Hawk Portfolio. High Yielding Northwest Investment Portfolio. Oldham. Wigan. Blackburn. On behalf of E K Dry & G B Judd Joint Fixed Charge Receivers

Transcription

1 On behalf of E K Dry & G B Judd Joint Fixed Charge Receivers Hawk Portfolio High Yielding Northwest Investment Portfolio Oldham. Wigan. Blackburn Enter

2 Whitney Court, Oldham, OL DB Executive Summary Predominantly let to three tenants including Oldham Borough Council / Bright Blue Foods Limited / Gala Leisure Limited. Cross sector portfolio - office / industrial / leisure. Total net rent of 826,69 per annum. 8,77 sq ft combined floor area. Portfolio WAULT of 0.7 years to expiry (0. years to breaks). We are instructed to seek offers in excess of 9,90,000 (Nine Million One Hundred and Ninety Thousand Pounds), subject to contract and exclusive of VAT. This would reflect an attractive net initial yield of 8.0% assuming usual acquisition costs of.80%. A sale at this level represents a low capital value of 77. per sq ft. Sq Ft Rental pa Expiry Whitney Court,002 29,2 March 202* Shadsworth BP 2,0 278,72 August 2029 Crompton Street 2, 2,000 May ,77 826,69 * Expiry of Oldham Borough Council leases Shadsworth Business Park, Blackburn, BB 2PT Crompton Street, Wigan, WN YP NORTHERN IRELAND Belfast IRELAND Dublin SCOTLAND Glasgow Edinburgh Newcastle Blackburn Leeds Wigan Oldham Manchester Birmingham ENGLAND WALES Cardiff London Bristol M A M6 2 A6 Preston A9 A82 M M62 BLACKBURN M6 A66 A6 M6 Shadsworth Business Park M62 A9 2 A A66 M66 BURY Whitney Court ROCHDALE 2 A BOLTON 20 6 A8 9 WIGAN SKELMERSDALE M6 Radcliffe 9 OLDHAM M8 6 Walkden 2 22 Wardley 2 A627 M6 A80 Crompton 2 2 Way SALFORD 2 A600 2 A80 Eccles 2 0 ST HELENS A 9 A6 WARRINGTON 2 A9 A666 A666 MANCHESTER 2 2 BURNLEY A A8 A M60 M67 M62

3 Predominantly Government Let Office Investment Whitney Court Southlink Business Park Oldham OL DB

4 Executive Summary Office investment extending to,002 sq ft. The property is 00% occupied with 87% of the income being generated from Oldham Borough Council. Southlinks is extremely well occupied with few vacancies. It is home to a number of Government occupiers including the Council and the NHS. Passing net rent of 29,2 per annum ( 8.69 psf). Oldham Borough Council has over nine years unexpired term with no breaks. WAULT of 8. years to expiry (8.27 years to breaks).

5 Location Oldham is an established and important commercial centre located in the north east of the Greater Manchester conurbation. It is situated approximately eight miles north east of Manchester City Centre with an urban population of approximately 92,000 and an estimated catchment population of 200,000 people. Approximately 20% of the UK s population live within an hour s drive of the town centre. The town has excellent road communications being situated at the southern end of the A627(M) providing access to Junction 20 of the M62 Trans-Pennine motorway. Junction 22 of the M60 orbital motorway is located within two miles of the town centre. The Metropolitan Borough of Oldham s population is currently 22,900 but is predicted to grow to 2,00 by Within a 0 minute drive from Oldham town centre the total population is 2.7 million and within a 0 minute drive time of the subject store there is a resident population of 2,. Over a third (7.7%) of the borough s population are classified as Wealthy Achievers, Urban Prosperity or Comfortably Off by CACI s Acorn consumer classification. M A9 7 A82 M6 SKELMERSDALE M A80 ST HELENS M WIGAN A WARRINGTON M6 6 2 M62 BOLTON A80 A666 M6 BURY A8 A6 Radcliffe 7 6 Walkden Wardley 2 2 Eccles 0 6 A6 2 M66 9 SALFORD ROCHDALE A MANCHESTER A A600 A6 A M60 2 OLDHAM A627 M67 M62 The Property Situation Whitney Court forms part of the Southlinks Business Park and is situated to the east of Oldham town centre immediately to the south of the A62 Oldham Way. The Park is accessed via Hamilton Street which links to the A62 via the A669 Lees Road. Oldham Mumps metrolink station is situated within a five minute walk of the subject property. Southlinks Business Park is extremely well occupied with very few vacancies and is home to a number of Government occupiers including the Council, NHS Primary Care Trust and NHS Foundation Trust. Other nearby occupiers include Royal Mail (main sorting office), NSPCC and Pilgrim International. A627(M) & M62 A627 M60 & MANCHESTER MANCHESTER ST A627 A67 ROCHDAL E ROAD SPINDLES SHOPPING CENTRE OLDHAM A627 ST MARY S WAY EGERTON STREET WOODSTOCK STREET A62 OLDHAM WAY SOUTHLINK BUSINESS PARK WATERLOO STREET PARK ROAD HAMILTON A62 OLDHAM WAY A66 9 LEES RD STREET SOUTHLINK GREENGATE ST The Property B69 GLODWICK ROAD

