HIGHLY REVERSIONARY OFFICE INVESTMENT OPPORTUNITY LET TO BENTLEY MOTORS LTD

UNIVERSAL HOUSE, E.R.F. WAY, , CW10 0QJ

Highly Reversionary 03 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

SUMMARY SUMMARY

Highly reversionary office investment opportunity.

Excellent location, immediately to the East of Middlewich town centre and within 1.8 miles of J18 of the M6 Motorway.

High quality detached office building providing23,705 sq ft across three floors.

Large 4.13 acre site, providing a site cover of 14% and car parking ratio of just 1:66 sq ft.

Let to the excellent covenant of Bentley Motors Ltd on a lease from 1 July 2017, subject to a 12 month rolling tenant break.

Extremely low rent of £120,000 per annum (£5.06 psf).

Long leasehold for a term of 999 years, subject to a peppercorn rent.

Offers sought in excess of£1,300,000 (One Million, Three Hundred Thousand Pounds). No VAT is payable as there is no Option to Tax.

A purchase at this level would reflect the following (assuming purchaser’s costs of 5.99%):

Net initial yield – 8.71% Reversionary yield assuming – £6.00 psf - 10.32% Reversionary yield assuming – £8.00 psf - 13.76% Reversionary yield assuming – £10.00 psf - 17.20% Extremely low capital value of just £54.84 per sq ft AERIAL H MIDDLEWIC TO Universal House, E.R.F Way, Middlewich, CW10 0QJ CW10 Middlewich, Way, E.R.F House, Universal

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Highly Reversionary Highly Opportunity Investment Office

6 M TO 04 Highly Reversionary 05 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

LOCATION

Middlewich is one of ’s principle employment locations, located approximately 26 miles South of Manchester, 39 miles East of and 67 miles North of . The proximity to

these major regional cities together with Stoke on Trent to the LOCATION South, means that there are over 2 million people of working age within a 30 minute drive of Middlewich.

GLASGOW Road Rail Air

EDINBURGH The location has railway station The closest Airport excellent transport is just 15 minutes to Middlewich links, benefitting from Middlewich, is Manchester from immediate which acts as a key International Airport, NEWCASTLE access to the M6 transport hub in the just 21 miles to CARLISLE via junction 18 just North West providing the North. The 1.8 miles to the connectivity for Airport saw record East, providing passengers to all passenger numbers YORKY direct access to the areas of the UK. The of 27.8 million in LEEDL S regional and national station provides fast 2017 and is currently MANCHESTERMAANCNCHESCHESTECHESTERR HULL LIVERPOOLIVERPOOLI OLL motorway network. and direct services undergoing major SHEFFIELDSHHEFFIE Furthermore, to major UK cities, investment to further including STOKSTTOKEO E NOTTINGHANOTTNO M Middlewich is enhance the Airport. located close to Euston (1 hour 33 TELFORD LEICESTERLEIEI the convergence minutes – up to 4 BIRMINGHANGHAHAM CAMBRIDGE of 3 major A roads, trains per hour). FELIXSTOWE namely the A54, OXFORD A533 and A530, LONDON providing excellent LONDON GATEWAY CARDIFF SWINDON TILBURY access to all areas BRISTOL of the North West region. SOUTHAMPTON DOVER EXETER 27 2 Horwich BOLTON 20 3 Ormskirk 6 A58 19 Highly Reversionary 5 M61 M58 4 06 Office Investment Opportunity 3 4 Universal19 House, E.R.FOLDHAM Way, Middlewich, CW10 0QJ 5 26 3 17 20 16 Walkden 1 21 15 22 1 A627 14 Wardley 25 7 12 24 1 2 A628 3 A6010 23 6 Eccles Port of A580 11 M57 23 10 Liverpool Bootle 4 M67 ST HELENS M62 MANCHESTER 24 3

