PORTFOLIO OVERVIEW CONTACTS Delta Portfolio Final.pdf · 2014. 9. 21. · PORTFOLIO OVERVIEW...

8 RETAIL, OFFICE AND INDUSTRIAL PROPERTIESRISK SPREAD THROUGH GEOGRAPHICAL DIVERSITY WITH A MIX OF INCOME AND ASSET MANAGEMENT PROFILES ENTER

PORTFOLIO OVERVIEW CONTACTSDelta Portfolio Overview

n A portfolio of English office, office/retail and industrial investment assets.

n Eight locations in the North, Midlands and South.

n Risk and weighting spread, through:

- Multiple tenancies - Geographical diversity - Mix of office, retail and industrial uses, building ages and income/asset management profiles.

n High yield.

n 40% of the rental income is from the Secretary of State and the substantial private sector tenants listed below.

n The portfolio includes modern high specification office buildings.

n Opportunities to increase income by letting vacant areas.

n The government tenant of Mid Point Bradford has just made an unsolicited approach requesting terms for removing its break option.

n Other asset management potential includes redevelopment of Sheldon for large unit retail use subject to planning consent.

n Offers will be considered for parts of the portfolio.

n Proposal

We are instructed to seek offers in excess of £4,315,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net initial yield of approximately 11.0%, assuming standard purchaser’s costs of 5.80%.

David KleinD&P Klein 11 Bearsfield Bisley, nr Stroud, Gloucestershire GL6 7DB

T 01452 770 900 E [email protected] W www.kleinonline.co.uk

Anthony BianchiBianchi Chartered Surveyors 39 Second Cross Road Twickenham Richmond TW2 5QY

T 020 8408 3840 M 07831 622 118 E [email protected] W www.bianchisurveyors.co.uk

Private Sector Tenants Referred to Above:

Tenant Pre-Tax Profit (£) Turnover (£) Net Assets (£) Reported Year Ending

A Plan Holdings 21,980,000 61,500,000 14,700,000 28/02/2014

Commscare Group Ltd 2,130,000 15,600,000 2,480,000 30/03/2013

Texecom Ltd 2,660,000 26,400,000 7,400,000 30/03/2013

Charles Kendall Freight Ltd 486,000 21,000,000 3,420,000 31/12/2013

(Source: Companies House)

PORTFOLIO OVERVIEW PROPERTY SUMMARY PROPERTY LIST SUMMARY TENANCY SCHEDULE FURTHER INFORMATIONPORTFOLIO OVERVIEW

Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT

1

Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land

2

Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG

3

Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY

4

Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB

8

Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ

7

14 Cheshire Avenue, Northwich CW9 7UA

6

Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW

5

PORTFOLIO OVERVIEW PROPERTY SUMMARY PROPERTY LIST SUMMARY TENANCY SCHEDULE FURTHER INFORMATIONPROPERTY SUMMARY

1 Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT

5 Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW

2 Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land

6 14 Cheshire Avenue, Northwich CW9 7UA

7 Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ

4 Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY

8 Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB

3 Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG

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CLICK LINKS BELOW TO VIEW DETAILS

PORTFOLIO OVERVIEW PROPERTY SUMMARY PROPERTY LIST SUMMARY TENANCY SCHEDULE FURTHER INFORMATIONPROPERTY LIST

SUMMARY TENANCY SCHEDULEProperty Number Address Use Tenure Area

Sq FtVacant Sq Ft Vacant % Rent £pa,

Let AreasNo. of

Tenancies

1 Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT Mixed F 22,744 5,598 24.6% 100,125 17

2 Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land Mixed F 12,938 0 0.0% 55,850 9

3 Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG Office LLH 6,525 0 0.0% 75,900 2

4 Unit 5 The Courtyard, Midpoint, Thornbury, Bradford BD3 7AY Office F 2,417 0 0.0% 30,000 1

5 Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW Industrial F 18,908 0 0.0% 55,500 1

6 14 Cheshire Avenue, Northwich CW9 7UA Office F 6,115 0 0.0% 88,667 1

7 Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ Office LLH 8,000 4,000 50.0% 56,000 1

8 Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB Office LLH 3,295 0 0.0% 39,540 1

Total 80,942 9,598 11.9% 501,582 33

PORTFOLIO OVERVIEW PROPERTY SUMMARY PROPERTY LIST SUMMARY TENANCY SCHEDULE FURTHER INFORMATIONSUMMARY TENANCY SCHEDULE

Sheldon Chambers, Sheldon, B26 3NW and Hobs Moat, Solihull, B92 8JT1

SHELDON CHAMBERS, 2235-2243 COVENTRY ROAD, SHELDON B26 3NW ANDHOBS MOAT, 328/330 HOBS MOAT ROAD, SHELDON B92 8JT

1SHELDON CHAMBERS& HOBS MOAT

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANHOME


Dreams

Lloyds Branch

Travelodge

Morrisons

Halfords

Topps Tiles

Kwikfit

A45 COVENTRY ROAD

To M42 J6

To Central Birmingham

11A

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANAERIAL


Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:10791

LOCATION Sheldon is about 6 miles south east of Birmingham City Centre and 12 miles west of Coventry.