6 Description Built in 200, Whitney Court comprises a detached three storey self-contained office building (G0K) and two terraces of self-contained office units set within an attractive landscaped environment and having a generous on site car parking provision of circa 70 spaces (ratio of :200 sq ft). The units are of traditional brick construction under pitched tiled roofs. Each building is finished to a high specification to include the following: Suspended ceilings Recessed lighting Perimeter trunking Double glazing In addition, the larger detached building known as G0K benefits from full access raised floors and air conditioning.

7 Accommodation We understand the property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition. A full breakdown of accommodation can be found attached to the accompanying tenancy schedule but in total the property comprises,8.89 sq m (,002 sq ft). Externally the property benefits from circa 70 parking spaces on a.22 hectare ( acre) site.

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9 Tenure The property is held leasehold by way of a 776 year lease from 8 February 200 at a peppercorn rental.

10 Tenancy Unit Tenant Name Floor Area (sq m) (sq ft) Lease Start Lease Expiry Breaks Rent ( pa) (psf) The property is 00% occupied by six tenants on eleven separate leases with 87% of the income being generated from Oldham Borough Council until 202 with no breaks. The property produces a gross income of 2,69 per annum. The leases are drawn on internal repairing and insuring terms and rents are inclusive of service charge. We understand that the current budget in respect of service charge is 28,60 per annum ( 0.8 psf). The property produces a net income of 29,0 per annum ( 8.67 psf). Further information on the service charge can be provided to interested parties on request. G0K Oldham Borough Council ,997 02/0/200 0/0/202 Unit Oldham Borough Council ,89 09/0/200 08/0/202 Unit 2 Oldham Borough Council.,672 09/0/200 08/0/202 Unit Oldham Borough Council.,672 09/0/200 08/0/202 Unit Domus Healthcare (Oldham) Ltd.,670 2/0/20 20/0/206 Unit a Pearson Professional Assessments /0/20 0/09/209 0/06/207 Unit b Mohammed Yasin & Naseen Akhtar (Epos). 72 2//20 2//207 2//206 Unit c Fingertip Solutions Ltd* /0/20 09/0/208 09/0/206 Unit 6a Pearson Professional Assessments 96.2,06 0/0/20 0/09/209 Unit 6b Outsourced Services LLP 09.8,82 9//20 8//207 8//206 Unit 7- Oldham Borough Council, ,909 09/0/200 08/0/202 9,0 (9.) 22,28 (0.7) 6,9 (9.90) 6,68 (9.96),88 (6.88) 8,7 (0.76) 2,70 (.7),700 (.),0 (.),000 (.2),000 (0.0),8.89,002 2,69 * Fingertip Solutions contribute 278 per annum to service charge (capped at 00 pa).

11 Covenant Information Oldham Borough Council (87% of the income) is an undoubted covenant.

12 Long Lease Single Let Industrial Investment Unit G Sett End Road West Shadsworth Business Park Blackburn BB 2PT

13 Executive Summary Over 9. years unexpired. Detached building providing 2,0 sq ft. Passing rental of 278,72 per annum. Let to Bright Blue Foods Limited on a lease expiring August 202.

