PROMINENT HIGH QUALITY MULTI-LET TRADE PARK INVESTMENT OPPORTUNITY - LLANDEGAI ROAD, BANGOR, LL57 4HY
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PROMINENT HIGH QUALITY MULTI-LET
TRADE PARK INVESTMENT OPPORTUNITY
LLANDEGAI ROAD, BANGOR, LL57 4HY
INVESTMENT SUMMARY
• Prominent, high quality multi-let Trade Park investment within Gateway Park, fronting Llandegai • Excellent tenant line-up including Screwfix, HSS, Toolstation, Enterprise Rent A Car and Eurocell
Road (A5), close to Bangor City Centre and the main A55 North Wales Expressway. Building Plastics who all report strong trading figures from the location.
• Well established and successful trade location at the entrance to the fully let Llandegai • The property is fully let producing £253,184 per annum.
Industrial Estate.
• Comprising two modern trade counter terraces and additional development land.
We are seeking offers in excess of £3,750,000 (Three Million, Seven Hundred and Fifty
Thousand Pounds) which reflects a net initial yield of 6.35%, assuming standard purchase
• The property extends to 31,086 sq ft on a site (including the development land) of 3.35 acres
costs of 6.51% with the additional benefit of the development land.
arranged in 9 units, providing units from 1,335 sq ft to 7,032 sq ft.
• The property is fully let to 8 tenants with an average unexpired lease term of 6.3 to expiry (3.4
years to break)
ANGLESEY
MENAI BRIDGE
BANGOR
A5 LLANDEGAI RD
CAERNARFON
JUNCTION 11 LLANDUDNO,
A55
CONWAY, CHESTER
AND M56
DSA
A55
A5 LLANDEGAI RD BANGOR
LOCATION
Manchester
angor is a university city located in the county of Gwynedd. The city lies on
B
A565 M6
A580 the Northwest coast approximately 25 miles east of Holyhead, 22 miles west
M62
of Llandudno,
M60 10 miles northeast of Caernarfon and 31 miles west of Chester
St Helens
M57
Proposed M62 A57
The city benefits from its excellent communication links, with the A55 North
Wylfa Nuclear Wales Express
A56 Way linking to the M56 and M53 motorways to the east, and
Power Station Warrington
Liverpool A557 M56a link to mid wales.
the A5 providing
A561 A34
Prestatyn A540 A41 Bangor Railway Station is located on the North Wales coastline which
Runcorn provides direct access to Holyhead in 30 minutes and both Chester and
Llandudno
Ynys Môn M56 Crewe in one hour ten minutes and one hour 30 minutes, respectively.
M53 Services A57
to London are available with journey times of approximately 3 hours
(Anglesey) A55
A548 A49 30 minutes.
Conwy A55 A550
A55 Bangor Llanelwy
(St.Asaph)
M6
A556
Bangor is the principal
A34 city on the Lynn Peninsula, and given its excellent
transport links, serves as the main retail destination for a number of
A544
Chester surrounding towns. This provides Bangor with a large catchment area and
A4080 A470 A54 a captive retail/trade audience, which is supplemented by a significant
A4244 A543
Caernarfon A525
student population.
Rhuthun A51 Sandbach
A5
(Ruthin) It has a population within the Bangor primary catchment area is 168,000
A4086 A543
A41 people, which is significantly above the PROMIS small town average
Betws-Y-Coed which increases to over 306,000 who view Bangor as their main shopping
A4085
A483 destination.
A598 A49 Nantwich
A494
Wrexham Stoke
Plans for the new Wylfa- Nuclear Power Plant are progressing which will see
A470 A5 aA51
new modern plant
on- built on Anglesey substantially increasing employment
Trent
A487 Druid within the immediate area.
A525
M6
Porthmadog Snowdonia
National Park
A483 A53
A494 A495
A470 Market Drayton
Llanuwchllyn
A49
A5 A41
A518
4570
Shrewsbury
A548
A548 A5
A487 M54
Welshpool
Tywyn A470 A548 A442
Newtown A49
SAT NAV:
LL57 4HY
SITUATION
SAT NAV:
The property is located on Gateway Park which is a prominent trade
counter scheme fronting the A5 Llandegai Road, approximately 1 mile from LL57 4HY
junction 11 of the A55 North Wales Express Way.
H
T
RA D
R
Gateway Park is the premium trade counter location within the wider area,
LO
T YH G
due to it extremely prominent position on the main arterial route into Bangor.
Porthaethwy Bangor N
University G
R DRD
L AN
Gateway Park is positioned to the front of the Llandegai Industrial Estate (Menai Bridge)
OA
A5025
F FG
which is a good quality well let industrial estate with a mix of warehouse,
M OR
logistics and trade counter users. The estate accommodates tenants such as
Howdens, Huws Gray and Jewsons.
