FOR SALE LONG LEASEHOLD FORMER MONARCH AIRCRAFT ENGINEERING HANGARS 127, 60 & 9 PERCIVAL WAY LONDON LUTON AIRPORT - LU2 9LU - LOOPNET
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For Sale Long Leasehold Former Monarch Aircraft Engineering Hangars 127, 60 & 9 Percival Way London Luton Airport LU2 9LU April 2019 On behalf of the Joint Administrators of Monarch Aircra Engineering Limited 08449 02 03 04 avisonyoung.co.uk/14947
Highlights
─ Long Leasehold For Sale
─ Direct Airside Access
─ Gross Internal Area of hangars
totalling 8,242 sqm (88,712 sq ft)
─ Gross Internal Areas of office
accommodation totalling 3,182 sq m
(34,249 sq ft)
─ Rapid growth and significant
investment into London Luton
Airport on-going
─ Capable of accommodating a
wide body (up to Boeing 767) aircraft
within both Hangars 127 and 60
(or two narrow body aircraft
simultaneously in Hangar 127)
─ London Luton Airport is a strategic MRO
location with circa 20 Airlines operating
from it.
─ Min eaves 14.7m / Max eaves c16m
Operational Highlights - Reasons to Invest
─ The UK has the second largest aerospace sector in the
world and the largest in Europe.
─ Strategic location with 23 million people within 2 hours
travelling time and only 22 minutes from London by train.
─ Key aerospace and aviation businesses situated at
London Luton Airport include easyJet plc, GKN
Aerospace, Moog, Finmeccanica, Signature Flight
Support, Harrods Aviation, Gulfstream and CATS Aviation
Training.
─ London Luton Airport is the fastest growing major UK
airport and currently supports 30,000 jobs.
─ Passenger numbers have increased by 1million per
annum over the last 4 years with £110 million of planned
airport investment to support further expansion.
─ Luton is an established manufacturing and high precision
engineering location with easy access to a highly skilled
local workforce.
─ 395 acre Enterprise Zone surrounding the airport
earmarked of aerospace, engineering and advanced
manufacturing uses.
─ Landing / MRO equipment available by way of separate
negotiations
Airport Location London Luton Airport is located 35 miles north of central London, just outside the M25 Motorway and to the east of Junction 10 of the M1 Motorway. Rail access is provided by Luton Airport Parkway station located on the Thameslink line with courtesy buses shuttling passengers 1.1 miles (1.8 km) to and from the terminal. The journey time to London St Pancras is 24 minutes and London Blackfriars ranges from 43 minutes to 1 hour. The surrounding area is predominantly industrial with occupiers relating to the aviation industry.
Airport Overview
London Luton Airport is the 5th largest airport in the
UK and is identified as one of the London hub
airports.
The airport has one main runway which is circa
2,160 metres long and 46 metres wide.
In excess of 16.5 million passengers used London
Luton Airport in 2018 with figures up by 5% on 2017.
Main operators include Easyjet, Wizz Air, Ryanair,
TUI, EL AL, Blue Air, Sun Express and Vueling.
Regular cargo flights are also operated by DHL
and MNG airlines.
In 2017 there were approximately 135,000
movements (takeoffs/landings) at the airport. The
most popular routes being Amsterdam, Bucharest,
Budapest, Warsaw, Tel Aviv and Barcelona.
Up to 30 stands are routinely available for
commercial passenger and supporting operations
on the main airport apron. In addition to these
stands, further apron areas are provided for
general aviation and cargo operations.
London Luton Airport is also home to a number of
Aircraft Maintenance companies and high profile
Fixed Based Operators such as Signature Flight and
Harrods Aviation.
Sign
Airport Planning and Investment
The Airport is also currently being transformed with investment of £110m to increase
capacity, improve the local infrastructure and transform the experience for
passengers.
easyJet
The planned development is due to be completed in 2020 and includes the
following:
• A complete redesign of the terminal to create a quick, efficient, friendly and
convenient experience.
• Doubling of the existing retail space, introducing new exciting shopping and
dining options and a new £1 million executive lounge.
• Double the existing capacity in the security search, immigration and baggage
reclaim areas.
• A new multi-storey car park with 1,700 spaces.
• Major transport improvements including the addition of overnight trains from
London St Pancras in 19 minutes, the introduction of Oyster card services through to
the terminal.
• An expanded range of airlines and routes, including more frequent services to
popular cities and anticipated new flights to exciting new destinations such as
Dubai, Orlando and Cancun.
Luton Airport Parkway is in the process of being redeveloped with a new Mass
Passenger Transit (MPT) system. The MPT plans were submitted in February 2017 and
are defined by the potential construction of 2.2km of track bed between Luton
Airport Parkway Station and Luton Airport Central Terminal. As part of the MPT
development the Central Terminal at Luton Airport will also be redeveloped and
improved.
Gulfstream
nature TUI Hangar 60
Hangar 127
Hangar 9
Ocean Sky
Building 105
Airport Terminal
Harrods Aviation Harrods Aviation
Situation Accommodation
The subject properties are located on Percival Way within the main Luton Airport Hangar 60
operational aviation site and benefit from airside access. Percival Way is 0.3 miles to
Use Areas (GIA)
the north of the main access road, Airport Way, which is the dual carriageway
leading to both the main passenger terminal and the M1 Motorway. The latter then sq m Sq ft
connecting to the wider UK motorway network. Hangar 3,103.71 33,408
Offices 1,368.64 14,732
The Properties
Total 4,472.35 48,140
The properties comprise three interlinked aircraft maintenance hangars, namely
Hangars 60, 127 & 9 formerly operated as a Maintenance, Repair and Overhaul
(MRO) facility by Monarch Aircraft Engineering Limited.
