PRIME FREEHOLD INDUSTRIAL INVESTMENT - HOTTER SHOES 2 PEEL ROAD SKELMERSDALE LANCASHIRE WN8 9PT - Christopher ...
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PRIME FREEHOLD INDUSTRIAL INVESTMENT HOTTER SHOES 2 PEEL ROAD SKELMERSDALE LANCASHIRE WN8 9PT
2 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
Investment Summary
•• Prime industrial unit located on the established Pimbo industrial
estate in Skelmersdale
•• Excellent communications being in close proximity to Junction 5 of
the M58 motorway and 4 miles from Junction 26 of the M6
•• The unit was significantly re-developed in 2003 with further
extension works in 2015 and totals 158,699 sq ft (excluding
mezzanines) with an eaves height of 6 metres
•• HQ building for Hotters Shoes including design functions, back of
house, manufacture and distribution
•• Hotter are currently investing over £700,000 re-roofing the property
following their long term commitment to the building
•• Site area of 8.85 acres (3.58 hectares) providing a site coverage of
approximately 37.7%
•• Freehold
•• Single let to Beaconsfield Footwear Limited for a term of 15 years
and 6 months from 5th January 2016, expiring 4th July 2031
•• Current passing rent of £493,000 per annum which equates to just
£3.11 psf overall, excluding mezzanine accommodation
•• Estimated rental value of £553,987 per annum, which equates to
£3.50 psf overall
•• We are seeking offers in excess of £7,150,000, subject to contract
and exclusive of VAT
•• A purchase at this level reflects a net initial yield of 6.51%, and a
reversionary yield of 7.32%, after allowing purchaser’s costs of 5.80%
For further information or to arrange an inspection, please contact:
Mark Powell Chris Jones
Tel: 07825 077724 Tel: 07957 138004
Email: mp@christopherdee.co.uk Email: cj@christopherdee.co.uk
3 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
Skelmersdale
Skelmersdale was the North West’s first new town designated in 1961
and is recognised as the principal economic focal point for the West
Lancashire region.
The town is situated strategically on the M58 motorway between
Liverpool and Manchester. The M58 links with the M6 approximately
4 miles to the east at junction 26. As one of the new towns built in
the 1960s, Skelmersdale enjoys the benefit of a purpose built road
system linking well planned industrial estates directly onto the
motorway.
Transport communications include:
LIVERPOOL 20 MILES
MANCHESTER 30 MILES
GLASGOW 205 MILES
LONDON 212 MILES
Skelmersdale has a resident population of approximately 40,000
people with major employers in the town including the Co-Operative
Bank, Asda, Proctor & Gamble, Great Bear, DHL and Matalan.
Skelmersdale was the North
West’s first new town designated
in 1961 and is recognised as the
principal economic focal point
for the West Lancashire region.
4 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
5 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
WN8 9PT
Mil
Situation
l Ln
SKELMERSDALE
Southway Rd
ouse
Tanh
The unit is strategically located approximately 250 metres This creates the capacity to handle the next generation
from Junction 5 of the M58 motorway and 4 miles from of container ships and empowers the Port of Liverpool to
B5312
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ill
Junction 6 of the M6. be the UK’s national gateway and transhipment hub for
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irk Rd Ireland.
Gilli
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Up Holland The Port of Liverpool is 14 miles to the south west, where
4 construction is underway on the new post Panamax Atlantic Container Line (ACL) has chosen the Port of
Digmoor
container port (Liverpool2), which will be capable of Liverpool as the UK port of call for its new five-strong
Ch
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To
the North West region. (CONROs) after a review of potential schedules, market
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Di
Pimbo
Rd potential and opportunities for its North Atlantic Services.
e Ln 5 The first terminal opened in December 2015 with the ACL has the five new G4 CONRO vessels currently under
Nip
M58 second terminal opening within weeks. construction in China, each with container capacity of
3,800 teu containers.
