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Spencer House Dewhurst Road, Birchwood, Warrington, Wa3 7Pg

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Spencer House Dewhurst Road, Birchwood, Warrington, Wa3 7Pg SPENCER HOUSE DEWHURST ROAD, BIRCHWOOD, WARRINGTON, WA3 7PG FREEHOLD REFURBISHMENT OR REDEVELOPMENT OPPORTUNITY DEWHURST ROAD, BIRCHWOOD, WARRINGTON, WA3 7PG “Spencer House is located within walking distance of Birchwood Shopping Centre and Birchwood Train Station.” EXECUTIVE SUMMARY • Freehold office investment providing major • For redevelopment, the site could suit a number of refurbishment and redevelopment opportunities. uses including industrial, residential, care/senior living, leisure and drive-thru. • Immediately adjacent to Birchwood Train Station and Birchwood Shopping Centre. • Both Prime Warrington industrial and residential land • 50,433 sq ft of office accommodation across two values are in excess of £750,000 per acre and moving floors with two internal courtyard gardens, benefiting towards £1,000,000 per acre. from in excess of 200 car parking spaces. • Approximate 3 acre site. PROPOSAL • Occupiers include NHS Property Services Limited, Warrington Primary Care and Bridgewater Community Healthcare Trust. Seeking offers in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. • c60% vacancy with the opportunity to gain full vacant This reflects a low capital value of£80 per sq ft. possession in 2023 - or earlier by way of negotiation. • Contracted gross rental income of £232,679 per annum. • The property requires either significant refurbishment and capex to re-let and achieve rents towards prime Birchwood levels, or would suit full redevelopment (subject to planning). DEWHURST ROAD, BIRCHWOOD, WARRINGTON, WA3 7PG CHANCERYGATE BIRCHWOOD B E GROUP SHOPPING CENTRE BIRCHWOOD PARK GOLDEN TREE SEDDON HOMES FINANCIAL SERVICES PLC SEDDON HOMES THE LAND TRUST FRED DONE CUBE ARCHITECTS & SURVEYORS BIRCHWOOD BIRCHWOOD LEISURE AND SPENCER HOUSE TENNIS COMPLEX STATION MANCHESTER - 21 MILES BIRCHWOOD WAY M6 OLYMPIC PARK LIVERPOOL -24 MILES Clitheroe Keighley Leeds M6 Bingley Bradford 14 Airport A1(M) Shipley Blackpool 3 M55 32 4 Leeds Burnley Garforth 8 10 Bradford Preston 7 1 47 43 6 Accrington M62 Blackburn 27 30 26 Castleford Lytham StDEWHURST Anne's ROAD, BIRCHWOOD,M65 WARRINGTON, WA3 7PG Halifax 30 9 4 41 Batley 32 Leyland Darwen Rawtenstall Brighouse 31 25 33 Wakefield Pontefract 24 Dewsbury 40 1 23 Chorley Southport Huddersfield M6 M6 M66 39 22 A49 M62 SITUATION M62 Rochdale Winwick 38 Hemsworth Birchwood M61 Risley Park Bury 21A A574 3 M62 A574 Bolton A49 10 20 M1 19 Ormskirk Skelmersdale Formby 9 5 M62 SPENCER HOUSE 18 37 Barnsley 17 Middleton M58 3 26 Wigan 3 19 15 15 20 Oldham 21 Birchwood 14 Hulme 36 Fearnhead 7 Kirkby BIRCHWOOD M60 Asda Crosby Birchwood 12 Ashton-under-Lyme Station 23 9 A49 35 A574 Bootle 24 St Helens M62 Manchester Padgate 8 Rotherham Wallasey 10 7 A50 B5210 2 26 Padgate M6 21a Station 1 1 Liverpool 8 Sale 5 A574 34 4 1 34 2 6 7 3 2 Stockport Altrincham 33 32 Birkenhead 5 Cheadle Sheffield A50 3 Widnes WARRINGTON 20 6 Manchester DIRECTLY ADJACENT DIRECTLY ADJACENT EXCELLENT Prestatyn 7 International A49 A57 31 A57 21 20a M56 Bruche 4 Airport Rhyl Wilmslow A57 TO BIRCHWOOD TO BIRCHWOOD CONNECTIVITY Runcorn 10 M53 Liverpool 11 Warrington Central Station Dronfield M1 John Lennon 12 19 Knutsford A50 TRAIN STATION SHOPPING CENTRE TO M62 & M6 5 Airport 8 A57 M56 Staveley Ellesmere 9 Frodsham Warrington 30 Port 10 Northwich Macclesfield Buxton A5061 M6 A50 M6 Warrington Chesterfield 16 Bank Quay Station A5061 Thelwall A49 12 B5157 Chester Latchford The property benefits from a prominent position with the Warrington has a population of 208,800 - 18 A5060 29 A56 A50 amenity of Birchwood Shopping Centre and connectivity the largest urban population in Cheshire of Birchwood Train Station directly on its doorstep. Major office occupiers within Birchwood and nearby include Betfred, Rolls-Royce, Ricoh, National Crime Agency and Three million people within a half New Balance. hour drive time - the largest workforce catchment in the UK outside London Birchwood Shopping Centre is a strongly occupied, food LOCATION and community led centre with occupiers including ASDA, Aldi and Superdrug. Services include The Post Office, Warrington imports more workers each day than it exports to the wider region, Warrington is strategically situated between Manchester and Timpson and Amazon Locker. Additional amenity within including Liverpool and Manchester Liverpool. The high quality office accommodation offer, the excellent walking distance includes the Birchwood Leisure and connectivity and the significant discount to regional city centre rents Tennis Complex. has created a dominant office centre which is highly regarded and Owing to their connectivity and labour force, Birchwood The Warrington & Cheshire sub-region hugely popular amongst employees and occupiers alike. and Warrington are one of the North West’s prime industrial has the second highest income per head Birchwood is Warrington’s key office location. and logistics locations with major estates also nearby outside of London at c.