ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
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ROSE
PORTFOLIO
PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS
M90
GLASGOW
PORTFOLIO OVERVIEW M77
M74
Strategic portfolio of last mile distribution locations which benefit from ease of
access to major UK conurbations DUMFRIES
NEWCASTLE
UPON TYNE
• The portfolio comprises four assets weighted equally by rental income
between key industrial locations within the North West and West Midlands
regions M6
Warrington,
• All properties are held Freehold Woolston, WA1 4SR
A1(M)
• Very secure income profile. 71% of the annual rent is let to covenants
YORK
rated as ‘lower than average’ risk of business failure by D&B
BLACKPOOL LEEDS
HULL
• Total floor area of 199,906 sq ft Warrington, M6
Milner St, WA5 1AD MANCHESTER M18
• Marketing rent of £1,218,587 which reflects an average rent of £6.10 psf
LIVERPOOL M65 SHEFFIELD
• Strong reversionary potential with an estimated rental value of
£1,290,574 reflecting £6.46 psf M1
A1
• AWULT of 4.0 years to break options and 5.3 years to lease expiry
LEICESTER NORWICH
PETERBOROUGH
• Immediate asset management opportunities available to drive the
A11
income profile. All the assets have upcoming lease events within 3.5 BIRMINGHAM A14
CAMBRIDGE
years
IPSWICH
M11
M5 M40
FELIXSTOWE
A1(M)
SOUTHEND
M4 M4
CARDIFF LONDON
We are instructed to seek offers in excess of £19,030,000
M25
(Nineteen Million and Thirty Thousand Pounds) subject M3
DOVER
to contract and exclusive of VAT. M5
CANTERBURY
SOUTHAMPTON
EXETER
A purchase at this level reflects a net initial yield of 6.00%,
a potential reversionary yield of 6.35% (based on ERV) and PLYMOUTH
a capital value of £95 psf, assuming purchaser’s costs of
6.75%. CMCS
Droitwich Spa,
WR9 0LW Rugby, CV12 1TN
ROSE PORTFOLIO PORTFOLIO OVERVIEW 2
PORTFOLIO OVERVIEW
Rent
Total Area Lease Break Rent Lease Passing Rent Headline Headline AWULTC AWULT % Passing
Town Unit Tenant Review
(sq ft) Start Date Review Expiry Rent (p.a.) (psf) ERV (p.a.) ERV (psf) (yrs) (yrs) Income
Mechanism
Regal Amusement
Unit 202 Machine Sales Ltd 5 yearly to
15,937 24/11/2018 23/11/2023 24/11/2023 23/11/2028 £99,000 £6.21 £107,575 £6.75 3.2 8.2 8%
Stonebridge Cross (guaranteed by OMRV
Droitwich Gauselmann AG)
1
Spa
Unit 204 Critical Mail Continuity
31,792 01/04/2013 31/03/2023 £192,000 £6.04 £214,596 £6.75 2.6 2.6 16%
Stonebridge Cross Services Ltd
Subtotal 47,729 £291,000 £6.10 £322,171 £6.75 2.8 4.5
Unit C
Cummins Limited 38,647 25/06/2019 22/10/2021 £318,685 £8.25 £270,529 £7.00 1.1 1.1 26%
Valley Drive
2 Rugby
Subtotal 38,647 £318,685 £8.25 £270,529 £7.00 1.1 1.1
1 Kingsland A. Schulman
71,136 24/06/1998 23/06/2023 £350,000 £4.92 £409,032 £5.75 2.8 2.8 29%
Grange Thermoplastics Limited
3 Warrington
Subtotal 71,136 £350,000 £4.92 £409,032 £5.75 2.8 2.8
Unit 1 UK Storage Company 5 yearly to
10,732 15/03/2019 15/03/2029 15/03/2024 14/03/2044 £69,758 £6.50 £75,124 £7.00 8.5 23.5 6%
Milner Street (SW) Limited OMRV
5 yearly to OMRV
(subject to a cap
calculated by
4 Warrington Unit 2 Selco Trade Centres
31,662 19/01/2017 19/01/2022 18/01/2032 £189,144 £5.97 £213,719 £6.75 11.4 11.4 16% multiplying rent
Milner Street Limited
reserved before
review date by
1.025)
Subtotal 42,394 £258,902 £6.11 £288,843 £6.81 10.6 14.6
Total 199,906 £1,218,587 £6.10 £1,290,574 £6.46 4.0 5.3 100%
ROSE PORTFOLIO PORTFOLIO OVERVIEW 3
PORTFOLIO INCOME ANALYSIS
INCOME BY PROPERTY PASSING RENT VS ERV
£9.00
Warrington, £8.00
21% Kingsland Grange
£7.00
29%
£6.00
Droitwich Spa £5.00 Passing
Rent
£4.00
£3.00
Rugby ERV
£2.00
26%
£1.00
24% Warrington, £0.00
Milner Street
Warrington, Droitwich Rugby Warrington,
Kingsland Grange Spa Milner Street
INCOME BY COVENANT RISK INCOME OVER CONTRACTUAL TERM INCOME BY YEARS TO LEASE EXPIRY
Higher
than Average
22% 24%
29% 0-2
3-5
8%
5-10
71%
10+
Lower
46%
than Average £0.00 £0.50 £1.00 £1.50 £2.00 £2.50
or Below Millions
ROSE PORTFOLIO PORTFOLIO OVERVIEW 4
DRIVING VALUE THROUGH ASSET MANAGEMENT
• The portfolio provides clear opportunities to add value at lease expiries and rent reviews.
