ROAD BL5 2AL

RPI LINKED LONG INCOME INDUSTRIAL SALE AND LEASEBACK OPPORTUNITY > 02

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

STRATEGICALLY LOCATED IN WESTHOUGHTON, BOLTON, GREATER . [01] INVESTMENT SUMMARY • Let to CD Medical Limited on a new • The tenant has been in occupation FR&I 25-year lease subject to five yearly for 36 years. RPI linked rent reviews (compounded • Freehold annually), subject to a collar and cap of 1% and 4% per annum • The proceeds of the sale and leaseback will be re-invested in the business • CD Medical are a market leading own • The initial rent will be £430,353 per brand pharmaceutical and medical annum which equates to a rent company established in 1977, clients WIGAN ROAD passing of £4.50 psf. include NHS, Major Retailers and UK Pharmacies • Offers in excess of £6,500,000 (SIx Million Five Hundred Thousand Pounds) 95,634 SQ.FT • M&A Pharmachem Limited are a subject to contract and exclusive of VAT. > MANUFACTURING UNIT subsidiary of CD Medical Limited A purchase at this level reflects an attractive Net Initial Yield of 6.15% (M&A PHARMACHEM LIMITED) • CD Medical Limited has a ‘Very Low (assuming purchaser’s costs of 7.61%) Risk’ Experian score of 91/100 • Low capital value of 70 per sq ft • Wigan Road is a fully licensed GMP site which is below the replacement with a highly specialised fitout and over cost of the building £10M of fixtures and fittings > 03

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

WIGAN ROAD > 04

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

[02] LOCATION Westhoughton is equidistant between Wigan and Bolton and an established commercial A666 centre in . Located M6 M61 M66 A570 A5209 BURY approximately 20 miles north west of central A49 6 BOLTON WIGAN WESTHOUGHTON BOLTON Manchester, 20 miles north east of Liverpool WIGAN 5 RAILWAY RAILWAY RAILWAY and 20 miles south of Preston. The town M58 A557 A58 M61 M60 M60 benefits from excellent road links being WESTHOUGTON STATION STATION STATION A570 A580 MANCHESTER strategically positioned between the M6 and LEIGH M6 M602 M61 Motorways. Junction 26 of the M6 M57 ST HELENS is 3 miles to the west. Junction 5 M60 of the M61 Motorway lies approximately LIVERPOOL M62 7 miles to the east and links the M60 WARRINGTON M6 ALTRINCHAM MANCHESTER Manchester Orbital Motorway with Preston. WIDNES M56 AIRPORT Furthermore, the M58, M62 and M60 Motorways are also short distances away. Wigan and Bolton have main train stations which provide direct services to:

Wigan / Bolton Manchester 34min Liverpool 32min 55min Birmingham 1hour 37min London Euston 1hour 59min Glasgow 2hour 34min Edinburgh 2hour 40min > 05

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

6 TO PRESTON M61

COOPER TURNING A58 A6 B5239 RD CHEW MOOR M61 WIMBERRY HILL RD WINGATES A58

CHURCH ST A6 TO BOLTON 5 LONG LN A58 B5236 A6 M61 TO MANCHESTER WESTHOUGTON A6 PARK RD WIGAN ROAD A58 (BL5 2AL) CRICKETERS WY TO WIGAN DOBB BROW

A58 DAISY HILL

[03] SITUATION The 95,634 sq. ft manufacturing facility is located on the A58 (Wigan Road) in Westhoughton. The A58 leads on to the A6 which in turn leads on to the M61 and the national motorway network. The A580 ‘East Lancs Road’, a key route between Manchester and Liverpool, lies approximately 5 miles to the south, and offers alternative access to the M6, M60 and the wider motorway network. The unit is 1.7 miles (6-minute drive) from the Elland Close unit. The tenant has been in occupation for 36 years. > 06

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

WIGAN ROAD 95,634 SQ.FT > MANUFACTURING UNIT (M&A PHARMACHEM LIMITED)

[04] DESCRIPTION [05] ACCOMMODATION The property comprises a large detached The assets have been measured by Plowman warehouse which has been subject to & Craven in accordance with the RICS Code significant refurbishment. Over £10M has of Measuring Practice 6th Edition on a GIA also been spent on fixtures and fittings over basis. The measured survey is fully assignable. recent years.