Sheldon Chambers fronts the southern side of the A45 Coventry Road, with Hobs Moat behind it, fronting Hobs Moat Road, 1 mile west of Birmingham Airport, adjacent to which are The NEC and Birmingham International rail station. Coventry Road connects directly with M42 Junction 6 some 3 Miles to the East and Birmingham’s outer ring road A4040 is about 4 miles West North West.

Nearby retailers and hotels include the new 80,000 sq ft Morrisons, Sheldon Travelodge, Tesco Sheldon Superstore, Halfords, Topps Tiles and Kwikfit. Major office occupiers include Virgin Media’s Solihull office, Jacobs UK, and NG Bailey. The Jaguar Land Rover factory is about a mile to the south.

DESCRIPTION Sheldon Chambers is a retail and office building, fronting Coventry Rd (A45) arranged over ground and 2 upper floors constructed in the 1960’s of a frame construction, with parking to the front and rear. There is part air conditioning (some being tenants improvements), suspended ceilings, carpeted floors, individual electric heaters and Upvc double glazed windows, stairwells at each end and two reception areas with intercom services providing street entrance to the offices. There are male and female toilets with kitchen facilities on both floors.

Hobs Moat fronts Hobs Moat Rd and consists of “Hobs Moat Offices”, a 2 storey 1960s retail and D2 use building, and “Hobs Moat Warehouse”, a single storey B1 converted warehouse containing offices and a print works.

ASSET MANAGEMENT OPPORTUNITIES Let the vacant office space as the market improves.

Explore larger unit retail redevelopment possibilities: The retail market within a 1 mile radius shows a current vacancy rate of 3.2%, down from 11.5% in 2010, with an increase of 50% in average rents during the period. (Source:Costar).

PROPOSALWe are instructed to seek offers in excess of £890,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net initial yield of approximately 10.6%, assuming standard purchaser’s costs of 5.80%, and provides an opportunity to increase the income after purchase by letting vacant areas.

1a

b

c

de

a) Birmingham International Airport. b) NEC. c) Birmingham International Train Station. d) M42 J6. e) Land Rover Plant

1A1

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANLOCATION & DESCRIPTION


ACCOMMODATION

Unit Sq Ft Sq M

Hobs Moat Offices

Ground Retail 1,244 115.57

1st Leisure 1,039 96.53

Total 2,283 212.10

Hobs Moat Warehouse

Ground 4,950 459.87

Sheldon Chambers - Retail Units

Ground 3,774 350.61

Sheldon Chambers - Offices

Ground 1,239 115.11

1st 5,088 472.69

2nd (aka Top Floor) 5,410 502.60

Sheldon Chambers Total Offices 11,737 1,090

Sheldon Chambers Total All Uses 15,511 1,441

Combined Buildings

Totals: All Uses 22,744 2,113

Retail 5,018 466.18

Leisure 1,039 96.53

Office 16,687 1,550

SITE AREA / PARKINGThere are 48 marked parking spaces at the rear, with additional parking at the front of the retail units. The site area is approximately 0.87 acres (0.35 hectares).

EPCThe properties have the following EPC ratings:

Sheldon Chambers C63 - F145Hobs Moat C70 - G208

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANACCOMMODATION


AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANTENANCY SCHEDULE

CONTINUED...

Premises TenantNIA

Sq FtLease

CommmencementLease Expiry

Rent £pa

Rent £psf

Vacant Space Marketing Rent £pa

Vacant Space Marketing Rent £psf

Comments

Hobs Moat Offices

Ground Retail Mr Jeremy Andrews t/a Signarama Sheldon (a Signarama franchise)

1,244 11/09/2009 10/09/2014 10,000 8.04

Holding over. Terms agreed for new lease to JT Signs Ltd for 3 years at same rent, subject to annual break options on 3 months notice, and a deposit of £3,000

Rooms 1-5K Star Thai Boxing Academy (Sheldon) Ltd

1,039 12/12/2011 11/12/2016 3,125 3.01 Service charge capped at £4,000 pa. (Est. service charge 2014 £1,975)

Hobs Moat Warehouse

Rooms 1-3 Vacant 2,157 15,000 6.95

Rooms 4-7 Prestige Sheldon Limited 2,793 25/12/2013 24/12/2018 7,372 2.64

Sheldon Chambers - Retail Units

G3 Value Carpets & Flooring Ltd 1,028 27/09/2013 26/09/2016 9,000 8.75 Service charge capped at £2,000 pa.