• All the assets have upcoming lease events within a 3.5 year hold period
• Tenants are actively engaging on lease renewals
• The portfolio is well positioned to capture inherent and forecast rental growth
CUMMINS VACAT SELCO RENT REVIEW CMS LEASE RENEWAL A SCHULMAN LEASE REGAL GAMING RENT UK STORAGE CO
& RELET DUE: JAN 2022 DUE: MAR 2023 RENEWAL REVIEW RENT REVIEW
DUE: OCT 2021 PR: £ 189,144 PR: £192,000 DUE: JUNE 2023 DUE: NOV 2023 DUE: MAR 2024
PR: £318,685 (£8.25PSF) (£5.97PSF) (£6.04PSF) PR: £350,000 (£4.92PSF) PR: £99,000 (£6.21PSF) PR: £69,758 (£6.50PSF)
ERV: £270,529 INDEXED AT 2.5%: ERV: £214,596 ERV: £409,032 ERV: £107,575 ERV: £75,124
£1,450,000 (£7.00PSF) £193,873 (£6.12) (£6.75PSF) (£5.75PSF) (£6.75PSF) (£7.00PSF)
7.01%
£1,400,000
ERV AFTER
RENTAL GROWTH
£7.13 PSF
£1,350,000
nnum
Rental Income per Annum
.5% per a 6.57%
h at 2
Running Yield
t AFTER RENTAL
d grow GROWTH
£1,300,000 alise
Annu £6.68 PSF
+£5,366 6.25%
+£8,575 6.23%
£1,250,000 6.00% 6.18%
NIY £1.26m £1.27m
+£59,032 INDICATIVE INDICATIVE £1,273,566
PASSING RENT PASSING RENT
£1,200,000 5.89%
+£22,596
£1.22m +£4,729 5.78%
INDICATIVE 5.76%
£1,150,000 PASSING RENT £1.17m £1.17m £1.18m £1.20m
INDICATIVE INDICATIVE INDICATIVE INDICATIVE
PASSING RENT PASSING RENT PASSING RENT PASSING RENT
£1,100,000
Purchase Oct-21 Jan-22 Mar-23 Jun-23 Nov-23 Mar-24 Sep-24
Passing Rent Lease Event Rental Growth ERV
ROSE PORTFOLIO PORTFOLIO OVERVIEW 5
VAT
The portfolio has been elected for VAT and it is envisaged that the transaction will
be treated as a Transfer of Going Concern (TOGC).
DATA ROOM
A data room has been set up to provide details of all the property and legal
information deemed relevant to the sale. Access can be provided on request.
PROPOSAL
We are instructed to seek offers in excess of £19,030,000 (Nineteen Million
and Thirty Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 6.00%, a potential
reversionary yield of 6.35% (based on ERV) and a capital value of £95 psf,
assuming purchaser’s costs of 6.75%.
FURTHER INFORMATION
For further information or to arrange an inspection, please contact:
John Rodgers Will Strachan Leo Zielinski Jake Craig
T: 020 3486 3467 T: 020 3486 3474 T: 020 3486 3468 T: 020 7333 6258
M: 07810 307422 M: 07929 885859 M: 07980 809031 M: 07387 537065
E: jrodgers@geraldeve.com E: wstrachan@geraldeve.com E: lzielinski@geraldeve.com E: jcraig@geraldeve.com
ROSE PORTFOLIO PORTFOLIO OVERVIEW 6
CMCS
UNITS 202 & 204
STONEBRIDGE CROSS
DROITWICH SPA
WR9 0LW
DRONE FOOTAGE
PLEASE CLICK HERE TO ACCESS
DRONE FOOTAGE OF THIS SITE
A6
A595
M6 A19
UNITS 202 & 204 LOCATION & SITUATION A1M
A170
Scarborough
Isle of
Mann STONEBRIDGE CROSS
DROITWICH SPA, WR9 0LW • The subject properties are located two miles to the north
A19 west of Droitwich
A64 Spa town centre within Stonebridge Cross Business Park.
A65 A61
•The
Morecambe subject premises benefits from excellent transport links with J5 of the M5 located three miles to the east and Droitwich Spa rail station
approximately
M6
two miles to the south east,
A59
which provides direct accessA166to Birmingham New Street (37 minutes).
Harrogate
York A614
A1M A1079 A165
• The two warehouses are situated to the south side of Pointon Way within Stonebridge Cross Business Park. Stonebridge Cross comprises an
INVESTMENT Blackpool
A59
established 77-acre business park with major occupiers including
A19 Zenith Hygeine Group, Kimal Plc, Muller & Bibby Distribution.
M55
SUMMARY
Bradford
M55 M621
Hull
Preston Blackburn
a646 M62
Halifax LEEDS M62
M62
A6033
a666 A15
Southport M6 M62 M18
M66 Huddersfield
• Located in the established M61 Bolton M1
WYCHBOLD
Doncaster M180
Scunthorpe
Oldham Barnsley
Stonebridge Cross Business A565
M58 Wigan M18
Gloucester Grimsby Worcester
Park, benefitting from excellent 35 miles 9 miles
M57 HAMPTON LOVETT MANCHESTER A628
(44 mins)
A15 (19mins)
transport connections. Knowsley
INDUSTRIAL ESTATE M60
A1M
A46
Rotherham M18 A631
M62
• The properties comprise two LIVERPOOL Warrington BERRY HILL
Stockport
SHEFFIELD 5 A16
INDUSTRIAL ESTATE A156
Runcorn
modern detached industrial units M53
M56 STONEBRIDGE CROSS A34 A623
constructed in 1998Colwyn
A55
& 2000
Bay A55
A49
BUSINESS PARK A38 A158
M1
measuring a combined 47,729 sq Northwich
Chesterfield A60
Lincoln
M6 A442 M5 A614
A470 Chester
ft. A523
A1
A46
A494 A34 A515 A6
A5 A41 A61 Birmingham
• Site area of 3.09 acres, which Crewe
A523 23 miles
A16
Newark-on-Trent
reflects a low site densityA5of 30%. Wrexham (34 mins) Bimingham
A487 Stoke-on-Trent B4065
A483
A495
A17 30 miles
• The properties are let to Critical A5
A38
A52
NOTTINGHAM (32 mins)
DROITWICH SPA A52 Heathrow
Mail Continuity Services Ltd and A442
A495 A53 A50
113 miles A52
Derby A148
Regal AmusementA470
Machine
A494
Sales M6
B4090 (1 hr 42 mins) East
Ltd both rated as having a ‘lower A53
Stafford A515 A607 A17
Midlands
A41 A15 A140
than average’ and ‘minimum’ A483
A34 A511
A6 A46
A1
61 miles
Shrewsbury A38 A1065
risk of business failure by Dun & Loughborough (1 hr 5 mins)
A458
Bradstreet A458
M54
M6TOLL
M1 A606
A16 A47
M42 A444 LEICESTER A47
• The two properties provideA470a A483
A458
A47
Norwich
combined unexpired term of 2.8 Wolverhampton M69 A43
Bristol
Peterborough
A134 A1065
A146
A49 Nuneaton
A487 Whetstone 77 miles A141
years to break and 4.5 years to A11
A140
A6 (1 hr 28 mins)
A605 M5 (J5)
expiry. A470
A442
BIRMINGHAM A1M 3 miles
A44 M6 A1065
A143
Aberystwyth Kidderminster A14 Corby (5 mins)
• Passing rent of £291,000 pa, A483 M42
COVENTRY Rugby
M50
A45 A14
A141
A449
A487£6.10 psf overall.
