Penketh Business Park

Transcription

1 HIGH YIELING MULTI-LET INUSTRIAL ESTATE WITH POTENTIAL FOR FUTURE RESIENTIAL REEVELOPMENT.

2 WARRINGTON & HALTON HOSPITAL WARRINGTON WOLVES HALLIWELL JONES STAIUM WARRINGTON TOWN CENTRE WARRINGTON BANK QUAY ST GEORGES HIGH SCHOOL AVI LLOY RIVER MERSEY A TO M PENKETH BUSINESS PARK

3 INVESTMENT SUMMARY Excellent opportunity to acquire a high yielding, self-contained industrial estate. Prominent location just. miles to the west of Warrington town centre and with good access to the region s key arterial roads. Comprising units and extending to, sq ft, with individual unit sizes ranging from sq ft to, sq ft. Large site extending to 8. acres and providing a low built density of just 8%. The property is currently let to different tenants with an AWULT of. years (. years to break). Four units currently vacant. Total passing rent of 08,8 per annum with rents ranging from.00 psf to. psf. Potential ERV of, per annum. Numerous asset management opportunities including the potential for residential redevelopment (subject to planning). We have been instructed to seek offers in excess of,00,000 (Two Million and Seventy Thousand Pounds). A purchase at this level reflects an attractive NIY of.% a potential reversionary yield of.% and a low capital value of. per sq ft.

4 Penketh Business Park RO A Moreton A LA RS OUSE L AN E H C K WELL AVENUE OM CR A WI C A0 LO A RO LY LANE LOVE W ELL A C LR OA WARRINGTON HOSPITAL MILAN WAY A W 8 Ellesmere Port A A NG LAN E M A A A A IN ONGF OR ST W IC REET KR O A A A0 LIVE OL RPO RO A A 0 A 0 WARRINGTON BANK QUAY STATION ER L O O SP OA IL W A Penketh Business Park AY US EW CA B E SM ELL OA R ERE A A00 MANCHESTER M A A M0 A A A A NORTHWICH A A A 8 A A Congleton A A0 A0 M Manchester Airport A A R 8 A A A 0 0 M Eccles 0 SALFOR A 0 A Penketh Business Park A A 0 A A WARRINGTON CENTRAL STATION A00 CH EST ER R R ER PO O Liverpool John Lennon Airport 0 AVENUE A L L WINWICK ST N E AN A ROM UE ARRINGT O W A LIV M River Mersey Flint Ruthin A SANKEY WAY OA CHESTER NUE AVE N AVE RO A Widnes Wardley WARRINGTON A A00 A A8 A M M A Speke A St. Asaph 0 LIVERPOOL A A LE ITT A LIV ERPO OL Birkenhead A8 A80 ST HELENS Y LL FO ANE Walkden A80 A08 E NU Prestatyn FO OR L RE SYCA MO E AV LE VE LA N PO P A0 IN A W O BR ST M Wallasey Heswall WH The town is situated on the West Coast mainline providing rail services to Glasgow, ( hours, minutes) and London Euston ( hour, minutes). Alternatively Warrington Central station provides regional services and connections to Liverpool, Manchester and Crewe. R ROA VE CA L NE LA O R WE WAY OK M A CRO MW ELL AVE NU E ONWO RT Warrington has an urban population of approximately 0,000 people and approximately. million within miles (0km) of the town centre. Warrington is within 0 minutes drive of Manchester International Airport and Liverpool John Lennon Airport. M 8 A8 M BU The town has excellent road communications with the M (Trans Pennine motorway) serving Liverpool, Manchester, and Leeds. The M motorway to the East of the town provides direct links to Birmingham to the South together with Preston, Lancaster, Carlisle and Glasgow to the North. The M motorway, immediately to the South of Warrington, provides access to North Wales and the South Manchester conurbation. M M8 M LL MI Warrington is one of the prime industrial locations in the North West of England being strategically situated at the heart of the UK motorway network, 8 miles East of Liverpool and 0 miles West of Manchester. Ormskirk TA N LOCATION M A A SITUATION The property enjoys a prominent position just. miles to the west of Warrington Town Centre. The property enjoys excellent frontage on to Liverpool Road which in turn provides direct access to the A, one of the main arterial routes through Warrington and linking it with the M to the North West and M motorway to the South East. Warrington Bank Quay railway station is just miles to the East of the property whilst Warrington Central Railway Station is. miles to the North East. The property is situated in a predominately residential locailty with residential dwellings adjacent to three sides of the estate. There is therefore the opportunity for future residential redevelopment of the property (subject to planning). A

5 ESCRIPTION The property comprises a self-contained industrial estate providing individual units across an extensive site of 8. acres. Units are typically built to the following specification; Part brick/part clad elevations beneath a pitched roof. Level access loading doors leading to shared service yard and parking areas. Integral office accommodation with dedicated pedestrian access to the front of each unit. Fully lit. Eaves height of.m to.0m. The property is situated on a large, secure and fully fenced site, which is accessed directly from Liverpool Road and provides good circulation around the estate. A number of the units have been recently refurbished, with the majority of the units now benefiting from pitched metal clad roofs. The property includes a 0.8 acre rectangular site, located adjacent to the western boundary of the site, which is suitable for open storage or future development.

