WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...

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WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
M I D D L E M A R C H B U S I N E S S PA R K , C O V E N T R Y, C V 3 4 P E

High quality distribution investment providing 11 years’ secure income in a core Midlands location
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS                                                                                     High quality distribution
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE                                                  investment providing 11 years’
                                                                                                    secure income in a core
                                                                                                         Midlands location
INVESTMENT SUMMARY
•   Situated on Middlemarch Business Park directly adjacent
    to Coventry Airport.
•   Coventry has a strong occupier base being a core
    Midlands manufacturing and logistics hub.
•   The property comprises a single let modern distribution
    warehouse of 227,199 sq ft (21,107 sq m) with 38 loading
    doors, two storey ancillary offices and a minimum yard
    depth of 50m.
•   The site has additional yard and potential expansion
    land, extending to approximately 1.68 acres.
•   Secure site extending to 13.2 acres, providing a very low
    site density of 38%.
•   The property is fully let to Walkers Snacks (Distribution)
    Ltd on an FRI lease providing an unexpired term certain
    of over 11 years.
•   Total rental income of £1,312,095 per annum, reflecting
    a low rent of £5.50 per sq ft for the unit (not including
    expansion land rent).
•   Prospect for rental growth in the short term, with an
    upcoming rent review on 28/11/2020.
•   Walkers Snacks (Distribution) Ltd are the
    distribution arm of Walkers Snacks, the                     We are instructed to
    UK’s largest crisp manufacturer. They                      seek offers in excess of
    provide warehousing and distribution                   £23,410,000 (Twenty Three
    services to the other group companies.                Million Four Hundred and Ten
                                                          Thousand Pounds) subject to
•   The tenant has a long-term commitment                 contract and exclusive of VAT.
    to the site due to its strategic importance,          A purchase at this level reflects
    sitting directly adjacent to one of Walkers             a Net Initial Yield of 5.25%
    Snacks largest factories.                               and a low capital value of
•   Virtual Freehold.                                        £103 per sq ft, assuming
                                                                 purchaser’s costs
                                                                       6.76%.
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

                                                          Coventry City Centre

                                                           Jaguar Land Rover
                                           Kuehne+Nagel

                                                   A45
                                                                                                                    A45                              M6/M69 Interchange (5.5 miles)

           Coventry Airport
                                                                                                                                          Zooplus
                                                                                  Funko.com       World of Books            Unipart

                                                Menzies Distribution      Innovare
                                                                                                                                  Volvo              Prologis Park, Ryton (0.5 miles)
                                      Royal Mail                                              Walkers Snacks Factory

          Royal Mail                                                   GEFCO                                                              SUBJECT PROPERTY
                                                     Unipart

                                                                                                        HTA Group

                                                                           Gist
                                                                                                                   Aubrey Allen

                              Royal Mail

                                                                                                                                 The property is situated
                                                                                                                        on Middlemarch Business Park,
                                                                                                                         one of the West Midlands most
                                                                                                                      sought-after distribution locations
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
A45                                                                                                                A45

WALKERS SNACKS

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MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

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LOCATION

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                                                                                                                                                                                                                                                                                    Walkers Snacks Factory

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Coventry is located in the West Midlands and lies directly adjacent

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to the ‘Golden Triangle’ – the UK’s premier distribution area with                                                                                                                                                                                                 Coventry

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                                                                                                                                                                                                                                                                                                      WAY
                                                                                                                                                                                                                                                                    Airport

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                                                                                                                                                                                                                                                                                                                                                               23
some 85% of the UK’s population (c.47m people) being accessible                                                                                                                                Coventry

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                                                                                                                                                                                                                                                                                                    RK
within the 4.5-hour HGV drive-time limit. It is approximately                                                                                                                                  Golf Club

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                                                                                                                                                                                                                                                                                               IN
24 miles (38.6 km) south east of Birmingham, 25 miles (40.2 km)                                                                                                                                                                                                                         SI
                                                                                                                                                                                                                                                                                          SK

                                                                                                                                                                                                                                                                                                                   IN
south west of Leicester and 89 miles (143 km) north west of Central
                                                                                                                                                                                                                                                                                                                                    SUBJECT

                                                                                                                                                                                                                                                                                                                  SK
London.