14 Location Blackburn is an important commercial centre situated in Lancashire with a resident urban population of c. 0,000 people. The town is located immediately to the north of the M6 motorway approximately 2 miles north of Manchester, miles east of Preston, 27 miles east of Blackpool and 22 north west of London. The M6 motorway provides direct access to both the M6 and M6 motorways to the west approximately six miles and seven miles respectively. M A8 A9 2 Preston A82 A M6 8 A9 BLACKBURN M6 A666 A9 6 7 A67 M6 The Property 8 A BURNLEY A66 A66 Situation The property is prominently situated on the established Shadsworth Business Park. The Park is situated adjacent to Junction of the M6 motorway and approximately two miles south east of Blackburn town centre. The estate is accessed off Sett End Road West which links directly to the A677 providing direct access to the motorway. Other occupiers on the estate include BAE, Thwaites plc and Initial Rentokil. M8 BLACKBURN ROYAL BLACKBURN HOSPITAL M6 SKELMERSDALE M A80 ST HELENS M62 B WIGAN A WARRINGTON 6 Rothesay Rd 2 BOLTON Dunoon Dr M62 A80 M6 Ballantrae Rd Arran Ave A666 Walkden The Property BURY A8 Radcliffe Eccles 0 Wardley 7 6 A6 2 M66 9 SALFORD 9 20 B ROCHDALE A8 MANCHESTER A 20 A600 A6 A8 M60 M6 OLDHAM M62 BURNLEY A627 ACCRINGTON M67 A677 Sett End Road West M6 Mercer Way DW FITNESS CLUB Lions Dr B62 WILLOWS PUB RESTAURANT M6 B62 Jct PRESTON & M6 A677

15 Description Built in 200, the property comprises a detached industrial unit which is fitted out to a high specification and used as a food production/bakery facility. The building is of steel portal frame construction under a pitched roof, externally clad with a mixture of brick and profiled elevations. The accommodation comprises a twin-bay open plan production area with white-walling and a mezzanine floor to part housing demountable chiller stores and commercial ovens. There is integral lofty warehousing and loading to the rear. Offices, amounting to circa % of the overall accommodation, are located at ground and first floor level of the Sett End Road West elevation and includes reception atrium, staff canteen, locker room, and test bakery at ground floor level and office including meeting rooms at first floor. There is onsite parking for approximately vehicles to the front of the unit and a dedicated secure surfaced yard to the rear with roller shutter access to the rear of the unit.

16 Accommodation We understand the property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition. Floor Areas (NIA) Sq m Sq ft Ground Floor,78.9 8,2 First Floor 80.2,09 Sub Total,89.6 2,0 Externally the property benefits from c. parking spaces on a.8 acre (0.7 hectare) site.

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18 Tenure The property is held Freehold.

19 Tenancy The property is let in its entirety to Bright Blue Foods Limited on a 20 year full repairing and insuring lease from 6 August 200 at a passing rental of 278,72 pa reflecting.2 psf. We understand the 20 rent review is still outstanding.

20 Covenant Information Bright Blue Foods Limited are a manufacturer to the retail industry supplying own brand and licensed brand cakes and pastries incorporated in 202. Nationally they employ over,000 staff and work for high profile clients including Sainsbury s, Asda, Marks & Spencer, Tesco and Aldi. In September 20, Bright Blue Foods was acquired by private equity investor Endless LLP for an undisclosed amount. For the year ending 28 June 20, Bright Blue Foods reported a turnover of 80.6m, pre-tax profits of 0.66m.

21 Long Lease Single Let Leisure Investment Gala Bingo Limited Crompton Street Wigan WN YP

22 Executive Summary Over years unexpired. Bingo hall extending to 2, sq ft. Passing rental of 2,000 per annum. Let to Gala Leisure Limited on a lease expiring May 2029.