reflecting A456 M5 Royal 19 miles
Kettering
A134
Redditch Newmarket
Leamington (24 mins) A14
M5 (J6)
Spa A14
• ERV of £322,171 pa, reflecting A44
Droitwich Spa M1 NORTHAMPTON
A6 St Neots
A428
6 miles A140
Worcester Bury St Edmunds
£6.75 psf overall. A44 Stratford-upon-Avon A423 (12 mins) A12
Cambridge
• Freehold. A483
A438
A429
M40 Bedford
A1
A487 A43
Hereford A46
A424 M42 Sudbury Ipswich
Letchworth 8 miles Felixstowe
A470
M50
Buckingham
MILTON
MILTON A1M
A10
(12 mins) A131
A12
M5 M1 M11
A465
Cheltenham A44 KEYNES
A5 Stevenage
Stansted
A429 Colchester
A470
J9
Bishop A120
A40 Gloucester A34 Stortford A133
ROSE PORTFOLIO UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW
Aylesbury
St. 8
A417 A40 Albans
Monmouth Oxford A418 A12
J8 A41
A449 / Kidderminster Berry Hill
Industrial Estate
A442
Hampton Lovett
Industrial Estate
Droitwich Spa / A38 / M5 (J5)
Pointon Way
ROSE PORTFOLIO UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW 9
DESCRIPTION & SPECIFICATION TENURE
The property is held freehold.
Area: Unit 202: 15,937 sq ft
Constructed in 1998 & 2000
Unit 204: 31,792 sq ft
SITE
Steel portal frame construction with part Both properties have secure yards to
blockwork and part powder coated steel the rear of the warehouses with barrier
cladding under profile steel sheet roofing entry systems The total site measures 3.09 acres providing a low site density of
approximately 30%.
Unit 202: 6.9 metre eaves height
30m yard depth
Unit 204: 7.9 metre eaves height
Unit 202: 3,542 sq ft of offices
2 level access doors to the rear of (22.2% office content)
each unit Unit 204: 5,012 sq ft of offices
PO
(15.8% office content) IN
TO
N
W
AY
Good quality offices benefiting from CMCS
suspended ceilings, gas central heating EPC ratings of C
and LED lighting
*Boundary for indicative purposes only
ACCOMMODATION SCHEDULE
Unit 202 Sq m Sq ft Unit 204 Sq m Sq ft
Warehouse 1,153.2 12,413 Warehouse 2,487.9 26,780
Office 327.4 3,524 Office 465.6 5,012
1480.6 15,937 2,953.5 31,792
In total the unit’s measure a combined 47,729 sq ft (4,434.1 sq m)
*Area excludes tenant addition of 1,882 sq ft (Unit 1) and 2,824 sq ft (Unit 2)
ROSE PORTFOLIO UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW 10TENANCY SCHEDULE
Total Area Lease Review Break Lease Passing Rent Headline Headline
Unit Tenant Comments
(sq ft) Start Date Date Expiry Rent (p.a.) (psf) ERV (p.a.) ERV (psf)
Regal Amusement Rent is reviewed five-yearly to OMV.
Unit 202
Break subject to 6 months’ notice.
Stonebridge Machine Sales Ltd
15,937 24/11/2018 23/11/2023 23/11/2023 23/11/2028 £99,000 £6.21 £107,575 £6.75 Inside the 1954 Act.
Cross, (guaranteed by
Area excludes tenant additions of
Drotwich Spa Gauselmann AG) 1,882 sq ft.
Unit 204
Inside the 1954 Act.
Stonebridge Critical Mail Continuity
31,792 01/04/2013 31/03/2023 £192,000 £6.04 £214,596 £6.75 Area excludes tenant addition of
Cross, Services Ltd
2,824 sq ft
Drotwich Spa
Total 47,729 £291,000 £6.10 £322,171 £6.75
Regal Amusement Machine Sales Ltd Critical Mail Continuity Services Ltd
TENANT OPERATION TENANT OPERATION
• Regal Amusement Machine Sales Ltd have been in occupation of the facility since 2008. • Critical Mail Continuity Services Ltd have been in occupation of the facility since 2003.
• The facility is the largest of the company’s 11 depots with up to 93 staff on site at one time • The facility comprises the company’s sole property where all operations are run from.
• From this facility the company stores, maintains and fixes its gaming machines as well as
• The current unit has the capability of producing 8 million images and 2 million
using the ancillary space for national business meetings.
envelopes per day.
COVENANT
COVENANT
• Regal Gaming and Leisure are the leading UK supplier of amusement equipment to the
leisure sector. • Critical Mail Continuity Services are a market leader in the recovery of business-critical
• Founded in 1998 the business now operates over 15,000 machines from 11 regional documents for the print and mail industry. They also offer wide ranging-IT support as
depots (national service centres) and has approximately 425 employees. well as running regular production exercises for clients.
• The company is a subsidiary of Gauselmann group who reported a €3.6bn turnover in • The company is well established within their sector and partners with a number of large
2018 and employ c13,500 staff across 220 global subsidiaries. This entity guarantees the organisations from the finance, insurance and utilities industries.
lease under the company Gauselmann AG providing increased covenant strength. • The company was founded in 1998 and now employees a total of 25 staff at the site.
Regal Amusement Sales Ltd have a current credit rating of A2 representing a ‘Lower than
Average Business Risk.’
Gauselmann AG have a current credit rating of 5A1 According to Dun & Bradstreet D&B Rating: 2A1 representing a ‘Minimum Risk’ of business failure
representing a ‘Minimum Business Risk.’
31 Dec 2019 31 Dec 2018 31 Dec 2017
31 Dec 2019 31 Dec 2018 31 Dec 2017
£000s £000s £000s £000s £000s £000s
Sales / Turnover £33,125,093 £30,286,845 £29,158,540 Sales / Turnover £7,479,090 £7,060,334 £6,826,021
Profit / (Loss) Before Tax £1,003,554 -£650,180 -£6,754,036 Profit / (Loss) Before Tax £1,826,780 £1,721,566 £1,599,968
Tangible Net Worth £698,929 -£50,111 -£197,979 Tangible Net Worth £3,996,842 £2,518,695 £3,128,309
ROSE PORTFOLIO UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW 11LOCAL OCCUPATIONAL MARKET ASSET MANAGEMENT
INITIATIVES
The main industrial area in Droitwich Spa is located to the north east of the town centre with the premier stock
located at Stonebridge Cross and Hampton Lovett estates. • Unit 202 has a rent review and break clause in 2023 providing
the opportunity to capture underlying reversion.
