nerudia Office Space Wellington House Shop Direct Studio Space Investment Summary Multi-let warehouse investment with ancillary office and laboratory accommodation totalling 367,973 sq ft (34,185 sq m) Extensive and prominent frontage to Speke Boulevard, a major arterial route in and out of Liverpool and well established commercial location within Merseyside Speke is home to the largest cluster of biologic manufacturing in Europe. Let to tenants including Shop Direct Home Shopping Limited, Acumen Distribution Limited and Nerudia Limited with a total passing rent of 916,548 per annum Five principal buildings on a site area of acres (7.01 hectares) Future asset management angles to enhance value Potential redevelopment opportunities, subject to planning We are instructed to seek offers in excess of 8,300,000 (Eight million, Three Hundred thousand pounds) which reflects a net initial yield of 10.35% after standard purchaser s costs of 6.67%, a triple net initial yield of 8.82%, a reversionary yield of 13.90% and a low capital value of per sq ft. Southern Gateway Speke Boulevard Liverpool L24 9HZ 2

3 A55 RHYL A525 PRESTATYN A55 A548 A565 LIVERPOOL WALLASEY SOUTHPORT FORMBY A565 1 BIRKENHEAD 2 3 A59 A570 ORMSKIRK 7 1 A41 3 M58 M57 A A580 2 A59 A /1 A570 5 A570 7 A562 A552 A561 A5300 WIDNES 20A M56 8 A56 7 9/20 A50 4 RUNCORN A556 A M6 M53 LIVERPOOL JOHN LENNON A ELLESMERE 8 PORT M56 A556 9 NORTHWICH A550 11/15 Southern Gateway A49 26 M6 27 CHORLEY WIGAN A49 M61 A58 A579 A580 M6 ST HELENS /21A M62 8 WARRINGTON 21 A57 6 BOLTON 5 A58 A676 4 M62 A57 12/ BURY 9 8 A56 A560 A537 A /1 2 A A A6010 4/1 A34 A6010 A / MANCHESTER MANCHESTER WILMSLOW ROCHDALE A6 M60 A M627 (M) A635 A57 STOCKPORT M A6 A523 MACCLESFIELD M62 OLDHAM 24 M67 A601 A537 A55 A533 DENBIGH A543 A525 A494 MOLD SHOTTON BUCKLEY HAWARDEN A55 CHESTER 12 A54 A51 A54 WINSFORD A M6 17 A54 A34 A536 A523 CONGLETON Liverpool A483 WALES WREXHAM A534 A41 ENGLAND A49 A534 NANTWICH CREWE A A500 A34 A523 STOKE-ON- TRENT Liverpool is the sixth largest city in the UK with a total regional population of 1,500,000 people and a resident labour force of approximately 1 million people. The city is the commercial and 15 administrative centre for the Merseyside region and is located 212 miles (340 km) north west of London, 98 miles (157 km) north west of Birmingham and 35 miles (55 km) west of Manchester. The city s heritage and growth has historically evolved from its port activities and this is still a major wealth generator with the Port of Liverpool handling 30,000,000 tonnes of freight per annum, more than at any time in its history. This is being strengthened with the current development of Liverpool2, Peel Port's new deep water container terminal. With strengths in automotive, ports and logistics, business services, creative and digital, life sciences and low carbon technologies, Liverpool offers a diverse and compelling offer for investors. Road communications are excellent with the M62, M56, M57 and M53 all providing motorway access around the region. Liverpool John Lennon International Airport is located within one mile of the subject property. Southern Gateway Speke Boulevard Liverpool L24 9HZ 3

