41 BRINDLEY WAY, , WEST , WF2 0XQ

SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

EXECUTIVE SUMMARY

• Single-let industrial property. • The Property is utilised as a major print • Located at Wakefield 41 Industrial Park, works and as such is heavily fitted one of Yorkshire’s dominant distribution out with plant and machinery offering hubs, which is strategically located strong tenant retention prospects. at the intersection of the M1 and M62 • The specification includes: motorways. • Rear and side loading access • The Property is let to YM Chantry with up to 45m yard depths Limited on FRI lease terms expiring • 6-9m eaves height 14 July 2035. This provides an • 7 level access loading doors unexpired lease term of 15.5 years. • The site extends to approximately • The Tenant has recently agreed a 8.48 acres (3.43 Ha). new 10 year reversionary lease from 15 July 2025. • Part freehold and part virtual freehold. • The Property comprises a detached distribution and manufacturing unit We are instructed to seek offers extending to 210,002 sq ft (19,510 sq m) of £16,000,000 (Sixteen Million GIA. Pounds) subject to contract and • Mail is the UK’s leader in brochure, exclusive of VAT. A purchase at magazine and general commercial this level reflects an attractiveNet printing providing a range of products Initial Yield of 7.5% (assuming to the most established brands in the purchaser’s costs of 6.73%) and a industry. low capital value of £76 per sq ft. • Initial rent of £1,282,590 per annum equating to £6.11 sq ft. • The rent is then subject to reviews in July 2025 and 2030 linked to RPI with a collar of 1% per annum and a cap of 4% per annum.

41 BRINDLEY WAY, WAKEFIELD, , WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

TO TO M62

JCT 42 TO TO HULL JCT M1 41

A650

41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

L IN G LOCATION R W O E Y L L S L T A

O N E E N

N H A M1 E L I N L A L L E S S U N Strategically located at the intersection of the M1 and M62 O W H A L D

O LI

motorways, Wakefield provides excellent access to the national O N W E G

N W

AIRPORTS A

D E L

L motorway network and connects with the major conurbations of A L S O

L LEEDS N R A

W E N

R Leeds, Sheffield and Manchester. The ports of Humberside and A E

L O

17 MILES

M

ROAD

STAND N RAND 41 G Outwood Liverpool are easily accessible. Wakefield is located 10 miles D ROAD E E D STAN K GRAN L N

A E L D 22 MILES S G south of Leeds, 25 miles north of Sheffield and 38 miles east of

N

E

R

VE

L O AN T Manchester. D PO

A E

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The City also benefits from high quality rail links, being situated E R N O

A M L S N

E C on the East Coast mainline and benefiting from a fastest journey N L H K E U W D R A CH L G E L R A time to of 1 hour 58 mins. is N L E A E N located approximately 17 miles to the North West and Doncaster BRUNEL ROAD STEPHENSON WAY N E LONDON A D L A S BR Airport 22 miles to the East. 1 HOUR 58 MINS A O N D R E

M1 F B V O E A65 A R O R R 6 U T D A59 O N O 5 R M A59 E P D L 0 N

E

K R

O

AD D BRINDLEY WAY

A

O R

DS E E L A61

A65

B A68 ARR RO R DY C AD A LEEDS & AN D E BR F O N BRADFORD R D A A1(M) L NEWTON LANE 14 R O S 13 A A D N 6 E 5 12 SITUATIONV 0 O D T OA LEEDS R R O R P A C Y The Property is situated on Wakefield 41 Industrial Park, one of D N A 10 R BRADFORD B

Yorkshire’s dominant distribution hubs. The Property is located on L A63 E 43

E B JE R D R the A650 Wakefield A Road, which is less than 1 mile, via the dual R D S 27 Y F Halifax O C R A R R D O 30 R carriageway, from Junction 41 of the M1 and approximately 2.5 R A L D O A D N A A 41 E D 31 miles south of the M1/M62O interchange. Wakefield 41 extends to AD R RO ARR M62 E Y C P ND approximately 230R acres and is an established industrial location; BRA 40 Wakefield O H with its proximityT to the motorway network it houses many N E R M62 significant occupiersW including , Coca Cola, Eddie Stobart, 1 Huddersfield UPS and Card Factory. A61 A638 2 A62 The Property is situated on Telford Way which is accessed via the M1 3 primary estate road, Kenmore Road. In turn Kenmore Road provides

17 access to the A650 to the South. The A650 is a main arterial route providing direct access from the M1 through to the city centre. 41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

DESCRIPTION The Property comprises a warehouse and manufacturing unit configured in 2 units, originally constructed in the 1980s with the extension constructed in 2006.