G4 (1)

A Plan Holdings (Insurance broker with over 70 branches in the midlands, south and south east England)

1,110 23/12/2006 22/12/2021 14,750 13.29

G4 (2)

A Plan Holdings (Insurance broker with over 70 branches in the midlands, south and south east England)

445 23/12/2006 22/12/2021 6,500 14.61

G5 Dream Cake Studio Ltd 450 08/09/2014 07/09/2017 3,750 8.33

G6-7Mr Paul Kinchin t/a Sheldon Barbers

741 29/10/2010 28/10/2015 12,000 16.19

Sheldon Chambers - Offices

G1 Diverse Care Services Ltd 500 08/09/2014 07/09/2017 1,200 2.40

G2 Vacant 127 1,000 7.87

G8-10 Vacant 612 3,000 4.90

TENANCY SCHEDULE


AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLAN

Premises TenantNIA

Sq FtLease


Rent £pa

Rent £psf

Vacant Space Marketing Rent £pa

Vacant Space Marketing Rent £psf

Comments

101-103 LDM Services (Midlands) Ltd 637 10/06/2014 09/06/2017 2,000 3.14 Stepped rent. Year 1 £1,500 Year 2 & 3 £2,000. Vendor will top up to £2,000

104-107 Triton Telecom Ltd 809 01/03/2014 28/02/2017 4,000 4.94 Rent inclusive of service charge

108-109 Telecom Engineers Ltd 500 01/03/2014 28/02/2017 3,000 6.00 Rent inclusive of service charge

110 Vacant 288 1,375 4.77

111-116 Mrs M Adil 1,062 12/10/2012 11/10/2014 4,000 3.77

117-120 Vacant 794 3,750 4.72

121-123 Vacant 611 2,600 4.26

124 Vacant 198 850 4.29

125 Triton Telecom Ltd 189 01/03/2014 28/02/2017 800 4.23 Rent inclusive of service charge

201-203 Charles Kendall Freight Ltd 603 26/01/2014 25/01/2017 5,800 9.62 Annual option to break on 3 months’ notice

216-219 Vacant 811 3,900.00 4.81

Top Floor Suite A Acuity Unified Comms Ltd 1,461 01/08/2014 31/07/2015 6,850 4.69 Mutual break rolling break on 30 days’notice after 1-1-2015

Top Floor Suite B Best 4 Business Ltd 2,535 01/09/2013 31/08/2016 12,500 4.93

Stepped rent. Year 1 £7,500 Year 2 £10,000 Year 3 £12,500. Vendor will top up to £12,500. Rent includes air-conditioner maintenance.

Totals 22,744 106,647 31,475

Cost to landlord of inclusive leases and service charge caps (2014 budget) 6,522

Income after inclusive lease and service charge cap costs 100,125

Total Rents and Floor Areas by Use

Retail 5,018 56,000

Leisure 1,039 3,125

Office (1) 16,687 50,647

NOTES: (1) Includes the 4,950 sq ft Hobs Moat Warehouse, where B1 space has been used at different times for office or light industrial purposes.

TENANCY SCHEDULE

TENANCY SCHEDULE

BACK...


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AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANSITE PLAN

Borough Court, Grammar School Lane, Halesowen, West Midlands, B63 3SW and Adjacent Land2

BOROUGH COURT, GRAMMAR SCHOOL LANE, HALESOWEN, WEST MIDLANDS, B63 3SW AND ADJACENT LAND

2BOROUGHCOURT

AERIALPROPERTY LIST LOCATION & DESCRIPTION ACCOMMODATION TENANCY SCHEDULEHOME SITE PLANHOME


GRAMMAR SCHOOL LANE

FU

RN

AC

E L

AN

E

To A458 Earls Way

AERIALPROPERTY LIST LOCATION & DESCRIPTION ACCOMMODATION TENANCY SCHEDULEHOME SITE PLANAERIAL



2

2

LOCATIONHalesowen is a town in the metropolitan Borough of Dudley about 8 miles west of Birmingham City Centre. Junction 3 of the M5 Motorway is situated approximately 2.3 miles to the east.

