Bridle Way Bootle, Merseyside, L30 4Ua Investment Summary

HIGH YIELDING MULTI-LET INDUSTRIAL ESTATE

BRIDLE WAY BOOTLE, MERSEYSIDE, L30 4UA INVESTMENT SUMMARY

• High yielding multi-let industrial warehouse investment with adjoining two storey offices and a large secure surfaced yard area with significant reversion.

• Immediate asset management opportunities to improve rental tone on the estate.

• Prominent location situated in the heart of Bootle’s industrial location on Bridle Way.

• Five industrial warehouse bays and a two storey office building totalling 58,686 sq ft with an extensive yard expanding to 2.64 acres.

• Total site area of 4.35 acres, providing a very low site density of 25%.

• Fully let to five tenants producing a gross rental income of £132,482 per annum reflecting a very low average rent of just £2.26 psf and a net income of £127,482 per annum.

• Significant reversion with an ERV of £202,893 per annum.

• Long leasehold.

• Offers are sought in excess of £1,050,000 (One Million and Fifty Thousand Pounds).

• A purchase at this price reflects an attractive net initial yield of 11.48% with minimum uplift to 11.62% in April 2019 and with a highly attractive reversion of 17.81%, assuming purchaser’s costs at 5.80%.

• A very low capital value of just £17.89 per sq ft.

BRIDLE WAY BOOTLE, MERSEYSIDE L30 4UA

HIGH YIELDING MULTI-LET INDUSTRIAL ESTATE A583 M55 32 A671 3 1 4 11 M6 A59 10 A6 M65 9 A583 A666 8 Blackpool 31 7 SAT NAV: L30 4UA A584 Preston 6 Blackburn A646 30 5 29 29 4 A56 1 3 A646

LEYLAND 28 M65

Buckshaw Village 8

CHORLEY 1 A58 M6 M61 22 A666 M66 ROCHDALE 21 BURY A58 M62 27 2 Horwich BOLTON 20 3 Ormskirk 6 A58 19

5 M58 4 3 4 19 OLDHAM 5 26 3 17 20 16 21 22 1 14 Wardley 25 A627 7 A580 A5063 M6 12 SALFORD M57 24 1 2 3 A6010 23 6 A580 11 Eccles 23 Aintree A59 4 10 M67 ST HELENS 24 3 Bootle M62 MANCHESTER A58 Wallasey 3 102 22 11 A6 25 10 6 A34 A5058 A57 M62 21A 26 1 9 A56 5 27 Moreton 5 THE SITE 6 7 1 4 2 2 21 3 1 3 A553 2 Birkenhead A5300 A557 4 M60 3 LIVERPOOL 5 A562 20 8 M56 A41 Widnes A56 6 A6 Prestatyn Speke 9 4 Manchester 10 Airport Heswall Liverpool A533 River Mersey John Lennon 11 Airport A523 A540 M53 A557 A34 12 19 5 6 7 M6 8 Ellesmere Port A533 A55 9 A537 M56 A556 10 14 A537 St. Asaph A548 A49 11 A537 15 NORTHWICH MACCLESFIELD A541 Flint A41 A5119 A5117 A556 A54 A34 12 A533 18 A494 A51 A54 A49 CHESTER A523 A53 A55 Congleton LOCATION 17

Bootle is a suburb of Liverpool, the UK’s sixth largest city and is the commercial administrative centre for the BOOTLE IS A SUBURB OF County of Merseyside. The County has a residential population of 1.5m, with 6.5m people within 1hours drive. The Liverpool City Region is served by a national railway station, an international airport & sea port and the LIVERPOOL, THE UK’S region’s excellent motorway network. SIXTH LARGEST CITY AND Bootle is located approximately 35 miles west of Manchester, 19 miles north of Chester and 36 miles south-west of IS THE COMMERCIAL Preston. Bootle benefits from an excellent strategic location benefiting from the extensive Motorway network in the North West of England. ADMINISTRATIVE CENTRE FOR THE COUNTY OF The Liverpool City region has undergone a renaissance within the last 10 years with significant investment due in parts to the international recognition the City received being European Capital of Culture 2008. Recent MERSEYSIDE. developments include Grosvenor’s Liverpool One Shopping Centre, The Met Quarter, the new cruise liner facility, Liverpool Arena and Convention Centre at Kings Dock, Liverpool. COMMUNICATIONS SITUATION

The region benefits from excellent communications as follows. Bootle is situated approximately six miles north of Liverpool city centre. The area has a population of 98,449 persons (2011 figure) and benefits from good road Road - The region is served by the M57, M56, M62, M58 and M6 making it an communications with both the M58 and M57 motorways easily accessible and excellent strategic location in which to serve the North West of England and providing direct access to the M6 motorway to the east and the M62 motorway beyond. The M62 motorway connects Liverpool to Manchester and Leeds via the to the south. M60 orbital motorway. The property is positioned within an established commercial area at the junction Air - Liverpool John Lennon Airport is the UK’s 12th busiest airport, handling over of Bridle Road and Bridle Way. Both Dunningsbridge Road (A5036) and Ormskirk 4.9m passengers in 2017. There are regular scheduled flights to 60 domestic and Road (A59) provide direct access to the M57 and M58, approximately 0.8 miles to European destinations as well as charter flights. The growth of the airport has the north east. led to recent facilities to include a new multi storey car park, enhanced leisure facilities, together with a Hilton Hotel. Nearby occupiers include Royal Mail, Peoples Ford, Shop Direct, an ASDA Supermarket and Merseyside Fire and Rescue Authority.