4 HUNTS CROSS Speke The property is located in Speke, approximately 7 miles (11km) south east of Liverpool City Centre near the north bank of the River Mersey. The area is served by the A561 dual carriageway, which is the principal southern gateway into Liverpool, as well as providing access to Junction 6 of the M62 (via the A562 and A5300) and Junction 12 of the M56 (via the A533 and A557). The area has benefited from major public and private led regeneration initiatives during GARSTON WAY TO LIVERPOOL CITY CENTRE A561 1 LONG LANE HORROCKS AVENUE LIVERPOOL SOUTH PARKWAY SPEKE ROAD SPEKE HALL ROAD 8 9 SPEKE HALL AVENUE A W ODEND AVENUE WESTERN AVENUE HIGHER ROAD SPEKE BOULEVARD A562 Southern Gateway TO WIDNES, WARRINGTON, M62 (JUNCTION 6) AND MANCHESTER recent years, originally spearheaded by the Speke Garston Development Company and subsequently reinforced by the Homes & Communities Agency in conjunction with R I V E R M E R S E Y Liverpool Local Enterprise Partnership. HALE ROAD Developments include Estuary Commerce Park, Liverpool International Business Park, Boulevard Industry Park and New Mersey Shopping Park which is currently undergoing a 23m extension. These schemes have attracted major occupiers including B&M Bargains, GlaxoSmithKline, HBOS, DHL, National Blood Centre and Crowne Plaza Hotels. Today Speke is at the centre of a strong biotechnology and pharmaceuticals sector in the region and is home to the largest cluster of biologic manufacturing in Europe with companies such as Eli Lily, Medimmune and Sequris based here. 1 Garston Docks 2 Powder Systems 3 David Lloyd 4 4* Crowne Plaza 5 New Mersey Retail Park LIVERPOOL JOHN LENNON AIRPORT 5 New Mersey Retail Park 10 Asda 6 M&S Simply Food 11 The Speke Centre 7 B&Q 12 Jaguar Land Rover 8 Estuary Commerce Park 13 Eli Lilly 9 Express Holiday Inn HALE ROAD The nearby Halewood car manufacturing plant has been established in Speke for over 50 years, and is occupied by Jaguar Land Rover, the largest automotive employer in the UK. Halewood extends to 4.51 million sq ft (419,000 sq m) and is where the 24 hour production of the Range Rover Evoque and the Land Rover Freelander takes place. Situation The subject property is prominently situated with a frontage onto Speke Boulevard (A561), and is accessed at its junction with Woodend Avenue. The site can also be accessed from Evans Road to the north. For indicative purposes only Southern Gateway Speke Boulevard Liverpool L24 9HZ 4

5 Infrastructure Improvements The Mersey Gateway Project The Mersey Gateway Project is a new road bridge across the River Mersey and the Manchester Ship Canal, which will open in the autumn of The bridge will be located approximately 1.5 km (0.93 mi) to the east of the existing Silver Jubilee Bridge that connects the towns of Widnes and Runcorn. It will connect the Central Expressway in Runcorn with the Eastern Bypass and Speke Road in Widnes, offering a major strategic new transport route linking the Liverpool city region and the North West to the rest of the country. Liverpool2 Liverpool2 is Peel Ports' new deep water container terminal. Accommodating 95% of the global container vessel fleet, Liverpool2 will enable the Port of Liverpool to house two 13,500 TEU post-panamax vessels simultaneously. This creates the capacity to handle the next generation of container ships and allows the Port of Liverpool to be the UK s national gateway and transhipment hub for Ireland. For further information please refer to For further information please refer to Southern Gateway Speke Boulevard Liverpool L24 9HZ 5

6 Wellington House Entrance Shop Direct Studio Space Wellington House and recently resurfaced Car Park Shop Direct Studio - Lightbox Dedicated Entrance Description Shop Direct's Break Out Space The property comprises a substantial former pharmaceutical factory originally constructed in the 1940s for GlaxoSmithKline. Arranged as five principal buildings with later extensions and ancillary structures, together with first floor offices, the accommodation has been subdivided to create a number of units of various sizes and specifications. Southern Gateway is now a mixed use site comprising office, high bay warehousing, manufacturing, storage and studio space on a secure acre site. The five main buildings (Hudson House, High Bay Warehouse, Wellington House, Ventura House and the Old Boiler House) make up the majority of the accommodation, together with four surface car parking areas and inter-connecting service roads. Southern Gateway Speke Boulevard Liverpool L24 9HZ 6