SITUATIONBorough Court is on Grammar School Lane, which joins Old Hawne Lane to the adjacent Stourbridge Road/Earls Way (A458) Roundabout.

The Cornbow Shopping centre, redeveloped in 2007 as part of a £30 million town centre regeneration programme, is within a 10 minute walk. It consists of over 50 shops and occupiers include Asda, Clarks, M&Co, New Look, Thomas Cook, Thorntons, Argos and Superdrug.

Halesowen’s established industrial area is approximately 0.5 miles to the north east of the property, providing units large and small. Large-unit occupiers include Eriks UK’s HQ, Acco and Makro. The areas to the north and west of the property are predominantly residential. There are a number of large office buildings to the east on Earls Way, New Road and Whitehall Road, where A&J Mucklow’s HQ, Barratt Homes’ West Midlands office and the Birmingham Halesowen Travelodge are situated.

The area benefits from an excellent network of public transport, served by a new bus station which formed part of the town centre redevelopment.

DESCRIPTIONBorough Court is a courtyard of office units, amounting to about 12,900 sq ft, consisting of a multi-let terrace of steel-framed units built in the 1960s (Units 1-4 & 6), a single let refurbished c1900s brick building (Units 7, 8 &9) and a single storey link building (Unit 5), together with c 9,200 sq ft of adjacent land used for storage.

AERIALPROPERTY LIST LOCATION & DESCRIPTION ACCOMMODATION TENANCY SCHEDULEHOME SITE PLANLOCATION & DESCRIPTION


SITE AREA / PARKINGThere are 25 parking spaces. The site area is approximately 0.58 acres (0.236 hectares).

TENANCY SCHEDULE The units and the adjacent land are fully let, in accordance with the tenancy schedule.

EPCThe property has an EPC rating of E125.

PROPOSALWe are instructed to seek offers in excess of £470,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net initial yield of approximately 11.34%, assuming standard purchaser’s costs of 4.80%.

AERIALPROPERTY LIST LOCATION & DESCRIPTION ACCOMMODATION TENANCY SCHEDULEHOME SITE PLANACCOMMODATION


Premises Tenant Current Use NIA Sq FtLease


Rent £pa

Rent £psf

Comments

Unit 1 (Two Storey) Tracey & Paul NichollsLeisure

(Fitness)2,797 22/01/2013 21/01/2018 7,500 2.68

TBO 21-1-16 on 6 months’ notice. Schedule of condition.

Unit 2 (Two Storey) Safety Surplus Ltd Office 2,650 01/11/2012 31/10/2017 9,500 3.58 TBO 31-10-15 on 6 months’ notice

Unit 3 (Two Storey) Tulleys Print LtdOffice and

Light Industrial2,195 30/11/2013 29/11/2016 8,000 3.64 Annual TBO on 3 months’ notice

Unit 4 (Ground Floor) Kay BensonOffice &

Photo Studio1,000 30/11/2013 29/11/2014 4,000 4.00

Unit 5 (Single Storey) Allen Air Conditioning Ltd Office & Storage 809 12/08/2013 11/08/2016 4,000 4.94

Unit 6 (1st Floor) Mission Contract Interiors Office 1,046 26/11/2013 25/11/2016 3,600 3.44Situated above Unit 4. TBO 25-11-14 & 25-11-15 on 3 months’ notice

Unit 7 Ann Richards Accountancy Svs. Office 955 12/07/2012 11/07/2022 4,025 4.21 TBO 11-7-15 & 11-7-18

Units 8 & 9 Ann Richards Accountancy Svs. Office 1,486 12/07/2012 11/07/2022 6,225 4.19 TBO 11-7-15 & 11-7-18

Adjacent Land Greenways Contemporary LtdOutdoor display of glass doors and windows

25/04/2013 24/04/2016 9,000 9,203 sq ft site

Totals 12,938 55,850

NOTES:

We are informed as follows:

n All leases effective FR&I via service charge

AERIALPROPERTY LIST LOCATION & DESCRIPTION ACCOMMODATION TENANCY SCHEDULEHOME SITE PLAN

TENANCY SCHEDULE

TENANCY SCHEDULE


AERIALPROPERTY LIST LOCATION & DESCRIPTION ACCOMMODATION TENANCY SCHEDULEHOME SITE PLAN

LANE

STREET

GRAMMAR SCHOOLWHITEFRIARS DRIVE

KING

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Centre

13

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CourtBorough

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El

Tennis Court

Sub Sta

Tennis Court

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7a

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The Earls High School

0m 10m 20m 30m

SITE PLAN

Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG3

MONCKTON HOUSE, EPSOM CENTRE, WHITE HORSE BUSINESS PARK, TROWBRIDGE, BA14 0XG

3MONCKTONHOUSE

Delta 3 Trowbridge Draft

Text and notes only: No preferred font or format implied.

