UNITS 1 & 2 MARINER’S WAY PRESTON, PR2 2YN

UNITS 1 & 2 MARINER’S WAY

PRESTON, PR2 2YN

RETAIL WAREHOUSE INVESTMENT

UNITS 1 & 2, MARINER’S WAY PRESTON, PR2 2YN RETAIL WAREHOUSE INVESTMENT

INVESTMENT CONSIDERATIONS

■ Two modern retail warehouses totalling 15,023 sq ft (1,395.7 sq m) within two units

■ Leasehold. 125 years from 29/07/1997 at a peppercorn, thus having 103 years unexpired

■ Adjacent 60 car parking spaces (ratio 1:250 sq ft)

■ Let to the secure covenants of Pets at Home (5A) and Halfords (5A)

■ Producing a total rent of £307,970 per annum, equating to a passing rent of £20.50 psf.

PROPOSAL

■ We are instructed to seek offers in excess of £2,950,000 (Two Million, Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9.80%, allowing for standard purchaser’s costs.


LOCATIONPreston is the administrative centre of Lancashire located 25 miles (40 km) south of Lancaster, 35 miles (56 km) North West of Manchester and 62 miles (99 km) west of Leeds. It is a major commercial centre with the city being home to major offices for the British Defence Aerospace industry with key BAE Systems facilities located on either side of the city.

Other major employers include the Springfields Nuclear Processing Plant, James Hall & Co, Booths Fulwood, Eric Wright Group and Homeserve. The area benefits from excellent communications with the city prominently situated on the national road and rail networks, both of which provide excellent links across the UK.

Preston is situated on the M6 providing access to Birmingham to the south and Carlisle and Scotland to the north. The M55 lies to the north of the city

linking Preston and Blackpool. The M61 and M65 both terminate at Preston with the M61 providing access to Manchester via Bolton and the M65 linking the city to Colne via Blackburn and Burnley.

Preston Railway Station is a major hub on the West Coast Main Line, offering direct services to London Euston (2 hours 8 minutes) to the south and Glasgow, Edinburgh and Aberdeen in the north. It also serves as a centre for connecting services to Blackpool, Lancaster, Blackburn, Leeds, Manchester, Liverpool and Wigan.

Liverpool John Lennon Airport and Manchester Airport, both international airports, are approximately 40 miles (64 km) south-west and south-east of the city respectively. Preston Railway Station provides a direct service to Manchester Airport, with a journey time of approximately 52 minutes.

LeedsBradford

Liverpool

Blackpool

Hawarden

Manchester

Robin Hood

Retford

A658

A629

A646

A629

A628

A523

A623

A614

A556

A580

A6068

A6033

A59

A56A59

A59

A65

A687

A585

A59

A565

A583

A570

A51

A53

A60

A61

A59

A61A19

A64

A63

A19

A61

A65

A1

A1

M1

M1

M6

M6

M6

A1(M)

A1(M)

M55

M58

M53M56

M65

M61

M60

M62

M62

M62

M66

MANCHESTERMANCHESTERMANCHESTER

SHEFFIELDSHEFFIELDSHEFFIELD

LIVERPOOLLIVERPOOLLIVERPOOL

YORKYORKYORK

BRADFORDBRADFORDBRADFORDLEEDSLEEDSLEEDS

Peak

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l Pa

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PRESTON

LANCASTER

BLACKPOOLBLACKPOOL

LANCASTER

BURNLEY

SOUTHPORTROCHDALE

OLDHAM

HALIFAX

HUDDERSFIELD

BOLTON


© Crown Copyright, ES 100004106. For identification purposes only.

SITUATIONThe property is situated on the southern side of Mariner’s Way, just 1.4 miles (2.2 km) east of Preston city centre. Mariner’s Way provides direct access to the A583, which in turn links to the M55 Motorway to the west and Preston city centre to the east.

The property is located within established commercial location, anchored by a number of retail warehouse, office and leisure tenants within the immediate area including Regus, Odeon and KFC as well as several car show rooms.

The property comprises part of the main out of town retail pitch with other national covenants including Mothercare, Mothercare, Benson for Beds and Carpetright (Sleepright) and a Morrison’s superstore and petrol station.

Additionally, there are a number of residential developments positioned within proximity to the Marina.

TENURELeasehold. 125 years from 29/07/1997 at a peppercorn, thus having 103 years unexpired. The freeholder is Preston City Council.

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Port W

ay

Port Way

Channel Way

Navigation Way

Egerton Road

Powis Road

Do

ugla

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anse

a Stre

et

Bray Stree

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Portr Way

Talbot Road

Fishergate Hill

Mariners Way

A5072 Tulketh Road

A583 Watery Lane

A5072 W

est Strand

Corporation Street

A59

A59

A59

A583 Tulketh Brow

A59

Marina

River Ribble

PrestonPENWORTHAM GOLF CLUB

PRESTONSPORTS CLUB

-------- Leasehold (subject property) -------- Freehold (not included for sale)


ACCOMMODATION & TENANCY INFORMATIONThe property is multi-let to two individual tenants producing a current contracted rent of £307,970 per annum, equating to a rental rate of £20.50 psf. The leases provide a weighted average unexpired term of 2.40 years.

DEMISE TENANT TOTAL AREA (SQ FT)

LEASE START

LEASE END

RENT REVIEW

WAULT (EXPIRY)

PASSING RENT (£P.A.)

PASSING RENT (£PSF)

Unit 1 Pets at Home Limited 7,523 25/03/1997 24/03/2022 2.40 £154,220 £20.50

Unit 2 Halfords Limited 7,500 25/03/1997 24/03/2022 25/03/2017 2.40 £153,750 £20.50

TOTAL 15,023 WAULT 2.40 £307,970 £20.50

DESCRIPTION

The property provides two semi-detached retail warehouses totalling 15,023 sq ft (1,395.7 sq m).

The buildings are of steel portal frame construction with part brick and part profiled metal clad elevations, under profiled metal clad roofs. The units are serviced from the front and side.

The site provides a total of 60 car parking spaces which reflects a ratio of 1:250 sq ft. The site totals approximately 1.12 acres (0.45 hectares) with site cover of 33.8%.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 11.19

For further information or to make arrangements for viewing please contact:

Andrew Wise020 7543 [email protected]

Tom Dales020 7543 [email protected]

Gergo Petrovics020 7543 [email protected]

allsop.co.uk

PROPOSALWe are instructed to seek offers in excess of £2,950,000 (Two Million, Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9.80%, allowing for standard purchaser’s costs.

EPCPlease refer to the Allsop Marketing Data Room for supporting documentation.

VATWe understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).

AMLA successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOMFor access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/marinerswaypreston

Documents

UNITS 1 & 2 MARINER’S WAY PRESTON, PR2 2YN