ENSCO DIVERSE INDUSTRIAL & OFFICE PORTFOLIO SECURED TO PTSG FOR 9.5 YEARS - Allsop
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ENSCO
P O RT F O L I O
DIVERSE INDUSTRIAL & OFFICE PORTFOLIO
SECURED TO PTSG FOR 9.5 YEARS
ENSCO
P O RT F O L I O
PORTFOLIO HIGHLIGHTS
Diverse single-let portfolio, secured to the undoubted covenant
of Premier Technical Services Group (PTSG)
•
The portfolio comprises seven properties, including industrial
and office uses, and 11 lettable units, totalling 73,005 sq ft
•
Total passing rent of £500,000 per annum, equating
to a low average rental rate of £6.85 psf
•
Unexpired term of 9.5 years, without lease break options
•
5 Freeholds and 2 Leaseholds
•
All assets are due for rent review prior to November 2023,
with numerous cases of reversionary potential
•
The diverse nature of the portfolio offers a solid base of
well secured income with numerous asset management
opportunities to increase rental and capital value
PROPOSAL
Offers are invited in excess of £6,250,000 (Six Million, Two Hundred
and Fifty Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 7.50% and
an attractive capital rate of £85 psf.
CORPORATE SALE
All assets are held within Ensco 835 Limited, which is available to purchase
by way of a corporate transaction, subject to further negotiation.
DATA ROOM
For Data room access, please use the following link:
http://datarooms.allsop.co.uk/register/ENSCO
ENSCO
P O RT F O L I O
PORTFOLIO HIGHLIGHTS
CASTLEFORD
MIDDLETON
SHEFFIELD
NEWCASTLE
UNDER LYME NOTTINGHAM
WITHAM
SOUTH
OCKENDON
ASSETS 7
TENURE 5 Freehold, 2 Long Leasehold
TENANTS PTSG (incl. subsidiary companies)
TOTAL AREA 73,005 sq ft
PASSING RENT £500,000 per annum
WAULT 9.5 Years
ENSCO
P O RT F O L I O
THE ASSETS
Alma House, Grimshaw Lane, Middleton, Manchester, M24 1GQ The Grove, North Road, South Ockendon, RM15 6SS
Units 11-14, Flemming Court, Castleford, WF10 5HW Unit 1, Swanbridge Industrial Park, Witham, CM8 3YN
Unit 43, Parkhouse Industrial Estate Unit 16-17, H2o Business Park, Unit 34, Jessops Riverside,
East, Newcastle under Lyme, ST5 7RH Nottingham, NG15 0HT Sheffield, S9 2RX
ENSCO
P O RT F O L I O
PORTFOLIO ANALYSIS
The portfolio comprises a well-balanced mix of industrial and office uses predominantly focused within
Yorkshire & Humberside, the East of England and the North West.
All let accommodation provides secure lease terms ranging from 5.1 to 12.1 years unexpired to the undoubted
covenant of PTSG.
SECTOR REGION
• Office 64% • Yorkshire & Humberside 33% • East Midlands 11%
• Industrial 36% • East of England 27% • West Midlands 4%
• North West 25%
TERM CERTAIN TENURE
• 5.0-7.5 years 15% • Freehold 82%
• 7.5-10.0 years 46% • Leasehold 18%
• 10.0-12.5 years 39%
ENSCO
P O RT F O L I O
TENANCY SCHEDULE
Use Class Address Tenure Area Passing Passing Unexpired
(Sq Ft) Rent Rent Term
pa psf (Years)
Industrial Alma House, Grimshaw Lane, Middleton, Manchester, M24 1GQ FH 45,657 £125,000 £2.74 12.0
Office The Grove, North Road, South Ockendon, RM15 6SS FH 5,836 £100,000 £17.14 9.7
Office Units 11-14, Flemming Court, Castleford, WF10 5HW FH 7,740 £130,000 £16.80 7.8
Industrial Unit 1, Swanbridge Industrial Park, Witham, CM8 3YN FH 3,726 £35,000 £9.39 10.9
Industrial Unit 43, Parkhouse Industrial Estate East, Newcastle under Lyme, ST5 7RH FH 4,603 £21,000 £4.56 5.1
Office Unit 16-17, H2o Business Park, Nottingham, NG15 0HT LH 3,600 £54,000 £15.00 7.4
Office Unit 34, Jessops Riverside, Sheffield, S9 2RX LH 1,843 £35,000 £18.99 10.9
73,005 £500,000 £6.85 9.5
CORPORATE STRUCTURE
ENSCO Portfolio is disposing of the entire share capital of Ensco 835 Limited, which is available to purchase
as a corporate sale, as opposed to a Transfer of a Going Concern (TOGC).