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The town benefits form excellent road connectivity being served by                                                                                                                                                                                                                                                                 PROPERTY

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the M1, M6 and A45 motorways. The M6/M1 interchange at Rugby is

                                                                                                                                                                                                                                   ON

                                                                                                                                                                                                                                                 BUBB
just east of the city, meaning direct access from the M6 motorway

                                                                                                                                                                                                                                ELIEGH ROAD
                                                                                                                                                                             R OA D
via the A46 and A444. The M1 is accessed via the M45/A45 and the

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M69 motorways, allowing access to London and the wider South

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                                                                                                                                                                            NTRY
East. The A45 Birmingham to Coventry trunk road provides access

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to the M42 which in turn, links the M40 and M5 motorways.

                                                                                                                                                                        COVE
The town also benefits from excellent rail and air connections
with Coventry Airport situated directly adjacent to the subject
                                                         NOTTINGHAM
property. Frequent direct trains run from Coventry to Birmingham
in just 28 minutes and regular services operate to London Euston in
approximately 1 hr.
                      14
                                                                                                                            24                                                                   SITUATION                                                                              Destination
                                                                                                                                                                                                                                                                                        Coventry
                                                                                                                                                                                                                                                                                                                       Miles
                                                                                                                                                                                                                                                                                                                         5.2
                                                                                                                                                                                                                                                                                                                                    KM
                                                                                                                                                                                                                                                                                                                                        8.4
                                                                                                                                                                                                                                                                                                                                              Drive Times
                                                                                                                                                                                                                                                                                                                                                 13m
                                                                                                                                                                                                                                                                                                                                                             LE
                                                                                                                                                                                                                                                                                                                                                               AM
                                                                                                                                                                                                                                                                                                                                                                  IN   GT

                               Stafford                                                                                                                                               COVENTRY
                                                                                                                                                                                               ROAD
                                                                                                                                                                                                                                                                                        Town Centre
                                                                                                                                                                                                 The      property     is    situated    on
        Newport                13                                                                                                23
                                                                                                                                                                                                 Middlemarch Business Park, one of                                                      Birmingham                     26.0         42.0         40m
                           M6                                                                                           M1
                                                                                                                                                                                                 the West Midland’s most sought-after
                               12                                                                11
                                                                                                                            22
                                                                                                                                                                                                 distribution locations. Middlemarch                                       TOWNS
5
                                                                                                                                                                                                                                                                                        Manchester                     108.0            174    2hr 10m
                                    11                                   Tamworth                                                                                                                Business Park extends to 110 acres and                                    & CITIES
            M54                                                                                                         Leicester
                           2
                                                              M6(T)                                                                                                                              sits directly adjacent to Coventry Airport;
                                                                                                                                                                                                                                                                                        London                         94.2         151.6      2hr 20m
    Wolverhampton                            10         Walsall
                                                                                                                                          21
                                                                                                                                                                                                 the subject property is approximately
                                                                                                                            M69                                                                  1.9 miles from the entrance. The site
                                                      8 7                                     Hinckley
                                                                               9
                                                                                       Nuneaton
                                                                                                                        2
                                                                                                                                                                                                 sits 6.5 miles south of Coventry town                                                  A45                               1.2           1.9      10m
                                                                                                                    1
                                                  1              6   5         8                                                          M1                                                     centre and approximately 5 miles from
                                             2
                                                             BIRMINGHAM                         M6     3
                                                                                                                                                                                                 Coventry Railway Station.                                                              M6                               5.9            9.5      20m
                                                                                                                                           20
                                             M5
                                             3          BIRMINGHAM                 6                            2
                                                                                                                                                                                                 Situated on Siskin Parkway East, the                                      ROADS
                                                        Solihull         M42                                                          1        19
                                                                                                                                                                                                                                                                                        M1                              17.0        27.4         32m
                                         4
                                                                          5
                                                                                                                                                                                                 main road running through the estate,
                                                                         4
                                                  M42                                                                             Rugby 18                                                       the adjoining site is owner occupied by
                                         1         2
                                                             3                         COVENTRY
            Bromsgrove                                                   16                                                       M45               17                                           one of Walkers Snacks largest factories.                                               Coventry                          1.9           3.1       6m
                                                                             Warwick                  Leamington                                                                                 Other occupiers on the estate include                                                  Airport
                           5
                                             Redditch                                                 Spa                                                                                        Volvo, Unipart, Royal Mail, Menzies, Gist
                                                                                        15 14                           Daventry                                                                                                                                                        Birmingham                      15.0        24.0         32m
                                                                                                13                                                                                               and World of Books (see aerial on the                                                  Airport
                      6                                                                                                                                                                          previous page).                                                        AIRPORTS
              Worcester                                      Stratford
                                                                                                           12
                  7
                                                            upon Avon                                      M40
Great
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