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3 A N A6 22 11 A 102 C P 25 Wallasey 10 I 6 A34 A5058 21A H S 26 1 M62 9 A56 27 R 5 E Moreton 5 T S 6 LOCATION MAP 7 H E 4 1 N C 3 2 2 21 M A 3 2 1 Birkenhead LIVERPOOL A5300 A557 4 M60 3 5 A562 Widnes A6 A56 20 8 M56 A41 7 6 9 4 Manchester 10 Airport Liverpool A533 John Lennon 11 Airport A523 A540 M53 A557 A34 12 19 5 6 7 M6 8 Rhuddlan A533 A55 9 A537 M56 A556 14 A537 A548 10 St. Asaph A49 11 A537 15 Macclesfield A541 A41 A5117 A556 A54 A34 12 A533 BENTLEY 18 Denbigh A494 A51 A54 A513 A49 Middlewich A523 A53 A55 17 A494 Ruthin A50 A41 A51 A34 A530 A534 Approximate A483 M6 A541 CREWE A527 Journey Times A534 A534 A53 A494 16 J18 M6 4 mins A500 A49 A500 Crewe Railway Station 20 mins A41 A520 24 mins A525 A51 A34 Stoke-on-Trent 28 mins Stoke A525 CorwenManchester A5 50 mins on-Trent Llangollen A528 A525 60 mins Birmingham 1hr 15mins Whitchurch 15 A50 A51 London 3hrs 50 mins A34 A520 A53 Highly Reversionary 07 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

MAJOR INFRASTRUCTURE AND IMPROVEMENTS

Middlewich will be further enhanced on the completion of major infrastructure improvement schemes including: MAJOR INFRASTRUCTURE AND IMPROVEMENTS

Middlewich Bypass A £58m road improvement scheme which will provide a new bypass around Middlewich town centre, running adjacent to Midpoint 18, improving connectivity and alleviating traffic through the town centre.

M6 Smart Motorway Upgrade

A £192m project to upgrade the M6 motorway between junction 16 (Crewe) and junction 19 () by upgrading it to a smart motorway, reducing congestion and smoothing the flow of traffic. The project is set to be completed in March 2019.

Crewe HS2 Hub

The Secretary of State has recently confirmed Government support for the Crewe Hub vision. Plans for HS2 now include the provision of a 400 metre platform at Crewe, enabling longer trains to ride into and filter off to different northbound locations. Up to 7 HS2 trains an hour could be calling at Crewe once the new junction is built just North of the town.

Manchester Airport Transformation Programme

The £1bn investment on the Manchester Airport Transformation Programme represents the most significant programme of investment ever made at Manchester Airport including the expansion of Terminal 2 and the improvement of Terminal 3. Highly Reversionary 08 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

SITUATION

Universal House is situated on the well-established and highly successful Midpoint 18 Business Park immediately to the East of Middlewich Town Centre. The property fronts onto E.R.F Way which

is accessed from the A54 via Pochin Way, providing a quick and SITUATION direct link to both Middlewich Town Centre and junction 18 of the M6 motorway, just 1.8 miles to the East.

Midpoint 18 also benefits from adjacent amenities including a Travelodge, Starbucks, Subway, Shell Service Station and Harvester Pub, together with numerous additional amenities within Middlewich Town Centre.

The location has proven an attractive destination for many Blue Chip occupiers, including Optima Logistics, B&M Bargains, Wincanton, Kuehne & Nagel, and Scottish Power.

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E.R.F WAY BENTLEY Highly Reversionary 09 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

DESCRIPTION SITE

Universal House comprises a quality, modern headquarters style The site extends to approximately 4.13 acres (1.67 hectares) and has a very low site coverage office property. The premises is arranged over ground and 2 upper of just 14%. Please note that the area highlighted in yellow on the adjacent site plan is demised floors and accessed via a central reception. The accommodation is to the neighbouring occupier. These 51 spaces will revert back to this property when the predominantly open plan with areas of self-contained offices and neighbouring tenant vacates. DESCRIPTION / ACCOMMODATION / SITE meeting rooms together with on-site amenity areas.

