NETWORK NORTH An Outstanding Modern Multi and Single Let Industrial Investment Portfolio - Knight Frank
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EXECUTIVE SUMMARY The opportunity presents a rare, high quality homogenous industrial portfolio, spread • Completely homogenous industrial portfolio over the north of the country from Merseyside to the west and Yorkshire to the east. • Total income of £2,944,727 p.a. providing a low passing average rent of £4.50 psf. The portfolio provides a manageable spread of locations of modern, well managed units, which will continue to offer an investor low running cap-ex costs and income • The portfolio extends to 649,271 sq ft. growth opportunities. • 21,073 sq ft vacant stand alone unit, with a conservative ERV of £84,000 p.a. The portfolio comprises 18 locations of multi-let and single-let modern industrial • Additional 32,742 sq ft of vacant units across multi let estates, with an ERV units, the majority of which were built from 2000 onwards. There are 61 tenants of £170,885 p.a. across 649,271 sq ft, approximately 8.29% of which is currently vacant. In addition • Total potential rent increase of £254,885 pa on letting current void to letting the vacant space, there are various asset management initiatives available accommodation. throughout. Currently, the properties have an overall average rent of £4.50 per sq ft. • Many of the tenants have been in occupation for a long period of time. We are Assuming realistic ERVs on the vacant space, a further £254,885 per annum is to be of the opinion that with rental growth over the last few years, the ERV over the taken from new lettings, offering a significant uplift before taking into account rental portfolio in total is in the region of £3,443,531 p.a (a conservative £5.30 growth from lower rents across the portfolio. psf), an uplift of approximately £500,000 pa. The portfolio has a WAULT of 3.10 years to nearest break and 4.67 years to • Seeking offers in the region of £40,900,000, providing a Net Initial Yield of expiry. Over 50% of the income is secured against tenants with expiries beyond 6.75%, assuming usual purchasers costs of 6.77%. September 2020. • A sale at this level will show an attractive capital value of £63.00 psf. Looking at significant tenants (responsible for £30,000 per annum or more), the covenant status, according to Dun & Bradstreet reporting suggests that 68% of the Assuming our ERV, this would show a potential reversionary yield • income is secured against tenants with a Risk Rating of Low-Moderate or better. of 7.89% NETWORK NORTH I 2
EXECUTIVE SUMMARY Income by Dun & Bradstreet Risk Rating Income by Location (Tenants over £30,000 p.a.) Merseyside 29% Low 18% Greater Manchester 14% Low-Moderate 50% Cheshire 4% Moderate 24% South Yorkshire 41% Moderate-High 5% East Riding of Yorkshire 3% High 3% West Yorkshire 4% Lancashire 5% Unexpired Term by Income Commitment Income by Sector (All Tenants) 3 Years + 56% Industrial 100% 2 - 3 Years 18% Retail 0% 1 -2 Years 15% Office 0% Up to 1 Year 11% Other 0% NETWORK NORTH I 3
INCOME SCHEDULE Rental WAULT WAULT No. Address Postcode Sq ft % Vacant Income Value (pa) to Expiry to Break 01 Park Court, Sherdley Business Park, Scorecross, St Helens WA9 5GZ Multi-let 72,259 30.15% £233,903.50 £361,295 2.40 2.15 02 Delph Court, Sherdley Business Park, Scorecross, St Helens WA9 5GL Multi-let 41,776 0.00% £218,877.50 £229,768 5.86 5.86 03 Apex Court, Wirral International Business Park, Bromborough CH62 3RE Multi-let 32,576 0.00% £152,462.25 £162,880 3.15 1.83 04 Lumina Business Park, Wirral International Business Park, Bromborough CH62 3PT Multi-let 53,406 0.00% £252,404.75 £267,030 3.98 2.62 05 Martland Point, Martland Park, Wigan WN5 0LU Multi-let 67,485 0.00% £348,098.45 £354,296 5.29 3.67 06 Units 5 & 15, Montague Road, Speke Approach, Widnes WA8 8FZ Single-let 22,968 0.00% £117,120.50 £126,324 4.26 2.98 £140,000.00 07 8 Peel Road, Skelmersdale WN8 9PT Single-let 23,012 0.00% £160,000 13.57 8.57 with fixed increases 08 HSS Hire, Manchester Road, Ashton-Under-Lyne OL7 0DA Single-let 9,808 0.00% £82,000.00 £88,272 3.65 3.65 09 Shortwood Business Park, Barnsley S74 9LH Multi-let 40,990 14.59% £176,170.00 £225,445 5.99 3.41 10 Units 1 & 3, Eden Close, Hellaby Industrial Estate, Rotherham S66 8RW Multi-let 22,244 0.00% £108,000.00 £116,781 6.92 0.55 11 Zenith Park & Zenith Park Networkcentre, Whaley Road, Barugh Green, Barnsley S75 1HT Multi-let 90,416 5.50% £428,282.95 £498,984 2.47 2.30 12 Unit 1, Silkstone Court, Dodworth Business Park, Barnsley S75 3SP Single-let 52,413 0.00% £222,908.00 £262,065 2.81 0.81 13 Unit E4, Willowbridge Way, Links 31, Castleford WF10 5NP Single-let 16,142 0.00% £80,000.00 £88,781 8.03 3.02 14 Unit 1, Brookdale Road, Thorncliffe Distribution Centre, Chapeltown, Sheffield S35 2PW Single-let 21,109 0.00% £92,500.00 £105,545 5.52 0.82 15 Unit 2, Lancaster Close, Sherburn-In-Elmet LS25 6NS Single-let 8,917 0.00% £43,000.00 £44,585 4.02 2.02 16 Unit G, iPark Industrial Estate, Innovation Drive, Hull HU5 1SG Single-let 16,378 0.00% £84,000.00 £85,985 3.25 3.25 17 Sheaf House, Bradmarsh Way, Bradmarsh Business Park, Rotherham S60 1BW Single-let 36,299 0.00% £165,000.00 £181,495 4.78 4.78 18 6 Farfield Park, Manvers, Rotherham S63 5DB Single-let 21,073 100.00% £- £84,000 0.00 0.00 649,271 8.29% £2,944,727 £3,443,531 4.67 3.10 NETWORK NORTH I 4
M6 LOCATION MAP M1(M) York M1 M 1 M6 15 Leeds Hull 16 1 Park Court, Sherdley Business Park, Scorecross, St Helens 13 2 Delph Court, Sherdley Business Park, Scorecross, St Helens M61 M 61 M65 M62 7 M1 M 1 3 Apex Court, Wirral International Business Park, Bromborough 5 4 Lumina Business Park, Wirral International Business Park, Bromborough M18 9/11 A1(M) Liverpool 1&2 Manchester 8 &12 5 Martland Point, Martland Park, Wigan 14 10/17 M62 M 62 M60 60 &18 Rotherham 6 Units 5 & 15, Montague Road, Speke Approach, Widnes 3&4 6 7 8 Peel Road, Skelmersdale M53 M 53 M56 M 56 Sheffield 8 HSS Hire, Manchester Road, Ashton-Under-Lyne M1 9 Shortwood Business Park, Barnsley 10 Units 1 & 3, Eden Close, Hellaby Industrial Estate, Rotherham M6 11 Zenith Park & Zenith Park Networkcentre, Whaley Road, Barugh Green, Barnsley 12 Nottingham Unit 1, Silkstone Court, Dodworth Business Park, Barnsley 13 Unit E4, Willowbridge Way, Links 31, Castleford 14 Unit 1, Brookdale Road, Thorncliffe Distribution Centre, Chapeltown, Sheffield Leicester 15 Unit 2, Lancaster Close, Sherburn-In-Elmet M54 16 Unit G, iPark Industrial Estate, Innovation Drive, Hull M6 M1 17 Sheaf House, Bradmarsh Way, Bradmarsh Business Park, Rotherham A1(M) 18 6 Farfield Park, Manvers, Rotherham Birmingham NETWORK NORTH I 5
