Moorgate Road. For Sale. Industrial Investment Opportunity

Transcription

1 Moorgate Knowsley Industrial Estate, Knowsley L33 7XL For Sale Industrial Investment Opportunity

2 Moorgate Knowsley Industrial Estate, Knowsley L33 7XL Investment Summary Very high yielding industrial investment providing a total of 168,830 sq ft comprising 131,878 sq ft of industrial accommodation and 36,92 sq ft of office space. 6 A06 < To Southport < To Liverpool Valley M7 County Moorgate To M62/M6 & Liverpool Airport > A208 A207 Moorgate Rd A80 B19 Lees School Lane South Boundary Rd Hornhouse Lane A208 To Manchester > Acornfield B202 Knowsley Lane Wallasey A Birkenhead A0 A6 M3 A036 A03 7 Liverpool A1 Bromborough A0 6 A A08 M8 A207 M7 3 River Mersey Ellesmere Port 10 1 A70 A61 Liverpool John Lennon Airport M6 26 A80 St Helens Knowsley A A7 M A7 A300 A7 Widnes Wa A A Excellent location in an established industrial area within 1 mile of junction of the M7 which links to the M62 and M8 motorways. High quality industrial accommodation with a 3MVA power supply. The building sits on a 11.1 acre (.62 ha) site with a low site cover of 30%. Delphi Electronics Overseas Company Ltd offer strong covenant strength with 2 years remaining on their lease. Future asset management opportunities including reconfiguration, re-gearing of the leases, splitting of the unit and use of its BPRA status. Seeking offers of 2,00,000, subject to contract, reflecting a net initial yield of 16.20% and a low capital value of 1.81 per sq ft. Location Knowsley is situated in the heart of the north west of England located within north Merseyside and is a major logistics hub offering easy access to road, rail, sea and air transport networks. Liverpool is situated approximately 10 miles to the south west and Manchester 3 miles to the east. The location benefits from strong road communications provided by the adjacent A80 East Lancashire and this intersects with the M7 (3 minute drive) which gives convenient access to the M62, M8 and M6 motorways. In addition, the ports of Liverpool are circa 8 miles from the site with Liverpool John Lennon airport located 13 miles away and Manchester airport 30 miles from the property. Situation The property is situated on Moorgate (A207) at its junction with South Boundary (A208). The premises lie within the well-established Knowsley Industrial Park and are well connected to the region and motorway network. The A80/M7 (J/) intersection is within two miles, M62 12 miles to the south and the M8 is six miles to the north, both of which link to the M6 and national motorway network. Surrounding occupiers include Britonwood, QVC, Movianto and Allen Logistics. NORTHERN IRELAND Belfast IRELAND Dublin SCOTLAND Glasgow Edinburgh Newcastle Leeds Liverpool Manchester Birmingham ENGLAND WALES Cardiff Bristol London

3 Description The property comprises a substantial workshop facility developed in 199 with 2 storey office accommodation situated on the building s western elevation. The property is of a traditional steel frame construction with the warehouse element extending over three bays being contained under pitched, metal profile clad roof sections and full height metal clad elevations. The warehouse is of a rectangular configuration extending to an unrestricted eaves height of.0 meters, with a full sprinkler system and a 3MVA power supply. Loading access is facilitated by three roller shutter doors situated on the building s southern elevation leading to a concrete slab loading yard with a steel frame canopy. The two storey ancillary office accommodation is situated on the units western elevation and whilst integral to the warehouse space, is currently occupied by a small number of office users, essentially having being reconfigured from the main workshop element. The offices are built on a steel frame with metal profile clad elevations under a flat profile clad roof. The specification includes partitioned suites with suspended ceilings, recessed Category 2 lighting, part air conditioning, perimeter trunking and double glazed, aluminium framed windows. Site The site is accessed off Moorgate road and is arranged over a level, rectangular shaped site. The boundaries are predominantly delineated by palisade fencing and access is controlled by a patrolled barrier system. The building extends to a 11.1 acre (.62 hectares) with a site density of approximately 30% and incorporates good external loading provisions together with on site car parking facilities.