7 PHYSICS ROAD Wellington House Wellington House was constructed in the 1990s and is arranged over three stories. The building is of steel portal frame construction with composite panel cladding to all elevations. The roof is of profiled metal sheet cladding. Old Boiler House (Nerudia) 34.4m Security Car Park (Nerudia) 35.7m El Sub Sta Old Boiler House The Old Boiler House is located to the north of the site and was constructed in the 1960s with an annexe extension completed in the 1990s. The property is a split level detached building, arranged over one storey, and is of steel framed construction with a combination of brick walls and steel profiled metal cladding to the elevations. There are two roller shutter doors. Internally at ground floor level, there are a number of clean rooms, production spaces, offices areas, meeting rooms, warehousing and WC facilities. The first floor is predominately made up of office and laboratory areas, and the second floor houses extensive plant equipment. High Bay Warehouse The High Bay Warehouse is located to the south west of the site, and was constructed in the 1960s. The unit is attached to Hudson House and predominately arranged over one storey. The building is of steel frame construction, with a combination of brickwork and profiled metal sheets to the elevations. There are three dock level doors in use and an external loading yard. Unit G11 (Acumen) SPEKE BOULEVARD CHEMISTRY ROAD Unit G10 (Acumen) SERVICE ROAD Wellington House (Nerudia) Car Park Unit G5 (Littlewoods Shop Direct) Unit G9 Vacant Ventura House (Nerudia) BOTANY ROAD Unit G4 (Littlewoods Shop Direct) Unit G8 (Vapr) Car Park (Nerudia) SPEKE BOULEVARD Unit G3 (Littlewoods Shop Direct) Unit G6 (Littlewoods Shop Direct) Car Parking Unit G2 (Littlewoods Shop Direct) Storage Unit G6A (Littlewoods Shop Direct) Cycle Path Unit G1 (Littlewoods Shop Direct) SECURITY SERVICE ROAD 35.4m WOODEND AVENUE Car Park (Visitors) Substation Riverside Credit Union Ventura House Ventura House is a single storey building constructed in the 1990s. The building is of steel frame construction with a combination of brickwork and profiled metal sheet cladding elevations, supporting a flat roof with a concrete floor. Internally the layout is sub-divided into two distinct areas, the first being an open plan office area, and the second providing warehousing / storage areas. To the south elevation, an extension has been created providing additional storage areas. Hudson House Hudson House is located to the south of the site, providing predominately warehouse space. The property was constructed in the 1940s and is of concrete frame construction with a brick external façade and a concrete roof deck. The windows are part double glazed and part single glazed. 7 SPRINGFIELD STREET WARRINGTON CHESHIRE WA1 1BB Tel: (01925) Fax: (01925) The internal accommodation within Hudson Job House is a combination of two parts. To SOUTHERN GATEWAY LIVERPOOL the ground floor level, the space is used as storage, manufacturing Drawing Title and studio space. The Key Plan first floor accommodation is utilised as office A3 Drawn Date MD space and is finished 1:1250 to varying Jan 2017 specifications. Drawing No For indicative purposes only. Southern Gateway Speke Boulevard Liverpool L24 9HZ 7

8 Tenancy Schedule The property has been measured on a gross internal area basis as described in the Sixth Edition of the RICS Code of Measuring Practice. A breakdown is provided in the tenancy schedule below. Demise Tenant Total Area (sq ft) Lease Start Date Break Option Lease Expiry Date Next Review Rent ( psf) Rent ( pa) ERV ( psf) ERV ( pa) Rates Payable Non Estimated Service Charge Non Insurance Non Net Rent Comments Units 1/5 Hudson House Shop Direct Home Shopping Limited 110,334 16/11/ /11/ , ,419 31, ,934 Schedule of Condition. Service charge capped at 83,920 pa. 140 car parking spaces under the lease. Unit 6 and 6a Hudson House Shop Direct Home Shopping Limited 36,862 16/11/ /11/ , ,371 9,584 37,907 Schedule of Condition. Service charge capped at 25,328 pa. 20 car parking spaces under the lease. Storage Space Hudson House Shop Direct Home Shopping Limited 2,392 16/11/ /11/ , , ,754 Schedule of Condition. Service charge capped at 1,840 pa. 2 car parking spaces under the lease. Unit G8 Hudson House Vapr Electronic Cigarettes Limited 9,174 1/9/ /8/ /8/2021 1/9/ , ,229 22,000 Schedule of Condition. Rent deposit of 10,000 plus VAT. Personal guarantees to lease are in place. 5 car parking spaces under the lease. Unit G9 Hudson House Vacant 24, , ,584 67,584 Vendor will provide a two year rent, rates and service charge guarantee on Unit G9. Loading door will need to be installed prior to any letting. Unit G10 Hudson House Acumen Distribution Limited 21,714 1/8/2015 6/9/ , ,714 3,869 15,218 Service Charge cap of 17,178 pa (Stated in lease as 0.90p per sq ft on area in lease of 19,087 sq ft). Tenant undertook works to unit and are not required to reinstate. Southern Gateway Speke Boulevard Liverpool L24 9HZ 8