A5122
The property is approximately 2 miles to the Southwest of Bangor City
A5
Centre. A4080 Castell
• Bangor City Centre – 2-minute drive time
R
E ROGA
BI
YD Bangor Penrhyn
• Bangor Train Station – 5-minute drive time
DE ACDA
YDH (Penrhyn
LR
FOO A4087
Castle)
FH
FL FI
N
NR
AO
FO
DD
SE
AADR
HO
EDG
NR
LAL
RRON
I AR
PE
E ND REW E N
DD
OR
NE
NO
F
A
A487(T) F
DA
C
O
E
D
Coed
RDF
GA
L ÔN-PO B TY
AD
Mawr
NR
A55(T)
I
R
FO
E
AF A5
DH
Ffordd C
RD
Gelli Morgan
Bryn-glas
FF O
Goetre Perfeddgoed A55(T)
Lôn
A4087 Isaf
Brithdir Caerhun
Coed
A55(T) Hywel
DESCRIPTION
LLA
The property comprises principally two trade counter terraces and a development plot which could accommodate ND
an additional 8,000 sq ft of development. EG
Development Site AI
RO
The two trade counter terraces were developed in two phases as follows: AD
(A5
PHASE ONE ) TO
A5
Comprises part of a larger refurbished warehouse building, being of steel frame construction with brick elevations 5
with a modern over clad roof in part.
The trade counter is at the front of the larger warehouse and its front elevation has been refurbished and re-clad (in
2009) to present as a modern trade counter terrace. DSA TEST
This terrace incorporates units 2, 3, 4 and 5.
DRIVING
TRACK Additional
PHASE TWO Development Site
Comprises a newly constructed terrace of trade counter units (constructed in 2013) of modern steel portal frame
construction.
The terrace includes units 6, 7, 8, 9 and 10.
PHASE 2
The site also benefits from substantial parking provision, is well landscaped, and also provides two development sites
as follows
DEVELOPMENT SITE (EDGED BLUE) Enterprise
Secure Compound
Situated to the rear of the site and extending to approximately 0.68 acres. (Edged Blue)
Area
The site would be suitable for further trade counter / retail warehouse units, open storage land, parking or office uses,
subject to planning.
Unit 1
ADDITIONAL DEVELOPMENT LAND (EDGED GREEN)
Whilst not forming part of the above sale this site could be made available by way of a separate discussion. Further
information can be made available to interested parties upon request.
The site extends to approximately 0.65 acres and is positioned to the front of the site in an extremely prominent
position. PHASE 1
The prominence of the site would appeal to higher value users such as a drive through retail operation or leisure
operator, subject to planning.
ADDITIONAL DEVELOPMENT LAND (EDGED BLUE) ADDITIONAL DEVELOPMENT LAND (EDGED GREEN)
TENANCY
The property is fully let with a WAULT of 6.3 years to expiry and 3.4 years to breaks. The property currently is fully let on FR&I terms via a service charge and produces £253,184 pa as per the below tenancy schedule:
RENT £ PA EXPIRY
NO. TENANT AREA (SQ FT) LEASE TERMS REVIEW COMMENTS
(£ PSF) (BREAK)
Eurocell Building Plastics £29,000 17/03/21 FRI via service charge.
2 3,653 5-year lease wef 18th March 2016
Limited (£7.95) (18/03/19) Schedule of condition.
5-year break not actioned. FRI via service
£53,450
3-4 Screwfix Direct Ltd 7,032 10-year lease wef 13th October 2010 12/10/20 charge.
(£7.60)
Schedule of condition.
6 months’ rent penalty if tenant breaks. FRI
£29,000 23/06/27
5 HSS Hire Service Group Ltd 3,516 10-year lease wef 24th June 2017 24/06/22 via service charge.
(£8.24) (22/06/22)
Schedule of condition.
Property let in shell condition. FRI via service
Travis Perkins (Properties) Ltd £37,820 13/07/25
6 4,880 10-year lease wef 14th July 2015 14/07/20 charge.
(t/a Benchmarx) (£7.75) (13/07/20)
Schedule of condition.
Property let in shell condition. FRI via service
£29,290
7 Toolstation Limited 4,040 10-year lease wef 22nd May 2015 22/05/20 21/05/25 charge.
(£7.25)
Schedule of condition.
Currently being documented by solicitors. FRI
Belron UK Ltd £21,624 10-year
8 2,615 10-year term TBC 5-year via service charge.
(t/a Auto Glass) (£8.27) (5-year)
Schedule of condition.