Investment summaries for individual properties, if any, will be provided after the portfolio summary has been drafted.

Address

Monckton House, Epsom Centre, White Horse Business Park, Trowbridge, BA14 0XG

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANHOME


A363

EPSOM ROAD

EPSOM SQUARE

To Towbridge

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANAERIAL



3

3

LOCATIONTrowbridge is the County town of Wiltshire and is located approximately 13 miles south east of Bath, 40 miles south west of Swindon and 33 miles north east of Salisbury. The town has direct access to the A350 which in turn links with Junction 17 of the M4 approximately 32 km (20 miles) to the north. Neighbouring towns of Frome, Chippenham and the city of Bath are all within a 30 minute drive of Trowbridge with Bristol and Swindon accessible in under an hour. The resident population within a 30 minute drive is approximately 450,000 rising to 1,750,000 within an hour.

SITUATIONThe property is situated on White Horse Business Park, widely acknowledged as the region’s most established commercial location. The 60 acre park accommodates some 53,400 sq m (575,000 sq ft) of high quality business accommodation ranging from high specification offices to light industrial units.

DESCRIPTIONMonckton House is a two storey, self-contained office building constructed in 2006 to a high specification and includes:

n Suspended ceilings.n Air conditioning.n Passenger lift.n Two Disabled W.C.s (one on each floor).

The property includes 34 car spaces providing an excellent parking ratio of 1:192 sq ft.

There are two entrances to the central core, allowing the accommodation to be sub divided floor by floor and wing by wing.

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANLOCATION & DESCRIPTION


TENURE

The property is held on a 999 year lease from 28 September 1994 at a peppercorn rent.

INVESTMENT RATIONALE

Mathematics in Education and Industry expanded recently and were granted a new lease of the whole of their now larger demise, with a rebased rent but no rent free period, which demonstrates their high satisfaction with the location and the building.

EPCThe property has an EPC rating of C67.

PROPOSAL

We are instructed to seek offers in excess of £640,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net initial yield of approximately 11.21%, assuming standard purchaser’s costs of 5.80%.

AERIALPROPERTY LIST LOCATION & DESCRIPTIONHOME ACCOMMODATION TENANCY SCHEDULE SITE PLANACCOMMODATION


Premises TenantNIA

Sq FtLease


Rent £pa

Rent £psf

Comments

First Floor Mathematics in Education and Industry 3,209 14/07/2014 31/08/2016 33,700 10.50 13 parking spaces.

Ground Floor The Orders of St John Care Trust 3,316 12/07/2006 11/07/2021 42,200 12.7321 parking spaces. TBO 12-7-16 on 6 months’ notice

Totals 6,525 75,900

NOTES:

nWe are informed that both leases are effective FR&I via a service charge.


TENANCY SCHEDULE

TENANCY SCHEDULE



Pond

Pond MP 107.5

Monckton House

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Oak House

Derby Court

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0m 10m 20m 30m

SITE PLAN

Unit 5 The Courtyard, Mid Point, Thornbury, Bradford BD3 7AY4

UNIT 5 THE COURTYARD, MID POINT, THORNBURY, BRADFORD BD3 7AY

4UNIT 5THE COURTYARD

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONTENANCYHOME SITE PLANHOME


DICK LANE

MID

PO

INT

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONTENANCYHOME SITE PLANAERIAL



4

4

LOCATIONMid Point Business and Leisure Park, Thornbury, is approximately 3km (2 miles) east of Bradford City Centre and 10km (6 miles) to the west of Leeds City Centre. From the south, the park can be accessed from J26 M62 / J1 M606 or J1 M621 via the Leeds and Bradford ring roads.

Leeds Bradford International Airport is approximately 8km (5 miles) to the north east of the property.

SITUATIONMid Point Park is south east of Thornbury Roundabout and The Courtyard development fronts onto Dick Lane.

Apart from the tenant, other significant local office occupiers include Loop Customer Services (part of Kelda Group, which includes Yorkshire Water) and Bowers Metrology (part of Bowers group, which includes Spear & Jackson). Two minutes’ walk from the property are the amenities of a Virgin Active health club and the Leeds-Bradford Odeon Cinema, while it is 10 minutes’ walk to Woodhall Retail Park, (B&Q, Iceland etc).

