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SunsetBusiness Park
Manchester Road, Kearsley, Bolton, BL4 8RL
Investment Opportunity Freehold Multi-Let Industrial Estate
KEARSLEY • BOLTON
Investment Summary• Situated in Kearlsey, approximately 4.4 miles south
west of Bolton town centre and 1.5 miles west of Junction 15 of the M60
• The estate extends to 75,985 sq ft of industrial and office accommodation.
• Freehold
• A well let business park with tenants including Cable & Wireless U.K. (Vodafone) and Panalux Ltd.
• Let at £268,936 per annum exclusive with a WAULT of 4.67 years to lease expiry.
• 47% of the income let to the undoubted covenant of Cable & Wireless U.K.
• Asset management opportunities to increase the rent at review or through lease renewal.
• Offers are sought in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. An offer at this level would reflect a net initial yield of 8.15% and a low capital value of £40.80 per sq ft, (which takes into account SDLT changes with effect from 17 March 2016), assuming usual purchaser’s cost of 6.46%.
SunsetBusiness ParkKEARSLEY • BOLTON
LocationKearsley is located approximately 4.4 miles south east of Bolton town centre and 7.7 miles north west of Manchester. Kearsley is served by the A666 Manchester Road, becoming the A666 dual carriageway, which leads to Bolton and the motorway network. The accommodation is situated 1.5 miles west of Junction 15 of the M60, 2.5 miles east of Junction 3 of the M61 leading to Preston and 5.1 miles east of Junction 18 of the M62.
St HelensLiverpool
Runcorn
Warrington
SaleHyde
StockportBirkenhead
Wigan
BuryRochdale
Todmorden Halifax
Crowden
Disley
Leigh
Ormskirk
Manchester
Kearsley
Holmes
PrestonBlackburn
Southport
M61
A565
A580
A666
A5058
A561
A565
A57
A59A56
A570
M6
M58
M57
M62
M56
A666
A575
M60
M62M61
M62
M60
M602
M60
M67
M66
M53
M65
J14
J2
J3
J15
J16
Bolton Road
Manchester Road
Slackley Brow
Moss Lane
SunsetBusiness Park
SunsetBusiness ParkKEARSLEY • BOLTON
SunsetBusiness ParkKEARSLEY • BOLTON
KEARSLEY • BOLTON
Bolton
M60M60
M61
A666
Manchester Road Kearsley
SunsetBusiness ParkKEARSLEY • BOLTON
J15
Manchester20 minutes
Bolton10 minutes
SituationSunset Business Park is situated on the north eastern side of the A666 Manchester Road at its junction with Slackley Brow, mid-way between Junction 15 of the M60 and Junction 3 of the M61. The surrounding area is predominantly residential with an industrial premises adjacent to the estate.
SunsetBusiness ParkKEARSLEY • BOLTON
95.4m
94.4m
94.8m
94.2m
TCB
LB
BARK S
TREET
HAWTHORN R
OAD
AVENUE
CR
OSS S
TR
EET
RO
AD
MANCHES
TERM
ANO
R S
TREET
BEECH
ALM
A S
TR
EET
Play Area
8
250
289
10
PH
4
51
2
313
276
15
40
14
1
27
Taylor Buildings
265
302
33
271
39
279
6
264
19
24
10
301
255
18
2
8
16
287
124
238
16
112
8
2
68
11
64
10
6
49
1
Shelters
52
23
Drain
Drain
Pond
Drain
Issues
89.0m
94.5m
96.0m
95.7m
FBs
Subw
ay
TONG STREET
SLA
CK
EY
BR
OW
ETL
ETL
ETL
Sunset Business Centre
10
320
Bungalow
16
10
17
The
1
308
326
343
12
14
345
2
Unity Brook Farm
2
1
Shelter
Shelter
322
Track
5
253
1
Melrose Court
1
to24
Track
Subway
0m 50m 100m 150m
Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500
DescriptionThe property comprises an industrial estate of nine units totalling 7,059.24 sq m (75,985 sq ft) on an irregular shaped site of approximately 2.189 hectares (5.408 acres). The site coverage is c.32%.
The estate, which has barrier controlled access off Manchester Road, comprises a large warehouse and office unit surrounded by four industrial units together with a detached office block. The original building which dates from the 1940s, with later extensions, has been re-clad.
The property benefits from an on-site security guard.