Drotwich Spa sits on the border of the Southern West Midlands and Gloucestershire/Worcester submarkets providing • There is potential to regear the lease of Unit 204 which expires
convenient access to the UK’s road network. Drotwich’s location permits easy access to key east midlands and in 2023. Lease re-gear discussions are currently ongoing
south western hubs such as Bristol, Birmingham and Cardiff. Occupational demand is likely to be further improved between the tenant and current landlord.
by the scrappage of the Severn toll making the region more cost effective for occupiers.
Despite a slower year for take-up within the immediate area availability remains very low and significantly below the
regional average, with only one unit currently being marketed on Stonebridge Cross and no stock is available on the
estate within the subjects size brackets (15,000 - 50,000 sq ft).
Rental growth for the region is forecast at 1.6% over the next three years. There has been very limited development
£ activity within Drotwich’s premier industrial estates in recent history. New development within the region has
centred around Worcester where prime rents have achieved £7.00 psf+.
A summary of recent occupational evidence is shown below.
GIA Lease Rent
Property Type Tenant Date
(sq ft) Term (psf)
11 Nunnery Park, Worcester 19,134 New Letting Nemeis Ltd 10 yrs £6.75 Aug-20
12 Nunnery Park, Worcester 27,535 New Letting Obex Protection 10 yrs £6.75 Jun-20
Velocity 42, Park Farm,
93,720 New Letting Avon Freight Group 15 yrs £6.50 Oct-19
Redditch
Plot 2A, Worcester Six, Cornelius Beverage
28,500 New Letting 10yrs £6.23 Mar-19
Worcester Technologies
5-6 Nunnery Park,
17,108 New Letting Auto Support 10 yrs £7.50 Nov-18
Worcester
ROSE PORTFOLIO UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW 12VALLEY POINT
VALLEY PARK
RUGBY, CV21 1TN
DRONE FOOTAGE
PLEASE CLICK HERE TO ACCESS
DRONE FOOTAGE OF THIS SITEA596 A595 M6 Durham
A68
A66
A66
A1M
VALLEY POINT LOCATION & SITUATION
A66
A698
A66 Middlesbrough
Darlington
VALLEY PARK
A66
A591 A171
A685
RUGBY, CV21 1TN
A6
• The property is located on Swift Valley Park which comprises 60 acres of industrial and distribution development and constitutes one of Rugby’s
A595
M6 Prime industrial areas. A19
A1M
• The property benefits from excellent transport connections
Scarborough with the M6 (J1) and the M1 (J19) accessible in under 10 minutes. A170
• Rugby is regarded as one of the principal distribution locations in the UK. It lies within the ‘Golden Triangle’, formed by the M1, M6 and M69
A19 A64
INVESTMENT A65
motorways, and has A61
80% of the UK’s population accessible within a 4 hour drive time.
Morecambe
SUMMARY M6
A59
Harrogate
A1M
York
A166
A614
A165
A1079
A59
A19
Blackpool
M55
• The property sits in a prime goldenPreston M55
a646
Bradford
M6
M621
M62
Hull
triangle logistics location. Blackburn
Halifax LEEDS M62
M62
M1 SWINFORD
Birmingham Leicester
A6033 M6 35 miles 20 miles
COSFORD
Southport a666 RUGBY A15 (38 mins) (34 mins)
• The property comprises a M6 M62 M18
M66 Huddersfield GATEWAY
M1
M61 Bolton Scunthorpe
modern detached industrialA565unit M58
Oldham Barnsley
A426 Doncaster M180
A5 A14
Wigan CATTHORPE Grimsby
constructed in 2003 totalling MANCHESTER A628
M18
M57 SWIFT
38,647 sq ft. Knowsley
NEWBOLD
M60
VALLEY
PARK A1M
A15 A46
ON AVON Rotherham M18 A631
M62
LIVERPOOL Warrington Stockport
A426 SHEFFIELD A16
• Site area of 1.94 acres, which Runcorn M53 CLIFTON UPON
A156
a low
reflectsColwyn Bay
site
A55
density of 43%. M56 LONG A34
LAWFORD
A623
DUNSMORE
A158
55 A49
Northwich
RAILWAY M1
Lincoln
Northampton
A428 STATION A60
Chesterfield A614 M1 25 miles
• The property is let to Cummins
A470 Chester M6
A523
A1
A46
(36 mins)
A494
RUGBY A6 Bimingham
Ltd
A5 rated as having a ‘lower than A41 Crewe
A34
A4071 A515 A61 A5
A16
26 miles
average risk’ of business failure by A523
A426 A428 Newark-on-Trent (33 mins)
A5 Wrexham
A487
Dun & Bradstreet A483
Stoke-on-Trent
OVERSLADE
HILLMORTON
A17
Heathrow
A5 A495
A52
90 miles
NOTTINGHAM A52 East
A50 (1 hr 31 mins)
• The property is let on a 12 month
A494
A495 A53
Derby
A52
A148
Midlands
lease expiring 22 October 2021
A470 M6
Stafford A515 A607 A17
36 miles
A53
providing an unexpired term
A483
of 1.1 A41
A6 A46
A15 A140 (40 mins)
A34 A511 A1
years. Shrewsbury A38
Loughborough
A1065
A458
M54 M1 A606
A458 A16 A47
M6TOLL
• Passing rent of £318,685 pa, M42 A444 LEICESTER A47
A458 Norwich
A470 A47 Luton
reflecting £8.25 psf overall. A483
Wolverhampton M69 A43 Peterborough
A134 A1065
60 miles A146
A49 Nuneaton
A487 Whetstone A141
A6 A605
(1 hr 7 mins) A11
M6 (J1)
A140
• ERV of £270,529 pa, reflecting A470
A442
BIRMINGHAM M6
A1M
A1065
2 miles
A44
£7.00 psf overall.
Aberystwyth A483
Kidderminster
M42 A14 Corby A141
(5 mins) A143
A456
COVENTRY Rugby A45 A14
M45 A134
A487 Royal Kettering
Redditch 9Newmarket
miles
• Freehold. A449
M5
Leamington
Spa
A14
(15mins) A14 M1 (J19)
A44
M1 NORTHAMPTON
A6 St Neots
A428
A140
5 miles
Worcester Bury St Edmunds
A423 A12
A44 Stratford-upon-Avon Cambridge (8 mins)
A483 A1
A429 Bedford
M40
A438
A43
A424 Sudbury Ipswich
Hereford A46
M50 MILTON
MILTON Letchworth
A10 A12 M1Felixstowe
(J20)
A470 Buckingham A1M A131
A465
M5
KEYNES
A5
M1 M11 6 miles
Cheltenham A44 Stevenage
Stansted (12 mins)
A429 Colchester
A470
J9
Bishop A120
0 Gloucester A34 Stortford A133
St.
