MOXON WAY, MOOR LANE TRADING ESTATE, LONG LET …

MOXON WAY, MOOR LANE TRADING ESTATE, SHERBURN IN ELMET, LEEDS LS25 6ES

LONG LET INDUSTRIAL INVESTMENT WITH FIXED RENTAL UPLIFTS

GUARANTEED REVERSION TO 8.13% IN 2020LOW CAPTIAL VALUE OF £36.70 PSF



A1(M) 3.5 MILES

*Palmer Capital and SEDCO Capital recently purchased the Eddie Stobart distribution hub for £31.75m reflecting a net initial yield of 5%.

*



Sherburn in Elmet is strategically located close to Junction 42 of the A1(M) offering excellent access to the national motorway network

Moor Lane Trading Estate is a traditional industrial estate to the east of Leeds and it is one of Yorkshire’s most prominent distribution parks with notable occupiers including Sainsbury’s, Eddie Stobart, Debenhams and Legal & General (Modular Homes)

Detached distribution hub extending to a gross internal area of 253,352 sq ft (23,537.1 sq m)

The site comprises 12.15 acres (4.91 hectares)

Let entirely to Esterform Packaging Limited for a further 12 years

Current rent passing of £695,000 per annum (£2.74 psf)

Fixed Rental Uplifts every five years with rent rising to £805,695 per annum in 2020 and £934,021 per annum in 2025

Freehold

Offers sought in excess of £9,300,000 (Nine Million Three Hundred Thousand Pounds) reflecting an attractive net initial yield of 7.00% and the following running yield profile assuming purchaser’s costs at 6.69%:

2020 - 8.13% 2025 - 9.43%

A purchase at this level reflects a low capital value of £36.70 psf.

INVESTMENT SUMMARY



LOCATIONLeeds is Yorkshire’s principal financial centre benefiting from a catchment population of approximately 1.3 million people. Leeds is well located at the centre of the northern motorway network sitting immediately to the north of the intersection of the M1 (J42) and M62 (J27 and J29) Motorways, being linked via the M621. It is located approximately 35 miles (56 km) north of Sheffield, 44 miles (71 km) north east of Manchester and 194 miles (312 km) north of London.

The East Coast Mainline offers regular connections from Leeds to London Kings Cross in approximately 2 hours 12 minutes.

DRIVE TIME*

*Approximate drive times

LEEDS 18 MILES 30 MINS

SHEFFIELD 42 MILES 55 MINS

HULL 53 MILES 60 MINS

MANCHESTER 61 MILES 84 MINS

NEWCASTLE 99 MILES 1 HR 48 MINS

LIVERPOOL 91 MILES 1 HR 53 MINS

LONDON 193 MILES 3 HR 45 MINS

DOVER 260 MILES 4 HR 32 MINS

BIRMINGHAMCOVENTRY

LONDON

FOLKSTONE

LEICESTER

NORTHAMPTON

BRISTOLCARDIFF

SOUTHAMPTON

MANCHESTER

LIVERPOOL

HULL

YORKLEEDS

SHEFFIELD

NEWCASTLE

EDINBURGH

GLASGOW

DOVER

M6 M1

M1

M5

M4 M2M3

M1

A1

A1

A6

M6

M62

A14

A69

A66

A12

A1 (M)

A1 (M)

A1 (M)

M74

M40

M25

M25

M23

M20

M11

A90

M90

M50

A19

A63 MAIN STREET

A63 MAIN ROAD

GREAT NORTH ROAD

B1222 BISHOPDYKE ROAD

B122

2

B1222 MOORE LANE

A16

2

A162

A16

2NEW

RO

AD

Sherburn-in-Elmet

SHERBURN AERO CLUB

MILFORD

SHERBURN INDUSTRIAL AREA

SHERBURN-IN-ELMET

South Milford

Micklefield

A1(M)

A1(M)

J42

ManchesterInternationalAirport

M1

M1

M6

M606M621

M18

M65

A1(M)

A1(M)

A1(M)

A1(M)

M66

M62

M60

M60 M67

M58

M62M62

M61

MANCHESTER

SHEFFIELD

DONCASTER

BRADFORDLEEDS

YORK

BOLTON

WARRINGTON

Longridge

STOCKPORT

OLDHAMBARNSLEY

WAKEFIELD

CASTLEFORD

WETHERBY

HARROGATE

TADCASTER

GLOSSOPSALE

ASHTON-UNDER-LYNE

BLACKBURN

BURNLEY

ROCHDALEHUDDERSFIELD

HALIFAX

BINGLEY

SKIPTON

NELSON

DARWEN

ACCRINGTON

SHERBURNIN ELMET

SHERBURNIN ELMET

Yorkshire Dales National Park Authority

Peak District National Park



SITUATIONThe property is situated off Moxon Way on Moor Lane Trading Estate. The property is adjacent to Sherburn Distribution Park which is a key distribution hub for companies including Sainsbury’s, Debenhams, DHL, Eddie Stobart and Kingspan.

