ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP - SINGLE-LET TRADE COUNTER AND WAREHOUSE INVESTMENT - Allsop
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
ALLPARTS HOUSE
MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP
SINGLE-LET TRADE COUNTER AND WAREHOUSE INVESTMENT
WITH FUTURE DEVELOPMENT POTENTIAL
ALLPARTS HOUSE
MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP
INVESTMENT CONSIDERATIONS PROPOSAL
n Reversionary single-let trade counter & warehouse n The tenant has been in occupation since 1983 We are instructed to seek offers in excess of
in popular Buckinghamshire market town n The property is currently generating a low £1,875,000 (One Million, Eight Hundred and
n The property comprises trade counter, warehouse passing rent of £120,000 per annum (£6.35 psf) Seventy Five Thousand Pounds) subject to
and ancillary office accommodation totalling contract and exclusive of VAT. A purchase
n Estimated Rental Value of £140,000 per annum at this level reflects a Net Initial Yield of 6.00%
21,474 sq ft over ground and first floors.
n Site cover of 44% and a Reversionary Yield of 7.03% after allowing
n Located in High Wycombe with excellent for purchaser’s costs.
connections to London via M40 motorway. n Occupying a 0.63 acre site
n Fully let to Parts Alliance Group, a Very Low Risk (97) n Freehold
covenant, for a term of 7.3 years unexpired n Located in a densely populated residential area
(3.0 years to break) with potential for future residential development,
subject to consents.
ALLPARTS HOUSE
MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP
M11
A505 Stevenage W
WY
Luton Stansted
CO
Luton A120 MB
A418 E RD
Y
A5 M1
H WA
ILL
A10
H
A602
ME
OXF
A RC
A131 O
HA
A130
Aylesbury
RD
ERS
SANDS
R D
Hemel BEACON
AM
M11
Hempstead A1(M) A414 INDUSTRIAL High Wycombe Station
A41 Harlow HIILL
St Albans Hatfield ESTATE HIGH WYCOMBE
A4010 Chelmsford
M10
A414
A138
TOWN CENTRE
A10 A414
J21
M25 Potters Bar
J20
ENUE
J23
A404 J19 J25 M25 J27
A130 A40
A 40
Enfield
H AV
Watford A1
HIGH A355 Barnet
M25
A12
The Rye
D ESBOROUG
ROAD
WYCOMBE
A130
A413
J28
Brentwood
M40 Harrow
E EN D
A127 A40
NEW R OAD
A10
Marlow Ruislip Romford J29 Basildon A130
Wembley
L AN
J16
Holloway A12
AD
Benfleet
RO
A40 Stratford LA
A404
D NC
LONDON
N
M25 AS
CORONATION R
GTO
4
Slough T ER
40
Ealing
A4010
RD
LLIN
HIGH WYCOMBE
LA
E
M4
LAN
A13
WE
J15
HIL
NS DAW WYCOMBE GOLF CENTRE
A4
Windsor SH
W
R
HO
ILL MARSH
0
Clapham
RLO
Heathrow Richmond A20
Dartford OAD
LA N
E RAF
MA
A316
Fernie DAWS HILL
R
Staines Gravesend BOOKER
W
Fields Park
LO
J2
AR
A20
A309 A2 CRESSEX ROAD
M
J12
Bromley
A322 Croydon J3
RO AD
M3 Weybridge A24
A232 SEX
M2 ES
Sutton A21 M25 M20 CR
A243
Snodland A4010
J10
Woking A217 A23 Biggin Hill
M20
J4
J9 J5 M26
A4
M40
Sevenoaks
0
A331 M25
J7
J8 J6 A21 Maidstone
Guildford Oxted
A 4 04
A3
Dorking Redhill LOUDWATER
A26 HANDY CROSS
A31 A24
M23 A22
Horley Royal
Gatwick Tunbridge
Wells A229
Crawley
East Grinstead A21
A404
A264 A26
Horsham
A22
FLACKWELL HEATH J3
A24 GOLF CLUB
A23
Haywards
Heath
LOCATION
High Wycombe is a popular commuter, market town located within the direct route into Central London as well as Oxford, Bicester, Banbury
southeastern county of Buckinghamshire, strategically located on the and Birmingham to the north west and connection to the M25 London
M40 motorway 30 miles west of Central London. The town benefits from orbital motorway.
extensive amenities, good schools and being in close proximity to the The town’s connections are further enhanced by the M4 which is
rolling Buckinghamshire countryside. 11 miles to the south providing links to Reading, Swindon, Bristol and
High Wycombe railway station benefits from direct access to London the rest of South West England.