THE ASSETS 1 - 9 1. P ARK COURT, SHERDLEY BUSINESS PARK, SCORECROSS, 2. D ELPH COURT, SHERDLEY BUSINESS PARK, SCORECROSS, 3. A PEX COURT, WIRRAL INTERNATIONAL BUSINESS PARK, ST HELENS, WA9 5GZ ST HELENS, WA9 5GL BROMBOROUGH, CH62 3RE 4. LUMINA BUSINESS PARK, WIRRAL INTERNATIONAL BUSINESS PARK, 5. M ARTLAND POINT, MARTLAND PARK, WIGAN, WN5 0LU 6. UNITS 5 & 15, MONTAGUE ROAD, SPEKE APPROACH, WIDNES, WA8 8FZ BROMBOROUGH, CH62 3PT 7. 8 PEEL ROAD, SKELMERSDALE, WN8 8PT 8. H SS HIRE, MANCHESTER ROAD, ASHTON-UNDER-LYNE, OL7 0DA 9. SHORTWOOD BUSINESS PARK, BARNSLEY, S74 9LH NETWORK NORTH I 6
THE ASSETS 10 - 18 10. UNITS 1 & 3, EDEN CLOSE, HELLABY INDUSTRIAL ESTATE, 11. ZENITH PARK AND ZENITH PARK NETWORKCENTRE, WHALEY ROAD, 12. UNIT 1, SILKSTONE COURT, DODWORTH BUSINESS PARK, ROTHERHAM, S66 8RW BARUGH GREEN, BARNSLEY, S75 1HT BARNSLEY, S75 3SP 13. UNIT E4, WILLOWBRIDGE WAY, LINKS 31, CASTLEFORD, WF10 5NP 14. UNIT 1, BROOKDALE ROAD, THORNCLIFFE DISTRIBUTION CENTRE, 15. UNIT 2, LANCASTER CLOSE, SHERBURN-IN-ELMET, LS25 6NS CHAPELTOWN, SHEFFIELD, S35 2PW Y ENTL CURR G N D E RGOIN T U EN F U R BISHM RE 16. UNIT G, IPARK INDUSTRIAL ESTATE, INNOVATION DRIVE, 17. SHEAF HOUSE, BRADMARSH WAY, BRADMARSH BUSINESS PARK, 18. 6 FARFIELD PARK, MANVERS, ROTHERHAM, S63 5DB HULL, HU5 1SG ROTHERHAM, S60 1BW NETWORK NORTH I 7
MERSEYSIDE PARK COURT, SHERDLEY BUSINESS PARK, SCORECROSS, ST HELENS, WA9 5GZ 1 17 A58 PEA SLEY C Tip (disused) ROSS AY W 'S AN IV LL SU El Sub Sta LANE SC 7 to 4 OR 11 15 19 23 EC OS AY R 14 RO KW BIN S 12 SL LIN Electricity Sub Station A NE 1 11 to 46 3 42 D MARSHALLS CROSS R ST HELENS 10 to 8 1 38 Sherdley Business Park 28 Park Court S EE TR 4 04 B520 LL B52 to 15 TA Ps 20 B52 0 4 2 18 Gre El Sub Sta en End La SC ne O R 5 EC R O SS 8 CLOC B5419 6 Pumping FA 1 K Station 3 25m 50m 75m W ard Bd CE RD y 5 Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 SUMMARY Location Market Commentary Description Park Court (and Delph Court) are situated on Sherdley On Delphwood Drive, Edmundson Electrical took 9,410 sq ft Park Court comprises 19 modern industrial units built in • Located in St Helens, 5 minutes Business Park in St Helens just off the A570 St Helens at a rent of £4.04 psf on a new 15 year lease in Jan 2017. The 2000 with integral offices. Units range from 2,949 sq ft drive from the M62 Linkway. Sherdley Business Park is approximately 5 minutes investment then sold for a price reflecting 6.35%. to 4,567 sq ft and some are capable of being combined to drive from St Helens, 5 minutes drive from the M62 and 15 provide larger units. The property is within a secured gated Similar nearby schemes to the subject include Mere Grange, minutes drive from the M6. estate with CCTV and predominantly concreted yard with • Modern, gated estate The estate is situated close to Ravenhead Retail Park and Eurolink Business Park and Roundwood Point. At Mere Grange, new builds are under construction and due to be some tarmac parking areas. The units are of steel frame construction with profile sheet cladding, electrically operated • 19 units in total, 6 vacant amongst other local occupiers, national major businesses quoting £6.50 psf on Practical Completion in June 2018. At doors and 6 metre eaves. include Veolia Environmental Services and Pilkington Glass. Roundwood Point, unit G, a modern new build let in April 2017 on a 10 year lease with break at year 5, at a rent of Accommodation • 72,259 sq ft St Helens is situated in Merseyside, approximately 20 miles west of Manchester and 15 miles east of Liverpool. £5.25 psf. Unit E, an older building let in Dec 2016 on a 4 year The property comprises a total of 72,259 sq ft across 5.11 lease at £4.00 psf. Roundwood Point is now fully occupied. acres providing a site coverage of 32%. Please see tenancy • 12 tenants St Helens has a population of some 177,000 people and has good rail links to Liverpool, Manchester and beyond and Most recent evidence self-generated from within the estate schedule for a breakdown of areas. are at rents of £5.00 and £5.50 psf. Assuming a conservative has good accessibility to Liverpool John Lennon Airport and • WAULT of 2.37 years to expiry Manchester Airport via the M62. £5.00, this would show an ERV of £361,295 pa. Tenure and 2.13 years to break Freehold • Passing rent of £233,903.50 p.a. NETWORK NORTH I 9
1 PARK COURT, SHERDLEY BUSINESS PARK, SCORECROSS, ST HELENS, WA9 5GZ Y WA NS L IVA SUL 7 6 5 4 3 2 10 1 9 8 14 12 11 SC OR E CR 15 16 OS 17 S 18 19 20 Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 1 3,752 Vacant £18,760.00 £5.00 Unit 2 3,613 Automation Products and Systems Limited £19,871.50 £5.50 17/03/2017 n/a 16/03/2020 Unit 3 3,877 Fastenal Europe Limited £17,446.50 £4.50 08/02/2016 08/02/2019 07/02/2021 Unit 4 3,039 Crafts 4U2 Do Limited £13,675.50 £4.50 11/12/2015 n/a 10/12/2018 Unit 5 3,243 3D Electrical Supplies Limited £16,215.00 £5.00 01/04/2017 n/a 31/03/2022 Unit 6 3,200 IPM Plumbing & Electrical Limited £16,000.00 £5.00 22/07/2010 22/07/2015 21/07/2020 Unit 7 2,949 HLR Building Services Limited £13,270.50 £4.50 08/07/2016 n/a 07/07/2019 Unit 8 3,750 Vacant £18,750.00 £5.00 Unit 9 & 10 7,853 Aquasource Products Limited £35,338.50 £4.50 18/01/2016 n/a 17/01/2019 Unit 11 3,222 Vacant £16,110.00 £5.00 Unit 12 3,221 Vacant £16,105.00 £5.00 Unit 14 3,285 Vacant £16,425.00 £5.00 Unit 15 4,553 Vacant £22,765.00 £5.00 Unit 16 4,533 Timpson Limited £18,132.00 £4.00 21/06/2011 20/06/2016 20/06/2021 Rent Review 21/06/16 outstanding Unit 17 4,553 Exmed Worldwide Limited £20,398.50 £4.48 06/09/2017 n/a 05/09/2020 Unit 18 4,567 Lavor Wash (GB) Limited £22,835.00 £5.00 03/02/2017 03/02/2019 02/02/2020 Unit 19 4,517 Mondial Wine Limited £20,326.50 £4.50 13/11/2013 13/11/2016 12/11/2018 Unit 20 4,532 Alliance Automotive UK CV Limited £20,394.00 £4.50 23/09/2014 n/a 22/09/2019 Total 72,259 £233,903.50 NETWORK NORTH I 10
2 DELPH COURT, SHERDLEY BUSINESS PARK, SCORECROSS, ST HELENS, WA9 5GL NETWORK NORTH I 11