A417 A40 Aylesbury Albans
Monmouth Oxford A418 A12
A41
ROSE PORTFOLIO VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN A10
14
J8
Llanelli A465 M5 A414
A48 Cirencester
M40 Chelmsford
A449 High M25
A420 A413
Wycombe A12
A470 A419 AbingdonA14/M1/Lutterworth/Crick/Kettering
M6 (J1)
Rugby
Gateway
A426
M69 / Coventry
Rugby Town Centre
Valley Drive
Cosford Ln
Brownsover
Road
ROSE PORTFOLIO VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN 15DESCRIPTION & SPECIFICATION TENURE
The property is held freehold.
Constructed in 2003 Area: 38,647 sq ft
SITE
Steel portal frame construction Fully secure yard with perimeter
with profiled steel cladding under palisade fencing and barrier entry
a pitched roof system The total site measures 1.94 acres providing a low site density of
approximately 43%.
8.8 metre eaves height 60m yard depth
4,536 Sq Ft of offices
2 dock-level & 2 level access doors
(12.0% office content)
High-spec offices benefiting from
suspended ceilings, gas central EPC rating of B
VA L L E Y DR
heating and air conditioning
COSFORD LANE
IVE
AW PRECISION
HW COATES
*Boundary for indicative purposes only
ACCOMMODATION SCHEDULE
Sq m Sq ft
Warehouse* 3,169.0 34,111
Office 421.4 4,536
Total 3,590.4 38,647
*Mezzanine erected by current tenant (1,434 sq ft) is excluded from total area
ROSE PORTFOLIO VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN 16TENANCY SCHEDULE
Total Area Lease Review Break Lease Passing Rent Headline Headline
Unit Tenant Comments
(sq ft) Start Date Date Expiry Rent (p.a.) (psf) ERV (p.a.) ERV (psf)
Lease is contracted outside of the 1954 Act.
Unit C Short reversionary lease granted from 1 Oct 2020 to
Cummins 24 Mar 2021 at a rent of £318,685 pa (£8.25 psf). An
Valley Drive, 38,647 25/06/2019 - - 22/10/2021 £318,685 £8.25 £270,529 £7.00
Limited additonal reversionary lease is in solicitors hands to
Rugby extend the unexpired term to 22 Oct 2021.
Area excludes 1,434 sq ft tenant mezzanine.
Total 38,647 £318,685 £8.25 £270,529 £7.00
Cummins Limited
COVENANT
TENANT OPERATION • Cummins Ltd is responsible for the design, engineering, manufacture, sale and service of diesel
and alternative fuel engines, and generators as well as related components and technology.
• Cummins Ltd have been in occupation of the facility since 2007. The facility
operates 24/7 all year round and 30 staff are employed from this site. • Cummins Ltd was established in 1956 and now employees over 4,400 staff.
• From this facility the company services filtration for engines as well as running • The Global ultimate group company Cummins Inc. is listed on the NYSE and ranks 132nd on the
customer service operations for the UK Filtration arm of the business. Fortune 500 (2020).
• Cummins Filtration is one of the technological leaders in filtration products for
heavy duty diesel engines holding over 200 active global patents for product • Cummins Inc. was originally founded in 1919 and now employs 62,600 staff in approximately
technology. 190 countries through a network of 600 company owned and independent distribution
locations as well as 7,600 + dealer locations.
• Cummins are preparing to consolidate operations from 12 UK warehouses
(including the subject property) into a new headquarters facility at Apex Park, • In 2019 Cummins Inc.’s revenue stood at $23.6 billion. The group recently reported Q2 2020
Daventry comprising over 430,000 sq ft of warehouse accommodation. (See revenue of $3.9bn (representing a 14.3% EBITDA margin).
asset management initiatives).
D&B Rating: 5A2 According representing a ‘Lower than Average’ risk of business failure.
31 Dec 2019 31 Dec 2018 31 Dec 2018
£000s £000s £000s
Sales / Turnover £2,145,825 £2,410,676 £1,881,663
Profit / (Loss)
£171,495 £244,774 £140,299
Before Tax
Tangible Net Worth £314,732 £357,327 £340,111
ROSE PORTFOLIO VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN 17LOCAL OCCUPATIONAL MARKET ASSET MANAGEMENT
INITIATIVES
The main industrial area in Rugby is located to the north of the town clustered around Junction 1 of the M6 with
Swift Valley and Valley Drive, Rugby Gateway and Central Park providing the majority of supply for the local area. • Cummins Ltd currently occupy the space on a short-
term reversionary lease at a premium to the market rental
tone as they prepare to centralise much of their industrial
Rugby is a prime golden triangle location within the Southern West Midlands and one of the premier distribution
footprint into a newly developed headquarter building in
warehouse locations nationwide, attracting a large number of occupiers due to its convenient access to a significant
Daventry
percentage of the UK’s population.
• The landlord’s asset management team are currently
This has led to increased demand from third party logistics operators, manufactures and online retailers alike,
agreeing works on any refurbishment required and will
resulting in strong take up within the region in recent years. Take-up last year was significantly above the regional
look to serve a schedule of dilapidations six months prior
average at 3.8m sq ft (111% above the regional average of 1.8m sq ft). Total industrial stock in Rugby for units of
to expiry.
+30,000 sq ft now stands above 7.1m sq ft, the vacancy rate is also below the regional average at 7.2%.
• The unit is likely to be well received in the current market
Rental growth for the region is forecast at 2% over the next three years. The development pipeline has slowed with with limited availability within this size bracket nearby.
just 1.81m sq ft of completions last year, the lowest since 2015. Including stock under construction there are only
£ three units currently available in the subjects size bracket (30-50,000 sq ft) and just one on Valley Park Estate which
is being marketed as a freehold sale. The strong demand within the area has resulted in increased pressure on rents
for good quality stock. Prime rents in Rugby, Coventry and the surrounding area are now at +£7.00 psf.
A summary of recent occupational evidence is shown below.