Marylebone (33 mins) as well as Banbury (29 mins), Oxford (44 mins) The town is also within easy reach of various London airports, with
and Birmingham (87 mins). Heathrow Airport only 18 mins to the south east of the town, Luton
The town has excellent road communications to London, the Midlands Airport 40 mins and Stansted Airport 69 mins to the north east of town.
and the Southwest with an array of motorways in the town’s vicinity. The Between these three airports over 120 million passengers pass through
M40 motorway runs 1.4 miles to the south of the town centre providing each year.
TRAIN CAR ROAD AIR
London Marylebone 33 mins Central London 50 mins M40 1.4 miles 50 mins Luton 40 miles 46 mins drive
Banbury 29 mins Bristol 1hr 40 mins M25 1.3 miles 1hr 40 mins Stanstead 67 miles 69 mins drive
Oxford 44 mins Oxford 30 mins M4 11.2 miles 30 mins Heathrow 19.9 miles 22 mins drive
Birmingham 87mins Birmingham 85mins
Source; Google Maps
ALLPARTS HOUSE
MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP
© Crown Copyright, ES 100004106. For identification purposes only.
SITUATION DESCRIPTION ACCOMMODATION
The property is situated approximately 2.4 km (1.5 miles) east of the market The property comprises a two-storey steel framed construction and
town of High Wycombe, on the western side of Micklefield Road, close to pitched roof warehouse, occupying a large site with car parking to the Use Sq m Sq ft
its junction with London Road (A40). London Road is a busy road which front and rear.
provides direct access into High Wycombe town centre to the north and Ground Floor Trade Counter, Offices and Warehouse 1,104 11,883
The property provides trade and storage accommodation on the ground
the M40 motorway to the south. floor, with storage and office facilities on the first floor. There is a substantial First Floor Offices 412 4,435
Micklefield Road lies in a mixed-use commercial and residential area, with mezzanine area for storage purposes. The property benefits from adequate
London Road being home to a diverse range of local and national occupiers. loading provisions including a roller shutter door to the north side of the unit. Mezzanine Storage 479 5,156
The subject property benefits from good visibility from the busy London Road / To the front of the property, there is customer parking and vehicular access
Total 1,995 21,474
Micklefield Road junction. The property is located within a predominantly residential to a large rear site used for loading and staff parking.
area with scattered commercial uses including industrial and retail warehouses The property was extended in 2000 to provide further office and warehouse *Allsop have not measured the property and the floor areas above are from a 2018 valuation.
and trade counters. Wycombe Retail Park is situated close by on the southern Interested parties are required to satisfy themselves to the accuracy of these measurement.
space on the ground floor and offices on the first floor.
side of London Road, whereby occupiers include Marks & Spencer Foodhall,
Wickes, Argos, Pizza Hut, Pets at Home, and Currys, amongst many others.
ALLPARTS HOUSE
MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP
TENURE TENANT’S COVENANT
Freehold. Parts Alliance Group (01779084) - Very Low Risk (97)
In 2017, The Parts Alliance Group was purchased by
31 Dec 2019 31 Dec 2018 31 Dec 2017
SITE SITE COVERAGE Uni-Select Inc, a Canadian publicly listed, market
Turnover 212,914,000 194,458,000 109,180,000 leading, North American Automotive aftermarket
0.63 acres (0.25 ha). 44%. distributor. In the USA and Canada, there are 14
Pre-Tax Profit -2,217,000 6,795,000 2,292,000
distribution centres, 270 corporate stores and over
1,100 independent wholsalers employing 3,000
TENANCY Total Net Worth 26,308,000 28,497,000 21,890,000
employees and generating $1.2 billion per annum.