Ensco 835 Limited is a private company limited by shares and incorporated in England and Wales under
company number 07531762.
Unless otherwise stated, all figures are as of 31st December 2019 (approved 14th October 2020).
The company has the benefit of the following debt facility, secured as individual 10 year debt facilities
against each individual property, commencing on each individual date of acquisition.
LOAN FACILITY
Lender Lloyds Bank
Notional Principle c. £1.1M
All in Rate 4.00%
Disposals 100% of net sales proceeds must be paid to repay loan
Early Repayment (Release Price) Net Proceeds (No early repayment fees)
Please refer to the Allsop Marketing Data Room for supporting documentation.
The lender had also indicated its willingness to grant consent for a change of control associated
with the sale of the portfolio subject to their satisfaction with the purchaser.
ENSCO
P O RT F O L I O
PREMIER TECHNICAL SERVICES GROUP
PTSG was founded in 2007 to provide “man in a van” engineered solutions. The
company is now the leading supplier of façade access and fall arrest equipment
services, electrical testing, lightening protection, specialist high-level building services
and fire solutions in the UK.
The business has grown rapidly over the last decade, and now delivers services from 29 locations
across the UK via a talented team of over 1,250 highly trained, professional and dedicated people.
PTSG operate four complementary divisions and are the result of 28 successful business acquisitions
during the company’s 12 year history, as detailed below:
Access and Safety Safety Cradle Cradle
Safety Ltd Testing Installation Maintenance Installation
Electrical Lightning Surge Specialist Electrical
Services Ltd Protection Protection Earthing Testing
Building
Access Steeplejack High-Level High-Level High-Level
Specialists Services Installations Reparation Cleaning
Ltd
Sprinkler Fire Alarm/
Dry Riser Fire
Fire Solutions Installation/ Emergency
Installation/ Extinguisher
Ltd Maintenance
Test/ Lighting Test/
Test/Supply
Maintenance Install
ENSCO
P O RT F O L I O
PREMIER TECHNICAL SERVICES GROUP
PTSG has experienced year-on-year growth since its founding in 2007, through the application of a
highly successful business model combining strategic acquisitions, organic growth and market-leading
ability to cross-sell services to its wide customer base.
Bespoke
Nationwide
Established Operational
UK Engineering
Business Model & CRM
Coverage &
Delivering High Software Driving
Economies of
Margins Sustainability &
Scale
Efficiency
Well-
Broadening Established
Multi-Service Multi-Sector
Coverage Customer
Base
The business model has successfully set PTSG as a market leader in supplying niche specialist services
able to quickly adapt to internal and external changes and market forces over time:
20,000+ 7,000+ 200,000+
3-5 Year Buildings
Customer
Contracts serviced under
Base
contract
20% 8%
PTSG has delivered Highly diversified
an adjusted operating customer base.
margin in excess of 20% No customer accounts
in every financial year, for more than 3%
since admission of revenue across
to AIM the group
ENSCO
P O RT F O L I O
PREMIER TECHNICAL SERVICES GROUP
ENSCO Portfolio offers the unique opportunity to purchase a significant proportion of real estate
assets secured to the undoubted PTSG covenant including the Main Company Office, London Office
and a further selection of well-located and diversified industrial and office assets across the UK.
Please refer to the below UK map for locations of all current PTSG sites, highlighting those for sale
within the ENSCO Portfolio.
Wishaw Edinburgh Diseworth Newcastle
Middleton
Wakefield
Castleford
Anderton Sheffield
Warrington
Nottingham
Warwick
Newcastle under Lyme
Witham
Kidderminster
South Ockendon
Bridgend
Maidstone
Gatwick
Abingdon
Exeter Bournemouth Slough Heathrow London (x3)
INDUSTRIAL
ALMA HOUSE, GRIMSHAW LANE, MIDDLETON, MANCHESTER, M24 1GQ
COMPREHENSIVELY REFURBISHED WAREHOUSE & OFFICE WITH EXCELLENT REVERSIONARY POTENTIAL
PASSING
AREA
RENT
45,657 £125,000
sq ft
p.a.