                                                                                                               ACCOMMODATION
                                                                                                               The property has been measured in accordance with
                                                                                                               the RICS Code of Measuring Practice (6th Edition) on
                                                                                                               a Gross Internal Area (GIA) basis, and provides the
                                                                                                               following approximate areas:

                                                                                                               Demise                 Area sq m       Area sq ft

                                                                                                               Unit 1

                                                                                                               Office                    936            10,074

                                                                                                               Warehouse                7,469          80,392

                                                                                                               Covered loading           691            7,437

                                                                                                               Unit 1 Total             9,096          97,903

                                                                                                               Unit 2

                                                                                                               Office                    1,206          12,983

                                                                                                               Warehouse                10,806          116,313
DESCRIPTION
                                                                                                               Unit 2 Total             12,012         129,296
The property was constructed in 1999 and comprises a single let unit of steel portal frame construction.
Due to previous occupation by two tenants it remains labelled as Units 1 & 2. The current tenant operates      OVERALL TOTAL            21,107         227,199
the site as a single cross docked unit, with the total floor area extending to 227,199 sq ft (21,107 sq
m). The site benefits from additional secure yard space to the south western elevation, extending to
approximately 1.68 acres. This is currently utilised as extra HGV parking, but also provides clear expansion
land for a potential extension to Unit 1.

The warehouse benefits from the following specification:

• Minimum clear internal eaves height of 10m.
• 26 dock level loading doors.
• 12 level access loading doors.
• Minimum yard depth of 50m.

The unit also benefits from two storey office accommodation with a dedicated secure reception,
suspended ceilings and integral diffused lighting.
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

SITE AREA                                       TENURE
The site extends to approximately 13.2 acres,   The property is held on a 999 year lease from
providing a very low site density of 38%.       the 26th February 1993 at a peppercorn rent.

TENANCY
Current Leases
The property is let to Walkers Snacks (Distribution) Limited on two assigned FRI leases from
Macfarlane Group UK Limited expiring 27 November 2020. Part of the ancillary office building
remains sub-let to Macfarlane Group UK Limited until 16 November 2020 (Outside the Act).
The passing rent is £1,312,095 per annum, which reflects the following:

Unit 1

                                                                                                               KWAY EAST
•   £522,845 per annum (£5.34 per sq ft)
•   £61,437 per annum (apportioned to the extension land)
•   Total: £584,300 per annum
                                                                                                UNIT 2
Unit 2
•   £727,795 per annum (£5.63 per sq ft)
Total

                                                                                                           PAR
•   £1,312,095 per annum (£5.50 per sq ft excluding the extension land)                         UNIT 1
Reversionary Leases

                                                                                                          KIN
In 2019 Walkers Snacks (Distribution) Limited signed two co-terminus FRI reversionary leases
for a term of 10 years from 28 November 2020, providing a WAULT of 11 years.

                                                                                                         SIS
Upon commencement of the reversionary leases there will be an upwards only open market
rent review with 5 yearly reviews thereafter.
There is a rent free period between 29th September 2019 to 26th April 2020, which will be
topped up by the vendor and deducted from the purchase price at the date of completion.
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS                                                                                    The site is of significant strategic
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE
                                                                                           importance as it sits directly adjacent to
                                                                                                        the Walkers Snacks factory

COVENANT
Walkers Snacks (Distribution) Limited
(03566410)
Founded in 1948, Walkers Snacks is a British
snack food manufacturer best known
for producing potato crisps. They are the UK’s largest crisp
manufacturer, producing over 11 million packets a day. Other than
Walkers Originals, they are responsible for brands such as Doritos,
Quavers, Wotsits, Monster Munch, French Fries and Frazzles.
The company employs over 4,000 people in fifteen locations
around the UK. The sole function of Walkers Snacks (Distribution)
Limited is to provide the Walkers Snacks group companies with
warehousing and distribution services.