The property is let in its entirety to Parts Alliance Group Limited, on a fully repairing In 2020, Uni-Select have successfully secured new
Parts Alliance is one of the UK’s leading suppliers of automotive parts, made
and insuring lease expiring 13th June 2028 at a passing rent of £120,000 per annum. credit facilities of $565m to provide additional liquidity.
up of a variety of individual suppliers who are able to maintain the local
The lease is subject to a Landlord’s Redevelopment Break Option on 23rd June
service that made each member successful in their own right, whilst
2023 and a Tenant’s Break Option on 23rd June 2024.
benefitting from a quantum discount in the supply chain. Some of these
There is an upward only, open market rent review on 13th June 2023 and the lease brands include: CES UK, BBC Superfactors & GMF Motor Factors.
is held inside the Landlord and Tenant Act 1954.
We understand that the tenant has been in occupation of the premises since 1983.
ALLPARTS HOUSE
MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP
0 sq ft £11.00 4.9%
Wycombe
Industrial rents
4.6%
over the past
pipeline for industrial
stock in the region
Prime Industrial
Market Rent
average annual increase
would suggest continued
rental growth in the
12 months
coming years
(source: CoStar Analytics)
RESIDENTIAL RENTAL COMPARABLES INDUSTRIAL MARKET COMMENTARY
DEVELOPMENT POTENTIAL Size
The Industrial sector proved highly resilient over the last 12 months with
Address Date Rent per sq ft Comments the pandemic accelerating consumer adoption of online commerce,
We are of the opinion the site offers (sq ft)
food delivery and home improvements meaning the provision of
potential for future residential Unit A, Halifax Road, Cressex Similar specification to the
Business Park HP12 3SN
6,894 Oct 20 £8.70
subject property with secure yard industrial stock has never been more critical. The severely restricted
redevelopment. We estimate that the
supply of existing and pipeline stock continue to put an upward
site lends itself to accommodating
Unit 2, M40 Industrial Estate, pressure on rents. The record-high levels of leasing activity in 2020
approximately 40-50 units, with the 9,300 Nov 20 £9.75 Term of 10 years, no secure yard
Blenheim Road, HP12 3RS
will continue to drive even more investor interest in an already
potential to reprovide for the
Unit 1 Mill Road, Stokenchurch, crowded sector, and thus put further downward pressure on yields.
commercial element, subject to 5,969 Sep 20 £9.20 Similar specification
Bucks, HP14 3TP
the existing lease and obtaining Industrial rents in Wycombe posted a gain of 4.6% over the past
all necessary consents. Better eaves height but no 12 months, with continued upward pressure on rents to continue
Unit P-S Fieldhouse Lane,
14,305 Nov 19 £9.25 secure yard and in need of in the region with no projects in the pipeline for industrial premises
All enquiries should be made to Marlow, SL7 1TB
refurbishment. Leased by Screwfix in the next two years. Rental growth was somewhat below the
Buckinghamshire County Council
Units 7-9 First Avenue, Term of 10 years. Slightly more 4.9% average annual increase over the past decade, which
Telephone: 0300 131 6000 17,401 May 20 £10.79
Marlow, SL7 1YA modern warehouse would suggest that strong rental increases may be expected
www.buckinghamshire.gov.uk
in this location in the coming years.
*We estimate that the ERV of the property is in the region of £140,000 per annum (£7.40 per sq ft). (source: Costar)
Interested parties must rely on their own research and ERVs.
EPC
The EPC Certificate is available within the dataroom.
VAT
The property is elected for VAT and it is proposed that the sale
will be treated as a Transfer of Going Concern (TOGC).
ANTI-MONEY-LAUNDERING
A successful buyer will be required to provide information to satisfy
the AML requirements when Head of Terms are agreed.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/highwycombe
PROPOSAL
We are instructed to seek offers in excess of £1,875,000 (One Million,
Eight Hundred and Seventy Five Thousand Pounds) subject to contract and
exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.00%
and a Reversionary Yield of 7.03% after allowing for purchaser’s costs
For further information or to make arrangements for viewing please contact:
Commercial Investment Residential Investment & Development
Gergo Petrovics Alex Butler Antonia Beech
07961 234 029 07801 219 888 07391 865 615
gergo.petrovics@allsop.co.uk alex.butler@allsop.co.uk antonia.beech@allsop.co.uk
allsop.co.uk
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 05.21
You can also read