Property let in shell condition but includes an
additional secure compound area. FRI via
09/09/18 08/09/23
9 Enterprise Rent-A-Car UK Ltd 1,335 £22,000 10-year term wef 09th September 2013 service charge. Break any time after 3rd year
09/09/21 (08/09/16 onwards)
with £40k penalty. Fixed increases to £24,000
pa and £26,000 pa in 09/2018 and 09/2021.
Property let in shell condition. FRI via service
charge. Demise including rear yard at £3,000
£31,000 20/09/18 19/09/28
10 Royal Mail Group Limited 4,015 15-year lease wef 20th September 2013 per annum. Net rent excluding additional
(£7.72) 20/09/23 (19/09/23)
yard of £6.97 psf.
Schedule of condition.
TOTAL 31,086 £253,184
TENURE The property is held freehold with the owner of the rear element contributing to maintenance of the common areas by way of a service charge. COVENANT The property is let with an extremely strong tenant mix with top quality trade counters occupying the site. Eurocell Building Plastics Limited – t/a Eurocell produce and supply over 4,000 PVC-U products for the home to bothy trade and private customers. They currently operate from over 190 stores nationwide. For the year ending 31/12/17 they reported a turnover of £128.8m, pre-tax profits of £5.875m and a net worth of £9.773m. They have a 3A1 D&B rating. Screwfix Direct Ltd – t/a Scewfix are part of the Kingfisher plc and supply over 30,000 home improvement products from over 570 stores nationwide. For the year ending 31/01/17 they reported a turnover of £1,306m, pre-tax profits of £118.8m and a net worth of £442,1m. They have a 5A1 D&B rating. HSS Hire Service Group Ltd – t/a HSS Hire are a national hire provider of products for the building / construction industry and currently operate from over 230 stores nationwide. For the year ending 31/12/16 they reported a turnover of £282.3m, pre-tax profits of (£17.7m) and a net worth of £18m. They have a 4A1 D&B rating. Travis Perkins (Properties) Ltd – t/a Benchmarx are a national supplier of kitchens to the trade and private markets. They currently operate from over 180 stores nationwide. For the year ending 31/12/16 they reported a turnover of £76.9m, pre-tax profits of £90.2m and a net worth of £504.3m. They have a 5A1 D&B rating. Toolstation Limited – t/a Toolstation are a national provider of tools, accessories and building supplies to the trade and private markets sticking oer 11,000 products. They currently operate from over 300 stores nationwide. For the year ending 31/12/16 they reported a turnover of £257.9m, pre-tax profits of £18.8m and a net worth of £28m. They have a 4A1 D&B rating. Belron UK Ltd – t/a Auto Glass are an international vehicle screen repair and replacement company operating in over 31 countries. In the UK they serve over 1,000,000 customers annually employing 1,100 technicians. For the year ending 31/12/16 they reported a turnover of £194m, pre-tax profits of (£11.3m) and a net worth of £4.7m. They have a 2A2 D&B rating. Enterprise Rent a Car UK Limited – t/a Enterprise operate from over 420 stores throughout the UK, increasing to over 7,600 worldwide across 70 countries under the Enterprise trading style. They are a leading supplier of vehicles to both private and corporate users. For the year ending 31 Jul 16, they reported a turnover of £727.2m, a pre-tax profit of £4.64m and shareholders’ funds of £204.4m. Royal Mail Group Limited - t/a Royal Mail is a national postal service and courier company. For the year ending 26/03/17 they reported a turnover of £7,651m, pre-tax profits of £146m and a net worth of £4,087m.
VAT
We understand that the property has been elected for VAT which will therefore
be chargeable on the sale. We would envisage the sale being treated by way
of transfer of going concern (TOGC)
EPC
A set of EPC reports are available on request.
PROPOSAL
We are seeking offers in excess of £3,750,000 (Three Million, Seven Hundred and
Fifty Thousand Pounds) which reflects a net initial yield of 6.35%, assuming standard
purchase costs of 6.51% with the additional benefit of the development land.
FURTHER INFORMATION
If you require any further information or wish to arrange an inspection, please contact: -
Oliver Rowe Kipp Harden
oliver.rowe@avisonyoung.com kipp.harden@avisonyoung.com
07920 299 049 / 0161 819 8212 07384 253 556 / 0161 507 4714
0161 228 1001
avisonyoung.co.uk
Gurminder Manak Abid Jaffry
gurminder@hectorrep.com abid@hectorrep.com
07903 056 596 07836 264 427
0161 200 8590
Misrepresentation Act 1967. These details are provided only as a general guide to what is being offered subject to contract and subject to lease being available and are not intended to be construed as containing any representation of fact upon which any interested party is entitled to rely. Other than
this general guide neither we nor any person in our employ has any authority to make, give or imply any representation or warranty whatsoever relating to the properties in these details. May 2018. Designed and produced by Richard Barber & Co. 0161 833 0555. www.richardbarber.co.ukYou can also read