The Property provides the following specification: • 210,002 sq ft (19,510 sq m) GIA. • 3 phase electricity. • Steel portal frame construction with a clear • The Property is utilised as a major printing 6-9 metres to the underside of the haunch. works and is heavily fitted out with plant • Part brick and part insulated profile metal and machinery meaning long term tenant sheet exterior with pitched insulated profile retention prospects are high. metal sheet roof. • Given the site is served with multiple • 7 ground level loading doors with 2 access points and separate yards, in the external canopies. unlikely event that the Tenant vacated the site would lend itself to subdivision. • Sodium lighting. • Secure concrete goods yard with yard depths of up to 45 metres.

41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

ACCOMMODATION TENURE The Property has been measured in accordance with the RICS Code of Measuring Practice and The Property is held part freehold and part long leasehold. provides the following Gross Internal Floor Areas: The long leasehold element (as shown on the indicative plans below) is held for a term of 999 years from 30 September 2002 on a peppercorn rent (981 years unexpired). Accommodation Sq M Sq Ft

El Sub Ground – Warehouse 19,165 206,290 Sta P ath ESS

Ground – Office & Ancillary 172 1,856 STEPHENSON WAY STEPHENSON WAY

First – Office & Ancillary 172 1,856

TOTAL 19,510 210,002

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El Sub Sta

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N

M

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R

E

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A D ESS

E LAN Robin S Hood N Bridg VE e 86.9m TO

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,

9 BRINDLEY WAY 9

F1

b 2 2

a 87.2m

2 L L

1 b

a 1

0

1

7 9

0m 25m 50m 75m 1 SITE AREA The site extends to approximately 8.48 acres (3.43 hectares). 41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

TENANCY COVENANT

The Property is let to YM Chantry Limited on FRI lease terms The Property is let to YM Chantry Limited who are part of a TENANT COVENANT expiring 14 July 2035. This provides an unexpired lease term group commonly known as York Mail. of 15.5 years. The tenant has recently agreed a new 10 year YM Chantry Limited (Company Number 10177057) reversionary lease from 15 July 2025. York Mail are an established European company offering digital printing solutions in many market sectors including direct Turnover Operating Profit post Net The initial rent is £1,282,590 per annum equating to £6.11 sq ft. mail, transactional mail, book printing, journal production and £M Profit £M Tax £M Assets £M The rent is then subject to reviews in July 2025 and 2030 linked commercial print. They work with some of the most successful 2018 28.69 -0.11 - 0.73 0.94 to RPI with a collar of 1% per annum and a cap of 4% per annum. magazine, catalogue and direct mail customers in the industry. 2017 23.91 2.30 1.68 1.68 The rent increases at review are: The York Mail Group encompasses the following companies: YM Chantry Ltd have been trading since 2016/17 and have a Minimum Rent pa / Maximum Rent pa / • YM Chantry Limited – High profile print runs from magazines Dun & Bradstreet credit rating of 1A2 representing a ‘lower than Reversionary Yield Reversionary Yield and newspaper supplements; average risk’ of business failure. 15 July 2025 £1,348,015 / 7.9% £1,560,467 / 9.1% • Pindar – Focus on fashion including catalogues and 15 July 2030 £1,416,777 / 8.3% £1,898,547 / 11.1% brochures; and The tenant is currently paying a rent of £1,161,680 per annum • Go Direct Marketing – Direct marketing and data analytics. until July 2020. This will be topped up to the initial rent of York Mail operate out of London, Elvington, Scarborough, £1,282,590 by the vendor. Leeds and the Property known as ‘YM Chantry’. York Mail are GUARANTOR COVENANT Both the current and reversionary leases are available on request. in separate occupation of the adjacent office building to the Property. A parent guarantee is in place from YM Group Ltd to cover the reversionary lease. YM Group Limited (Company Number 07786955)

Turnover Operating Profit post Net £M Profit £M Tax £M Assets £M 2018 118.01 4.78 -1.47 5.93 2017 120.51 12.16 5.40 7.41 2016 104.44 7.66 2.00 2.00

YM Group Limited has a Dun & Bradstreet credit rating of 3A1 representing a ‘minimum risk’ of business failure.