23 Location Wigan is an established commercial centre situated on the western edge of the Greater Manchester conurbation, located some 9 miles north west of Manchester, miles north of Warrington, miles west of Bolton and 2 miles north east of Liverpool. Wigan benefits from excellent road communications, occupying a strategic position between the M6 and M6 motorways. Junction 26 of the M6 motorway is approximately four miles west of the town whilst Junction of the M6 motorway is approximately miles east, both providing direct access to the regional and national motorway network. Furthermore the A80 East Lancs Road gives direct access to both Liverpool and Manchester City Centre whilst the M8 links with the Liverpool Docks. The Metropolitan Borough of Wigan is the twelfth largest metropolitan district in the country with approximately 8,000 persons. Wigan itself benefits from a town population of 97,000 people of which 9.00% are classed as flourishing families, 2.0% are secure families and 0.6% as settled suburbia against the national average of 8.80%,.% and 6.00% respectively. M A9 7 A82 M6 SKELMERSDALE M A80 ST HELENS M WIGAN A WARRINGTON M6 6 2 M62 BOLTON The Property A80 A666 M6 BURY A8 A6 Radcliffe 7 6 Walkden Wardley 2 2 Eccles 0 6 A6 2 M66 9 SALFORD ROCHDALE A MANCHESTER A 2 2 A6 20 A600 A M OLDHAM A627 M67 M62 Situation B7 B7 TESCO B26 B28 The property is prominently situated at the junction of Crompton Street and the A9 River Way on the east side of Wigan town centre adjacent to the Grand Arcade Shopping Centre and the Water Street car park. The property is well situated to take advantage of the town centre transport links and local amenities enabling ease of access to and from the property. Nearby occupiers include the Ashton Leigh & Wigan Primary Care Trust and Primark. Frog Ln Dorning St Chequers St New Market St New Market WIGAN King St Market Pl Arcade St Crompton Way GRAND ARCADE SHOPPING CENTRE College Ave A9 Millgate The Property A7 Greenough St Library St BOLTON & M6 A77 Wigan Central M6 & M8 A9 A9 A7 A9

24 Town Centre Grand Arcade Shopping Centre A9 The Premises Description The property comprises a predominantly single storey bingo hall of a brick construction under a tiled roof. Ancillary accommodation is arranged internally over three floors and is fully fitted out to the tenant s branding. Externally the property benefits from over 60 car parking spaces on a surface car park to the front of the property.

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26 Accommodation We understand the property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition. Floor Areas (NIA) Sq m Sq ft Basement 6.0 7,0 Ground Floor 2, ,8 First Floor Sub Total, , Externally the porperty benefits from 60 car spaces on a 0.9 hectares (.2 acre) site.

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28 Tenancy The property is let in its entirety to Gala Leisure Limited on a 2 year full repairing and insuring lease from 6 May 200 at a current passing rental of 2,000 per annum ( 7.8 psf). We understand that the 20 rent review is still outstanding. Tenure The property is held leasehold/freehold. The property, edged red on the plan is held Freehold. The area edged blue has been sold off on a long leasehold basis for a period of 999 years from 26 September 998 at a peppercorn rent. Covenant Information Gala Leisure Limited are one of the UK s leading leisure providers specialising in bingo halls throughout th UK. During 20 Gala Leisure rationalised its historic inter company balances in exchange for a net position with its parent Company, Gala Bingo Ltd. In December 20 Caledonian Investments PLC acquired 0 Gala Bingo Halls for a total consideration of 2m. We understand that the bingo clubs will continue to trade under the Gala brand through a license agreement made between the two parties. The latest accounts available are detailed below: 27 Sept Sept Sept 202 Sales Turnover 280, ,96 296,79 Profit / (Loss) Before Taxes 78,98 9,7 0,827 Tangible Net Worth 28,0,0 9,9

29 Further Information Gurminder Manak gurminder.manak@gva.co.uk VAT The prices quoted are exclusive of VAT. We understand the properties are elected for VAT purposes. EPC An Energy Performance Certificate (EPC) is available upon request or to download from our website co.uk/96 Proposal We are instructed to seek offers in excess of 9,90,000 (Nine Million One Hundred and Ninety Thousand Pounds), subject to contract and exclusive of VAT. This would reflect an attractive net initial yield of 8.0% assuming usual acquisition costs of.80%. A sale at this level represents a low capital value of 77. per sq ft. Adam Wildig adam.wildig@gva.co.uk gva.co.uk/96 GVA Norfolk House, 7 Norfolk Street Manchester, M2 DW Subject to Contract FEBRUARY 206 Or for any other investment sales please visit: gva.co.uk/investment

30 London West End London City Belfast Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool Manchester Newcastle Published by GVA 0 Stratton Street, London WJ 8JR 20 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com GVA is the trading name of GVA Grimley Limited, conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: i.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. ii.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. iii.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. iv.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 779. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only gva.co.uk/96