6 8 to 0 Penketh Business Park El Sub Sta Shelter a GEOR MARINA AVENUE ACCOMMOATION VICTORIA ROA a b c d e a to 0 0.m KENT ROA The estate provides, sq ft (,88. sq m) of accommodation across units. Unit sizes range from sq ft through to, sq ft. The total site area is approximately 8.acres (. hectares), providing a low build site density of just 8%. CLEVELEYS ROA a El Sub Sta to 0 FINSBURY CLOSE CHELSEA GARENS land A to 0 a 8 a SP 0 FB land B St Helens Canal For indicative purposes only Ordnance Survey Crown Copyright 0. All rights reserved. Licence number 000. Plotted Scale - :

7 TENANCY The property is currently let to different tenants and produces a total income of 08,8 per annum (assuming a month rent, rates and service charge guarantee on Land A). Passing rents range from.00 per sq ft to. per sq ft with an AWULT of. years (. years to break). At present there are vacant units and we consider the property to have a potential ERV of, per annum. UNIT Tenant Sq ft Lease Start Lease Expiry Break ate Rent ( pa) Rent (psf) ERV ( pa) ERV ( psf) Comments A Urbantrax Limited, //0 0//08,8.00,.0 eposit of,. IRI terms subject to SOC. Outside Act James Hayden, 0/8/0 /8/08 0/8/0, ,.0 eposit of, Outside Act Mutual Break Option A Brit-Tipp Ltd,0 0//0 //0,00.,.0 Fixed rental uplift to 0,000pa on 0/0/0. Outside Act. eposit of,8. MHA Training Ltd, 8//0 //08 8//0,00.,.0 eposit of 8. Break notice not served. A Vacant,,0.00 B Omega Auctions Ltd & Omega Emporiums Ltd, /0/0 /0/08 0,. 0,8.0 eposit of, Outside Act C//E Vacant, 8,8.00 Indigo Technology Services Ltd,08 //0 //08,0.,8.0 eposit of,0 Outside Act A Vacant,08,.00 I-P Evolution Ltd //0 //08,8.0,.00 eposit of, Outside Act I-P Evolution Ltd //0 //08 As Above As Above,8.00 Unit and held on one lease. KC Roofing Northwest Ltd, //0 //0,.,.00 eposit of 0 Outside Act

8 UNIT Tenant Sq ft Lease Start 8 Northern Lights Sunbeds Limited Lease Expiry Break ate Rent ( pa) Rent (psf) ERV ( pa) ERV ( psf) Comments, 0/0/0 /0/08 0/0/0,00.,8.00 eposit of Additional rolling landlord break (m notice) Outside Act Personal guarantor. ouglas Heaton t/a JP Access,8 /0/0 /0/0,0.,.00 eposit of. 0 Ensign NW Limited //0 //0,0.0,.00 eposit of. Outside Act Personal guarantor Ensign NW Limited,0 //0 //0 As Above As Above,0.00 Unit 0 and held on one lease Vacant,0,. A SS Contractors Limited,0 //0 0//00 8,. 8,0. eposit,. Fixed rental uplift to,0.0pa on 0//8 Outside Act MCC Fabrications Limited,0 //0 //0,0.,. eposit of Rolling break clause - m notice Personal guarantee Industrial Contract Supplies Limited Industrial Contract Supplies Limited,0 /0/0 /0/0,0.8,8. eposit of,88. Personal guarantor, /0/0 /0/0 As above As Above 8,. Unit and held on one lease. Land A Vacant,00,00 month rent, rates and service charge gurantee provided by vendor. Land B Mark Pate 0//0 //00,000,000 eposit of.0 TOTAL, 08,8,

9 ASSET MANAGEMENT We consider that there are a number of asset management opportunities which include; Residential redevelopment of the site in its entirety (subject to planning). Improve the rental income through letting the vacant units. Improve the weighted unexpired term through proactive re-gears and lease renewal initiatives. Continue the refurbishment programme to enhance the rental tone of the estate. Look to sell individual units to owner occupiers. Improve the signage and branding of the estate. SERVICE CHARGE A service charge is administered throughout the estate, which is a fixed percentage of each of the tenant s total rent. Further information can be provided upon request. TENURE We understand that the property is held on a freehold basis. EPC Energy Performance Certificates are available on request. VAT The property is elected for VAT and it is the intention to treat the transaction of a Transfer of a Going Concern (TOGC).

10 PROPOSAL We are instructed to seek offers in excess of,00,000 (Two Million and Seventy Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will reflect an attractive net initial yield of.% assuming purchasers costs of.%, a reversionary yield of.% and a low capital value of. per sq ft. FURTHER INFORMATION For further information please contact:- Simon Wood John Burrows simon@b8re.com johnb@b8re.com Misrepresentation Act. Unfair Contract Terms Act 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. March 0. RB&Co