9 Demise Tenant Total Area (sq ft) Lease Start Date Break Option Lease Expiry Date Next Review Rent ( psf) Rent ( pa) ERV ( psf) ERV ( pa) Rates Payable Non Estimated Service Charge Non Insurance Non Net Rent Comments G11 High Bay Warehouse Acumen Distribution Limited 51,350 23/7/2012 6/9/ , ,888 26,508 73,492 Schedule of Condition and additional exclusions from Tenant s repairing obligations. Service charge cap of 12,289 pa. Floor area includes 6,267 sq ft of loading bay and service area. Unit 1 Offices OBS Logistics Limited 6,758 9/2/2012 8/2/2022 8/2/ , ,685 53,619 Exclusions from Tenant s repairing obligations. Guarantor: Anisa Group Limited. Rent free period from 9 August 2021 to 8 February 2022 and mutual break on 8 February Additional rent free period if tenant does not exercise break from 9 February 2022 to 8 August car parking spaces under the lease. Unit 2 Offices Vacant ,793 2, ,719 Unit 3 Offices Vacant 1, ,423 2,500 1, ,956 Unit 4 Offices CBE Building and Maintenance Limited 1, , ,838 1,666 4,334 Terms agreed on a 5 year lease at 6,000 pa including service charge with a rent commencement date of 01/11/2017. Vendor to top up rent free. Term commencement to be backdated to 01/11/2016. Unit 5 Offices Walls and Ceiling Finishes Limited 525 Rolling , , ,210 Terms agreed on a 4 year lease at 4,000 pa including service charge and insurance. Rolling tenant break clause at any time with 6 months notice. Term commencement to be backdated to 17 October Unit 6 Offices AMC (UK) Limited 880 End of 2nd year of the term , , ,508 Terms agreed on a 4 year lease at 5,500 pa. including service charge. Tenant break clause at the end of the second year of the term. Term commencement to be backdated to 1 January Southern Gateway Speke Boulevard Liverpool L24 9HZ 9

10 Demise Tenant Total Area (sq ft) Lease Start Date Break Option Lease Expiry Date Next Review Rent ( psf) Rent ( pa) ERV ( psf) ERV ( pa) Rates Payable Non Estimated Service Charge Non Insurance Non Net Rent Comments Units 7, 8 & 9 Offices and Storage Jarvis Training Management Limited 3,243 17/10/ /7/ /10/ , , ,035 Additional breaks annually after July 2018 with 4 months notice. Service charge capped at 3,621 pa (stated in lease as 1.10 psf on area in lease of 3,292 sq ft). Unit 10A Offices Vacant 2, ,203 5,000 2, ,909 Unit 10B Offices Vacant ,050 2,200 1,037-3,237 Non recoverable insurance premium included in the figure for Unit 10A. Units 11 and 12 Offices and Storage Adsol UK Limited 2, years from term commencement date , , ,269 Terms agreed on a 5 year lease at 7,870 pa. Tenant break clause after 30 months of the term. Service charge cap of 1,954 pa. Term commencement to be backdated to 1 February Wellington House Nerudia Limited 70,932 2/7/ /9/2026 2/7/ , ,529 6, ,994 Schedule of Condition and additional exclusions from Tenant s repairing obligations. Fixed rent increase on 2 July 2019 to 205,660 pa. RPI linked review on 2 July 2024 to the greater of 205,660 or RPI uplift capped at 4% and collared at 2% (not compounded). Service charge cap of 64,786 pa subject to RPI increases. Car parking permitted in area marked within lease. Rent deposits of 112,178 and 41,590. Ventura House Nerudia Limited 10,723 26/9/ /9/ /9/ , ,615 51,470 Schedule of Condition and additional exclusions from Tenant s repairing obligations. 12 months rent free from lease commencement to be topped up by Vendor. Upwards only rent review based on RPI with a cap of 4% and a collar of 2% (not compounded). Southern Gateway Speke Boulevard Liverpool L24 9HZ 10