MERSEYSIDE WHA DELPH COURT, SHERDLEY BUSINESS PARK, SCORECROSS, ST HELENS, WA9 5GL 2 Depot Burtonhead Court A58 RTO Works N STR Works PEA EE T The area hatched blue has been sold Long Leasehold. Works 3 SLEY C Warehouse St Helens Hospital (Peasley Cross Wing) ROSS Warehouse 4b LANE SC OR 5 4a EC OS AY R RO KW BIN S SL LIN El Sub Sta A NE 3b D MARSHALLS CROSS R Sinks Delph Court ST HELENS 3a 6 Issues 46 4 04 B520 B52 1 Issues 17 13 B52 0 4 Tip CLOC (disused) B5419 FA K CE El Sub Sta RD 7 to 4 11 15 19 23 29 SUMMARY 12 14 Location Market Commentary Description Delph Court (and Park Court) are situated on Sherdley On Delphwood Drive, Edmundson Electrical took 9,410 sq ft Delph Court is a development originally comprising 6 11 42 46 52 • Located in St Helens, 5 minutes 0m 10m 20m 30m Business Park in St Helens just off the A570 St Helens Link at a rent of £4.04 psf on a new 15 year lease. The investment industrial units of which 1 has been sold Long Leasehold. 1 drive from the M62 Way. Sherdley Business Park is approximately 5 minutes drive then sold for a price reflecting 6.35%. Similar schemes to The remaining units range from 7,227 sq ft to 9,838 sq ft Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 from St Helens, 5 minutes drive from the M62 and 15 minutes the subject include Mere Grange, Eurolink Business Park and and total 41,776 sq ft. The estate comprises modern units drive from the M6. Roundwood Point. At Mere Grange, new builds are under built in 2004 of steel portal frame construction with integral • 5 units in total, 2 have been The estate is situated close to Ravenhead Retail Park and construction and due to be quoting £6.50 psf on PC in June offices, profile sheet cladding, 7 metre eaves with concreted combined and no vacancies amongst other local occupiers, national major businesses 2018. At Roundwood Point, unit G, a modern new build let in yard areas and tarmac parking areas. April 2017 on a 10 year lease with break at year 5, at a rent of include Veolia Environmental Services and Pilkington Glass. • 41,776 sq ft £5.25psf. Unit E, an older building let in Dec 2016 on a 4 year Accommodation St Helens is situated in Merseyside, approximately 20 miles lease at £4.00 psf. Roundwood Point is now fully occupied. The property comprises a total of 41,776 sq ft. Please see west of Manchester and 15 miles east of Liverpool. • 4 tenants (1 ground lease) At Eurolink Business Park, units were let over 5 years ago at tenancy schedule for a breakdown of areas. The total site St Helens has a population of some 177,000 people and has rents of around £5.00 psf, nothing has been available on the area (excluding areas sold LLH) is 5.061 acres. The site good rail links to Liverpool, Manchester and beyond and estate since other than one unit which we believe is under coverage (excluding the wooded area and the LLH units) is • WAULT of 5.83 years has good accessibility to Liverpool John Lennon Airport and offer at around £72.50 psf. approximately 30%. Manchester Airport via the M62. • Passing rent of £218,877.50 There hasn’t been any vacant space to let at the estate since Tenure 2015. As the properties are more modern than Park Court, Freehold applying an ERV of £5.50 psf reflects £230,000 p.a. in total. NETWORK NORTH I 12
2 DELPH COURT, SHERDLEY BUSINESS PARK, SCORECROSS, ST HELENS, WA9 5GL The unit shaded blue has been sold Long Leasehold. Unit 4b 4B Un 5 Unit it 5 4a 4A Unit 3b 3B Unit 3a 3A Unit 6 6 y Wa n’s liva Sul Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Lease Renewals & Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Rent Reviews Unit 3A & 3B 14,454 Premier Window Blinds Limited £79,497.00 £5.50 21/05/2015 n/a 20/05/2025 Rent Review 21/05/20 Unit 4A 9,838 Premier Contract Supplies Limited £54,109.00 £5.50 01/10/2015 n/a 30/09/2020 Unit 4B 8,890 Vinyline Limited £44,450.00 £5.00 30/04/2015 n/a 29/04/2020 Unit 6 8,594 Orbis Protect Limited £40,821.50 £4.75 30/04/2007 29/04/2017 Terms issued for a new 10 year lease with a headline rent of £47,267pa (£5.50psf) with a break and a rent review at year 5 Total 41,776 £218,877.50 Sold Units Ground Lease Start Lease End Lease Term Unit No. Rent pa Date Date (years) Unit 5 £0.00 13/08/2004 12/08/3003 999 NETWORK NORTH I 13
3 APEX COURT, WIRRAL INTERNATIONAL BUSINESS PARK, BROMBOROUGH, CH62 3RE NETWORK NORTH I 14
MERSEYSIDE 5 APEX COURT, WIRRAL INTERNATIONAL BUSINESS PARK, BROMBOROUGH, CH62 3RE 3 6 El Sub Sta 2 4 17 1 7 AD El Sub Sta RO EL 15 UN BR 11 7 AD RO HEAD NE 1 Riv KS CH HAW W er URC AD CH E RO DAL Me EN H BASS E rse STE RD. y 1 R 2 RD. 3 4 GE RD. RT J4 STA SPIT OU A L RD. C IM EX BR A41 AP Cowpasture Wood 5 6 J4 N EW Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 7 CHEST El Sub Sta 8 E D A RO R R LE DA . El Sub Sta IN WILLASTON RD RT MA D 9 . M52 75m . RD BR A4 T OR ID 1 12 PLY LP IE AL Mast 50m MY RD 14 AR . DA The area hatched blue has been sold Long Leasehold. 25m VE 1 Tanks 0m SUMMARY Location Tenure Apex Court is situated off the A41 New Chester Road within STS Instrumental at a rent of £6 psf, and two other units of Freehold. • Located in Wirral International Wirral International Business Park which is equi-distant the same size are currently under offer at the same rent. Business Park between Ellesmere Port and Birkenhead. Wirral International The average rent at the estate reflects £4.78 psf. Lettings of Business Park is approximately 20 minutes drive to Liverpool new space above has shown that the market is seeing growth The units shaded blue have been sold Long Leasehold. and 5 minutes drive to the A53 which leads to the M56 and • Modern, gated estate the rest of the national motorway network. and therefore, assuming an ERV of a conservative £5.00 psf, this reflects £163,000 p.a. le R oad se nda Bas • 5 units, no vacancies The property is situated close to Tealby Retail Park and nearby occupiers include Bibby Distribution, NHS, CSM Bakery Description Solutions, Great Bear Distribution, Skanem and Biofortuna, 1 • 3 tenants, 2 ground leases to name a few. Apex Court is a development of 9 modern industrial units with integral offices of which 4 have been sold Long Leasehold to 3 2 The Metropolitan Borough of Wirral has a population of owner occupiers and the remaining units range from 4,551 4 • 32,576 sq ft some 323,000 people and has good rail and air links via to 8,464 sq ft with a total of 32,576 sq ft. The estate is of 5 Liverpool Lime Street Station and Liverpool John Lennon modern construction being built in 2001 and benefits from • WAULT of 3.33 years to expiry Airport respectively. steel portal frame construction, 6 metre eaves, electrically operated doors, integral offices and a fully gated secure 6 and 2.01 years to break Market Commentary estate with monitored CCTV system and concrete yard. 7 Wirral International Business Park and surrounding area has • Passing rent of £152,462.25 p.a. a range of industrial properties of ranging qualities. Similar Accommodation 8 The property comprises a total of 32,576 sq ft across specified buildings include a 22,000 sq ft unit which was a total site area of 5.623 acres (excluding areas sold LLH) . let to eCorrugated Ltd in Aug 2017 at a rent of £5.16 psf. 9 Excluding the wooded and long leasehold area, this provides Cheshire Council have achieved lettings of new units at Poole a site coverage of approximately 24%. Please see tenancy Hall Business Park at Ellesmere Port including 2,500 sq ft to schedule for a breakdown of areas. NETWORK NORTH I 15