The next phase at Sherburn has commenced being developed by Glen Grool. This will form a 7 acre logistic and manufacturing park with outline planning permission for 1.25m square foot.

The estate is one mile outside of Sherburn in Elmet and convenient for a workforce travelling by car or rail. The site is located in an excellent location benefiting from congestion-free access to the national motorway network via junction 42 of the A1(M), which is only 3.5 miles (5.6 km) away via the A63 and A162.

DESCRIPTIONThe property comprises a single storey warehouse/industrial facility together with two storey office accommodation constructed in phases.

The building is of steel portal frame construction with brickwork and profile metal sheet elevations. The roof is formed of a mixture of steel and asbestos cladding with integrated roof lights.

The industrial element has a height of 5.5 – 7.5 metres to the underside of the haunch. The warehouse is heated, sprinklered and lit with energy efficient T5 lighting. Loading is via 18 ground level roller shutter doors.

The office accommodation is carpeted, heated, and benefits in parts from air conditioning. A canteen and staff facilities are also provided.

Externally there is a large concrete service yard surrounding the property which provides 360 degree access around the building. The entire site is fenced and benefits from a security gatehouse barrier at the entrance.

The property sits on a site extending to 12.15 acres (4.91 hectares) providing a site cover of 48%.

CONNECTION

CAR: 5 minutes from Junction 42 of the A1(M)

RAIL: 5 minutes from East Coast Mainline freight access at Yorkshire Rail Hub

PORTS: Ports of Hull, Grimsby and Immingham are within 1 hour HGV drive time

PLANE: 45 minutes from Leeds Bradford Airport and Doncaster Sheffield Airport



ACCOMMODATIONWe have been provided with the following areas by the vendor and understand them to be as follows:

Accommodation Sq M Sq Ft

Warehouse 21,516.6 231,603

Offices 1,513.6 16,292

External Workshop 506.9 5,457

Total 23,537.1 253,352

TENANCYThe property is let to Esterform Packaging Ltd on a full repairing and insuring lease for a term of 15 years from 28th August 2015 providing an unexpired lease term of approximatively 12 years term certain.

The current rent passing is £695,000 pa, which equates to £2.74 psf. The rent increases every fifth anniversary reflecting 3% pa compounded. The next rent review is in August 2020 where the rent is set to increase to £805,695 pa. There is a further rent review in August 2025 where the rent is set to increase to £934,021 pa.

There is a schedule of condition attached to the lease.

TENUREFreehold.

COVENANTEsterform Packaging Limited Company Registration Number 03627281

Esterform Packaging Limited was established in 1999 and its principal business is the manufacture and distribution of plastic containers and PET preforms.

Esterform customers include a wide range of household names in the beverage, food and household markets including Britvic, Highland Spring and Innocent in addition to a number of smaller brands and trade fillers.

In February 2015 the company acquired Constar UK, who formerly occupied the subject property. This acquisition together with that of Able Industries Ltd in 2001 and Pet Plas Packaging Ltd in 2005, means Esterform has grown to become the UK’s largest independent converter of PET with a wide range of customers in different sectors.

The acquisition of Constar UK together with a recent investment of £8 million by Esterform into state of the art manufacturing technology will take the group’s overall capability from 1.5 billion PET preforms and containers to in excess of 3 billion units.

The subject property is used for warehousing and distribution.

Esterform Packaging Ltd reported the following results over the last three years:

30/09/2017 30/09/2016 30/09/2015

Turnover £76,591,000 £61,986,000 £72,647,000

Pre-Tax Profit -£111,000 £191,000 £5,853,000

Total Net Worth £7,665,000 £8,127,000 £7,454,00

For further information or to make arrangements for viewing please contact:

PROPOSALOffers sought in excess of £9,300,000 (Nine Million Three Hundred Thousand Pounds) reflecting an attractive net initial yield of 7.00% and the following running yield profile assuming purchaser’s costs at 6.69%:

2020 - 8.13% 2025 - 9.43%

A purchase at this level reflects a low capital value of £36.70 psf.

allsop.co.uk www.rypartnership.co.uk

Alex Butler020 7543 [email protected]

Jonathan Butcher020 7543 [email protected]

Ronnie Morgan020 7543 [email protected]

Chris Riley0113 244 [email protected]

Miles Youdan0113 244 [email protected]

Misrepresentation Act: 1. Allsop LLP and RY Partnership on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and RY Partnership is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or RY Partnership nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D - www.commandHQ.co.uk 10.18

VATThe property is elected for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

EPCThe property has been rated grade C(72). The EPC is available in the dataroom.

DATAROOMFor access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/sherburn

MOXON WAY, MOOR LANE TRADING ESTATE, LONG LET …

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