Unit 2, Olympic Park

MODERN OFFICE INVESTMENT OPPORTUNITY UNIT 2, OLYMPIC PARK

WOOLSTON GRANGE AVENUE BIRCHWOOD WARRINGTON WA2 0YL UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

INVESTMENT SUMMARY

 An opportunity to acquire a modern single-let office building situated within one of Warrington’s most established out of town developments

 Well positioned in a prime location within Birchwood, Warrington’s best performing office market, and benefiting from excellent transport links to the M62, M56, and M6 motorways

 Fully let to Improva Group Limited with an AGA from Collective Enterprises Limited, with 4.6 years unexpired  Modern detached office building extending to 8,196 sq ft (761.43 sq m) NIA over ground and first floor with 27 car parking spaces

 The passing rent is £126,325, per annum (reflecting only £15.41 per sq ft including cars)

 The property is held freehold  The building is heavily underpinned by vacant possession value with a low capital value of £161 per sq ft  We have been instructed to seek offers in excess of £1,324,000 (One Million Three Hundred and Twenty Four Thousand Pounds) subject to contract and exclusive of VAT

 A purchase at this level represents an attractive net initial yield of 9%, assuming purchasers costs of 6.01%

2 A595 A170 A590 A590 A6068 A590 A1 36 THIRSK A170 A170 A64 A590 A65 A61 A595

A168

A64

A61 A19

A590 49 A165 RIPON 35 MALTON A65 A64 A683 BRIDLINGTON

48 34 SETTLE A614

A61 A6 A65 A64

A166 A19 DRIFFIELD A59 47 A166 A59 A614 33 A59 A59 A65 HARROGATE A682 A59

SKIPTON YORK A165 A6 A59 46 A1237 A1079 A65 A64 A658 A629 WETHERBY A614 A61 ILKLEY A585 A65 A64 A682 M6 A1 A6068 CLITHEROE A56 A1035 A59 KEIGHLEY A1079 A19 A6 14 45 MARKET BEVERLEY A64 13 COLNE A658 A6120 A585 A650 WEIGHTON A165 BLACKPOOL 12 NELSON A61 M65 A629 3 32 A6120 A1079 A583 A671 LEEDS A164 2 11 44/48 A614 4 31A A64 A59 10 A6 9 BURNLEY BRADFORD 46 8 SELBY A63 A63 KINGSTON A5085 38 A583 31 A677 45 A6119 7 A63 A63 A63 UPON HULL 6 A650 44 A164 M6 A629 A6036 43 PRESTON A653 LYTHAM ST. ANNE’S BLACKBURN ACCRINGTON 27 A6 30 A56 A646 37 A582 26 A63 A59 A646 HALIFAX 29/42 29 5 30 CASTLEFORD A19 12/1 A1041 29/1 3 M65 4 A15 32A/41 A653 31 32 36 LEYLAND BRIGHOUSE DEWSBURY M1 GOOLE 28 33 BARTON- UNIT 2, OLYMPIC PARK A629 25 34 RAWTENSTALL WAKEFIELD 35 UPON-HUMBER A666 24 A644 BIRCHWOOD, WARRINGTON A565 8 A6033 A1 23 A629 A628 SOUTHPORT A642 A638 CHORLEY M18 A160 M61 1 HUDDERSFIELD A642 A59 22 A637 M6 M62 A629 A628 A19 6 ROCHDALE A15 A180 BOLTON 21 A638 A1 A180 A58 BURY SCUNTHORPE A1173 A570 5 5 A565 A5209 27 2 1 A58 20 A6 M181 GRIMSBY 3 19 38 6 A676 2 ORMSKIRK A49 M627 (M) A628 LOCATION FORMBY 3 DONCASTER A15 WIGAN 5 A638 18/4 4 4 OLDHAM A629 A58 A630 4 A59 3 4 19 5 26 3 17 BARNSLEY A635 A1173 Warrington is located 16 miles to the west of Manchester 2 20 A46 M58 16 21 and 17 miles to the east of Liverpool, the two major 15/1 22 M1 1 A159 A16 economic centres within the North West region. A570 A629 25 A579 M60 MEXBOROUGH 36 A6182 7 ASHTON-UNDER-LYME A628 Warrington is considered to be one of the UK’s prime A18 24 A616 3 12/1 2 3 A6010 23 commercial locations due to its excellent transport links. A580 A628 A15 22 A635 A6018 A638 3 A580 11 A5081 A57 33 Warrington is located close to the intersection of the LIVERPOOL A565 10 24 M67 M6 MANCHESTER A61 A46 M57 9 M18 M6, M62 and M56 motorways. The M6 provides links to ST HELENS M62 A6010 M1 WALLASEY 8 25 A159 11 7 A6 A16 Birmingham and London in the south, and Preston and 2 A570 A57 GLOSSOP ROTHERHAM 10/21A 26 1 A631 A16 A57 9 6 A34 1 27 A1103 Glasgow in the north. The M62 provides access to both M62 8 A56 5 34 A1(M) A631 BIRKENHEAD 4 5 A631 Manchester and Liverpool, and Trans-Pennine routes 7 21 M60 2 6/1 WARRINGTON 4/1 33 GAINSBOROUGH MARKET RASEN A57 A560 32 34 to Leeds and Sheffield. The M56 allows access to North A562 A57 A630 LOUTH A552 A561 A5300 STOCKPORT A6 SHEFFIELD Wales and the South Manchester conurbation. 