B Rail - Liverpool has major railway connections, with the main line station being 52 0 7 B L B YD R D 2 A IA O 9 E T N E 1 D LAN O K Liverpool Lime Street which is served by Virgin Trains as well as regional andG local E M OA 5

E S AD B L C R A L RO M58 R RO S A S O E NE N N E H BARN LA C T E E K I T G L E A trains, with approximate journey times of 40 minutes to Manchester, 1 hour 30 ID N N E E E A N R L

ERN A N B ORTH PERIMETER R A 5207 N OAD B R L L A

L S C T

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A G E D minutes to Birmingham and 2 hours 10 minutes to London Euston. C N D

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FLEETWOODS 0 Sea – Liverpool’s Super Port is within touching distance of the subject property. LANE 5

A 2 2 4 5

B NE M57

C The Port has recently completed a major upgrade, with the new Liverpool LA O S P WN Y

O BR LAN E

E S S 2 Container Terminal doubling the handling capacity at the Port and also N W P A IFT EN S OLD ROAN C L SWITCH ISLAND E R L RETAIL & LEISURE B S Y AN 5 L PARK ANE

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R A permitting direct entry for larger vessels from Asia into Liverpool rather than the I O L N G A

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redistribution of goods onto smaller vessels at Rotterdam. A A V T E B N I R M E BOOTLE R

IDG R K AINTREE D O GOLF CLUB R

A SHOPPING PARK

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S M57 E O

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RETAIL & BUSINESS

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PARK AINTREE

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3 A B 0 RACECOURSE LIVERPOOL 5 R L K A 9 MUNICIPAL NORTH L

L 5 5 A GOLF COURSE A D V NE 1 E A A S 9 V T 4 O D Y A AINTREE 6 R R O A O R A 0 N A GOLF COURSE 5 5 D AINTREE G IN O D N A 0 I T T A L R F 3 L E O E E E 8 M L S H R A

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Y R R R A R A O B W R

D T E O Y L FAZAKERLEY E O D L S I L I R O A N B V R 6 O A50 M R R W C R A O E H K

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A LO 6 W ROAD 0 L E 5 E

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A O E P B W W L U O 5 R A L HOSPITAL E S R N T L R R T 6 T A / AINTREE E E S L A N A A LA L 7 L R A E UNIVERSITY HOSPITAL N W E N N A O E W Y L E A 9 SEAFORTH & D IN 5 LITHERLAND A A C R E A566 R SAT NAV: L30 4UA D LIVERPOOL

BOOTLE DOCK PORT OF LIVERPOOL

M62

M57 / M58 DESCRIPTION

The property comprises a former manufacturing site which has been split to The offices, which adjoin the industrial warehouses are of concrete frame provide five warehouse bays together with an adjoining two storey office building construction beneath a flat roof. Internally, the accommodation is finished to a and a large surfaced secure yard to the rear of the property. The industrial bays are standard office specification. The tenant of the first floor office also occupies the typically built to the following specification: yard to the rear of the property which has space for circa 30 cars.

• Steel framed construction with brick elevations. Externally there is a large secure surfaced yard area extending to approximately • Pitched profile clad roofs. 2.64 acres which is occupied in full by Anderton Concrete under the terms of • Roller shutter access doors to front and rear of most units. their lease. • Integral office accommodation with dedicated pedestrian access and parking to the front of each unit. • Eaves height of 4.3m (Bay 1) and 6.8m (Bays 2 – 5). FIVE WAREHOUSE BAYS TOGETHER WITH AN • Bay 2 benefits from a 5 tonne crainage system. ADJOINING TWO STOREY OFFICE BUILDING ACCOMMODATION

El Sub Sta

a The estate comprises a mix of office and industrial warehousing 5

accommodation which has been measured in accordance with

b 2 5 a

27.7m the RICS Code of Measuring Practice on a gross internal area basis (GIA). In total the property comprises 58,686 sq ft (5,452.11 sq m) 2 b across five warehouse bays and a two storey office building.

Shelter

a 6

V A full breakdown of floor areas is provided within the enclosed E

b T 6 Y R O tenancy3 schedule. A

27.7m D 7

SITE AREA

The estate occupies a large site area of approximately 1.76 hectares (4.35 acres), providing a very low built site density of 25%.

ESS 8

B R ID L E TENURE W A Y 9

Works Works The property is held long leasehold under two separate leasehold

titles as follows: 4 • The area edged red (3.89 acres) on the OS plan is held for a

1 term of 125 years from 29 September 1988 at a peppercorn. 1 Factory There are 96 years unexpired with no rent reviews.