2 miles east of Middleton, 3 miles 1 mile from M60 J21 Prominent Industrial
West of Oldham, 6 miles North of Unit, with yard and
Manchester and 183 miles north ample parking to front
of Central London
UNEXPIRED
TERM
12.0
years
1.5 miles from Moston Train Freehold November 2020
Station roof refurbishment and
internal redecorationINDUSTRIAL
ALMA HOUSE GRIMSHAW LANE, MIDDLETON, MANCHESTER, M24 1GQ
Freehold demise For illustrative purposes only.
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review Term (years) (£ p.a.) (£ psf)
Ground Floor Warehouse 23,889 Comprehensive roof
refurbishment undertaken
Brooke Edgley Specialist Mezzanine Warehouse 4,011 in November 2020,
Alma House 11/04/2018 10/04/2033 11/04/2023 12.0 £125,000 £2.74
Technical Services Limited Ground Floor Office 9,681 benefitting from a 30 year
guarantee.
First Floor Office 8,076 Eaves Height: 4.1m-4.9m.
Sub-Total 45,657 12.0 £125,000 £2.74OFFICE
THE GROVE, NORTH ROAD, SOUTH OCKENDON, RM15 6SS
EXCELLENT CENTRAL LONDON & M25 ACCESSIBILITY WITH LONG TERM ALTERNATIVE USE POTENTIAL
RENT £100,000 P.A.
5 miles north of Grays, 7.5 miles 5 miles north east Converted office building, with a
west of Romford and 21 miles of J30 M25 residential flat above and a separate
East of Central London portakabin office to the left of the site
with ample car parking facilities
1.2 miles from Ockendon Freehold Property investment value
Train Station, 30 mins to underwritten by residential
London Fenchurch Street development potential
Freehold demise For illustrative purposes only.
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review Term (years) (£ p.a.) (£ psf)
Basement 269 2020 rent review not actioned. F2 comprises
a single residential 2 bedroom apartment,
Ground 1,838
The Grove included within the lease demise, and is
PTSG Access First Floor 1,076 currently utilised by the building caretaker.
and Safety 11/12/2015 10/12/2030 11/12/2020 9.7 £100,000 £17.14
Limited Second Floor 664
SD Samuels office is sub-let
S D Samuels GF (Office) 1,582
to S D Samuels Limited.
Office GF (Storage) 407
Sub-Total 5,836 9.7 £100,000 £17.14OFFICE
UNITS 11-14, FLEMMING COURT, CASTLEFORD, WF10 5HW
PTSG HEAD OFFICE LOCATED ADJACENT TO JUNCTION 32 OF THE M62
RENT £130,000 P.A.
1.5 miles South of Castleford, Adjacent to Four office units,
2 miles north west of Pontefract, J32 M62 with ample car parking
8.5 miles North East of Wakefield facilities
and 181 miles North of Central
London
0.5 miles from Glashoughton Freehold Individual utilities retained allowing
Freehold demise For illustrative purposes only. Train Station immediate segregation if required
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review Term (years) (£ p.a.) (£ psf)
Ground Floor 918
Unit 11 01/12/2016 30/11/2031 01/12/2021 10.7 £30,000 £15.65
First Floor 998
Ground Floor 839
Unit 12 04/11/2013 03/11/2028 04/11/2023 7.6 £30,000 £17.11
PTSG Access First Floor 914 Property has benefitted recently from
and Safety
Ground Floor 839 internal redecoration.
Limited
Unit 13
First Floor 914
09/11/2012 08/11/2027 09/11/2023 6.6 £70,000 £17.19
Ground Floor 1,121
Unit 14
First Floor 1,197
Sub-Total 7,740 7.8 £130,000 £16.80INDUSTRIAL
UNIT 1, SWANBRIDGE INDUSTRIAL PARK, WITHAM, CM8 3YN
HIGH QUALITY INDUSTRIAL UNIT IN A HIGHLY SOUGHT AFTER COMMERCIAL ESTATE
RENT £35,000 P.A.
1 mile north of Witham, 7.5 miles 1 mile from A12 J22 Industrial Unit, with yard
south east of Braintree, 11 miles and car parking facilities
north east of Chelmsford and to the front
43 miles North East of Central
London
1.5 miles from Witham Freehold Hybridised unit acting as
Train Station a strategic regional hub
Potential to extend unit
Freehold demise For illustrative purposes only.
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Term Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review (years) (£ p.a.) (£ psf)
Ground Floor 2,343 Landlord installed FF
PTSG Electrical Services
Unit 1 06/03/2017 05/03/2032 06/03/2022 10.9 £35,000 £9.39 accommodation, utilised
Limited
First Floor 1,383 as an office.