Walkers Snacks is a wholly owned subsidiary of PepsiCo after it
was acquired in 1989. The US giant, which has its UK headquarters
in London, is behind brands such as Pepsi, Lays, Lipton, Tropicana
and Quaker Oats.

Walkers Snacks
                       Dec-18      Dec-17      Jan-16      Dec-15
(Distribution)
                     (000 GBP)   (000 GBP)   (000 GBP)   (000 GBP)
Limited

Turnover               98,528     107,368     105,186     109,765

Pre-tax Profit          827        4,130       3,843       3,988

Net Worth              25,370      24,851     21,639      18,968

Cash                   40,529     27,468       17,719      13,188     THE OPERATION
                                                                      The subject property is one of two UK distribution hubs operated by Walkers Snacks, the other
                                                                      being in Warrington. This site is of significant strategic importance as it sits directly adjacent
                                                                      to the Walkers Snacks factory. Walkers Snacks operate four factories around the UK, with their
                                                                      headquarters located in Leicester. The subject property is used to provide distribution services
                                                                      to the Coventry factory as well as the other factories in Leicester, Lincoln and Skelmersdale.
                                                                      Walkers Snacks owner occupy their factory in Coventry which is responsible for the Doritos
                                                                      and French Fries service lines. In 2015, it underwent a substantial upgrade to install new state-
                                                                      of-the-art packing equipment. This significant investment in the Coventry site and the recent
                                                                      re-gear on the subject property clearly demonstrates the tenant’s long-term commitment to
                                                                      the location.
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

OCCUPATIONAL MARKET COMMENTARY
The UK’s logistics occupational market is as strong as ever with 2018 take-up totalling 31.50m sq ft across 101 deals; this was 82% higher than 2017 and exceeded the annual
record from 2016 of 29.35m. Take-up has been dominated by online retailers, who were responsible for 9.98m sq ft of logistics space, representing 32% of the total take-up. This
trend has continued into 2019 as online sales in the UK keep growing – now accounting for over 20% of total retail transactions.

The Midlands finished the year setting a new record for take-up of any region of the UK, with 43 deals totalling 13.97m sq ft, an increase of 110% compared to 2017 (6.65m sq ft).
This accounted for 44% of total take-up in 2018. This trend has continued to grow with the Midlands accounting for over 50% of national take-up in H1 2019, demonstrating
steady growth.

Coventry is at the heart of both the UK’s manufacturing and distribution markets with 10% of the automotive sector’s employment located there. This includes the global
headquarters for Jaguar Land Rover. The strong labour supply, booming residential development market and affluent demographic make Coventry a sought-after location for
occupiers and investors alike. Notable occupiers that have recently committed to the wider region include DHL Supply Chain Ltd, Parts Alliance Group Ltd and Kitchencraft.

A schedule of comparable letting evidence is outlined below:

Building                Tenant               Date        Size         Build         Rent        Lease
                                                        (sq ft)       Status        (Psf)       Terms

Unit 1, Imperial        Funko.com           Jul-19     349,355       Grade A        £6.25    10 year lease
Park, Middlemarch,
Coventry

Midpoint 105,           Parts Alliance      Aug-18     105,506     Second Hand      £6.25     5 year lease
Birmingham              Group Limited

Carbon 103,             World of Buzz       Apr-18     103,000       Grade A        £6.40    15 year lease
Middlemarch,            (World of Books)
Coventry

Carbon 207,             Zooplus             Apr-18     207,340       Grade A        £6.23    15 year lease
Middlemarch,
Coventry

Coventry 210,           Martin Brower       Jul-18     210,628       Grade A        £7.10    20 year lease
Dolomite Avenue,        Limited
Coventry

Lyons 135,              Jaguar Land         Mar-18     135,048       Grade A        £6.50    10 year lease
Lyons Park,             Rover
Coventry
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

INVESTMENT MARKET COMMENTARY
The industrial sector has performed extremely well despite the political and
economic headwinds faced over the past year.
Whilst total industrial transaction volumes are down from this time last year,
volumes for logistics assets are approximately 20% up. This strong investment
performance is testament to the continued positive sentiment that surrounds this
asset class and sub sector, both from an occupier and investor perspective.
The logistics investment market is underpinned by a very robust occupational
story driven by a structural shift in demand, and an acute undersupply of space.
Industrial sector total returns reached 18.1% for the whole of 2018, thanks largely to
capital value growth of 12.4%.
In the current market, there continues to be a significant weight of money
targeting the sector, in particular for those assets that benefit from strong property
fundamentals in established industrial locations such as this.
A schedule of key logistics transactions is outlined below:

