Manchester Suburb - &Blenheim Court
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Alexandra
& Blenheim
Court
Carrs Road,
Cheadle,
SK8 2JY
FOR SALE
A Multi-let Of�ice Building
in an Af�luent South
Manchester Suburb
High Yielding, Low Capital
Value Investment Opportunity
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Investment Summary Location Description Accommodation Investment Rationale Terms Contact
Investment Summary
• A well specified multi-let office building totalling
19,549 sq ft with 74 car parking spaces on a site
of 0.90 acres.
• Situated in the affluent town of Cheadle, Cheshire.
• Excellent transport links with immediate access “The opportunity represents a low
on to the M60 Ringroad and in turn the M56.
capital value of £84 per sq ft which
• A total passing income of £180,818 per annum
in turn offers genuine change of
reflecting an extremely low value of £9.25
per sq ft. All leases are on a fully repairing and use/redevelopment opportunities.”
insuring basis.
• 69% of the accommodation has let since the space
was partially refurbished 15 months ago. 28% of
the space was already let. The remaining 3% is
currently vacant but under offer.
• Numerous asset management opportunities to
drive value.
• Offers in excess of £1,650,000 which based on
standard purchaser costs reflects a Net Initial
Yield of 10.32% - Subject to Contract.
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Alexandra & Blenheim Court
Investment Summary Location Description Accommodation Investment Rationale Terms Contact Location Cheadle town centre is located c. 0.5 miles to the west and Stockport town centre 2.5 miles to the east. View Map Manchester Airport is located 6 miles to the south west and Manchester city centre is located 8 miles to the north of the property. View Aerial National and regional train services are available from Stockport (2.5 miles) and Gatley (1 mile) train View Plans stations. Situation Alexandra and Blenheim Court is accessed via Carrs Lane which immediately adjoins Junction 2 of the M60 orbital motorway which in turn provides access to the M56 and the wider national motorway network. The property is accessed via a short cul-de-sac which serves two additional office building (outside of ownership). Predominantly the surrounding uses are offices to the immediate west and residential surrounding. Cheadle village is within easy walking distance and provides a variety of amenities including bars, restaurants, health clubs and supermarkets. Alexandra & Blenheim Court
Investment Summary Location Description Accommodation Investment Rationale Terms Contact
M65
M66 M60
M62
M61
J2
Alexandra & Blenheim Court
M58 M60
M60
MANCHESTER
M6 Manchester Rd A560 - Stockport Rd
M62 M60
M57
M62 Abney Hall Park
CHEADLE Carrs Rd
M56
M56
Manchester Airport
M6
1 2 3
High St A560 - Stockport Rd
6
4
5
CHEADLE Councillor Ln
Travel times by car Source AA Route Planner 1 Boots
2 Costa Coffee
Manchester Airport 06 miles 10 min Wilmslow Rd
3 Banks
Manchester Centre 08 miles 22 min
4 Sainsburys
Macclesfield 14 miles 26 min
5 Pizza Express
Chester 37 miles 42 min
6 Cafes
Liverpool 39 miles 45 min
Leeds 55 miles 60 min
Birmingham 83 miles 95 min
SK8 2JY View Aerial View Plans
London 205 miles 213 min
Investment Summary Location Description Accommodation Investment Rationale Terms Contact View Aerial View Map
Investment Summary Location Description Accommodation Investment Rationale Terms Contact
Cheadle Village
Stockport Rd - A560
Alexandra &
Stockport Blenheim Court
Carrs Rd
M60 Junction 2
Stockport Rd - A560 Abney Hall Park
View Map View Plans
Investment Summary Location Description Accommodation Investment Rationale Terms Contact
Description
The property provides a well specified purpose built The property has been refurbished and would be said to be in a good location with the specification as follows:
office building totalling 19,540 sq ft (NIA) and is
situated over ground to 2nd floors. Whilst adjoining, • Part steel, part concrete frame construction with • 2 lifts.
the building can be split into 2 distinct parts, the brick elevations.
• Fully DDA compliant.
front larger element been Alexandra and the rear • Double glazed windows.
• Communal boardroom, breakout space and kitchen
smaller element been Blenheim. The majority of • Raised floors and suspended ceilings (x2) in Alexandra. Communal kitchen within
floors have been sub divided to provide a range Blenheim.