3 APEX COURT, WIRRAL INTERNATIONAL BUSINESS PARK, BROMBOROUGH, CH62 3RE Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 1 7,499 JPF Systems Limited £35,625.00 £4.75 22/08/2007 n/a 21/08/2017 Terms issued for a new 10 year lease at a headline rent of £37,120.05pa (£4.95psf) with a break at the end of year 5 Unit 2 7,499 JPF Systems Limited £35,620.25 £4.75 10/09/2011 n/a 09/09/2021 Rent review 10/09/2016 (outstanding) Unit 5 4,551 Evoke Creative Limited £20,479.50 £4.50 22/02/2012 n/a 21/02/2017 Tenant will be vacating on 31/12/17 but JPF Systems Limited have expressed an interest. Unit 6 4,563 Evoke Creative Limited £20,533.50 £4.50 22/02/2012 n/a 21/02/2017 Tenant will be vacating on 31/12/17 but JPF Systems Limited have expressed an interest. Unit 9 8,464 Qualitek Europe Ltd £40,204.00 £4.75 22/02/2016 22/02/2021 21/02/2026 Rent Review 22/02/21 Total 32,576 £152,462.25 Sold Units Ground Lease Start Lease End Lease Term Unit No. Rent pa Date Date (years) Unit 3 & 4 £0.00 25/01/2002 24/01/3001 999 Unit 7 & 8 £0.00 01/01/2014 31/12/3013 999 NETWORK NORTH I 16
4 LUMINA BUSINESS PARK, WIRRAL INTERNATIONAL BUSINESS PARK, BROMBOROUGH, CH62 3PT NETWORK NORTH I 17
MERSEYSIDE LUMINA BUSINESS PARK, WIRRAL INTERNATIONAL BUSINESS PARK, BROMBOROUGH, CH62 3PT 4 El Sub Sta El Sub Sta NE Riv CH W Cowpasture Wood er URC CH Me H E 9 rse STE RD. y 8 R RD. GE RD. 10 J4 STA SPIT A L RD. IM Lumina R A41 B 7 D A RO LE DA El Sub Sta IN RT 6 MA J4 N EW 12 CHEST Lumina Tk 14 E Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 R R . WILLASTON RD 8 D . M52 . RD BR A4 1 T OR ID 1 PLY LP IE Woodway Court AL 2 MY RD AD RO AR . BY 75m U RS TH DA El Sub Sta The areas hatched blue have been sold Long Leasehold. VE 10 1 50m 40 SUMMARY Location Tenure 25m ESS WB Works Lumina Business Park is situated adjacent to Apex Court, Council have achieved lettings of new units at Poole Hall Freehold 36 • Located in Wirral International El Sub Sta 0m off the A41 New Chester Road within Wirral International Business Park at Ellesmere Port including 2,500 sq ft to STS D OA YR RSB THU The properties hatched blue on the enclosed plan have been Business Park Business Park which is equi-distant between Ellesmere Instrumental at a rent of £6.00 psf, and two other units of the sold off Long Leasehold. Port and Birkenhead. Wirral International Business Park is same size are currently under offer at the same rent. approximately 20 minutes drive to Liverpool and 5 minutes • Modern, gated estate drive to the A53 which leads to the M56 and the rest of the The average rent at the estate reflects £4.78 psf. Lettings of new space above has shown that the market is seeing growth The units shaded blue have been sold Long Leasehold. national motorway network. • 9 units, no vacancies and therefore, assuming an ERV of a conservative £5.00 psf, d Roa The property is situated close to Tealby Retail Park and nearby this reflects £267,030 p.a. ale send occupiers include Bibby Distribution, NHS, CSM Bakery Bas • 5 tenants, 3 ground leases Solutions, Great Bear Distribution, Skanem and Biofortuna, Description 8 9 to name a few. T Lumina Business Park comprises 13 modern industrial OU ad • 53,406 sq ft Ro units with integral offices of which 4 have been sold Long Unit 10 The Metropolitan Borough of Wirral has a population of some 10 ale Leasehold and the remaining units range from 3,896 sq ft to d 323,000 people and has good rail and air links via Liverpool 7 11 tin • WAULT of 3.96 years to expiry 7,119 sq ft with a total of 53,406 sq ft. The units are of steel r Ma Lime Street Station and Liverpool John Lennon Airport 6 respectively. portal frame construction with eaves height ranging from 6 to and 2.60 years to break 7 metres within a secure gated estate with monitored CCTV. 12 Market Commentary 5 14 • Passing rent of £252,404.75 Accommodation IN Wirral International Business Park and surrounding area has 4 The property comprises a total of 53,406 sq ft across 4.42 ad a range of industrial properties of ranging qualities. Similar Ro y specified buildings include a 22,000 sq ft unit which was let to acres (excluding areas sold LLH) providing a site coverage of sb Unit 1 1 ur 28%. Please see tenancy schedule for a breakdown of areas. Th eCorrugated Ltd in Aug 2017 at a rent of £5.16 psf. Cheshire 2 3 NETWORK NORTH I 18
15 4 LUMINA BUSINESS PARK, WIRRAL INTERNATIONAL BUSINESS PARK, BROMBOROUGH, CH62 3PT Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 2 6,273 MAC Roofing Limited £28,228.50 £4.50 21/11/2014 n/a 20/11/2017 Renewal terms being negotiated with tenant Unit 3 6,952 Mulberry Web Limited £33,022.00 £4.75 19/06/2015 n/a 18/06/2020 Unit 6 5,138 Goodwin Electronics Limited £24,200.00 £4.71 19/08/2016 19/08/2019 18/08/2022 Rent Review 19/08/19 Unit 7 4,295 CCL Label Limited £20,401.25 £4.75 20/06/2016 27/11/2019 26/11/2024 Rent Review 27/11/19 Unit 8 7,114 CCL Label Limited £33,791.50 £4.75 27/11/2014 27/11/2019 26/11/2024 Rent Review 27/11/19 Unit 9 7,119 Merseyside Ship Stores Limited £33,815.25 £4.75 01/04/2016 n/a 31/03/2021 Unit 11 3,896 Mulberry Web Limited £18,506.00 £4.75 14/10/2016 n/a 13/10/2021 Unit 12 & 14 12,619 Mulberry Web Limited £59,940.25 £4.75 01/03/2016 n/a 28/02/2021 Total 53,406 £251,904.75 Sold Units Ground Lease Start Lease End Lease Term Unit No. Rent pa Date Date (years) Unit 1 £500.00 19/05/2010 18/05/3009 999 Unit 4 & 5 £0.00 08/04/2004 07/04/3003 999 Unit 10 £0.00 19/08/2003 18/08/3002 999 Total £500.00 NETWORK NORTH I 19
5 MARTLAND POINT, MARTLAND PARK, WIGAN, WN5 0LU NETWORK NORTH I 20