Property                Date            Purchase               NIY          Cap Val       Area     AWULT     Passing Rent        Vendor          Purchaser
                                          Price                            (per sq ft)   (sq ft)   (Years)   Pa (per sq ft)

Movianto -            Sep-2019        £44,560,000             4.90%           £118       377,000     10       £2,331,250      Morley Estates    Warrington
Haydock                                                                                                        (£6.25)                         County Council

Puma -                Aug-2019        £30,350,000             4.60%           £117       259,236     10       £1,490,607        Barwood,          Equites
Wakefield                                                                                                       (£5.75)         Tungsten       Property Fund
                                                                                                                                Properties
                                                                                                                                 Limited

F&P -                 Jun-2019        £12,480,000             4.71%           £124       100,511     10        £628,194         Barwood,           Private
Birmingham                                                                                                      (£6.25)         Panattoni        Individual

Amazon -              Dec-2018         £37,293,500            4.95%           £90        415,065     10        £1,971,558       Aberdeen            NFU
Doncaster                                                                                                       (£4.75)         Standard

HelloFresh -          Dec-2018        £26,650,000             4.99%           £107       236,580     8        £1,419,480       BA Pension           NFU
Banbury                                                                                                        (£6.00)            Fund,
                                                                                                                              db symmetry
WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV 3 4PE - High quality distribution investment providing 11 years' secure income in a core ...
WALKERS SNACKS
MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE

                                                                        PROPOSAL
                                                                        We are instructed to seek offers in excess of £23,410,000 (Twenty Three Million Four
                                                                        Hundred and Ten Thousand Pounds) subject to contract and exclusive of VAT. A
                                                                        purchase at this level reflects a Net Initial Yield of 5.25% and a low capital value of
                                                                        £103 per sq ft, assuming purchaser’s costs 6.76%

                                                                        FURTHER INFORMATION
                                                                        For further information, or to arrange an inspection, please contact the following:

                                                                        Tom Woolhouse                                                                        Nick Woodward
                                                                        T: 020 7182 2113                                                                     T: 0121 616 5561
                                                                        M: 07818 012 428                                                                     M: 07983 329 642
                                                                        E: tom.woolhouse@cbre.com                                                            E: nick.woodward@cbre.com

                                                                        John Doleman                                                                         Will Sherlock
                                                                        T: 020 3214 1911                                                                     T: 0121 616 5563
                                                                        M: 07464 980 354                                                                     M: 07795 606 832
                                                                        E: john.doleman@cbre.com                                                             E: will.sherlock@cbre.com

                                                                        Monty Powell                                                                         CBRE Ltd
                                                                        T: 020 7182 2404                                                                     55 Temple Row
                                                                        M: 07584 108 037                                                                     Birmingham B2 5LS
EPC                                                                     E: monty.powell@cbre.com

Available on request.                                                   CBRE Ltd
                                                                        Henrietta House
                                                                        London W1G 0NB

VAT
The property has been elected for VAT and the purchase price is
exclusive of any VAT that may be chargeable. It is envisaged that the   CBRE for themselves and for the vendors or lessors of the property whose agents they are give notice that:
                                                                        (i) these particulars are given without responsibility of CBRE or the vendors or lessors as a general outline only for the guidance of prospective purchasers
transaction will be treated as a Transfer of a Going Concern.           or tenants, and do not constitute the whole or any part of an offer or contract; (ii) CBRE cannot guarantee the accuracy of any descriptions, dimensions,
                                                                        references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchaser or tenant should
                                                                        not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii)
                                                                        no employee of CBRE (and their joint agents where applicable) has any authority to make or give any representation or warranty or enter into any contract
                                                                        whatsoever in relation to the property; (iv) VAT may be payable on purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers
                                                                        or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; (v) except in respect of death or

DATAROOM                                                                personal injury caused by the negligence of CBRE, its employees or servants, CBRE will not be liable, whether in negligence or otherwise howsoever, for any
                                                                        loss arising from the use of these particulars save to the extent that any statement made in these particulars has been made fraudulently. November 2019
                                                                        Designed and produced by Creativeworld Tel: 01282 858200.

Further information is available upon request.
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