Pee
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Liverpool2 can accommodate 95% of the global container
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O F IN N JU
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6 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
Description
The property was fully re-furbished in 2003 and is of steel portal frame construction, providing a
modern distribution warehouse together with two storey ancillary office accommodation to the front
and side elevation. Internally the property benefits from the following specification:
• Internal eaves height of approximately 6 metres to the haunch.
• 2 dock levellers and 5 drive in doors.
• Floor slab loading of 50kN/m2 (UDL) with a rack leg load of 90kN.
• One 8 person (630 kg) passenger lift serving all office floors.
• Air conditioning to office accommodation.
• Security gatehouse at the HGV entrance to the site.
• 119 car parking spaces located to the front of the property.
• Externally the property benefits from a generous yard area to the side and rear of the unit.
• A new roof system is being installed and is due to be completed in July 2016
7 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
Accommodation
The property provides the following gross internal accommodation:
Sq M Sq Ft
Warehouse 11,357.39 122,251
Mezzanine 1 2,938.03 31,625
Mezzanine 1 460.61 4,958
Ground Floor Offices 1,507.43 16,226
First Floor Offices 1,528.06 16,448
Design Centre 350.61 3,774
Total 18,142.14 195,282
The site extends to
approximately 8.85 acres
(3.58 hectares), providing a
site coverage of 37.7%.
EPC
A 0-25
B 26-50
C 51-75 88 This is how energy efficient
the building is.
D 76-100
E 101-125
F 126-150
G over 150
8 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT Tenure The property is held Freehold. The approximate extent of the Freehold ownership is shown edged red on the site plan. Tenancy The property is let to Beaconsfield Footwear Limited for a term of 15 years and 6 months from 5th January 2016, expiring 4th July 2031. The initial rent of £493,000 per annum is reviewed upwards only every 5 years to the open market rental value. The next reviews are 5th July 2021 and 5th July 2026.
9 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
ESTIMATED RENTAL VALUE
We believe that the agreed rent of the subject property is at a very comfortable level at £311 psf overall (excluding the mezzanine
accommodation) and should provide investors with good future rental growth potential. We are of the view the ERV on the building, in
isolation, is in the region of £3.50 psf based on comparables.
We would highlight the following rental comparables.
Address Tenant Date Size (sq ft) Rent/Price (£psf)
Onyx, Runcorn B&M Q1 2015 350,000 £4.75
Central Park, Trafford Park Norbert Dentressangle Q3 2015 268,000 £5.50
Boulevard Industry Park, Speke IAC Q3 2015 150,000 £5.25
Midpoint 18, Middlewich Optima Logistics Q4 2014 185,000 £4.75
Pro Logis 380, Crewe AO Logistics / Wincanton Q4 2014 380,000 £4.75
XL, Skelmersdale DHL Q3 2014 472,000 £4.25
Appleton, Warrington South The Hut Q3 2014 105,000 £5.00
Estuary Park, Speke Johnson Controls Q2 2014 151,770 £5.35
Omega North, Warrington Hermes wParcelnet Q4 2013 153,580 £5.35
Omega North, Warrington Brake Brothers Q3 2013 198,000 £5.15
31A
10
A6 A59
9 BURNLEY
10 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT 8
A5085
A583 31 A677
A6119 7
6
PRESTON M6
LYTHAM ST.- ANNE’S
Rent (psf) Achieved
A6 30
BLACKBURN ACCRINGTON
A56 A646
A59 A582
Rent (psf) - Quoting
29 5
29/1 12/1 3 M65 4
Speculative Units
Under Construction LEYLAND
28
RAWTENSTALL
A565 8 A666 A6033
SOUTHPORT HEYWOOD
CHORLEY
DISTRIBUTION PARK
M61 1
G-PARK, SKELMERSDALE
A59 22
M6 Q£6.00 M62
ROCHDALE
£4.75 SKELMERSDALE BOLTON