3 1 Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1660 • The area edged blue (0.46 acres) on the OS plan is held for a term of 99 years from 1 July 1964 at a current rent of £5,000 BRIDLE WAY per annum, subject to 21 yearly rent reviews (next review in BOOTLE, MERSEYSIDE L30 4UA 2027). There are 46 years unexpired.

HIGH YIELDING MULTI-LET INDUSTRIAL ESTATE Further information is available on request. TENANCY INFORMATION

The property is fully let to five tenants on separate leases and licences as per the tenancy schedule. The units are let on full repairing and insuring leases.

The property is currently producing a gross income of £132,482 pa and a net income after ground rent of £127,482 pa. The gross rent reflects a very low average rent of just £2.26 psf. Based on the fixed stepped rents, the net income will rise to £129,032 pa on 01/12/18 and £133,842 pa on 07/04/19.

We calculate that the property has an ERV of £202,893 pa reflecting an average rent of £3.46 psf.

Copy leases and licences are available on request.

TENANT COVENANTS

Anderton Concrete Products Ltd - 65% of the income.

Part of the 200 year old Ibstock Brick Group, Anderton Concrete Products Ltd is a market leading manufacturer of concrete rail products, fencing materials and retaining wall systems with an unrivalled reputation for quality, design & innovation. The company supplies a vast range of sustainable precast products to every sector of the construction industry. They have built long-term partnerships with their customers and suppliers which include the rail industry, the Ministry of Defence and national merchant distributors.

Anderton Concrete Products Ltd have a Credit Safe score of 95/100 which represents a “Very Low Risk” of business failure and reported the following financial accounts.

Year to Date Turnover Pre Tax Profit Shareholder’s Funds 31/12/2016 £14,547,499 £3,632,623 £9,786,346 31/12/2015 £13,767,264 £3,401,365 £6,852,731 31/12/2014 £15,741,315 £3,413,287 £4,129,466

Further information can be provided with respect to the other tenants on the estate upon request. TENANCY SCHEDULE

Area Lease Terms Current Rent ERV Unit Tenant Lease Lease Rent Comments Sq M Sq Ft £ pa £ psf £ pa £ psf Start Expiry Review Rent increases Signature to £18,550 from Bay 1 Stainless 705.88 7,598 01/12/2014 11/30/2020 12/01/2018 17,000 2.24 22,794 3.00 12/01/18 then Catering Ltd to £19,750 from 12/01/19. Lease renewal Orwell discussions Bay 2 Engineering 887.22 9,550 01/08/2012 31/07/2018 18,650 1.95 31,038 3.25 ongoing. Solutions Ltd Schedule of Condition. Bay 3 Anderton 856.47 9,219 2017 rent review Bay 4 Concrete 906.18 9,754 25/03/2012 24/03/2022 25/03/2017 80,000 2.81 106,695 3.75 outstanding. Bay 5 Products Ltd 880.63 9,479 Jenifer Ground Margaret floor Meredith (t/a 288.74 3,108 15/11/2015 15/09/2018 6,000 1.93 12,432 4.00 Licence agreement. office JMM Dance Academy) Rent increases to £14,442 from First 04/07/19. floor Nib Rail Ltd 926.99 9,978 01/03/2017 29/02/2020 10,832 1.09 29,934 3.00 Lease includes office access to the rear car park. Total 5,452.11 58,686 £132,482 £202,893 ASSET MANAGEMENT

We consider that there are a number of asset management opportunities, which include:

• Acquire the freehold title. • Carry out the outstanding 2017 rent review on the Anderton unit where we believe there is significant opportunity to increase the rent. • Complete the ongoing lease renewals with Orwell Engineering and JMM Dance and confirm a new rental tone of the estate. • Refurbish the office building to drive rental value. • Look to improve the rental tone in line with current ERV’s. • Improve existing signage and branding around the estate. BRIDLE WAY BOOTLE, MERSEYSIDE L30 4UA

EPC FURTHER INFORMATION

EPC’s are available on request. Should you wish to inspect the property or require additional information please contact:

Adam Wildig VAT 0161 956 4029 07739 325666 Election to waive exemption for VAT has been made and therefore VAT will be [email protected] charged at the purchase price. It is anticipated that the sale will be treated as a Transfer of a Going Concern. Matt Jones 0161 956 4105 07904 629605 PROPOSAL [email protected]

Offers are sought in excess of £1,050,000 (One Million and Fifty Thousand David Winterbottom Pounds). 0161 956 4103 07836 225552 A purchase at this price reflects an attractive net initial yield of 11.48% with [email protected] minimum uplift to 11.62% in April 2019 and with a highly attractive reversion of 17.81%, assuming purchaser’s costs at 5.80%.

A sale at this price represents a very low capital value of just £17.89 per sq ft. gva.co.uk/14284

Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. June 2018.

RB&Co 0161 833 0555. www.richardbarber.co.uk