DESCRIPTIONUnit 5 The Courtyard is a self-contained, end of terrace two storey office unit built in 2007 to a specification that includes:

n Raised access floors.n Suspended ceilings.n LG7 recessed lighting.n Gas central heating.n Aluminium double glazed windows.n Male / female / disabled WCs.n Security shutters.n 9 car spaces (a ratio of 1 space to 269 sq ft).

ACCOMMODATION

Floor Sq M Sq Ft

Ground floor 111.02 1,195

First floor 113.53 1,222

Total 224.55 2,417

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONTENANCYHOME SITE PLANLOCATION & DESCRIPTION


TENANCYTenant The property is let in its entirety to

The Secretary of State for Communities and Local Government and is occupied by the Driving Standards Agency.

Lease Full repairing and insuring lease for a term of 15 years from 7 October 2010, expiring 6 October 2025.

Stop Press The tenant has written via its agent to request terms for removing the 2015 break option. Copy letter on file and available upon request.

Passing Rent £30,000 per annum.

Break Options Tenant’s break options effective the 5th and 10th anniversaries of the term, subject to 6 months prior written notice. The tenant will receive a 4 month rent free period if it does not operate the 5th anniversary break clause.

Rent Reviews 5-yearly, upward only, to open market

rental value.

TENUREFreehold.

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONTENANCYHOME SITE PLANTENANCY


LOCAL MARKET OCCUPANCYThe c 110,000 sq ft of office stock at Mid Point Park has been fully let since 2011. Within a 1 mile radius of Mid Point, the office stock of c 1.4 million sq ft of has a vacancy rate of 3.2%, down from 20% in 2012. (Source: Costar)

PLANNINGPlanning permission was granted on 1 October 2009 for the change of use of the property from B1(a) (offices) to sui generis (driving test centre). A change back to B1(a) office would probably not be contentious.

SERVICE CHARGEThe external common areas and estate roads are maintained by a management company. The tenant contributes to this maintenance by way of service charge.

EPCThe property has an EPC rating of B47.


AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONTENANCYHOME SITE PLANFURTHER INFORMATION


AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONTENANCYHOME SITE PLAN

Dist

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Hotel

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The Courtyard

Headingley1 to 17

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SITE PLAN

Unit 1a, Bradwood Court, St Crispin Way, Haslingden, Lancashire BB4 4PW5

UNIT 1A, BRADWOOD COURT, ST CRISPIN WAY, HASLINGDEN, LANCASHIRE BB4 4PW

51ABRADWOOD COURT

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONHOME SITE PLANHOME


A56

ST CRISPIN WAY

To M65

To M66

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONHOME SITE PLANAERIAL



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5

LOCATIONHaslingden is 19 miles north of Manchester . Nearby towns include Burnley (10 miles to the north), Bolton (12 miles to the south west) and Rochdale (12 miles to the south east).

Haslingden forms part of a conurbation with Bacup and Rawtenstall. and can be reached from either Junction 5 or 8 of the M65 Motorway or from the start of the M66 Motorway.

SITUATIONBradwood Court is on Saint Crispin Way, approximately 1/3 of a mile from the main A56 north-south arterial dual carriageway, three miles from the start of the M66, seven miles from Junction 8 of the M65 and five miles from Junction 5 of the M65. The property is therefore well positioned for access to the regional and national motorway networks and for serving the Lancashire and Greater Manchester conurbations.

In addition to the tenant of Bradwood Court, major industrial occupiers in the area include Interfloor (250,000 sq ft), Courtesy Shoes and Foremost Furniture.

DESCRIPTIONA single storey industrial unit built in the 1990s of steel portal frame construction with steel clad elevations and a mono pitched profile steel roof incorporating translucent light panels. Internally the warehouse benefits from blockwork elevations to an approximate height of 2.00 metres. It is one of five units of varying sizes which together form Bradwood Court.

ACCOMMODATION (GIA)

Floor Use Sq M Sq Ft

Ground Floor Warehouse/Office 878.34 9,454

Mezzanine Storage/Office/Canteen 878.34 9,454

Total 1,756.68 18,908

Bradwood Court has 65 parking spaces used in common. The demise of Unit 1a also includes 2 dedicated parking spaces - one in front of the unit by its entrance and 1 elsewhere shown on the plan.

AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONHOME SITE PLANLOCATION & DESCRIPTION


TENANCYTenant Texecom Limited. Note that Texecom

also occupies the other four units in Bradwood Court.