GREATER MANCHESTER MARTLAND POINT, MARTLAND PARK, WIGAN, WN5 0LU 5 Gas Gov El Sub Stas Gas Gov RD. RST 2 Works 1 THU GA 9 ourt 8 tland C Mar N . 3 EL El Sub Sta Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 US FB 4 D. 7 HO ST R EW RD. WALTH M6 HUR ING SPR 6 GAT and ent L E . KITT GR EN R 75m pm RD D. LATH evelo G Development Land STP IN D R Tank SP CITY RD. AM 50m LN. . LN LL BE Tank 25m Tanks 0m SUMMARY Location Market Commentary Description Martland Point is a modern development situated on the Whilst there are a number of large industrial occupiers in The estate is a new development of high quality industrial • Located in Wigan, 10 minutes established Martland Park, equi-distant between Junctions Wigan, good modern units of this particular size are in short units ranging from 5,433 sq ft – 10,720 sq ft and a total drive from the M6 26 and 27 of the M6 within 10 minutes drive of Wigan town supply. Similar schemes include Wigan Trade Park, where out of 67,485 sq ft. There are 8 units and one undeveloped centre. Major occupiers at Martland Point include C-Tech, of the 5 recently constructed units, only one remains and rents land area to the rear, extending to 1.52 acres capable Brand Holdings and My Fresh (which is also an occupier on have been achieved at £7.50 psf over the last 18 months. of providing two new units, subject to planning. • 8 modern units, secured the subject estate). In addition, Heinz are a major occupier Most recently, Unit 5 was let to Greenwork Solutions in The properties are of steel portal frame construction gated estate in the location, with numerous factories and distribution March 2017, comprising 3,000 sq ft at £7.50 psf. Pemberton with profile clad elevations, electrically operated doors, warehouses. Business Park is another scheme in Wigan but units will be integral offices and 7 metre eaves. The estate benefits from • 1 development site (1.52 acres) Wigan is situated in Lancashire, approximately 16 miles north substantially larger and are available on a design and build basis. concrete yard and secured by Paladin fence and gated access and CCTV. west of Manchester, with a total population in the region of • 4 tenants 97,000 people and 2.8m living in the Greater Manchester region. Manchester Airport is situated 25 miles to the south The estate itself has generated significant letting evidence and the most recent letting was at a rent of £5.25 psf. The average Accommodation east and Manchester City Centre is accessible within 30 rent passing currently reflects £5.07 therefore we have applied Please see tenancy schedule for a breakdown of areas. The • 67,485 sq ft minutes by train from Wigan. an ERV of £5.25 psf which equates to £354,000 p.a. property comprises a total of 67,485 sq ft across 8 units on a total site of 6.43 acres providing a site coverage of 24%. • WAULT of 5.27 years to expiry Tenure and 3.65 years to break Freehold • Passing rent of £348,098.45 p.a. NETWORK NORTH I 21
5 MARTLAND POINT, MARTLAND PARK, WIGAN, WN5 0LU 2 1 9 8 3 4 7 6 and p m ent L ut lo o Deve tive Lay TURNTURN a ING CIR c 25M25M In d i CIRCE IN CLG LE Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 1 8,790 Myfresh Prepared Produce Limited £46,147.50 £5.25 01/08/2017 n/a 31/07/2022 Unit 2 8,794 Myfresh Prepared Produce Limited £46,168.50 £5.25 01/08/2017 n/a 31/07/2022 Unit 3 5,446 Steamworks Limited £27,230.00 £5.00 12/09/2012 n/a 11/09/2017 Terms issued for a new 5 year lease at a headline rent of £28,591.50pa (£5.25psf) Unit 4 5,433 Myfresh Prepared Produce Limited £28,523.25 £5.25 01/08/2017 n/a 31/07/2022 Unit 6 8,796 Myfresh Prepared Produce Limited £43,980.00 £5.00 14/01/2016 n/a 13/01/2021 Unit 7 8,791 Wrightington Wigan & Leigh NHS Foundation Trust £43,515.45 £4.95 19/12/2013 n/a 18/12/2018 Unit 8 10,715 Winstanleys Limited £56,253.75 £5.25 01/10/2016 01/10/2021 30/09/2026 Rent Review 01/10/21. Break penalty of £8,929.17. Unit 9 10,720 Winstanleys Limited £56,280.00 £5.25 31/05/2017 31/05/2022 30/05/2027 Rent Review 31/05/22. Break penalty of £8,933.33. Total 67,485 £348,098.45 NETWORK NORTH I 22
6 UNITS 5 & 15, MONTAGUE ROAD, SPEKE APPROACH, WIDNES, WA8 8FZ NETWORK NORTH I 23
CHESHIRE UNITS 5 & 15, MONTAGUE ROAD, SPEKE APPROACH, WIDNES, WA8 8FZ 6 8 7 KNOWS AD RO LEY EX HT IG . BR RD 6 AL LE HA PY A562 17 SPE KE R D. 2 A56 DITTON RD. 15 2 18 HA AD D. LE RO BA ER UE NK AG NT 16 RD T MO GA . LE 1 HA a ey NE rs Me W 19 ST EA r ive D RO AD 2 R 75m SUMMARY Location Market Commentary The property is situated on Montague Road on the Speke Units of this size and quality are rare in Widnes. Most new Unit 15 Montague Road comprises a self-contained detached • Located just off Knowsley rown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 Approach development just off the A562 Speke Boulevard schemes will comprise larger units of 100,000 sq ft plus such modern industrial unit of 12,037 sq ft of steel portal frame Express Way and its junction with the A5300, Knowsley Express Way. as Liberty Park Widnes and Mercury 62. In terms of older units, construction with profile sheet cladding and 6 metre eaves. Widnes town centre is within a 10 minute drive to the east Unit 1 and Unit 4 Wheldon Road close to the subject let in 2014 The property benefits from a fully enclosed Paladin fenced, along the A562 and the M62 is 5 minutes to the north on the for £4.50 psf. At Compass Industrial Park, units let from part tarmacadam and part concreted yard, 2 roller shutter • Popular estate with no vacancies Knowsley Express Way. £4.25 psf – 6.00 psf, with the most recent being Unit 4 doors and an office element comprising some 6.25% of the of 20,954 sq ft in Dec 2016 at £6.00 psf. floor space. There are two seperate access points to the yard • 2 units adjacent to one another The property is situated on a modern estate and nearby and office area. occupiers include a number of local businesses including On Montague Road, the most recent letting was at £5.50 psf, Swift Print, Silva Timber Products, Canlines Limited to name therefore offering the potential for rental growth to an ERV Accommodation • Room for rental growth but a few. Nearby national occupiers include the Alstom of £126,000 p.a. Please see tenancy schedule for a breakdown of areas. The Transport Technology Centre and Academy for Rail which is a • 22,968 sq ft new £21,000,000 facility which opened in May 2017. Description property comprises a total of 22,968 sq ft across 1.249 acres providing a site coverage of 42%. Widnes is an industrial town in Cheshire with a population Unit 5 Montague Road comprises a self-contained detached • WAULT of 4.24 years to expiry modern industrial unit of 10,931 sq ft of steel portal frame of approximately 60,000 people, located approximately 10 construction with profile sheet cladding and 6 metre eaves. Tenure miles east of Liverpool and 25 miles west of Manchester. and 3.00 years to break Freehold The property benefits from a fully enclosed Paladin fenced, concreted yard, 2 roller shutter doors and an office element • Passing rent of £117,120.50 p.a. comprising some 6.7% of the floor space. NETWORK NORTH I 24
6 UNITS 5 & 15, MONTAGUE ROAD, SPEKE APPROACH, WIDNES, WA8 8FZ Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 5 10,931 Allpaq Packaging Limited £60,120.50 £5.50 24/05/2017 24/11/2019 23/05/2022 Unit 15 12,037 Parts Alliance Group Limited £57,000.00 £4.74 18/07/2011 n/a 17/07/2021 Total 22,968 £117,120.50 NETWORK NORTH I 25
7 8 PEEL ROAD, SKELMERSDALE, WN8 8PT NETWORK NORTH I 26