• Category II lighting.
of suite sizes under 1,500 sq ft.
• Gas central heating
There are 74 car parking spaces which provide
a ratio of 1:264. • Male, female toilets on each floor and each wing
(Alexandra and Blenheim).
Site
The site provides and area of approximately 0.90 acres.
Alexandra & Blenheim Court
Investment Summary Location Description Accommodation Investment Rationale Terms Contact
Accommodation Date Address Tenant
Size
(sq ft)
Rent
(per sq ft)
Comments
Letting Comparables Apr-16 St Christopher House, Stockport Newcross Healthcare 790 £10.00 3 year lease
The property is currently let off an average rent of
£9.25 per sq ft. Occupational comparables indicate May-16 The Courtyard - Unit 4, Heald Green Addison Lee Ltd 2,421 £15.28 5 year lease
an Estimated Rental Value of between £10 - £14 per
5 year lease,
sq ft. May-16 1 Booklands Place, Sale Total Hygiene 3,740 £12.50
break at 3
May-16 Beckwith House, Stockport Plato Training 460 £10.00 2 year lease
View Tenancy Schedule Jun-16 St Christopher House, Stockport Pixel Pulse 712 £10.00
Jul-16 Kingsgate, Stockport Free Debt Help 420 £11.00 1 year lease
Sep-16 Ambassador Place, Altrincham Forrest Recruitment 997 £15.00 6 year lease
Sep-16 Citygate, Sale Principle Insurance 5,704 £15.50 5 year lease
Sep-16 Kingsley Hall, Wythenshaw Hochtief 2,000 £15.00 5 year lease
5 year lease,
Oct-16 Southgate 2, Cheadle Holistic Planning 1,112 £14.50
break at 3
5 year lease,
Dec-16 Applicon Court, Stockport Acuma 4,530 £12.50
break at 3
3 year lease,
Jan-17 Jackson House, Sale Reassured Health 2,753 £13.50
break at year 2
Mar-17 MIOC, Styal Road, Aiport World Cargo Logistics 1,072 £17.50
Alexandra & Blenheim Court
Investment Summary Location Description Accommodation Investment Rationale Terms Contact
Tenancy Schedule
The property is in accordance with the below tenancy schedule. The total passing Car parking spaces are not charged on a supplemental basis and are included
rent is £180,818 per annum. All leases are on a fully repairing and insuring basis. within the rent on a per sq ft basis.
NIA (sq Lease Length Service Car Parking
Building Floor Tenant Expiry date Break Rent (pa) Per sq ft Comments Communal Amenity
ft) (Years) Charge (pa) Spaces
Recently expanded and moved
Alexandra Court Ground Floor IKAP Life 1,310 4 1/1/2021 £10,230 £7.81 £4,092 5
from Blenheim House
Alexandra Court Ground Floor Apple Childcare 325 4 4/1/2021 £2,250 £6.92 £900 1
Alexandra Court Ground Floor Multisensor 472 4 6/1/2021 6/1/2019 £4,750 £10.06 £1,500 2
Male and female WC’s on
Alexandra Court Ground Floor Multisensor 573 4 6/1/2021 6/1/2019 £5,320 £9.28 £1,680 2 each floor. Boardroom
at ground floor (223 sq
Alexandra Court Ground Floor Multisensor 968 4 5/1/2021 5/1/2019 £8,892 £9.19 £2,808 3 ft). Breakout space at
groundfloor (426 sq ft).
Alexandra Court First Floor Advancis (t/a Buddy Loans) 5,300 10 12/1/2024 12/1/2019 £63,600 £12.00 £15,900 15 Kitchen at ground and
2nd floors (88 sq ft and
Alexandra Court Second Floor Harrison Bryce 2,194 4 4/1/2021 4/1/2019 £21,960 £10.01 £6,588 10 276 sq ft). Lift to each
floor.
Alexandra Court Second Floor The Protection Centre 750 4 9/1/2021 9/1/2019 £7,500 £10.00 £2,250 2
Used as storage space, no
Alexandra Court Second Floor Advancis (t/a Buddy Loans) 178 10 12/1/2024 £360 £2.02
window.
