Quayside Drive Qwalsall Ws2 9La

CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

SECURE INDUSTRIAL INVESTMENT WITH 10 YEARS UNEXPIRED CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

MR RICE ELECTRICAL GH STAFFORD MT EXPO PORTLAND SUPERIOR ASH LT D PLANET & SONS GLOBAL FLOORS LIGHTING SECTIONS Rental Systems JOSEPH SUBJECT PROPERTY

M6 JUNCTION 9 MOTORWAY CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

INVESTMENT CONSIDERATIONS

■ Modern warehouse unit totalling 30,292 sq ft (2,814.2 sq m) ■ Strategically located in Walsall with excellent access to the M6 Motorway ■ Site area of 2.55 acres (1.03 hec) providing a low site cover of 27% ■ Let to the covenant of Carrier Rental Systems UK Limited (5A1) ■ 10 year lease renewal (no breaks) ■ Low passing rent of £145,000 per annum, reflecting £4.78 psf ■ 5 yearly rent reviews to the higher of RPI and the OMRV ■ Freehold

PROPOSAL

Offers sought in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 6.50% and a low capital value of £69 psf, assuming purchaser’s costs at 6.30%.

DATA ROOM

For further information, please click on the following link to the data room: https://datarooms.allsop.co.uk/ register/carrier-walsall CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

Stoke-on-Trent A38 A52 LOCATION Newcastle-under-Lyme Walsall is a principal commercial centre within the West A515 NOTTINGHAM A50 Midlands conurbation situated approximately 8 miles A53 DERBY north-west of Birmingham City Centre and 6 miles east M1 A49 A518 of Wolverhampton. The town is the administrative centre M6 of the Borough of Walsall and benefits from good road Burton upon Trent A38 links being served by the A38, A454 and accessible from East Midlands A6006 A442 A51 junctions 7, 9 and 10 of the M6. Airport A42 Walsall Railway Station provides regular services to A41 Birmingham New Street with an average of four trains Shrewsbury CANNOCK per hour. Connections can be made at Birmingham for Telford M54 access to London Euston with a fastest journey time of WALSALL M42 LEICESTER A47 1 hour 22 minutes. A458 M6 TOLL Wolverhampton Walsall is served by Birmingham International Airport A5 A49 A454 which is located at junction 6 of the M42, approximately 13 M69 miles to the south east. BIRMINGHAM M1 M6 A6116 Birmingham A605 A1(M) M5 International Kidderminster Airport COVENTRY A14 M42 A456 Coventry M45 A4025 M40 Airport A435 Warwick

A423 NORTHAMPTON A1 A422 A46 A428 A49 Worcester Stratford-upon-Avon A5 A44 Bedford A4103 A438 A429 A6 Hereford A422 A46 Milton Keynes M50 M40 A421 M1 A49 M5 A1(M) A5 GLOUCESTER Luton TRAVEL TIMES Airport

MOTORWAYS MILES CAR MILES RAIL MINUTES M6 (Junction 9) 1 Walsall (town centre) 1 Birmingham (New Street) 20 M5 2.5 Wolverhampton 6 Nottingham 60 M54 10 Central Birmingham 8 London 122 CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

A M A W OLVERH AMPTO N ROAD

A ALLSALL WALSALL MANOR HOSPITAL

D A O R WALSALL CANAL K C E PRIMLEY L P QUAYSIDE DRIVE AVENUE PARK A

E IV R D E ID S Y A U SITUATION Q The property is situated approximately 0.6 miles south west of Walsall town centre within the core industrial area of the town along Pleck Road. The property is located to the south of Pleck Road (A4148), on Quayside Drive which is approximately 1 mile north of the M6 motorway (Junction 10).

The immediate area is characterised by the surrounding industrial Works buildings and high density residential development along Pleck Road. Notable occupiers in the immediate area include; Jewsons, Magnet Kitchens, Evans Halshaw Ford Walsall and CEF.

SITE AREA El Sub Sta The property has a total site are of 2.55 acres (1.03 hectares) providing a very low site cover of 27%.

al an l C l h a at ls P a g in W w To

El Sub Sta

0m 10m 20m 30m

DESCRIPTION The property, constructed in 2000, comprises a detached, single carpeted floors, central heating as well as w/c and kitchen facilities. storey warehouse with two storey ancillary offices totalling 30,292 To the front of the office accommodation is a large car park providing sq ft (2,814.2 sq m). a total of 27 spaces. There are two static cabins located to the south The warehouse accommodation is of steel portal frame of the site. The larger cabin is used as additional office accommodation construction with steel clad elevations beneath a dual pitched steel roof. with the smaller cabin used for light storage. The warehouse benefits from a minimum eaves height of 10.5m, 3 roller The property sits on a large, rectangular site providing two yard shutter doors, 3 (20 tonne) overhead cranes and gas fired radiant heating. areas to the north and south of the warehouse. The site benefits The two storey offices are of cavity brick construction with amono from palisade fencing to the perimeter with dual gated access off pitch steel roof. The accommodation benefits from suspended ceilings, Quayside Drive.