Universal House benefits from the following features: • Full accessed raised floors • Comfort cooling and central heating • Suspended ceiling with Cat 2 lighting • Full height glazed reception • Two 8-person passenger lifts • Double glazed windows E.R.F. WAY

The property is situated on an extensive 4.13 acre site providing landscaped external areas and a secure car park for approximately 359 vehicles providing an excellent ration of just 1:66 sq ft.

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal areas:

LOCATION NIA SQ M NIA SQ FT

Ground Floor 775.37 8,346

First Floor 663.37 7,140

Second Floor 763.57 8,219

TOTAL 2,322.11 23,705 Highly Reversionary 10 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

TENURE

The property is held long leasehold for a term of 999 years subject to peppercorn rent. TENANCY TENURE / TENANCY

The property is let to Bentley Motors Limited on a lease commencing 1 July 2017 and is subject to a rolling tenant break option on giving not less than 12 months’ notice.

The passing rent is £100,000 per annum reflecting just £4.21 per sq ft. The rent is subject to 3 yearly reviews, with the first review in 30 June 2020 fixed at £120,000 per annum (£4.91 per sq ft), with reviews thereafter to open market rent.

It is the intention to top the rent up to the fixed uplift of£120,000 per annum (£5.06 per sq ft). The lease is held on Full Repairing and Insuring terms subject to a schedule of condition. Whilst this is a new lease from 2017, the tenant has previously been in occupation on a prior lease from 2014.

UNIVERSAL HOUSE FLOOR PLANS

Ground Floor Plan First Floor Plan Second Floor Plan

Full size versions and CAD plans are available to view within the dataroom Highly Reversionary 11 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ

TENANT COVENANT

Bentley Motors Limited is a British manufacturer and marketer of luxury cars and SUV’s. The company is deeply rooted within the

Cheshire region, being head quartered in Crewe and operating out TENANT COVENANT of various other locations within the region.

The tenant is in full occupation of the property, which is their head office for sales and marketing.

Bentley Motors Limited have reported the following accounts:

Y/E 31/12/2017 Y/E 31/12/2016 Y/E 31/12/2015 (000s) (000s) (000s)

Sales Revenue £1,593,800 £1,660,600 £1,397,700

Research and (£419,800) (£555,200) (£370,900) Development Expenditure

Operating Result before £283,800 £374,000 £350,900 R&D Expenditure Highly Reversionary 12 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ MARKET COMMENTARY / ERV Highly Reversionary 13 Office Investment Opportunity Universal House, E.R.F Way, Middlewich, CW10 0QJ EPC / VAT / PROPOSAL

EPC PROPOSAL

The property has an EPC Rating of D(78) We are instructed to seek offers in excess of£1,300,000 (One Million, Three Hundred Thousand Pounds), subject to contract. No VAT is payable as there is no Option to Tax. A purchase at this level would reflect the following (assuming VAT purchaser’s costs of 5.99%):

The property has not been elected for VAT and no VAT is payable on the rent or Net initial yield of 8.71%. purchase price. Reversionary yield assuming £6.00 per sq ft – 10.32% Reversionary yield assuming £8.00 per sq ft – 13.76% Reversionary yield assuming £10.00 per sq ft – 17.20% Extremely low capital value of just £54.84 per sq ft HIGHLY REVERSIONARY OFFICE INVESTMENT OPPORTUNITY LET TO CONTACT BENTLEY MOTORS LTD

SIMON WOOD JOHN BURROWS

07793 119 210 07921 137 200 01925 320 520 01925 320 520

MISREPRESENTATION ACT: B8RE act for the vendors or lessors of this property whose agents they are, give notice that (i) these particulars are produced in good faith, are set out as a general guide only and do not constitute any part of an offer or contract. They are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to the correctness of each of them. (ii) no person in the employment of all agents has any authority to make or give any representation or warranty in relation to this property. October 2018.

UNIVERSAL HOUSE, E.R.F. WAY, MIDDLEWICH, CW10 0QJ