Lease Full repairing and insuring lease for a term of 9 years and 8 months from 13 October 2010, expiring 30 June 2020, without break.


Rent Reviews 1 July 2015, upward only, to open market rental value.

TENUREFreehold.


LOCAL MARKET OCCUPANCYThe industrial vacancy rate within a 1 mile radius of the property (an inventory of about 850,000 sq ft) is reported to be a little below 6%. (Source: Costar)


AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONHOME SITE PLANFURTHER INFORMATION


AERIALPROPERTY LIST LOCATION & DESCRIPTION FURTHER INFORMATIONHOME SITE PLAN

Path

(um

)

Path

(um

)

hHutch Bank

Farm

Hurstwood Enterprise Park

BRADWOOD COURT

El Sub Sta

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SITE PLAN

14 Cheshire Avenue, Northwich CW9 7UA6

14 CHESHIRE AVENUE, NORTHWICH CW9 7UA

614CHESHIRE AVENUE



To M6

CHESHIRE AVENUE




6

6

LOCATION & SITUATIONCheshire is a very desirable region for business occupiers thanks to its strategic location and excellent lifestyle qualities.

n Located within minutes of Junction 19 of the M6.n The M56 and M60 motorways provide a journey time of less than 30 minutes to Chester, Liverpool

and Manchester.n Within 15 minutes drive of Manchester International Airport.n Within 30 minutes drive of Liverpool John Lennon Airport.n Approximately 5 minutes from Lostock Gralam train station on the West Coast Intercity line.

DESCRIPTIONHandsome two storey office building of 6,115 sq ft NIA with the following Grade A specification;

n Full height glazed entrance foyer.n Full access raised floors.n Suspended ceilings with LG3 or LG7 compliant lighting.n Solar tinted glazing.n Carpeted throughout.n Shower facilities and bicycle parking.n Fully air conditioned.n BREEAM very good.n 22 car parking spaces.



TENANCYTenant Commscare Group Ltd.

Lease Full repairing and insuring lease from 9 August 2011 expiring 31 March 2027.


Rent Reviews 1 April 2019 and 1 April 2019, upward only, to open market rental value.

Break Option Tenant’s break options 31 March 2019 and 31 March 2022 on 6 months’ notice. In each case the tenant will receive a rent free period of 3 months if it does not exercise the break.

TENUREFreehold.


ADMIRAL COURT OCCUPANCYThe c 112,000 sq ft of offices in 11 buildings at Admiral Court are reported to be 97.2% occupied. (Source: Costar)

PROPOSAL We are instructed to seek offers in excess of £840,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net initial yield of approximately 9.98%, assuming standard purchaser’s costs of 5.80%.




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GIBBONDRIVE

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El Sub Sta

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26

ROMAN R

OAD

34.9m

T

MANCHESTER ROAD

CHESHIRE AVENUE

LostoGral

2

1

471473

Gas Govn

12

10

14

8

6

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16

2

0m 10m 20m 30m

SITE PLAN

Units 3 & 7 Puma Court, Kings Business Park, Liverpool Road, Knowsley, Merseyside, L34 1PJ7

UNITS 3 & 7 PUMA COURT, KINGS BUSINESS PARK, LIVERPOOL ROAD, KNOWSLEY, MERSEYSIDE, L34 1PJ

7UNITS 3 & 7PUMA COURT



KHT

CSC Vertex

Leopard Court

Golf Course

B5199 HUYTON LANE

To Huyton & M62

To J2 M57

To A57




3

7

LOCATION & SITUATION Kings Business Park is an established office park superbly located close to the major intersections of the M57 with the M62 and A580, with direct access from Junction 2 of the M57 motorway.

The site has extensive frontage to the A57 Liverpool Road and the town centres of Huyton and Prescot are within 2 miles. Liverpool City Centre is approximately 7 miles to the west.

The park is served by many local bus routes and both Prescot and Huyton Stations offer regular rail services to Liverpool Lime Street and other destinations.

Occupiers include Balfour Beatty, Compass Law, NHS 5 Boroughs Partnership, Richmond Fellowship, Alternative Futures Group and King’s Park Day Nursery.

DESCRIPTION The office specifications include;

n Raised floors with floorboxes wired for power.n Suspended ceilings with integral LG3 lighting.n Gas fired central heating.n WC and kitchen facilities on each floor.

Kings Business Park is a secure enclosed site with 24 hour security.

ACCOMMODATION (GIA)

Unit Sq M Sq Ft

Unit 3 371.61 4,000

Unit 7 371.61 4,000

Total 743.22 8,000

7



TENANCY UNIT 3Tenant Compass Cost Consultants Ltd.