GIA Lease Rent
Property Type Tenant Date
(sq ft) Term (psf)
Unit 5, Blue Ribbon Park,
16,690 New Letting Pack Smart Ltd 10 yrs £7.50 Jun-20
Coventry
Leofric Business Park,
47,502 New Letting Socotec UK 15 yrs £6.50 Jun-20
Progress Close, Coventry
Vesper Point,
59,000 New Letting Network Rail 10 yrs £6.97 Feb-20
Prologis Park, Coventry
WD.35 Bermuda Park,
34,689 New Letting Park Sheet Metal 10 yrs £6.95 Sep-19
Nuneaton
£6.25
Central Point One,
63,974 Rent Review Autins Group - (net effective Apr-19
Central Park, Rugby
rent)
ROSE PORTFOLIO VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN 181 KINGSLAND
GRANGE
WOOLSTON
WARRINGTON
WA1 4SR
DRONE FOOTAGE
PLEASE CLICK HERE TO ACCESS
DRONE FOOTAGE OF THIS SITEA66
A66
A1M
A66
1 KINGSLAND LOCATION & SITUATION A698
GRANGE A66
Darlington
Middlesbrough
• Warrington A66
A591 is one of the UK’s prime industrial, logistics and distribution locations due to its position at the intersection of the M62, M56
A171 and M6
WOOLSTON motorways.
A685
WARRINGTON, WA1 4SR A6
• The town is in the heart of the North West of England, equidistant between Liverpool, 23 miles to the west, and Manchester, 17 miles to the north
east.
A595
M6 A19
• The property is located on the established Kingsland Grange Business Park, approximately three miles east of Warrington town centre and
adjacent to J21 of the M6 which in turn provides access to the M62 to the north. A1M
A170
Scarborou
INVESTMENT
SUMMARY M6
11
M62 BIRCHWOOD
21a BUSINESS PARK Liverpool A19
Manchester A64
RISLEYA65
23 miles 17 miles
A61
10 (38 mins) (31 mins)
• The property is located in a prime 9 M62
21a
north west distribution location Morecambe
A49 A166
with excellent access to the wider A59
motorway network. M6 Harrogate
York A614
M6 A1M A1079
• The property comprises a detached A50
industrial unit constructed in the KINGSLAND GRANGE
A59
BUSINESS PARK
Ellesmere Port
1980s totalling 71,136 sq ft. A49
PADDINGTON WOOLSTON A19
26 miles
Blackpool (32 mins) Manchester
• Site area of 4.72 acres, which M55
A50 21 Bradford 15 miles
reflects a low site density of M55 M621 (18 mins) Hul
32.8%. WARRINGTON Preston Blackburn
A646 M62
A57
Halifax LEEDS M62
M62
• The property is let to A Schulman
Thermoplastic Limited rated as A6033
Southport A666 A15
M62 M18
having a ‘higher than average M6 M66
Huddersfield
risk’ of business failure by Dun & M61 Bolton
M1
Scunthorpe
Bradstreet Barnsley Doncaster M180
A565 Oldham Liverpool
M58 Wigan 21 miles
M18
• The property is let on a lease A628
(26 mins)
expiring 23 June 2023 providing an M57 MANCHESTER M6 (J21) A15
unexpired term of 2.8 years. 1 miles A
Knowsley M60
A1M
M56 (J9)
Rotherham (2 mins) M18 A631
M62
• Passing rent of £350,000 pa,
reflecting £4.92 psf overall. LIVERPOOL
Warrington Stockport 5 miles
(12 mins)
SHEFFIELD
Runcorn A156
M53
• ERV of £409,032 pa, reflecting M56 A34 A623
£5.75 psf overall
Colwyn Bay A55
A49 M1
M6 / M62
• Freehold. Northwich Interchange
A60
Lincoln
A470 M6
Chesterfield 5 miles A614
Chester
(8 mins) A1
A523 A46
A494 A34 A515 A6
A5 A41 A61
Crewe
ROSE PORTFOLIO 1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1A523
4SR Newark-on-Trent 20
A5 WrexhamM56 (J9)
M6 (J21)
Hardwick Grange
Industrial Estate
Woolston Park
Hardwick Grange
Woolston
Grange Avenue
M6 (J21A) / M62 /
Birchwood Business Park
ROSE PORTFOLIO
PORTFOLIO NAME HERE 1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR 21DESCRIPTION & SPECIFICATION TENURE
The property is held freehold.
Constructed in 1984 Area: 71,136 sq ft
Steel portal frame construction
SITE
Fully secure gated yard with 90 car
with part brickwork and part profiled
parking spaces to the front of the site
metal cladding The total site measures 4.72 acres providing a low site density of
approximately 32.8%.
8.1-11.1m metre eaves height 40m yard depth
7,750 sq ft of offices
2 dock levellers and 4 level access doors
(10.9% office content)
Good quality ancillary office
accommodation benefiting from EPC rating of C
suspended ceilings and air conditioning
*Boundary for indicative purposes only
ACCOMMODATION SCHEDULE
Sq m Sq ft
Warehouse & Engineering 5,811.4 62,553
Office 720.0 7,750
Exterior Stores (Warehouse) 77.4 833
Total 6,608.8 71,136
*Mezzanine erected by current tenant (6,587 sq ft) is excluded from total area
ROSE PORTFOLIO 1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR 22TENANCY SCHEDULE
Total Area Lease Review Break Lease Passing Rent Headline Headline
Unit Tenant Comments
(sq ft) Start Date Date Expiry Rent (p.a.) (psf) ERV (p.a.) ERV (psf)
1 Kingsland Inside the 1954 Act.
A. Schulman
Grange, 71,136 24/06/1998 - - 23/06/2023 £350,000 £4.92 £409,032 £5.75 Area excludes 6,587 sq ft tenant
Thermoplastics Ltd
Warrington mezzanine.
Total 71,136 £350,000 £4.92 £409,032 £5.75
A Schulman Thermoplastics Ltd
COVENANT
TENANT OPERATION • A Schulman is a leading global supplier of high-performance plastic compounds, composites
and powders.
• A Schulman Thermoplastic Limited have been in occupation of the facility since
1998.
• A Schulamn was acquired by LyondellBasell Industries Holdings in August 2018 more than
doubling LyndellBasell’s existing compounding business and broadening the companies
• The facility operates 24/7 all year round and 130 staff are employed from this location. reach into high end margin markets such as automotive, construction materials, packing and
• From this facility the company undertakes manufacturing of high performance electronic goods.
plastic compounds and resins which involves the heating and blending of plastics
with other materials.
• LyndellBasell Industries operates from five UK bases; Warrington, Gainsborough, Newport,
Carrington and Milton Keynes.
• The tenant has invested heavily in the fit out of the unit. Internally there is extensive
plant and machinery and externally the there are seven silos which are integral to
their business. There are also four transformers which provide addition power to
the warehouse and separate units on the north west boundary which are used as
workshops for maintaining and repairing plant and machinery.