7 House Peel sonry g ma Slopin Warehouse 81.0m LANCASHIRE 8 PEEL ROAD, SKELMERSDALE, WN8 8PT Drain Works AD RO PEEL R D. UG H T 76.4m RO AD PEEL NANO AD RO EL PE CHEQ STAN El Sub Sta UE M58 R LN A577 PIM BO R D. . J5 PE WEST PIMBO Allied Business Centre Factory EL M58 RD Bdy Ward PIM . BO Tank 2 M 58 R 72.3m D. Pond CR Sub Sta El to 10 . it 1 LN Un R D. BO BO Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500 ROAD PIM PIM PIMBO Lighting Tower th Pa 1 b Sta El Su Pond in SUMMARY Accommodation D ra Location Lighting Tower Path The property is situated on Peel Road immediately off Junction Assuming a rent of £30,000 per acre for the additional • Located in Skelmersdale, between 5 of the M58 in Skelmersdale. Skelmersdale is approximately storage land and £5.00 psf, we have calculated an ERV of Description Sq m Sq ft Sub Sta El Underpass GG Manchester and Liverpool 30 minutes drive west of Manchester and 30 minutes east of £160,000 p.a. E AC PL E R PL AC TTER E Warehouse and GF offices 2,007.07 21,604 TT PO 150m PO 69.6m Path Liverpool. Skelmesdale is strategically located with excellent The fixed increase at review will show a minimum uplift in access to the M6 connecting north and south and M62 east • Just off the M58 Ground Office Additional 2.80 30 Path 2021 to £158,400 p.a. or open market value, whichever is and west. Factory the higher. First Aid Room 16.65 179 100m • Large concreted and fenced yard, The estate is located within the established West Pimbo Industrial Estate and nearby occupiers include Pepsi Co, Description First Office 99.15 1,067 Tank Tank to 25 used for storage Underpass 21 Proctor and Gamble and Walkers Crisps. E The property comprises a modern steel portal frame AC Y PL First Floor Fire Escape 12.23 132 HE 19 50m PIT constructed industrial unit with 7.9 metre eaves and part 3 E PLAC • Fixed increase at review Market Commentary LAW PIKE Factory Total 2,137.90 23,012 15 profile sheet cladding and part brickwork. 8 12 The property is situated in the West Lancashire market, 13 Works The property has two storey offices comprising approximately The property comprises 3.221 acres providing a site coverage • 23,012 sq ft 6 to where rents over the last 12 months of similar sized units 8 0m El Sub Sta 5.3% of the internal floor area and a large concreted yard of 16%. Given that the yard area is of significant size and Path Factory e have ranged from £2.75 psf - £6.50 psf. There is a paucity of Hous nal Warehouse Sig which is used for storage by the current tenant providing a used as storage, it is expected to be rentalised at review. direct comparable evidence in the surrounding area but we • 13.54 years to expiry are aware of Unit 2, Gillibrands Road, comprising 100,000 very low site coverage of circa 16%. Tenure and 8.54 years to break sq ft which let in Sept 2016 at a rent reflecting £5.00 psf. In The property benefits from a secure, Palisade fenced fully Speke, Futures Leisure leased Unit 4 Compass East, a 20,954 concreted yard which is currently used as storage. Assuming Freehold sq ft unit at a rent of £6.00 psf in Dec 2016. In St Helens, • Passing rent of £140,000 p.a. a usual site coverage in the region of 40%, the site has an Galaxy Insulations leased 20,000 sq ft in Aug 2016 at a rent additional 1.5 acres storage land with the subject property. of £4.61 psf. In Wigan, Ready for Retail Ltd have taken 22,537 Assuming an ERV of 30,000 per acre, that would devalue the sq ft at a rent of £5.28 psf in Feb 2016. current passing rent to £4.12 psf. NETWORK NORTH I 27
7 8 PEEL ROAD, SKELMERSDALE, WN8 8PT Tenancies Description Tenant Start Date End Date Break Review Rent Unit 8 RMD Kwikform Ltd 15/04/2016 14/04/2031 14/04/2026 15/04/2021 £140,000 15/04/2026 Reviewed to OMV or 2.5% compounded pa increases, whichever the higher NETWORK NORTH I 28
8 HSS HIRE, MANCHESTER ROAD, ASHTON-UNDER-LYNE, OL7 0DA NETWORK NORTH I 29
11a 11 GREATER MANCHESTER 5 20 TCB LB HSS HIRE, MANCHESTER ROAD, ASHTON-UNDER-LYNE, OL7 0DA 8 D OA RR S TE Bowling HE NC Green Shelter MA 22 30 140 32 30a 99.6m S he lter A6 Tennis Centre a Garage Playing Field W M60 IL LI Depot AM 29 ST HIN R EE 5 A63 DL T 42 EY STR 17 D. 27 EE RR 0 T S TE A6 HE NC MA 71 69 27 28 3 J23 12 D. 65 5 A63 TR 13 1 4 SE LO OR 2 DC AR 2 RR CKP GE LO DG 23 ES STO 24 8 2 11 12 15 T 12 14 2 11 2a 13 4 1 14 Hindley 4a 2 Close 6 SUMMARY Accommodation 28 Location counter units with an industrial setting. Rents of which typically 25 SU SM T IT 26 CL 25 HS 2a IFF range from £6.50 - £7.00 psf. TR ES 35 EE The property is situated on the A635 Manchester Road close to TR 14 1 T 96 • Located 15 minute drive from 75m EE Description Sq m Sq ft T HIN HSS are currently paying a rent of £9.56 psf at their other site T 48 EE Junction 23 of the M60 Manchester Outer Ring Road in Ashton under R DL 32 ST 31 EY H 56 on Manchester Road in Bolton and £9.00 psf in Wigan. Other G S Manchester City Centre Lyne. The property is situated approximately 15 minutes drive east of Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 U Ground Floor Trade Counter 160.63 1,729 Manchester City Centre and 9 minutes from the M62 motorway. similar units with tenants including Halfords and Topps Tiles are let at rents ranging from £9.00 psf to £12.50 psf in the region. Ground Floor Warehouse 595.33 6,408 • Trade Counter unit The A635 is a popular commuter route into Manchester with many national occupiers nearby, including Selko Builders We have assumed on ERV in the region of £9.50 psf on the Permanent Mezz 155.25 1,671 Warehouse, Screwfix, Snipe Retail Park with occupiers landlords respectively reflecting £93,000 p.a. • Let to excellent covenant including B&Q, Next, Halfords to name but a few. Description Total 911.21 9,808 Ashton-Under-Lyne is a market town in Greater Manchester with a Tenant Mezz 185.37 1,995 • 9,808 sq ft population of some 45,000 people. The property has an excellent location, The property comprises a standalone trade counter unit of steel frame construction built in 1990’s with half height brick elevations Tenant Mezz 127.40 1,371 with access to the national motorway network, Manchester Airport and with profile sheet cladding above, set within a concrete yard and • 3.66 years to expiry Manchester City Centre both within a 15 minutes drive. The Greater The property comprises 0.617 acres providing a site coverage tarmac covered parking area with a frontage to Manchester Road. of 36%. Manchester area has a population of more than 2.8 million people. The unit benefits from a trade counter entrance and two loading • Passing rent of £82,000 p.a. Market Commentary doors to the rear. The property has an eaves height of 5.7m. There is a permanent mezzanine above the trade counter space and Tenure The property comprises a solus trade counter unit with excellent Freehold the tenant has installed two additional mezzanines within the road frontage. Therefore it cannot be compared to the majority warehouse area. of the properties nearby which are of industrial use or trade Tenancies Description Tenant Start Date End Date Break Review Rent HSS Unit HSS Hire Service Group Ltd 17/05/1996 16/05/2021 n/a 17/05/2016 (outstanding) £82,000 NETWORK NORTH I 30