11 Demise Tenant Total Area (sq ft) Lease Start Date Break Option Lease Expiry Date Next Review Rent ( psf) Rent ( pa) ERV ( psf) ERV ( pa) Rates Payable Non Estimated Service Charge Non Insurance Non Net Rent Comments Car Park Nerudia Limited 26/9/ /9/ /9/ ,000 15,000 15, months rent free from lease commencement to be topped up by Vendor. Upwards only rent review based on RPI with a cap of 4% and a collar of 2% (not compounded). The Old Bolierhouse Nerudia Limited 7,303 26/9/ /9/ /9/ , ,083 18,795 Schedule of Condition and additional exclusions from Tenant s repairing obligations. 24 months rent free from lease commencement to be topped up by Vendor. Upwards only rent review based on RPI with a cap of 4% and a collar of 2% (not compounded). Old Bank Riverside Credit Union Limited 2,114 17/1/ /1/ , ,197 22,250 Schedule of Condition Newstand Ali Mohamed Ali Yehia /3/ /3/ /3/ , ,002 3,000 5 yearly RPI upwards only rent reviews and 2015 rent reviews are outstanding. Portakabins Delta Total Solutions Limited 25/12/2015 3,000 3,000 3,000 All inclusive rent. No formal documentation. Land at West Side of Woodend Avenue Land at North Side of Woodend Avenue Leslie John Gorman Leslie John Gorman 20/4/ /4/2944 Peppercorn /4/ /4/2944 Peppercorn 0 0 Total 367, ,548 1,230,396 11,709 88, ,552 * Some tenants have restricted repairing obligations under the terms of their leases. Further detail is available on request. Repairing Shortfall 34,760 Net Income 780,792 Southern Gateway Speke Boulevard Liverpool L24 9HZ 11

12 Covenant Information Details of the principal tenants and their latest accounts are as follows: Shop Direct Home Shopping Limited (Company Number ) The Shop Direct Group is the second largest online retailer in the UK, second only to Amazon. Shop Direct can trace their history back over 80 years and sell over 1,000 famous brands, including their own exclusive lines, delivering 48 million products to four million customers every year. The principal focus of the business is online home shopping, which accounts for 86% of sales, over half of which are from mobile devices. At Southern Gateway, items within the catalogues and listed online are delivered, built up or modelled and photographed. There are several film studios, a joinery studio, storage areas and office space. Nerudia Limited (Company Number ) Nerudia is a manufacturing and scientific support company founded in 2013 serving the electronic cigarette and nicotine replacement therapy industries, their premises at Southern Gateway are the company's headquarters. Nerudia was formed by two experienced experts in the electronic cigarettes industry together with Contraf-Nicotex-Tobacco GmbH, who are the world s largest provider of pharmaceutical grade nicotine to the pharmaceutical and electronic cigarette industries. Operations at Southern Gateway include the manufacturing of their own E-liquids and E-cigarettes and testing, compliance and regulatory services to clients. This is made possible due to the accommodation at Southern Gateway being approved by the Medical Healthcare Regulatory Authority (MHRA). The Shop Direct Group currently has two principal retail brands: Very.co.uk and Littlewoods. com. Very was launched in 2009 and is now their biggest retail brand. The business is based throughout the North West with their headquarters also located in Speke, as well as a 1 million sq ft warehouse in Manchester, and satellite sites in Liverpool and Bolton. Year Ending 30/06/2016 Year Ending 30/06/2015 Year Ending 30/06/2014 Turnover 1,406,400,000 1,338,900,000 1,343,600,000 Pre-Tax Profit 121,400,000 71,700,000 32,200,000 Shareholder's Funds 262,400, ,700, ,400,000 Southern Gateway Speke Boulevard Liverpool L24 9HZ 12