D&B Rating: 3A3 representing a ‘Higher than Average’ risk of business failure
31 Aug 2018 31 Aug 2017 31 Aug 2016
£000s £000s £000s
Sales / Turnover £55,334,000 £48,316,000 £42,884,000
Profit / (Loss)
£983,000 -£1,025,000 £3,287,000
Before Tax
Tangible Net Worth £13,957,000 £13,105,000 £13,936,000
ROSE PORTFOLIO 1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR 23LOCAL OCCUPATIONAL MARKET ASSET MANAGEMENT
INITIATIVES
Warrington comprises one of the key distribution hubs within the north west due to its exceptional location within
the motorway network and proximity to key regional cities and transport hubs. The location has a skilled local work • A Schulman have invested significantly into the property since
force and attracts an extensive range of occupiers across all sectors. taking occupation and continues to upgrade their fit-out
demonstrating their commitment to the building.
Warrington sits within the Merseyside & Cheshire submarket, an area which has continued to benefit from developers • Discussions are ongoing for a lease re-gear at the unit where
seeking available land and labour forces to support large scale industrial schemes. Last year’s take up figures saw there is scope to agree a rental increase and enhance the
logistics occupiers account for over 50% of activity within the region of which Warrington was the most active unexpired term.
location with over 1.1 million sq ft of stock let.
The region has performed consistently well in recent years, underlined by an exceptional year in 2019 where take
up volumes increased by 7.2% to record breaking levels of 4.18m sq ft, 17.9% above the five year regional average.
Rental growth for the region is forecast above average at 2.3% over the next three years. Developments also edged
to a new record-breaking level in 2019 with 1.79m sq ft completed. The level of occupier demand for the new
£ product being delivered within the region is expected to push on rents with prime stock now achieving close to
£7.00 psf on similar size units to the subject property.
A summary of recent occupational evidence is shown below.
GIA Lease Rent
Property Type Tenant Date
(sq ft) Term (psf)
1 Stretton Road, Warrington 105,000 Renewal Iron Mountain 10 yrs £5.80 Jun-20
The Incontinence
Logistics North, Bolton 20,322 New Letting 10 yrs £7.50 Feb-20
Shop
Omega South, Warrington 137,000 New Letting Delivery Group 20 yrs £6.50 Oct-19
Chesford Grange, Edward Cheshire
19,521 New Letting 10 yrs £5.50 Nov-18
Warrington Company Ltd
14 Kingsland Grange,
85,323 New Letting IFCO Systems 10.75 yrs £5.87 May-18
Warrington
ROSE PORTFOLIO 1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR 24MILNER STREET
WARRINGTON
WA5 1AD
DRONE FOOTAGE
PLEASE CLICK HERE TO ACCESS
DRONE FOOTAGE OF THIS SITEA66
A66
A1M
A66
MILNER STREET LOCATION & SITUATION A698
WARRINGTON, WA5 1AD A66
Darlington
Middlesbrough
• LocatedA591
in Warrington, a major commercial destination within the North West
A66 region and one of the most dynamic, fastest growing economies in
A171
the UK.
A685
• The property is situated inA6
a prominent position fronting Milner Street, close to its junction with both the A57 and A5061 to the western fringe of
Warrington town centre.
A595
• Situated in the heart of the BankM6Quay Gateway Quarter, a popular, well established commercial location
A19 providing the closest industrial and trade
INVESTMENT accommodation to Warrington town centre. The property lies within 500m of the proposed HS2 transport hub offering future growth potential
and enhancing site value.
SUMMARY A1M
A170
Scarborou
• The property occupies a prime
location close to Warrington town Manchester A19 Port
Ellesmere A64
with excellent access to the north A49 A65 21 miles 26 miles
A61
(32 mins) (32 mins)
west transport network.
Morecambe
• The property comprises a A59 A166
warehouse divided into two units M6 WARRINGTON Harrogate
totalling 42,394 sq ft. A57 York A614
A1M A1079
• Site area of 2.89 acres, which SANKEY
A59 Liverpool
reflects a low site density of 31.6%. BRIDGES A5061 A19
20 miles
Blackpool (30 mins) Manchester
• The property is let to Selco Trade M55
Bradford 16 miles
A5060 M55
Centres Ltd and UK Storage M621 (28 mins) Hul
Company (SW) Ltd who are both Preston Blackburn
A646 M62
rated as having a ‘lower than Halifax LEEDS M62
M62
average risk’ of business failure by
Dun & Bradstreet A6033
Southport A666 A15
M62 M18
M6 M66
Huddersfield
• The two properties provide a M61 M1
Scunthorpe
Bolton
combined unexpired term of 10.6 Doncaster M180
A565 Oldham
Liverpool Barnsley
years to break and 14.7 years to M58 Wigan 12 miles
expiry. (28 mins) M18
A628
M57 MANCHESTER M62 (J9) A15
• Passing rent of £258,904 pa, Knowsley M60 3 miles A
reflecting £6.11 psf overall A1M
Rotherham (11 mins)M18 A631
M62 M56 (J9)
• ERV of £288,843 pa, reflecting LIVERPOOL
Warrington Stockport
6 miles SHEFFIELD
(15mins) A156
£6.81 psf overall Runcorn
M53
M56 A34 A623
• Freehold.
Colwyn Bay A55
A49 M1
Northwich M6/M62 Lincoln
Chesterfield A60
Interchange A614
A470 Chester M6
5 miles A1
A523 A46
(13 mins)
A494 A34 A515 A6
A5 A41 A61
Crewe
ROSE PORTFOLIO MILNER STREET | WARRINGTON, WA5 1AD A523
Newark-on-Trent 26
A5 WrexhamWarrington
Warrington Town Centre
Central Station
Golden Square
Shopping Centre
Warrington Bank
Quay Station (future
HS2 station)
Priestley Street
Warrington
Hospital
Liverpool Road
ROSE PORTFOLIO MILNER STREET | WARRINGTON, WA5 1AD 27DESCRIPTION & SPECIFICATION TENURE
The property is held freehold.
Constructed in the 1980s and Area: Unit 1: 10,732 sq ft
comprehensively refurbished in 2017 Unit 2: 31,662 sq ft
SITE
Steel portal frame construction Fully secure yard. Unit 2 benefits from
with part brickwork and part profiled an open storage compound to the
metal cladding northern elevation The total site measures 2.89 acres providing a low site density of
approximately 31.6%.