9 SHORTWOOD BUSINESS PARK, BARNSLEY, S74 9LH NETWORK NORTH I 31
SOUTH YORKSHIRE SHORTWOOD BUSINESS PARK, BARNSLEY, S74 9LH 9 P High Royd House 1 115.1m NE H LA WIT CK U STO PP ER SHOR TW HO s OO illa DW YLA AY A6195 ND dV RO AD oo 6 Pond rt W SHEFFIELD R o ts Sh Pos 2 28 24 1f 1 GG TH 5 19 E A6 12 WA D 25 21 ESS LK LN 1a 5 19 8a A6 W Shortwood Business Park 2d HA T El Sub Sta UR Path 8c RT W OO D CO S W O ck SH Tra HA 95 M1 2a 7a ESS A61 7b B6 0 9 7 SHORTWOOD ROUNDABOUT A6 96 3 0 B6 6a N E W RD 13 5 J36 LN 6c LEY ERS NK 4 TA SH EF FI 5 E 1 LD A6 RD LN M1 CH UR CH Path The areas hatched blue have been sold Long Leasehold. 100m 150m SUMMARY Location Business Park, comprising of circa 11,000 sq ft was recently Tenure rdnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500 sold for a price reflecting £65 per sq ft. Unit 8B on the estate, Shortwood Business Park is situated on the A6195 Dearne Freehold • Located just off J36 of the M1 Valley Parkway, approximately 4 minutes drive from Junction comprising of 5,043 sq ft was also recently sold at a price of circa £68 per sq ft. The properties hatched blue on the enclosed plan have been 36 of the M1 and 15 minutes south of Barnsley town centre. sold off Long Leasehold. • 5 modern units, 1 vacancy Nearby occupiers include a number of local businesses and national occupiers including DHL, Rethink, Oracle Precision With regard to the information above and lettings recently completed at the subject estate, we have assumed an ERV of • 11 ground leases producing and Remora. The property is also situated close to Gateway £5.50 psf, equating to £225,445 p.a. The units shaded blue have been sold Long Leasehold. 36, a recently completed speculative development. £2,200 p.a. Description Barnsley is situated approximately 20 miles south of Leeds 1 The property comprises a modern industrial estate constructed • Income growth from and 15 miles north of Sheffield and has a population of some 91,000 people. in 2008 which originally comprised 16 units and 11 of which letting vacant units have been sold Long Leasehold with the remaining units 8a Market Commentary ranging from 5,982 sq ft to 10,786 sq ft, with a total of 8b • Room for rental growth The park is located within the Barnsley South area of South 40,990 sq ft. Units are of steel portal frame construction with profile sheet cladding and 6 metre eaves and fitted offices 8c 2b 2c 2d Yorkshire which is an established location adjacent to the 7a to each of the units. The estate benefits from concreted yard • 4 tenants 7b 2a M1 motorway and attracts occupiers from the Sheffield, with some tarmac car parking areas. Rotherham and Barnsley area. Prime rents for units of 5,000 3 • 40,990 sq ft – 30,000 sq ft have been achieved at £5.50 per sq ft. Key 6a recent transactions include the letting of circa 30,000 sq ft Accommodation 6b 6c to Talurit at Gateway 36 at a rent of £5.50 per sq ft. The Please see tenancy schedule for a breakdown of areas. The • WAULT of 6.04 years to expiry same price was also achieved on Unit 2 and 4 of this estate, total site area comprises 7.33 acres (excluding areas sold 4 and 3.43 years to break comprising of 13,000 sq ft and 22,000 sq ft respectively. LLH). The site coverage of units 4-6c is approximately 26%. 5 Freehold vacant possession sales are limited, owing to a lack • Passing rent of £176,170 p.a. of available stock in the market although unit 4 at Shortwood NETWORK NORTH I 32
9 SHORTWOOD BUSINESS PARK, BARNSLEY, S74 9LH Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 4 10,786 Global Print Solutions Ltd £59,323.00 £5.50 03/07/2017 03/07/2022 02/07/2027 Rent Review 03/07/2022 Unit 5 10,027 Pro Display TM Limited £45,000.00 £4.49 17/08/2009 n/a 16/08/2019 Rent Review 17/05/2014 (outstanding) Unit 6a 5,982 Vacant £32,901.00 £5.50 Unit 6B 6,028 E.On UK PLC £31,647.00 £5.25 01/05/2017 01/05/2022 30/04/2027 Rent Review 01/05/2022 Unit 6C 8,167 A Shade Greener Ltd £38,000.00 £4.65 17/12/2009 n/a 16/12/2019 Total 40,990 £173,970.00 Sold Units Ground Lease Start Lease End Lease Term Unit No. Rent pa Date Date (years) Unit 1 £200.00 04/01/2006 03/01/3005 999 Unit 2A £200.00 27/03/2006 26/03/3005 999 Unit 2B £200.00 16/06/2006 15/06/3005 999 Unit 2C £200.00 01/01/2006 31/12/3004 999 Unit 2D £200.00 06/06/2006 05/06/3005 999 Unit 3 £200.00 02/05/2006 01/05/3005 999 Unit 7A £200.00 31/07/2009 30/07/3008 999 Unit 7B £200.00 31/07/2009 30/07/3008 999 Unit 8A £200.00 23/02/2009 22/02/3008 999 Unit 8B £200.00 06/07/2017 05/07/3016 999 Unit 8C £200.00 21/05/2010 20/05/3009 999 Total £2,200.00 NETWORK NORTH I 33
10 UNITS 1 & 3, EDEN CLOSE, HELLABY INDUSTRIAL ESTATE, ROTHERHAM, S66 8RW NETWORK NORTH I 34
10 6 Drain SOUTH YORKSHIRE UNITS 1 & 3, EDEN CLOSE, HELLABY INDUSTRIAL ESTATE, ROTHERHAM, S66 8RW 4 Depot Tank Works M18 WB Y DENBY WA NE LOW LA TON AY Pond ABY W HELL El Sub Sta FRETWELL ROAD BAWTR El Sub Sta Y RD EDEN CLOS E J1 Works A631 Hellaby Pip e Lin A 6 31 e WELL LANE Bro ok ef D CUM M18 entre) The areas hatched blue have been sold Long Leasehold. Dismantled Railwa y SUMMARY Location Market Commentary The subject property is on Eden Close, Rotherham which East of the Pennines Assembly Hall Eden Close is cited within the established Hellaby Industrial Unit 1 comprises a self-contained building of 16,191 sq • Located just off J1 of the M18 (Conference Centre and Kingdom Hall) forms part of the Hellaby Industrial Estate at Junction 1 of Estate and falls within the Rotherham area of the South ft, integral offices, two loading doors and 7 metre eaves. the M18. The property is situated approximately 13 miles Yorkshire market. Key transactions within the area include the Externally, the property has profile sheet cladding, concreted • 2 modern units north east of Sheffield, 30 miles south of Leeds and 12 miles The Bungalow south west of Doncaster. Occupiers within the estate include letting of Unit 1 Redwood Court comprising of 7,382 sq ft at a rent of £5.25 per sq ft to Health Imaging Solutions. Further yard and tarmac parking areas. Unit 3 comprises a self-contained building of 6,053 sq ft Stanley Tools, KP Nuts, Clipper Logistics, TNT and a large north up the M18, Unit 8 at Bullrush Business Park comprising • 150m 3 ground leases with integral ground floor offices and concrete storage space LANE facility occupied by Pearson who is also an occupier in the of 4,011 sq ft was let a rent of £6.00 per sq ft. Other notable HELLABY 0m above, two loading doors and 7 metre eaves. Externally, He lla subject property. transactions include Vantage Park in Rotherham where rents y b Bro the property has profile sheet cladding, concreted yard and • 2 tenants ok ey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500 achieved are £4.75 per sq ft. Freehold VP transactions are Rotherham is situated in South Yorkshire and has a population tarmac parking areas. limited due to the availability of stock within the region of some 257,000 people. Hellaby is a strategic selection with although Unit 3 at Shepcote Business Park comprising of • Room for rental growth distribution firms given its quick links to both the M1 and A1(M) equally. 