£30bn per annum the property. Birchwood Boulevard lies just 1 mile to the south west of Birchwood Park benefiting from its high profile. The Park is a 120 acre vibrant business hub which has attracted high profile names such as Atkins, National Nuclear Laboratory and Jacobs. It is home to c.200 companies and over 6,000 people. DEWHURST ROAD, BIRCHWOOD, WARRINGTON, WA3 7PG DESCRIPTION TENANCY SCHEDULE Spencer House is a multi-let office building located The property offers accommodation of varying sizes Unit Tenant Term Start Term End Break Outside ‘54 Floor Area Headline Triple Net Comments within walking distance of Birchwood Shopping Centre and capable of further subdivision to suit individual Date Date Act (Sq Ft) Rent Income and Birchwood Train Station. The building comprises letting requirements. The office floors benefit from 81 Dewhurst Rd Warrington Primary Care 11/07/2008 10/07/2023 N 1,205 14,806 14,806 Lease Inside the approximately 50,400 sq ft over ground and first floors, an efficient, rectangular floor plates, good ceiling Trust Act. with the accommodation grouped around two internal heights, natural light from all sides including the 81a-b Dewhurst Rd Warrington Primary Care 08/08/2005 07/08/2026 08/08/2022 Y 5,866 64,519 64,519 Mutual Break courtyard gardens. courtyards, and some offer a mix of natural and Trust Option. Lease mechanical ventilation. The office accommodation Outside the Act. The building and associated rear car park offer a site is currently fitted out to provide prominently open coverage of 3 acres with fantastic opportunity for plan accommodation. 83 Dewhurst Rd Vacant Y 1,915 -17,804 refurbishment / redevelopment to alternative uses 85-87 Dewhurst Rd Vacant 10,480 0 -96,740 (subject to planning permission). 89 Dewhurst Rd Bridgwater Community 14/04/2018 30/04/2020 Y 11,117 133,404 133,404 Lease Outside Healthcare NHS Trust the Act. Tenant holding over and wish to ACCOMMODATION extend their Y lease. Ground Floor First Floor 91 93 - 95b Dewhurst Rd Vacant 9,174 0 -86,251 95A Dewhurst Rd Vacant 5,310 0 -49,415 97 Dewhurst Rd Labour Party 12/12/2018 11/12/2023 12/12/2021 Y 1,901 19,000 19,000 Service Charge Warrington Primary Care SUITE 91, 93 Cap. Lease Trust & 95B - VACANT Outside the Act. 99 Dewhurst Rd Vacant 2,500 0 -22,144 SUITE 91, 93 & 95B - VACANT SUITE 85/87 - VACANT’ Warrington Ground Floor Store DX Network Services 01/01/2017 31/12/2019 Y 18 950 853 Lease Outside Primary Care Warrington Trust Open Open Primary Dewhurst Rd the Act. Rent Gardens Gardens Care inclusive of Suite 101 Trust Open - VACANT Open Gardens Gardens service charge and insurance. SUITE 99 SUITE 81 SUITE 83 Suite 97 - VACANT’ SUITE 95A TOTALS 232,679 -39,772 - VACANT’ - VACANT’ LABOUR - VACANT’ PARTY Floor Demise Description Area – NIA (sq ft) Ground floor Reception - Ground floor 81 Office 1,205 Ground floor 81 A & B Office 5,866 Ground floor 83 Office 1,915 Ground floor 85/87 Office 10,480 Ground floor 97 Office 1,901 Ground floor 99 Office 2,500 Ground floor 101 Office 975 1st floor 89 Office 11,117 1st floor 91, 93 – 95B Office 9,174 1st floor 95 A Office 5,310 TOTAL 50,443 DEWHURST ROAD, BIRCHWOOD, WARRINGTON, WA3 7PG REDEVELOPMENT OPPORTUNITIES Spencer House provides significant opportunities for full redevelopment (subject to planning) owing to its:- Low site Freehold Opportunity Proximity to Excellent High growth Connectivity density ownership to gain VP by Birchwood amenity Warrington with the M6 2023, or earlier Train Station provided by economy and M62 by way of Birchwood motorways negotiation Shopping Centre & Leisure Complex We consider that the site would suit a variety of alternative uses, either in isolation or combined, including the likes of:- OFFICE MARKET OVERVIEW Residential Residential Industrial- Care/Senior Leisure inc Out of town Drive-Thru - Private Rent or - Affordable Rent Multi Let Rent or Living Pub & Restaurant retail/ Food & Coffee Private Sale or Affordable Sale Multi Let Sale supermarket Warrington’s office market has consistently recorded Office supply is restricted to predominantly small strong take up and continued this trend in 2020 floor plates of sub 10,000 sq ft and with strong levels In particular, the site’s strategic location and strength of Warrington’s residential and industrial markets provide during challenging market conditions. 376,944 sq ft of take up expected to continue, it is likely that this significant development opportunity. of new deals were transacted in 2020 over 65 deals upward pressure will lead to continued rental growth which represents the 3rd highest take up recorded in the region. Prime rents currently stand at £22.00 in the city in the last 10 years. This is testament to per sq ft which was achieved at 301 Bridgewater the high quality office developments, great amenity Place, Birchwood Park.
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