ESSEX HOUSE Bridle Road | Aintree | Liverpool | L30 4UE 19,125 Sq Ft (1776.7 Sq M)
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Office Investment FOR SALE ESSEX HOUSE Bridle Road | Aintree | Liverpool | L30 4UE 19,125 sq ft (1776.7 sq m) Investment Summary • Highly prominent office development fronting Bridle Road with 50 on site car spaces • 41% let to companies with a low or below average risk as confirmed by Experian. • Very low capital value of £46.79psf • Rear and Middle sections fully refurbished including new Double glaxed UPVC windows, fully re-clad and re-roofed in the last 10 years • Good opportunity for asset management and further letting potential • Liverpool City region office take up in 2014 up 5.4% from 2013 • Strategically located with Aintree train station just 7 minute walk and M57/M58 motorways 1.8miles Link Road Currently To Ormskirk Under Construction To Southport A59 A5207 M58 LY DIATE LANE Location EDGE LANE NORTHERN LANE PERIMETER ROAD Essex House is located on the North-East side MOOR Switch Island of Bridle Road in close proximity to Dunnings Premier BUCKLEY HILL LN Inn FLEETWOOD’S Bridge Road (A536) which provides excellent LANE ASDA COPY LN Old Roan transport links to the Liverpool Freeport and the Switch Island Station M57 regional motorway network at Switch Island LANE Leisure Park Park providing access to the M57 and M58 motorways GORSEY Bootle Hotel Golf A59 only 1.8 miles. The building is well served by Course PARK LANE A585 Aintree public transport particularly the rail network Aintree Racecourse Atlantic Stn Retail Park with Aintree Merseyrail Station within a 7 minute CROSBY Park Aintree DUNNINGS BRIDGE ROAD ORMSKI Racecourse Fazakerley walk. ROAD SOUTH Station NETHERTON AD K ROAD K B5422 Netherton R Hotel BRIDLE RO LONGMOOR LANE University WAY HAWTHORNE ASDA A506 Hospital Aintree A5036 A580 LIVERPOOL ROAD Seaforth FREEPORT STANLEY RIMROSE Station LINACRE LANE Orrell CASHIRE ROAD Park ROAD ROAD Station EAST LAN Bootle A5090 SOUTHPORT ROAD SOUTHPORT New RICE Strand Station LANE Strand Shopping Centre A59 BREEZE HILL M57/M58 Switch Island A5057 QUEENS DRIVE BALLIOL ROAD Switch Island M57 & M58 PARK LANE A59 Aintree DUNNINGS BRIDGE ROAD Racecourse To Liverpool Bootle/DocksAtlantic Park Retail Park A5036 ESSEX HOUSE Aintree Station NETHERTON WAY Aintree FARRIERS WAY VESTY ROAD Racecourse Santander BRIDLE ROAD RIDLE WAY B Liverpool City Centre ORMSKIRK ROAD A5038 Description Essex House comprises a complex of single storey and double storey office accommodation which offers occupiers their own self-contained units via their own front door in an attractive landscaped environment with a generous car parking provision. The two storey office building fronting Bridle Road is of steel frame construction with brick elevations and double glazed units. The single storey accommodation to the rear has been overclad with composite panels and re-roofed with double skin profile plastisol pitched roof and new PVC double glazed units and doors to the external elevations. Internally the accommodation generally comprises suspended ceiling with Category 2 lighting, carpeting and electric storage heaters throughout. Tenure The property is held on a long leasehold for 125 years from 17th July 1986 at a passing ground rent of £12,500. The ground rent is reviewable every 10 years to 12% of the open market rack rental of the demised land and the buildings erected thereon. Covenant The existing tenants have the following Experian Credit Scores: Company Delphi Credit Failure odds Score Rating Harvey & Thompson Ltd 87 out of 100 £520,000 A low risk 69 to 1 chance of failure in the next 12 months Fresh Contacts Ltd 77 out of 