4 Accommodation The property provides the following appropriate gross internal floor areas: Floor Use Sq Meters Sq Feet Ground Warehouse 12, ,878 Ground Offices 1, ,7 First Offices 1, ,9 Total gross internal area: 1, ,830 Tenure The property is held under a long leasehold interest. The lease is for 999 years at a peppercorn rent expiring 1st March 29. Tenancies Unit Tenant Area Sq Ft Rent per annum (per sq ft) Warehouse & Offices Delphi Electronics Overseas Company Ltd 138,9 (GIA) 06,10 ( 2.93) Suite 1 Elan Medical Services 1,118 (NIA) 7,728 ( 6.91) Suite 2 Curveball Solutions,31 (NIA) 1,600 ( 3.22) From / Expiry 2 Dec Dec Mar Mar Nov Oct 2016 Comments Break clause on 2/03/1 Schedule of condition Break clause on 01/11/13 Offices Vacant 17,993 (NIA) - - Office accommodation split into suites Total Rent 28,33

5 Covenant We have undertaken financial searches on the tenants and list their most recent published accounts as follows: Delphi Electronics Overseas Company Ltd Turnover Pre Tax Profit Shareholder Funds 31/12/2011 6,62,000 12,10,000-27,739,000 31/12/2010 3,22,000-12,20,000-29,03,000 31/12/2009,396,000-17,03,000-16,203,000 Elan Medical Services Turnover Pre Tax Profit Shareholder Funds 30/07/2011 1,000-80,000 30/07/2010 1,000-73,000 30/07/ ,000-02,000 Curveball Solutions Turnover Pre Tax Profit Shareholder Funds 30/06/2011 1,08,000-10,000-7,000 30/06/2010 1,00,000,000 6,000 30/06/2009 1,870,000 22,000 18,000 Market Commentary Liverpool is the second largest city in the North West after Manchester and benefits from a port location and strong road communications provided by the M62 and M7 Motorways, thereafter leading to the national infrastructure. It has a total stock in excess of 60 million sq ft and is home to a number of large manufacturers dominated by the car, food, pharmaceutical and printing sector. There has been strong activity over the last 12 months in Liverpool s large distribution warehouse market with the successful letting of G Park, Liverpool to DHL to service the Burtons Biscuits distribution contract. Jaguar Landrover also took over 00,000 sq ft at Ellesmere Port to free up space at their Halewood plant in Speke. Speculative development at the Estuary, Speke has now completed and the warehouse element is fully occupied. This has been grant funded and the scheme completed in This development reflects the relative lack of stock in Liverpool. Knowsley Industrial Park is one of the largest industrial estates in Europe, and is spread over thousands of acres. This section of the city tends to contain more traditional industrial companies and as a consequence, a high proportion of the stock here is made up of established, secondary accommodation.

6 Moorgate Knowsley Industrial Estate, Knowsley L33 7XL Energy Performance Certificate Energy Performance Certificate Non-Domestic Building The Delphi Building, Moorgate Knowsley Industrial Park LIVERPOOL L33 7XL Certificate Reference Number: This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government's website Energy Performance Asset Rating Further Information Technical Information Main heating fuel: Grid Supplied Electricity Building environment: Air Conditioning Total useful floor area (m 2 ): 177 Building complexity (NOS level): 3 Building emission rate (kgco2/m 2 ): Green Deal Information Benchmarks Buildings similar to this one could have ratings as follows: If newly built If typical of the existing stock Abid Jaffry ajaffry@lsh.co.uk Ben Roberts broberts@lsh.co.uk The Green Deal will be available from later this year. To find out more about how the Green Deal can make your property cheaper to run, please call VAT The property is elected for VAT and it is envisaged that the transaction will be by way of a Transfer of a Going Concern (TOGC). T T M M Proposal We are instructed to seek offers of 2,00,000 exclusive of VAT and subject to contract. After purchaser s costs of.80 % this reflects a very attractive net initial yield of 16.20% and capital value of 1.81 per sq ft. Misrepresentation Act Unfair Contract Terms Act 1977 The Property Misdescriptions Act These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. RB&Co. Advertising Date of publication February 2013