A58 BURY 21
A565
A570
A5209
LOGISTICS
27 NORTH, 2
BOLTON A58 20
A6
6 3 19
ORMSKIRK A676
FORMBY Q£6.25 A49
M627 (M)
5
WIGAN 18/4 KINGSWAYOLDHAM
BUSINESS
4
3 4
A58
17 19 PARK, ROCHDALE
A59
5 26 3
M58 2 20
16 21Q£5.75
15/1 22
1
A570
25
TRAFFORD PARK, M60
7 A579
MANCHESTER ASHTON-UN
OMEGA SOUTH, 24 2
12/1 3 A6010 23
WARRINGTON u/o £5.95
Q£6.25
A580 Q£6.25 A6018
22 A635
3 A580 11 A5081
LIVERPOOL A565 £5.50
Q£6.25 Q£6.25 M6
10
MANCHESTER
A57
24 M67
ST HELENS M62 9
M57 A6010
WALLASEY 8 25
11 7
2 A57
A6
26
A57
A570
9 10/21A 6 A34
1 8 A56 27
4 M62 5
BIRKENHEAD 5 7
2 6/1 WARRINGTON 21 4/1
M60
A57 A560
A562
A552 A561 A5300 STOCKPORT A6
3 WIDNES 5
20A M56 8
A56 7 6 AIRPORT CITY,
LIVERPOOL INTERNATIONAL 9/20 A50 A556
MANCHESTER
4 MANCHESTER
BUSINESS PARK
A41
11
10 u/o £5.95
Q£6.25 Q£6.25
M6
£5.35Q£6.25M53 Q£5.75 LIVERPOOL
JOHN LENNON
RUNCORN WILMSLOW
12 MANOR HOUSE, RUNCORN 19 A523
5 6 ELLESMERE A533
7
8 PORT
£4.83
M5611 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
Covenant Status
Beaconsfield Footwear Limited (Company number: 00641365), was incorporated
in 1959 as a family shoe company and has grown into providing world- class
products.
The Hotter Comfort Concept brand was founded in the early 1990s by
Beaconsfield Footwear. With a mission to make shoes as comfortable as slippers,
the brand designs and manufactures a collection of stylish shoes with hidden
comfort features including super soft and breathable leathers, lightweight and
flexible soles, cushioning underfoot and wiggle room for toes.
They have invested heavily to create one of the most advanced shoe making
facilities in the world, with the state of the art facility, Hotter make more shoes
per year than any other shoe maker in the UK (a pair every 20 seconds). Hotter
currently operate a multi channel retail function with Mail Order, www.hotter.com
and from approximately 74 stores in the UK and over 200 independent retailers.
The company has recently moved into the US market, selling its shoes via a
home shopping catalogue andwww.hotterusa.com. US customers are served
via Hotter’s onsite call centre with shoe shipped direct from its warehouse to
customers from California to Washington.
A summary of Beaconsfield Footwear Limited accounts is set out below.
Beaconsfield
Footwear Limited 1st February 2015 26th January 2014 27th January 2013
Turnover £96,058,000 £88,694,000 £74,960,000
Pre-Tax Profit £8,155,000 £10,039,000 £8,671,000
Net Assets £30,438,000 £23,349,000 £14,422,000
VAT
The property is elected for VAT and therefore VAT will be payable on the
purchase price. It is anticipated that the sale will be dealt with as a Transfer of a
Going Concern.12 PRIME FREEHOLD INVESTMENT HOTTER SHOES, 2 PEEL ROAD, SKELMERSDALE, LANCASHIRE WN8 9PT
Proposal
We are seeking offers in excess of
£7,150,000 for our client’s freehold
interest. A purchase at this level
reflects a 6.51% net initial yield, and
a reversionary yield of 7.32% after
deducting purchase costs at 5.8%.
For further information or to arrange an inspection, please contact:
Mark Powell Chris Jones
Tel: 07825 077724 Tel: 07957 138004
Email: mp@christopherdee.co.uk Email: cj@christopherdee.co.uk
Christopher Dee LLP
40 Peter Street
Manchester
M2 5GP
MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other
details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them
as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee LLP nor any of its employees
or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the
property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or
other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable
or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their
requirements. Designed and Produced by Ask 0161 976 1836. March 2016.You can also read