The accommodation features the following: AREA FLOOR USE • 8.35 metres eaves height (SQ.FT) • Pitched metal clad refurbished roof First Office 1,460 • Heating and part comfort cooling Mezzanine Laboratory/Office 23,311 • Part profile metal clad and brick elevations Ground Warehouse 64,957 • Office accommodation at the front Office & Canteen 5,906 of the building Total 95,634 • On site car parking spaces • Mains drainage, water, gas and three phase power Site area 2.2 acres (98% site cover)

E V O R G Y B N E L L A

WIGAN ROAD (A58) > 07

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

WIGAN ROAD (A58) > 08

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

[07] COVENANT CD MEDICAL LIMITED 09569508 CD Medical Limited was established with the strong aim to take established medical devices, innovate them and make them even more cost effective. Their first product was Stericlens, the first bag-in-can sterile saline solution, used across the NHS and private sector. Other market leading products include Emollin, Irripod and Povitulle. M&A Pharmaceuticals were founded in 1977 and are a subsidiary of CD Medical Limited. Their market leading products range from complex molecules like Co-Dydramol, to OTC Paracetamol. Their clients include major High Street retailers, Community Pharmacies and distributers in the UK. They are currently expanding their export operation to both Europe as well as developing African countries. The Wigan Road facility boasts an impressive laboratory facility with a wide capability including gas and liquid chromatography and UV and visible spectrophotometry. They have invested over £10M in the facility over the last few years. [06] Further information can be found at: www.cdmedical.co.uk TENANCY and www.mapharmachem.co.uk Let to CD Medical Limited on a new CD Medical Limited has a ‘Very Low Risk’ Experian score of 91/100. Full Repairing and Insuring Lease for 25 years subject to five yearly RPI Summarised accounts are provided below: linked rent reviews (compounded annually), subject to a collar and cap of 31 Jan 2018 31 Jan 2017 31 Jan 2016 1% and 4% per annum. The initial rent Turnover £16,398,262 £16,326,387 £21,207,307 will be £430,353 per annum which equates to a rent passing of £4.50 psf. EBITDA -£1,124,335 -£440,863 -£52,519 Net worth £13,489,158 £15,130,764 £15,938,781 > 09

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

[08] INVESTMENT MARKET

Capital Area Rent Pa Price NIY Value Date Tenant Property AWULTC Purchaser (Sq Ft) (£PSF) (£) (%) (Per Sq Ft)

Oct Haydock Green, £2,331,000 Warrington Movianto 373,000 10 £45,000,0000 4.85% £120 2019 St Helens (£6.50 psf) Council

Sept Buckshaw Ave, Chorley TVS 302,000 15 £1,661,000 £31,450,000 4.90% £104 2019 Chorley Council

July Royal £500,870 Stakehill 104,345 9.00 £9,205,000 5.10 £88 GMPF 2019 Mail (£4.80)

Dec GA Pet Revolution Park, 1,008,729 Staffordshire 181,191 10.00 20,365,000 4.64 £110 2018 Foods Chorley (£5.45) CC

Oct Fresenius Manor Park, £747,500 115,000 15.00 £14,000,000 5.00 £121 GMPF 2018 Kabi Runcorn (£6.50)

Crossflow 380, Jan £1,972,440 AO.com Weston Road, 386,750 8.80 35,188,000 5.25 £91 Tritax 2018 (£5.10) Crewe

Logistics North, Nov £2,134,991 Amazon M61 junction 4, 358,822 15.00 47,605,000 4.20 £133 AVIVA 2017 (£5.95) Bolton

Oct Wingates Ind £1,395,036 Tesco 275,155 4.30 25,100,000 5.20 £91 CCLA 2017 Estate, Bolton (£5.07) > 10

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

[09] TENURE [12] CAPITAL ALLOWANCE [14] ANTI-MONEY LAUNDERING Freehold. There are no unclaimed capital allowance available. In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. [10] SOLAR PANELS [13] VAT The solar panel installation on the The property has been elected for VAT. The building will be excluded from the proposed transaction structure, a sale and [15] DATAROOM sale and leaseback transaction. leaseback, means the sale cannot be treated A data room has been set up with relevant documentation; as a transfer of a going concern (TOGC) therefore access is available on request. VAT will be payable on the purchase price. [11] EPC Energy Performance Certificates (EPC) are available upon request. > 11

RPI LINKED LONG INCOME WIGAN ROAD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY BOLTON

IMPORTANT NOTICE: These particulars are not an offer or contract, nor part of one. You should not rely on statements [16] [17] by Carrick Real Estate in the particulars or by word of mouth or in writing (“information”) as being PROPOSAL FURTHER INFORMATION factually accurate about the property, its condition or its value. Neither Carrick Real Estate has any authority to make any representations about the property, and accordingly any information We are instructed to seek offers in excess of £6,500,000 For further information or to arrange a viewing, please contact: given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). Photos etc: The photographs show only certain parts of the property as they appeared at the time they were (Six Million Five Hundred Thousand Pounds) subject taken. Areas, measurements and distances given are approximate only. Regulations etc: Any STEVE CARRICK reference to alterations to, or use of, any part of the property does not mean that any necessary to contract and exclusive of VAT. A purchase at this planning, building regulations or other consent has been obtained. A buyer or lessee must find [email protected] out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. VAT: The VAT position relating to the property may change without notice. level reflects an attractive Net Initial Yield of 6.15% 0161 806 0455 Carrick Real Estate is a limited company registered in England with registered number 10893418. Our registered office is Canada House, 3 Chepstow Street, Manchester, M1 5FW where you may (assuming purchaser’s costs of 7.61%). 07711 042 584 carrickre.com look at a list of members’ names. November 2019. carve-design.co.uk 14478.