6.3 metre eaves height 200 surface car parking spaces
Unit 1: 1 loading door Unit 2: 3,409 sq ft of offices
Unit 2: 2 loading doors (10% office content)
High specification trade counter and Unit 1: EPC Rating of B
office accommodation Unit 2: EPC Rating of E
MILNER STREET
* Boundary for indicative purposes only
ACCOMMODATION SCHEDULE
Unit 1 Sq m Sq ft Unit 2 Sq m Sq ft
Warehouse 997.0 10,732 Warehouse 2,624.8 28,253
1480.6 10,732 Office 316.7 3,409
2,941.5 31,662
In total the unit’s measure a combined 42,394 sq ft (3,938.5 sq m)
ROSE PORTFOLIO MILNER STREET | WARRINGTON, WA5 1AD 28TENANCY SCHEDULE
Total Area Lease Review Break Lease Passing Rent Headline Headline
Unit Tenant Comments
(sq ft) Start Date Date Expiry Rent (p.a.) (psf) ERV (p.a.) ERV (psf)
Unit 1 UK Storage Rent is reviewed five-yearly to OMV. Break
Milner Street, Company (SW) 10,732 15/03/2019 15/03/2024 15/03/2029 14/03/2044 £69,758 £6.50 £75,124 £7.00 subject to 6 months’ notice. Second break
Warrington Limited option on 15 Sept 2036. Inside the 1954 Act.
Rent reviewed 5 yearly to OMV subject to a
cap which is calculated by multiplying the rent
Unit 2
Selco Trade reserved immediately before the review date
Milner Street, 31,662 19/01/2017 19/01/2022 18/01/2032 £189,144 £5.97 £213,719 £6.75
Centres Ltd by 1.025. Before assigning to a third party the
Warrington
Tenant must first offer to surrender or assign
the lease to the Landlord.
Total 42,394 £258,902 £6.11 £288,843 £6.81
Selco Trade Centres Limited UK Storage Company (SW) Limited
TENANT OPERATION TENANT OPERATION
• SELCO operate as a builders merchants open seven days a week. • UK Storage Company have been in occupation of the facility since 2019
• The tenant has been in occupation of the facility since 2017.
• The company employs 25 staff from its Warrington site. • The tenant offers self storage facilities for businesses and residential customers. The
business includes an online check-in facility so customers can set up storage any
time of the day.
• The site is fully secure with gated access and CCTV throughout.
COVENANT • The company operates the site remotely and the unit is serviced by maintenance and
cleaning on a daily basis.
• Selco was originally formed in 1895 and now operates 68 builders’ merchants across the
UK employing a total of c.3,100 members of staff.
• Selco stocks over 15,000 trade products in every branch and offers a comprehensive
online service with next day delivery and click and collect options.
• The Selco brand has increased in size rapidly in recent years with the network doubling COVENANT
since 2014.
• Selco was acquired in 1998 by Grafton Group PLC which owns several household brands
operating in the merchanting, retailing and manufacturing sectors. The group is listed on • The company was founded in 2005 and now employs a total of 30 staff across 27
the London Stock Exchange with a market cap of approximately £1.84 bn. facilities, throughout the UK.
D&B Rating: 5A2 representing a ‘Lower than Average’ risk of business failure D&B Rating: 2A2 representing a ‘Lower than Average’ risk of business failure
31 Dec 2019 31 Dec 2018 31 Dec 2017 31 Mar 2019 31 Mar 2018 31 Mar 2017
Sales / Turnover £512,885,000 £460,096,000 £399,628,000
Tangible Net Worth £3,561,942 £2,868,188 £2,206,981
Profit / (Loss) Before Tax £45,288,000 £43,538,000 £46,540,000
Tangible Net Worth £62,709,000 £95,548,000 £60,697,000
ROSE PORTFOLIO MILNER STREET | WARRINGTON, WA5 1AD 29LOCAL OCCUPATIONAL MARKET ASSET MANAGEMENT
INITIATIVES
Warrington comprises one of the key distribution hubs within the north west due to its exceptional location within
the motorway network and proximity to key regional cities and transport hubs. The location has a skilled local work • The landlord is currently in discussions with UK Storage Co to
force and attracts an extensive range of occupiers across all sectors. demise the entirety of the remaining yard areas to remove the
administrative burden of running a service charge on the unit
Warrington sits within the Merseyside & Cheshire submarket, an area which has continued to benefit from developers
seeking available land and labour forces to support large scale industrial schemes. Last year’s take up figures saw • There is scope to achieve rental uplifts at both rent reviews
logistics occupiers account for over 50% of activity within the region of which Warrington was the most active in January 2022 and March 2024 respectively.
location with over 1.1 million sq ft of stock let.
The region has performed consistently well in recent years underlined by an exceptional year in 2019 where take
up volumes increased by 7.2% to a record breaking level of 4.18m sq ft, 17.9% above the five year regional average.
Rental growth for the region is forecast above average at 2.3% over the next three years. Developments also edged
to a new record-breaking level in 2019 with 1.79m sq ft completed. The level of occupier demand for the new
£ product being delivered within the region is expected to push on rents with prime stock now achieving up to £7.50
psf on similar sized units to the subject property.
A summary of recent occupational evidence is shown below.
GIA Lease Rent
Property Type Tenant Date
(sq ft) Term (psf)
16 Gatsworth Court,
20,278 New Letting Go Interior Ltd 10 yrs £6.75 Oct-19
Warrington
211 Europa Boulevard,
15,000 New Letting Aesetic Technologies 10 yrs £6.75 May-19
Warrington
208 Cavendish Place,
6,907 New Letting All Studios Ltd 15 yrs £6.75 Mar-19
Birchwood, Warrington
Unit 1, Calver Quay,
26,000 New Letting Bonfiglioli 15 yrs £6.50 Mar-19
Warrington
212 Europa Boulevard,
6,500 New Letting Dante FS Group 10 yrs £7.46 Oct-18
Warrington
Suite 28 & 30, Gateway 49,
8,000 New Letting Screwfix Ltd 10 yrs £7.50 Aug-18
Warrington
ROSE PORTFOLIO MILNER STREET | WARRINGTON, WA5 1AD 30PROPOSAL
We are instructed to seek offers in excess of
£19,030,000 (Nineteen Million and Thirty
Thousand Pounds) subject to contract and
exclusive of VAT.
A purchase at this level reflects a net initial yield
of 6.00%, a potential reversionary yield of
6.35% (based on ERV) and a capital value of £95
psf, assuming purchaser’s costs of 6.75%.
FURTHER INFORMATION
For further information or to arrange an inspection, please contact:
John Rodgers Will Strachan Leo Zielinski Jake Craig
T: 020 3486 3467 T: 020 3486 3474 T: 020 3486 3468 T: 020 7333 6258
M: 07810 307422 M: 07929 885859 M: 07980 809031 M: 07387 537065
E: jrodgers@geraldeve.com E: wstrachan@geraldeve.com E: lzielinski@geraldeve.com E: jcraig@geraldeve.comYou can also read