SunsetBusiness ParkKEARSLEY • BOLTON
Unit Tenant Sq Ft Rent (PAX)
Rent (PSF)
Lease Start
Lease Expiry
Break Clause
Next Review
Term to Expiry
Comments
A1 Harvard Print Ltd 2,711 £14,550 £5.37 01/08/13 31/07/18 1.91A2 Panalux Ltd 1,036 £5,750 £5.55 12/10/12 05/07/22 12/10/17 5.84B2 - Ground Panalux Ltd 1,301 £4,810 £3.70 12/10/12 05/07/22 12/10/17 5.84
B/A3 Panalux Ltd 20,582 £60,001 £2.92 06/07/12 05/07/22 06/07/17 5.84C & Generator Cable & Wireless UK 37,510 £128,000 £3.41 08/01/10 07/01/20 08/01/15 3.35
D Messrs WE & DE Tudor t/a VAG Bolton 2,595 £16,425 £6.33 11/02/08 11/02/18 1.45
E & Part F (Rear) Panalux Ltd 7,181 £24,440 £3.40 12/10/12 05/07/22 12/10/17 5.84
F - Ground Key Control Services Ltd 1,606 £8,277 £5.15 09/09/13 08/09/18 2.02
F - First Vacant 1,463
Aerial EE Limited £2,697 22/09/01 23/09/21 24/09/16 5.06
Mutual break on 12 months notice for redevleopment purposes. Upward only RPI linked rent review
Car Parking Vacant 15 CPSElectricity Substation
Lancashire Electric Power Co Ltd 01/07/46 30/06/45 Rolling 28.85
Pylon The National Grid £3,986 20/05/04 19/05/64 Rolling 20/05/14 47.75Tenant can break at any time with 6 months notice
Total 75,985 £268,936
Tenancy ScheduleThe industrial and office accommodation is let to five tenants by way of eight occupational leases, with the Electricity Substation, Aerial and Pylon let to Lancashire Electric Power Company Limited, EE Limited and the National Grid.
The industrial and office accommodation is 98% let. The 15 car parking spaces are currently vacant.
The estate generates a current gross rent of £268,936 per annum exclusive.
The WAULT for the estate is 4.67 years to expiry.
The property has been measured in accordance with the RICS property measurement (1st Edition) and the full accommodation and tenancy details are summarised below.
SunsetBusiness ParkKEARSLEY • BOLTON
Covenant InformationThe accounts of the tenants at the site are summarised below;
Tenant Year Ending Turnover Pre-Tax Profit Total Assets Shareholders’ Funds
Panalux Limited31/12/14 31/12/13 31/12/12
£31,059,000 £29,040,000 £30,413,000
£4,284,000 £2,831,000 £3,251,000
£28,824,000 £25,085,000 £34,514,000
16,908,000 13,595,000 15,011,000
Harvard Print Limited
28/02/15 29/02/14 28/02/13
n/a n/a n/a
n/a n/a n/a
£68,388 £59,575 £74,182
-£312,424 -£340,045 -£292,131
Key Control Services Limited
31/03/1531/03/1431/03/13
n/a n/a n/a
n/a n/a n/a
155,196258,218200,567
£1,433£2,194£4,848
Cable & Wireless U.K.
31/03/1531/03/1431/03/13
£4,000,000£4,000,000
£2,363,000,000
0-£201,000,000-£157,000,000
£1,461,000,000£1,460,000,000£1,137,000,000
£934,000,000£933,000,000
£1,135,000,000
Vodafone Group PLC
31/03/1531/03/1431/03/13
£42,227,000,000£38,346,000,000£44,445,000,000
£1,095,000,000-£5,270,000,000£3,255,000,000
£122,573,000,000£121,840,000,000£142,698,000,000
£67,733,000,000£70,802,000,000£71,477,000,000
EE Limited31/12/1531/12/1431/12/13
£6,311,000,000£6,327,000,000£6,482,000,000
£416,000,000-£255,000,000-£101,000,000
£13,162,000,000£13.859,000,000£14,612,000,000
£8,652,000,000£8,921,000,000£9,733,000,000
TenureThe Property is held Freehold.
Service ChargeFor the period 1 June 2016 to 31 May 2017, the service charge budget is £128,232, which reflects £1.69 per sq ft based on the gross internal area of the whole site of 75,985 sq ft. Full details available upon request.
Data RoomAccess to the data room is available upon request.
EPCEnergy Performance Certificates are available on request via the data room.
VATThe property is elected for VAT.
Asset Management• Let the vacant Unit F (First Floor)• Rent reviews, lease re-gears
SunsetBusiness ParkKEARSLEY • BOLTON
*Vodafone Group PLC are the ultimate parent company of Cable & Wireless U.K.
Misrepresentation Act 1967: WSB Property Consultants LLP for itself and for the vendor(s) or lessor(s) of this property whose agent it is give notice that 1. These particulars do not constitute any part of an offer or contract. 2. None of the statements contained in these particulars as to the property(s) are to be relied on as statements or representations of fact. 3. Any intending purchaser must satisfy himself/herself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither WSB Property Consultants LLP nor any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property. 5. None of the buildings services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in safe and working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008: Every reasonable effort has been made by WSB Property Consultants LLP to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent inspection or enquiry all information for themselve and to take appropriate professional advice. Design by carve-design.co.uk 12557 September 2016
ProposalWe are instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds), subject to contract. A purchase at this level would reflect a net initial yield of 8.15%, (which takes into account SDLT changes with effect from 17 March 2016), assuming usual purchaser’s cost of 6.46%.
Further InformationFor further information and in order to arrange an inspection, please contact;
David Watson E. [email protected] T. 0113 234 1444
Chris Watt E. [email protected] T. 0113 234 1444
SunsetBusiness ParkKEARSLEY • BOLTON