41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

MARKET COMMENTARY The industrial and logistics sector continues to attract strong investor demand from UK institutions, overseas and domestic private equity, property companies and Local Authorities. Demand is underpinned by a robust occupational story, driven by the continued structural shift in occupational needs. As a result, the Yorkshire industrial market has experienced a strong 2019 with rents rising c. 4% over the year. Furthermore a combination of low stock volumes and increasing investor appetite for prime assets has led to competitive tension and sustained pricing levels. On the occupational front, 2019 take up was close to 4 million sq ft, significantly above the five year average of c. 2.3 million sq ft for the Yorkshire and Humber region. The result being a critical shortage of good quality industrial accommodation across the Yorkshire region. Despite small pockets of development activity, the supply demand imbalance remains acute, and this has continued to put upward pressure on rents. Although demand is coming from a variety of sectors, distribution related occupiers continue to dominate the market in response to changing consumer shopping patterns to accommodate the exponential growth in e-commerce. INVESTMENT COMPARABLES

Review Date Address Town Size (sq ft) UXT (Break) Price Yield CV psf Structure Aug-19 Puma, Glasshoughton Wakefield 259,236 10 - £30.35M 4.60% £117

Jul-19 CMS Distribution, Tri-Link 140 Wakefield 142,491 10 RPI (2-4%) £13.75M 5.58% £97

May-19 DHL, Waindyke Way Wakefield 73,245 3 OMV £6.00M 5.77% £82

Feb-19 One Stop, Express Way Wakefield 121,000 4.5 OMV £10.32M 5.50% £85

Jan-19 Macfarlane Group UK, Brunel Road Wakefield 56,079 6.1 OMV £10.01M 5.05% £179

Dec-18 Menzies, Wakefield 41 Wakefield 103,093 2.5 OMV £7.46M 5.50% £72 41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ SINGLE-LET WAREHOUSE & MANUFACTURING INVESTMENT OPPORTUNITY

VAT The Property has been elected for VAT purposes and it is intended to treat the transaction as TOGC so that VAT will not be payable upon the purchase price.

EPC This Property has an EPC rating of C-55. An Energy Performance Certificate is available on request.

DATA ROOM Access to the data room will be made available on request.

PROPOSAL We are instructed to seek offers of£16,000,000 (Sixteen Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractiveNet Initial Yield of 7.5% (assuming purchaser’s costs of 6.73%) and a low capital value of £76 per sq ft. FURTHER INFORMATION For further information please contact:

EDWARD WIGGINS DOM SIDOLI ALEX GOTHAM T +44 (0) 20 7182 2933 T +44 (0) 20 3418 2040 T +44 (0) 20 3418 2080 DISCLAIMER: CBRE Limited and ADS Real Estate Advisors on their behalf and for the Vendors or Lessors of this E [email protected] E [email protected] E [email protected] property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst CBRE Limited and ADS Real Estate Advisors use reasonable endeavours to ensure that the information in these PAUL IRELAND NATASHA SIDOLI particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or T +44 (0) 20 3214 1907 T +44 (0) 20 3418 2070 otherwise as to their accuracy. CBRE Limited and ADS Real Estate Advisors as such cannot be held responsible for any loss or damage without limitation, indirect or consequential loss or damage, or any loss of profits resulting E [email protected] E [email protected] from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited or ADS Real Estate Advisors have any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. February 2020. Designed and produced by Creativeworld Tel: 01282 858200.

41 BRINDLEY WAY, WAKEFIELD, WEST YORKSHIRE, WF2 0XQ