4,517 sq ft transacted for £66 per sq ft. Accommodation Please see tenancy schedule for a breakdown of areas. The • 22,244 sq ft We have assumed an ERV of £5.50 psf, reflecting £122,000 p.a. property comprises a total of 22,244 sq ft. The total site area is 2.78 acres (excluding areas sold LLH). The site coverage of Description units 1&3 is approximately 45%. • WAULT of 6.89 years to expiry Units 1 and 3 Eden Close comprise 2 modern warehouse units and 0.20 years to break within the development of 5 buildings, 3 of which have now Tenure been sold Long Leasehold. The units are of high quality, built Freehold • Passing rent of £108,000 p.a. in the early 90’s of steel portal frame construction, set within an attractive landscaped estate. NETWORK NORTH I 35
10 UNITS 1 & 3, EDEN CLOSE, HELLABY INDUSTRIAL ESTATE, ROTHERHAM, S66 8RW Tenancies Size Headline Headline Asking rent pa Asking rent psf Lease Start Break Lease End Unit No. (sq ft) Tenant Name rent pa rent psf (if vacant) (if vacant) Date Date Date Comments Unit 1 16,191 Pearson Education Limited £74,000.00 £4.57 23/01/2015 23/06/18 23/06/2025 Rent Review 25/12/2019 24/12/19 23/06/21 23/06/23 Unit 3 6,053 T.H.S. Tools Limited £34,000.00 £5.62 £37,581.50 £5.50 23/10/2012 23/10/2017 22/10/2022 Tenant has served break Total 22,244 £108,000.00 Sold Units Ground Lease Start Lease End Lease Term Unit No. Rent pa Date Date (years) Unit 2 £0.00 25/11/2011 24/11/3010 999 Unit 4 £0.00 25/11/2011 24/11/3010 999 Unit 5 £0.00 18/11/2011 17/11/3010 999 NETWORK NORTH I 36
11 ZENITH PARK AND ZENITH PARK NETWORKCENTRE, WHALEY ROAD, BARUGH GREEN, BARNSLEY, S75 1HT NETWORK NORTH I 37
SOUTH YORKSHIRE ZENITH PARK AND ZENITH PARK NETWORKCENTRE, WHALEY ROAD, BARUGH GREEN, BARNSLEY, S75 1HT 11 MP 51 W ord sw ort ETL hB AD 2 us ine RO ss LL Pa E HA rk 1 EY RO N AD AR A63 DE M 28 7 DAY 4 B6 HO L Dra in N 28 B64 74.1m F Sta E b Su WH 6 El A6 AL D Garage Zenith Park 1 7 37 E 2 Day House YR Wood C Zenith Network Centre 10 OA 22 25 D 20 A635 11 Day House Wood 14 21 A ESS 8 G A6 El Sub Sta 5 16 3 CO 14 AD 18 PP RO ICE 7 15 AV W I LT H O R P E ROAD H EN UE 4 9 LEYL 2 4 B AN J D WA 7 10 LK 1 K 12 Claycliffe Office Park WOOD ACRES 1 36 2 ANDS 1 BELR LEYL 6 THE IDGE 1 RE Garage 2 CLO 42 SE 30 Day House Wood DB RO 28 23 O K ROAD 2 BARCR H STREE T 1 AR U 1 G Play Area 3 H CHURC 3 DS OFT FLATT GR IEL GF EE RIN 1 N SP RO 27 AD b Sta The areas hatched blue have been sold Long Leasehold. 52 21 WAY 6 Su El 5 CH 100m 150m SE 17 7 UR 9 IT OU RM LAN E 4 CR 36 YH 31 11 OF 81 DA T HE 6 36 5 12 7 0 56 37 Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500 SUMMARY Location Zenith Park is situated off the A637 on the outskirts of of available stock in the market although unit 4 at Shortwood within a secured gated estate with CCTV. • Located close to Barnsley Town Barnsley town centre. The property is situated close to Business Park, comprising of circa 11,000 sq ft was recently Zenith Park Networkcentre is situated adjacent to Zenith Park Centre and J38 of the M1 Redbrook Business Park and is a popular location represented sold for a price reflecting £65 per sq ft. Unit 8B on the estate, forming its own self enclosed estate and constructed in 2001. by most of the national motor trade dealerships. Other comprising of 5,043 sq ft was also recently sold at a price of The estate comprises 19 workspace units over 4 terraces • 26 modern units (4 of which are occupiers include Amalgamated Construction (AMCO) and circa £68 per sq ft. ranging from 903 sq ft to 2,336 sq ft and total of 30,405 sq other local businesses. With regard to the information above and lettings recently ft. The properties are of steel portal frame construction with 5 combined), 4 vacancies Barnsley has a population of some 92,000 people and completed at the subject estate, we have assumed an metre eaves, concreted yards and block paved parking areas. is situated 15 miles north of Sheffield, 30 miles east of ERV of £5.50-£6.00 psf, equating to approximately £499,000 • 6 ground leases Manchester and 18 miles south of Leeds and the estate is p.a. combined. Accommodation producing £1,100 p.a. located a few minutes drive from J37 of the M1. Please see tenancy schedule for a breakdown of areas. The Description property comprises a total of 90,416 sq ft across a total site • Income growth from Market Commentary The property is split over two estates, Zenith Park and Zenith area 9.92 acres (excluding areas sold LLH). letting vacant units The park is located within the Barugh Green area of Barnsley, Park Networkcentre. South Yorkshire which is an established location adjacent to Zenith Park is a development of 13 modern industrial units Tenure • Room for rental growth the M1 motorway and attracts occupiers from the Sheffield, Freehold adjacent to the Zenith Park Network Centre. Of the 13 Barnsley and Wakefield area. Prime rents for units of 5,000 units, 6 have been sold Long Leasehold with the remaining – 30,000 sq ft have been achieved at £5.50 per sq ft. Key • 90,416 sq ft recent transactions include the letting of circa 30,000 sq ft units ranging from 5,564 sq ft to 13,729 sq ft and a total of 60,011 sq ft. The properties are of modern steel portal to Talurit at Gateway 36 at a rent of £5.50 per sq ft. The • WAULT of 2.49 years to expiry frame construction being built in 2001 with 6-7 metre eaves, same price was also achieved on Unit 2 and 4 of this estate, part brickwork and part profile sheet cladding, integral fitted comprising of 13,000 sq ft and 22,000 sq ft respectively. and 2.32 years to break Freehold vacant possession sales are limited, owing to a lack offices and concrete yard areas. The property is situated • Passing rent of £428,282.95 p.a. NETWORK NORTH I 38
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