100 £6,000 A below average risk. 44 to 1 chance of failure in the next 12 months Precision Analysis (North West) Ltd 45 out of 100 £3,400 An above average risk and failure odds of 17 to 1 in the next 12 months Tenancy Schedule Tenant Floor Area Demise Rent Rent ERV ERV Lease Lease Lease Comments (sq ft) PSF PSF Start Date Break Date Expiry Date Harvey and Thompson Ltd 2,579 Essex House Ground £24,957 £9.68 £24,957 £9.68 1-Aug-08 - Holding over Lease expired 31 July 2013. Holding & First Floor over under the 54 Act.Potentially (front building) interested in renewing but happy holding over Precision Analysis 5,263 Middle Unit Office 1 £35,000 £6.65 £35,000 £6.65 1-Oct-07 - 30-Sep-17 Rent reduced to £35,000 p.a. (North West) Ltd by way of side letter Vacant 2,100 Middle Unit Office 2 £0 £0 £18,900 £9.00 - Fresh Contacts Ltd 3,800 Rear Office 1 & 2 £34,200 £9.00 £34,200 £9.00 1-Jan-13 Any time 31-Dec-15 3 months notice Fresh Contacts Ltd 950 Rear Office 3 £0 £0 £9,025 £9.50 1-Aug-14 Any time 31-Jul-16 Break notice served. 3 months Lease expires 31 July 2015 notice Vacant 799 Rear Office 4 £0 £0.00 £7,951 £9.50 - - - Fresh Contacts Ltd 1,172 Rear Office 5 £9,000 £7.68 £10,548 £9.00 1-Jan-13 Any time 31-Dec-15 3 months notice James Price Structural 1,585 Rear Office 6 £8,800 £5.55 £12,680 £8.00 1-May-15 Any time 30-Apr-16 New lease terms agreed and tenant Glazing Ltd 6 months in occupation. Lease to be dated notice 1st May 2015 Vacant 877 Rear Workshop 7 £5,262 £6.00 Total 19,125 £111,957 £5.85 £158,162.50 Ground rent -£12,500 -£12,500 Net Income £99,4 57 Net ERV £145,662.50 Accommodation The property has the following net internal floor areas: Demise Sq Ft Sq M Essex House Ground & First Floor (front building) 2,579 239.6 Middle Unit Office 1 & 2 5,263 488.9 Middle Unit Office 3 2,100 195.1 Rear Office 1 & 2 3,800 353.0 Rear Office 3 950 88.3 Rear Office 4 799 74.2 Rear Office 5 1,172 108.9 Rear Office 6 1,585 147.3 R3 R7 R6 Warehouse R7 877 81.5 TOTAL 19,125 1,776.8 R2 R5 VAT The property is elected for VAT and it is the intention to R1 R4 treat the transaction as a Transfer Of a Going Concern (TOGC). EPC Each unit has been separately assessed for individual EPC and range from D81 to E123 A copy of each certificate is available upon request. M2 M1 M3 Bridle Road ESSEX HOUSE Proposal We are seeking offers in the region of £895,000 (Eight Hundred and Ninety Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.5% and a reversionary yield of 15.4% allowing for purchasers costs of 5.8% Very low Capital Value of £46.79 per sq ft. The property is being marketed on behalf of Sebel House Bootle Limited (in Administration), therefore no warranties in any respect can be given. The administrators act as agents of the vendor company and without personal liability or any other liability whatsoever in respect of any information and documentation in this brochure or otherwise provided. Further Information Should you require anything further, please do not hesitate to contact: 4 St Pauls Sq Liverpool L3 9SJ Neil Kirkham [email protected] CBRE for themselves and for the vendors or lessors of this property, whose agents they are, give notice that: These particulars are produced in good faith, but are set out as a general guide only and do not constitute any part of a contract; No person in the employment of CBRE has the authority to make or give any representation or warranty whatsoever in relation to this property. Unless otherwise stated all rents or prices quoted are exclusive of VAT which may be payable in addition. All plans are for indicative purposes only and not to scale. 07 /15 Creative: Alphabet Design www.alphabet-design.co.uk +44 (0)151 707 1199.