Sub-Total 3,726 10.9 £35,000 £9.39INDUSTRIAL
UNIT 43, PARKHOUSE INDUSTRIAL ESTATE EAST, NEWCASTLE UNDER LYME, ST5 7RH
WELL-PRESENTED INDUSTRIAL UNIT WITH SIGNIFICANT TENANT INVESTMENT
RENT £21,000 P.A.
3 Miles North of Newcastle- Parallel to the A34 Industrial unit with car
under-Lyme , 5 miles North West parking facilities to the
of Stoke on Trent, 18.8 miles front of the property
North of Stafford and 151 miles
North West of Central London
2 miles from Longport Freehold February 2021
Train Station roof refurbishment
Freehold demise For illustrative purposes only.
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Term Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review (years) (£ p.a.) (£ psf)
Ground Floor 2,474 Tenant name changed from Thor
PTSG Electrical
Unit 43 24/05/2011 23/05/2026 24/05/2021 5.1 £21,000 £4.56 Lightning Protection Limited to
Services Limited
First Floor 2,129 PTSG Electrical Services Limited.
Sub-Total 4,603 5.1 £21,000 £4.56OFFICE
UNIT 16-17, H2O BUSINESS PARK, NOTTINGHAM, NG15 0HT
2008 BUILT STRATEGICALLY LOCATED M1 CORRIDOR OFFICE
For illustrative purposes only.
RENT £54,000 P.A.
6.5 miles South West of 1 mile from M1 J27 Office unit with 16 car
Mansfield, 10 Miles North West parking spaces to the
of Nottingham, 16 miles North front and rear
East of Derby and 133 Miles
North of Central London
2.3 miles from Newstead Leasehold: 983 years remaining Estate service charge payable
Train Station at a peppercorn ground rent by the tenant
Leasehold demise For illustrative purposes only.
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Term Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review (years) (£ p.a.) (£ psf)
Ground Floor 1,779 The property benefits from
PTSG Access and access to 5 parking spaces
Unit 16 & 17 16/08/2013 15/08/2028 16/08/2023 7.4 £54,000 £15.00
Safety Limited First Floor 1,821 to the front and 11 parking
to the rear of the building.
Sub-Total 3,600 7.4 £54,000 £15.00OFFICE
UNIT 34, JESSOPS RIVERSIDE, SHEFFIELD, S9 2RX
MODERN & WELL-SPECIFIED OFFICE WITHIN A FULLY OCCUPIED BUSINESS PARK
RENT £35,000 P.A.
3 miles South West of Sheffield, 1.5 miles from M1 J34 Office Unit with car
3.5 miles South of Rotherham, parking facilities to
15 miles north of Chesterfield the front
and 160 miles North of Central
London
1 mile from Meadowhall Long Leasehold. 136 years Estate service charge payable
Interchange Train Station remaining at a peppercorn by the tenant
ground rent
Leasehold demise For illustrative purposes only.
TENANCY SCHEDULE
Tenant Accommodation Demise Area Lease Lease Rent Unexpired Term Passing Rent Rental Rate Comments
(Sq Ft) Start Expiry Review (years) (£ p.a.) (£ psf)
Ground Floor 923 The property benefits from
PTSG Electrical
Unit 34 06/03/2017 05/03/2032 06/03/2022 10.9 £35,000 £18.99 access to 5 parking spaces
Services Limited
First Floor 920 to the front of the building.
Sub-Total 1,843 10.9 £35,000 £18.99VAT
The transaction will be treated as a Transfer of a Going Concern (TOGC).
All properties are elected for VAT, with the exception of Newcastle under Lyme.
EPCS
Please refer to the Allsop Marketing Data Room for all supporting
EPC documentation.
DATA ROOM
For Data room access, please use the following link:
http://datarooms.allsop.co.uk/register/ENSCO
CORPORATE SALE
All assets are held within Ensco 835 Limited,
which is available to purchase by way of a corporate transaction,
subject to further negotiation.
PROPOSAL
Offers are invited in excess of £6,250,000 (Six Million,
Two Hundred and Fifty Thousand Pounds), subject to contract
and exclusive of VAT. A purchase at this level reflects a
Net Initial Yield of 7.50% and an attractive capital rate of £85 psf.
For further information or to make arrangements for viewing please contact:
Tom Dales Gergo Petrovics
07799 663631 07961 234029
tom.dales@allsop.co.uk gergo.petrovics@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 03.21You can also read