Lease Full repairing and insuring lease for a term of 8 years from 6th December 2007, expiring 5th December 2015.


VACANT POSSESSION UNIT 7Unit 7 is offered with vacant possession.

TENUREThe two properties are held on separate leasehold interests, both for a term of 999 years from 30th July 2008 at a peppercorn.

EPCThe properties have an EPC rating of:

Unit 3 On request Unit 7 C66

PROPOSALWe are instructed to seek offers in excess of £480,000 subject to contract and exclusive of VAT. A purchase price at this level reflects an attractive net initial yield of approximately 11.13%, assuming standard purchaser’s costs of 4.80%, and provides an opportunity to increase the income after purchase by letting the vacant building.

We would make the following allocation, illustrating the exceptional opportunity these units offer to a buyer in the price per sq ft for the vacant Unit 7 and net initial yield for the let Unit 3 as follows:

Unit 3 (let) £280,000 / 19.00% net initial yield.

Unit 7 (vacant) £200,000 / £50 per sq ft.




51.2m

232

230

240

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El Sub Sta

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11

12

Puma Court

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Tiger Court

10

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13b

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SITE PLAN

Unit 9, Evolution, Wynyard Park, Wynyard, Billingham, TS22 5TB8

UNIT 9, EVOLUTION, WYNYARD PARK, WYNYARD, BILLINGHAM, TS22 5TB

8UNIT 9EVOLUTION



A689 COAL LANE

WYNYARD AVE

A19




8

LOCATION & SITUATIONThe property is located in the Wynyard Business Park, a modern development completed in 2005 and providing approximately 1.2 million square feet of office, warehouse and storage facilities in addition to communal facilities such as an onsite café, crèche and fitness centre. The Business Park lies to the north of the A689, close to its intersection with the A19 at Billingham

Wynyard Park’s tenants include Amec, Conoco Phillips, the NHS, NFU Mutual and Clipper Logistics.

DESCRIPTIONThe ground floor of a two storey end terrace office building of steel frame construction with composite sheet clad elevations, with aluminium powder coated and double glazed windows, with a net internal floor area of 3,295 sq ft.

The main office area has a carpet tile covered floor, with painted plaster walls and a suspended grid ceiling, with recessed category II lighting. The accommodation benefits from a small kitchen facility to the south eastern corner, having a vinyl floor covering, with a range of wall and base mounted kitchen units. Heating is provided by a wall mounted, gas fired radiator system.

The demise includes 10 car parking spaces.

8



TENANCY Tenant Evolution Business & Tax Advisors LLP,

Chartered Accountants. (The tenant also occupies the 1st floor of the building, which is not part of the interest for sale).

Lease Full repairing and insuring lease for a term of 10 years from 28 October 2010.


Break Option There is a tenant’s option to break on the 5th anniversary of the term on giving 6 months prior written notice.

TENURELeasehold 999 years from 16 September 2005 at a rent of £200 per annum.

EPCThe property has an EPC rating of B50.





Wynyard Park

1 to 4

El Sub Sta

56

Wynyard Park

(Telecommunication)

Mast

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Evolution917

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0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2014. All rights reserved.Licence number 100022432. Plotted Scale - 1:1250

SITE PLAN

FURTHER INFORMATIONDATA ROOMCopy legal documents and other information are in the data room. Please email the agents for access.

SERVICESServices have not been tested and no warranty is made or implied.

VATVAT will be charged on transactions where it is due. Some of the properties may be eligible for sale as a TOGC. Please see data room for further information.

Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agents or vendor and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agents nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. September 2014. RB&Co 0161 833 0555. www.richardbarber.co.uk

kleinonline.co.uk

CONTACTS

David Klein

D&P Klein 11 Bearsfield Bisley, Nr Stroud, Gloucestershire GL6 7DB

T 01452 770 900 E [email protected] W www.kleinonline.co.uk

Anthony Bianchi

Bianchi Chartered Surveyors 39 Second Cross Road Twickenham Richmond TW2 5QY

T 020 8408 3840 M 07831 622 118 E [email protected] W www.bianchisurveyors.co.uk

To request access to the data room please contact David Klein at D&P Klein [email protected] Anthony Bianchi at Bianchi Chartered Surveyors [email protected]

PORTFOLIO OVERVIEW PROPERTY SUMMARY PROPERTY LIST SUMMARY TENANCY SCHEDULE FURTHER INFORMATIONFURTHER INFORMATION

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