SCHEDULE OF ACCOMMODATION

Floor/Use Sq M Sq Ft

Workshop 2,204 .2 23,726

Ground Floor Office 206.5 2,223

First Floor Office 204.4 2,200

Cabins 199.1 2,143

Total 2,814 .2 30,292

TENURE Freehold.

TENANCY The property is let to Carrier Rental Systems Limited on a new 10 year FRI lease (no breaks) commencing on 12th December 2019. The passing rent is £145,000 per annum, reflecting a low rate of £4.78 psf. The rent is subject to 5 yearly upwards only rent reviews to the higher of RPI and Open Market Rent. A copy of the lease is available in the dataroom. CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

COVENANT

Founded in 1993, Carrier Rental Systems is nationwide rental company offering high-performance chillers, air handling units, heaters and boilers. Rental Systems The business provides a 24 hour, instant response service with products distributed to clients via 8 sites across the UK including England, Scotland and Ireland. Carrier Rental Systems Limited: Dun and Bradstreet rating of 5A1 and Experian credit rating of 100, reflecting ‘Very Low Risk’. Carrier Rental Carrier Rental systems is a subsidiary of United Technologies Holdings Systems financial results for the last 3 years are summarised below: Limited which itself forms part of the Goodrich Aftermarket Services Limited Group which includes companies such as Chubb and Kidde Year Ending Turnover Pre Tax Profit Net Worth International Limited. 31/12/2018 £42,565,000 £5,210,000 £32,248,000 In 2016, Carrier Rental Systems (UK) Limited acquired Watkins Hire to 31/12/2017 £28,998,000 £2,783,000 £48,334,000 further enhance their ability to serve customers in terms of geographic presence, equipment availability and choice of service and product offerings. 31/12/2016 £35,026,000 £6,278,000 £46,104,000 CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE WALSALL WS2 9LA

MARKET COMMENTARY Investment Comparables

Date Address Size (sq ft) WAULT (certain) Price £m NIY Cap Val (£ psf) Purchaser July-19 Royal Mail, Skatehill 104,345 9.0 £9.205 5.10% £88 GMPF Jan-19 Air Liquide, Irlam 20,000 9.0 £3.50 5.20% n/a Private Jan-19 Link 95, Heywood 95,961 5.4 £10.385 5.50% £108 Derbyshire CC Dec-18 Macfarlane Group, Wakefield 53,905 6.1 £4.80 4.96% £89 Leftfield Capital Dec-18 Oventrop UK Ltd, Basingstoke 22,497 5.0 £2.90 5.47% £129 Lewis Investment Dec-18 Cadillac Plastic Ltd, Chelmsford 20,430 4.9 £1.50 5.07% £73 Private Buyer

A52 Rent & Yields Map NOTTINGHAM M6 A50 A53 PRIME RENTS: £8.50 PSF DERBY AVAILABILITY: 300,000 SQ FT M1 PRIME YIELDS: 5.25% A49 PRIME RENTS: £8.00 PSF AVAILABILITY: 270,000 SQ FT PRIME YIELDS: 5.50%

QUAYSIDE DRIVE A6006 A51 A38 UXP TERM: 10 YEARS RENT: £4.78 PSF A42 NIY: 6.50%

M54 LEICESTER WALSALL M42 A458 PRIME RENTS: £6.50 PSF A47 M6 TOLL AVAILABILITY: 903,000 SQ FT PETERBOROUGH WOLVERHAMPTON A5 PRIME YIELDS: 5.25% A49 PRIME RENTS: £8.50 PSF PRIME RENTS: £10.00 PSF M69 AVAILABILITY: 300,000 SQ FT AVAILABILITY: 62,000 SQ FT PRIME YIELDS: 5.50% PRIME YIELDS: 5.50% BIRMINGHAM M6 PRIME RENTS: £12.00 PSF A605 A1(M) AVAILABILITY: 1.5M SQ FT PRIME YIELDS: 4.75% COVENTRY A14 M42 A456 PRIME RENTS: £7.00 PSF A14 AVAILABILITY: 2.1M SQ FT M45 PRIME RENTS: £7.50 PSF A4025 PRIME YIELDS: 5.25% AVAILABILITY: 845,000 SQ FT PRIME YIELDS: 5.00% M5 M1 M40 NORTHAMPTON A423 A1 A422 A46

The above data reflects primeA49 rents and yields (10 years + income) for 20,000 sq ft + industrial accommodation. A5 A4103 A438 A429

A46

M50 A421 A49 A1(M) A5 GLOUCESTER LUTON CARRIER RENTAL SYSTEMS QUAYSIDE DRIVE QWALSALL WS2 9LA

EPC VAT The property has an EPC Rating of C56. The property is VAT elected and therefore A copy of the certificate is available it is assumed the purchase will be treated upon request. as a Transfer of a Going Concern (TOGC).

DATA ROOM For further information, please click on the following link to the data room: https://datarooms.allsop.co.uk/register/carrier-walsall

PROPOSAL Offers sought in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 6.50% and a low capital value of £69 psf, assuming purchaser’s costs at 6.30%.

For further information or to make arrangements for viewing please contact:

James Salmon Gergo Petrovics 020 7543 6880 020 7543 6847 [email protected] [email protected]

allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 01.20