Hangar 127
Hangar 60 was constructed in the early 1990’s the building is of steel portal frame Use Areas (GIA)
providing an eaves height of approximately 16 metres. The walls are of blockwork sq m Sq ft
construction to a height of approximately 3 metres (10 feet), with insulated profile
metal lining to the upper sections. The main pitched roof to the hangar appears to Hangar 3,061.06 32,949
be covered with metal insulated profile cladding that incorporates translucent Mezzanine 555.84 5,983
panels. The hangar provides direct access to the airside apron for aircraft via three
curtain aircraft doors. We understand that the hangar can accommodate one Office 1,156.27 12,446
aircraft of up to Boeing size. Heating is via roof hung gas fired radiant heaters. The Total 4,773.17 51,378
artificial lighting within the hangar is provided by suspended metal halide units. To the
front elevation the building benefits from three floors of ancillary offices.
Hangar 127 was constructed in the 1980’s. The building has an eaves height of Hangar 9
approximately 14.7 metres (48 feet), a section of mezzanine and features a full width Use Areas (GIA)
sliding concertina door. To the front elevation the building benefits from three floors
sq m Sq ft
of ancillary offices and staff canteen. We understand that the hangar can
accommodate one aircraft of up to Boeing 767 or two narrowbody aircraft. Hangar 1,521 16,372
Otherwise the specification mirrors that of Hangar 60.
Office 657 7,071
Hangar 9 is a detached building that was originally used specifically for aircraft Total 2,178 23,443
engine repair but more recently became a bonded parts warehouse. In the last ten
years the property has been refurbished and re clad. To the rear of Hangar 9 and
forming the airside boundary is an operational Security Line Station providing airside
security controlled access. To the front elevation, the building benefits from office
accommodation at first floor level.
Planning We understand that each property has planning consent for its current use as aircraft maintenance hangar or associated ancillary space. All enquiries should be directed to Luton Borough Council’s planning department. Rating Assessment Hangars 9, 60 and 127 have a Rateable Value of £700,000 within the April 2017 Rating List. The Uniform Business Rate for 2018/19 is 49.3p in the £. A copy of the summary valuation is available within the data room. Services The property benefits from all mains services. These have not been tested and interested parties are to rely on their own enquiries. Electricity is provided by London Luton Airport. Service Charge A service charge of £250 per annum (excluding VAT) is payable for Hangar 9. Service Charge payments are RPI linked. No service charge payment is due for Hangar 127 and Hangar 60.
Tenure
A summary of each of the leases is as follows:
Property Title No. Lease Years Rent Rent Repair
Start/End Remaining Review (pa)
Hangar 60 BD230068 24/04/1992 74 24/04/2022 £175,000 FRI
23/04/2092
Hangar 127 BD148226 14/03/1986 65 14/03/2020 £74,000 FRI
31/12/2083
Hangar 9 BD257456 01/07/2006 7 01/07/2021 £113,400 FRI
31/06/2026 + VAT
Land to the BD206048 01/07/2011 7 01/07/2019 £1,000 FRI
rear of 30/06/2026 + VAT
Hangar 9 RPI linked
Each lease benefits from Security of Tenure under the Landlord and Tenant Act 1954.
Copy leases are available in the data room.
VAT
All prices are quoted exclusive of any VAT liability.
EPC
The hangars have an energy performance rating as follows:
Hangar 60 - D (93)
Hangar 127 - E (101)
Hangar 9 - B (50)Data room Access to a full data room is available subject to completion of a none disclosure agreement. Professional Costs Each party is to be responsible for their own legal and professional costs incurred. Viewing Arrangements By prior appointment only. Photographic identification (either driving licence or passport) will be required in order to obtain access to the premises. Proposals We are instructed to invite offers for the long leasehold interest. Landing / MRO equipment available by way of separate negotiations
For further information please contact:
Jamie Lamond
Tel: 0207 911 2123
Email: Jamie.Lamond@avisonyoung.com
Tom Colyer
Tel: 0207 911 2464
Email: Tom.Colyer@avisonyoung.com
Property ref
avisonyoung.co.uk/14947
David Pike, Ben Leith and David Standish were appointed as Joint
Administrators of Monarch Aircraft Engineering Limited on 4 January 2019.
The affairs, business and property of the Company are being managed
by the Joint Administrators. The Joint Administrators act as agents of the
Company and contract without personal liability.
David John Pike, Ben Maitland Leith and David John Standish are
authorised to act as insolvency practitioners by the Institute of Chartered
Accountants in England & Wales.
Avison Young
65 Gresham Street, London, EC1V 7NQ
Avison Young is the trading name of GVA Grimley Limited. © 2019 GVA Grimley Limited
Avison Young hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors (3) No person in the employment of Avison Young, or any joint agents, has any authority to make or give any
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(1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do (4) All prices quoted are exclusive of VAT.
not constitute an offer or contract, or part of an offer or contract. (5) Avison Young shall have no liability whatsoever in relation to any documents contained within the brochure or any
(2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and elements of the brochure which were prepared solely by third parties, and not by Avison Young.
occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any
intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves
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