HIGH YIELDING UK DISTRIBUTION HQ LET TO OFFICE HOLDINGS LTD FOR A FURTHER 8 YEARS

Transcription

1 HIGH YIELDING UK DISTRIBUTION HQ LET TO OFFICE HOLDINGS LTD FOR A FURTHER 8 YEARS

2 INVESTMENT CONSIDERATIONS Detached distribution hub extending to a gross internal area of 236,615 sq ft (21,878.6 sq m) Predominantly let to OFFICE Holdings Ltd for a further 8 years Acts as the main distribution centre for Office across the UK Large site area of acres (5.76 ha) Well located close to main arterial routes of the M77 and M74. Current rent passing of 569, pa equating to a low 2.50 psf. Offers sought in excess of 5,300,000 (Five Million Three Hundred Thousand Pounds) reflecting an attractive net initial yield of 10% assuming purchaser s cost of 6.12% and a low capital value of 22 psf.

3 ABERDEEN PERTH DUNDEE GLASGOW M77 M80 M73 M9 M90 EDINBURGH M8 A7 A68 A71 A1 KILMARNOCK M74 A1 A77 A76 A7 A68 A75 A69 NEWCASTLE UPON TYNE A595 A66 A1 (M) B7081 M6 Jean Armour Drive Dumfries Drive A71 Hurlford Road St Michael s Mount A1 (M) YORK B7064 A759 M53 M65 M58 M60 Porter Drive Mount Village A71 Hurlford Road A759 M62 M62 LIVERPOOL MANCHESTER LEEDS Dundonald Road Glen Orrin Avenue SHEFFIELD M62 M18 M180 A1 (M) HULL A759 M6 M1 NORWICH BIRMINGHAM LOCATION SWANSEA CARDIFF BRISTOL BATH MILTON KEYNES OXFORD CAMBRIDGE LONDON IPSWICH Kilmarnock is the principal and administrative centre for East Ayrshire, with a population of approximately 46,000. The town is located 32.2 km (20.0 miles) south east of Glasgow and 18.6 km (11.4 miles) north east of Ayr. The town benefits from a mainline railway service with regular trains to Glasgow Central (36 minutes). Glasgow International Airport and Prestwick Airport are both within close proximity to the town. DOVER EXETER PORTSMOUTH BRIGHTON

4 1-8 Moorfield Industrial Estate, Gatehead Road, Kilmarnock KA2 0BA SITUATION The property is situated on the southern side of Moorfield Industrial Estate, a short distance south of Kilmarnock Town Centre and has a prominent frontage onto the A759. Moorfield Industrial Estate is well located for access to the local and national road network and is principally connected with Kilmarnock and the neighbouring Ayrshire towns by the A71 carriageway, which is located to the north of the estate with access via the A759. Access north to Glasgow and south to Ayr is available via the A77/M77 motorway, approximately 6.4 km (4.0 miles) to the north. DESCRIPTION The property comprises a large industrial facility, purpose built at the time for Massey Ferguson, however has subsequently been reconfigured to be used as a storage and distribution facility. The property acts as the home delivery hub for one of the UK s leading shoe retailers OFFICE. It is OFFICE s sole distribution centre in the UK. The property also benefits from having an associated two storey office and ancillary accommodation, together with private secure yard and large car park. The warehouse is of steel framed construction with brick and steel clad elevations beneath a pitched double skin steel clad roof, arranged in a series of bays. Internally the property consists of an open storage space with a screeded concrete floor slab. The eaves height is circa 7.5m. Wind Turbine Moorfield Industrial Estate LB 7 1 ESS Block m Block 8 The property provides the following gross internal areas: Description Area (Sq m) Area (Sq ft) 23.5m Warehouse 20, ,524 Office 1 & ,030 Garage Office ,030 Office ,030 Total 21, ,615 A m MP 2 Thirdpart Cottage 0m 25m 50m 75m Pond Crown Copyright, ES For identification purposes only. Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:1487

5 TOTAL SITE AREA The property has a total site area of acres (5.76 ha). TENURE Feuhold. EPC Available upon request. VAT The property will be subject to VAT although we anticipate the sale will be treated as a Transfer of a Going Concern. TENANCY SCHEDULE Unit Tenant Use Lease Start Warehouse Office Holdings Ltd Industrial 01/01/10 01/01/15 31/12/24 547, , Next Review Lease End Office 1 & 3 Office Holdings Ltd Office 01/02/12 31/01/17 10, , Internal repairing lease subject to photographic schedule of condition. Annual Rent Area (sq ft) Rent ( psf) Comments Office 2 DHL GBS (UK) Ltd Office 18/06/99 17/06/17 11, , Lease assigned from DHL Express (UK) Ltd Office 4 Vacant Office ,030 Rates payable 5,150pa Total 569, ,615 COVENANT OFFICE was established in 1981 and has grown to be an established name on the UK High Street with over 150 stores. The business has a global presence with stores across Europe and the USA. The subject property is the main UK distribution and home delivery facility for OFFICE. The operation includes the delivery and storage of goods destined for all high street stores throughout the UK and overseas. Distribution to single customers ordering products online is also handled at this facility. The company is privately held:- in December 2015 it was bought by South African clothing retailer Trueworths from Silverfleet Capital for 256m. OFFICE Holdings Ltd produced the following headline accounts over the last 3 years: 27/01/ /01/ /01/2015 Turnover 243,370, ,044, ,242,000 Pre-Tax Profit 33,372,000 28,106,000 56,522,000 Total Net Worth 80,848, ,595,000 88,965,000

6 PROPOSAL Offers sought in excess of 5,300,000 (Five Million Three Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 10.00% assuming purchaser s cost of 6.12%. This shows a very low capital value of only 22 psf. For further information or to arrangements for viewing please contact: Jonathan Butcher jonathan.butcher@allsop.co.uk Alex Butler alex.butler@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP 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 vendor/lessor does not make or give, and neither Allsop LLP nor any of its 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 vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor 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