Alexandra Court Second Floor Novem Group 1,405 3 6/1/2020 6/1/2019 £14,450 £10.28 £4,335 5
Blenheim Court Ground Floor Harrows Insolvency 890 2 6/6/2018 £6,675 £7.50 £2,670 3
Blenheim Court Ground Floor Debt Assure 450 2 6/6/2018 £5,364 £11.92 £2,145 3 Boardroom and kitchen
at ground floor is part
Used as boardroom and of Harrow’s, Spectrum
kitchen, split for rates and Debt Assure, no use
Blenheim Court Ground Floor Spectrum 600 2 6/6/2018 £4,500 £7.50 £1,800 3 purposes. Connected allowed by other tenants.
companies with Debt Assure
and Harrows.
Blenheim Court First Floor U/o 654 TBA - 1 Under Offer to Fashion Dollz
Blenheim Court First Floor Acura 1,310 4 8/1/2021 8/1/2019 £12,445 £9.50 £2,620 5
Male and female WC’s
Blenheim Court Second Floor Evolve 664 4 1/1/2021 1/1/2019 £4,648 £7.00 £1,992 2 on each floor. Lift to each
floor. Communal kitchen
Occupy an additional 6 car
on 1st floor.
Blenheim Court Second Floor Consumer Debt 830 2 11/1/2018 £4,382 £5.28 £2,490 3 parking spaces on a monthly
rolling agreement
Blenheim Court Second Floor ARM Insolvancy 676 4 9/1/2020 9/1/2018 £3,492 £5.17 £1,500 2
19,549 £180,818 £55,270
Investment Summary Location Description Accommodation Investment Rationale Terms Contact
Investment Rationale
Market Key Considerations Asset Management
Over the course of the past 24 months the out of • Due to the nature of the previous corporate • Improve entrance and reception areas to both
town office market has seen a marked improvement occupier, the building is extremely well specified Alexandra and Blenheim Court. Potential to create
with tenant and investor appetite continuing to and in a good repair and condition. an area for a building receptionist.
improve. As the economy has recovered, vacancy • Based off an asking price of £84 per sq ft the • New signage/branding outside to assist in improving
rates have slowly decreased, assisted by the property is significantly below the cost of the prominence of the building. Signage boards
increasing rents in the city centre together with the construction. inside.
complete lack of speculative development within
• Due to the lack of standalone HQ buildings in • Charging out of communal areas including
the south Manchester out of town office sector. the vicinity the building has a strong underlying boardroom.
Permitted development and change of use strategies vacant possession value.
have further eroded the available supply. • Due to the low capital value there is the possibility
• Minimal short to medium term capital to explore change of use/permitted development.
As it stands, capital values for out of town offices expenditure requirements.
• Examine buying in/working alongside the two
are still often below the cost of construction and
• Negligible shortfalls with all leases let on an FRI adjacent ownerships within the cul-du-sac. Further
this is before a developer has been able to source
basis and building maintenance recoverable via a information available upon request.
adequate land with relevant permissions and in- service charge.
situ infrastructure. In terms of rental values, across
• Very low passing rent offering pregnant value
the majority of schemes in the south Manchester
and future growth prospects.
market, the amount of rent free incentives offered
has reduced significantly whilst the lack of options • Rapid occupier take-up in the building since
for occupiers have put an upward pressure on rents. refurbishment, splitting of floors and provision
of communal spaces.
Alexandra & Blenheim CourtInvestment Summary Location Description Accommodation Investment Rationale Terms Contact Terms Tenure The property is held Freehold. VAT We understand that the property has been elected for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). EPC Copies of the certificates are available upon request. Proposal We are instructed to seek offers in excess of £1,650,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.32%, based on standard purchaser costs of 6.16% and a low capital value of £84 per sq ft. Alexandra & Blenheim Court
Investment Summary Location Description Accommodation Investment Rationale Terms Contact Contact Matthew Cox matt@kingstreetcommercial.com 0161 850 0498 07788 999911 Ted Murray ted@kingstreetcommercial.com 0161 850 0497 07766 003322 King Street Commercial www.kingstreetcommercial.com 0161 234 0101 Subject to Contract IMPORTANT NOTICE ‘Estate Agents Act, It is hereby declared that a director of King Street Commercial has an interest in the property, as defined by the Estate Agents Act 1979.King Street Commercial gives notice to anyone who may read these particulars as follows: 1.These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. Published September 2017. Photography taken October 2015 and August 2017.
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