13 Covenant Information Acumen Distribution Limited (Company Number ) Acumen was established in 1982 and provides distribution solutions to companies across the UK. Acumen s operations revolve around four main business lines; Automotive, Distribution, Enclosed Vehicle Transport and Emergency Freight. Acumen use the facility at Southern Gateway as a warehousing and distribution centre, which primarily focuses on supplying parts to Jaguar Land Rover at the nearby Halewood plant. Anisa Group Limited (Company Number ) Anisa Group Limited is a holding company acting as a guarantor for OBS Logistics at Southern Gateway whom they acquired in The group are engaged in the management of its investments in its subsidiaries and the provision of management services to its subsidiary trading companies which specialise in providing leading software solutions for manufacturing, logistics, retail and wholesale distribution businesses. Year to Date 31/12/ /12/ /12/2013 Turnover 20,811,197 19,284,991 19,395,917 Pre Tax Profit 518, , ,836 Shareholder's Funds 4,101,961 3,729,778 3,321,244 Year to Date 31/12/ /12/ /12/2013 Turnover 9,771,000 9,655,000 9,093,000 Pre Tax Profit 741, , ,000 Shareholder's Funds 3,645, ,000 4,239,000 OBS Logistics Limited (Company Number ) OBS Logistics is a UK Software Development company that specialises in Integrated Transport and Warehouse Management Software for third party logistics. The Company was founded in 1989 and was known as FWL Technologies prior to its acquisition by the Anisa Group in Year to Date Year Ending 31/12/2015 Year Ending 31/12/2014 Year Ending 31/12/2013 Turnover 6,300,000 6,328,000 5,956,000 Pre-Tax Profit 837, , ,000 Shareholder's Funds 1,410,000 1,135,000 1,593,000 Rear Car Park Southern Gateway Speke Boulevard Liverpool L24 9HZ 13

14 Shop Direct Reception Area Tenure The property (edged red) is held long leasehold under two titles: Edged red and hatched red Old Boiler House Held long leasehold expiring 22 February 2938 at a peppercorn rent. Edged red and unhatched Held long leasehold expiring 19 April 2944 at a peppercorn rent. Future Asset Management / Development Opportunities There are a number of future asset management and development opportunities including the following: For identification purposes only. Two elements have been sold off on a long leasehold basis as follows: Edged and hatched blue Long leasehold expiring 10 April 2944 at a peppercorn rent. Edged and hatched green Long leasehold expiring 10 April 2944 at a peppercorn rent. The site area totals acres (7.01 hectares) excluding the elements that have been sold off on a long leasehold basis. Regear and lease renewal opportunities with existing tenants Let the remaining vacant space Improve net income position through a more efficient service charge regime General upgrade of communal facilities Future potential redevelopment site with a prominent frontage on to Speke Boulevard, subject to planning Selected redevelopment of certain areas to improve quality of accommodation Southern Gateway Speke Boulevard Liverpool L24 9HZ 14

15 Nerudia Break Out Area Nerudia Plant Shop Direct Nerudia meeting room Industrial Investment Market The North West industrial investment market performed strongly throughout 2016, and this has continued into the early part of This strong performance has been supported by a robust regional occupational market and continued infrastructure investment. Recent investment transactions include the following: Date Property Size Price NIY Capital Value (psf) Service Charge Feb 17 Parkway 4, Trafford Park 64,924 sq ft 4,968, % 76 Jan 17 Transpennine Trading Estate, Rochdale 174,569 sq ft 6,925, % 40 Dec - 16 Four Oaks Business Park, Preston 293,150 sq ft 13,465, % 46 May - 16 Taurus Park, Gemini Business Park, Warrington 157,644 sq ft 11,495, % 73 Some elements of the property are maintained by way of a service charge. Further details are available upon request. May - 16 Southside industrial estate, Bredbury 74,953 sq ft 4,410, % 59 Southern Gateway Speke Boulevard Liverpool L24 9HZ 15

16 VAT The property is elected for VAT and it is anticipated that the transaction will be structured as a Transfer of Going Concern (TOGC). Southern Gateway Speke Boulevard Liverpool L24 9HZ EPC All EPCs relating to the property are available upon request. Data Room Contact For further information or to arrange an inspection please contact: 1 Piccadilly Gardens Manchester M1 1RG Andrew Hilbourne Josh Downes joshua.downes@eu.jll.com Further information is available within our secure data room. Please contact the agents for access andrew.hilbourne@eu.jll.com Pricing We are instructed to seek offers in excess of 8,300,000 (Eight million, Three Hundred thousand pounds) which reflects a net initial yield of 10.35% after standard purchaser s costs of 6.67%, a triple net initial yield of 8.82%, a reversionary yield of 13.90% and a low capital value of per sq ft. Crown Copyright All rights reserved. Promap licence number Jones Lang LaSalle licence number This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. Disclaimer - JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken. For properties in Scotland: e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law. Copyright Jones Lang LaSalle IP Inc March All rights reserved.