3 WIDNES 5 20A M56 8 6 31 A56 7 MABLETHORPE 9/20 A57 Warrington Bank Quay train station is located on the A50 A556 A61 4 A41 RUNCORN MANCHESTER A156 west coast mainline providing frequent services to A6102 A57 A1 A46 10 A6 PRESTATYN 11 M6 London Euston (1 hour 50 minutes) and Glasgow Central M53 LIVERPOOL M1 RETFORD RHYL JOHN LENNON 12 WILMSLOW WORKSOP A16 19 A523 (2 hours 50 minutes). In conjunction with Warrington A533 5 6 ELLESMERE 7 A619 PORT A57 Central station, numerous local rail services are also A548 8 A158 M56 A556 A623 A537 A34 A6 A15 provided. A55 9 A61 30 A55 NORTHWICH A158 MACCLESFIELD A619 10 14 A57 BUXTON A57 Both national and international locations are easily A557 A550 11/15 A537 A49 accessible via Liverpool John LennonA525 Airport (14 miles) CHESTERFIELD A41 A16 A6 29A LINCOLN A619 and Manchester International Airport (18 miles). Both A55 A60 A614 A533 A158 airports are within a 30 minute drive time. The excellent connectivity to the motorway network provides rapid access north to Preston, A1028 12 A54 A536 A1 DENBIGH SHOTTON WINSFORD A34 18 A523 A515 Warrington is the largest single urban area in Cheshire, Carlisle and Scotland, and south to BirminghamA54 and London via the M6. The M62 connects 29 A543 CHESTER A54 with the Borough benefitting from a large population of HAWARDEN A617 with Liverpool in the west andA51 Manchester in the east, together withM6 Leeds and Hull via the A158 MOLD A53 202,200 (2011 Census). A55 A46 Trans-Pennine route. The town is therefore excellently placed to benefit from the Government’s A15 BUCKLEY CONGLETON A61 M1 SKEGNESS A525 17 WOODHALL SPA A494 A6 A16 A530 Northern Powerhouse strategy. MANSFIELD A52 A41 A483 A523 A617 A49 CREWE A534 A38 A34 ENGLAND 28

WALES A534 A534 16 A500 3 NANTWICH WREXHAM A53 A520 A49 A494 A41 STOKE-ON- A51 A483 TRENT A52

A525 A525 A5 15

A53 A34 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

D D A TO MANCHESTER AT RO E N FT AV O R M62 EN C A U E E L SITUATION

7 Situated in Birchwood, Olympic Park is part of one of 5 FA B A I RC R

D Y the largest and most successful business parks in the H

A WO AY

STRE OD D E North West. Birchwood is approximately 5 miles north-

U N O E V O A

E E W C T H east of Warrington town centre and benefits from TO LIVERPOOL N C A R I N B

P D M R A O excellent communication links, being within 1 mile of I R L K L JUNCTION 21A

A L VE A UE Junction 11 of the M62 and within 2 miles of Junction N VEN E A CE AD AN K RO 21 of the M6. Birchwood train station, which provides PAR ORDN

IELD D

ENF A

O regular services between Liverpool and Manchester, is

4 7 5 S located in close proximity. A A L D A IR D M M Y A AD O I A R R C T A R W S A L B D R L S ANE O U AD O H RO D W A W Birchwood is recognised as the K RO H PAR RC BIRCHWOOD IELD BI DE SHOPPING CENTRE ENF principal out of town office location

D in the Warrington area, providing

BL OA T R A S UR C NE O WH KB A E D L LY D HEA M BIRCHWOOD approximately 2,000,000 sq ft of low RO RN P FEA IC O W K A BIRCHWOOD

Y AV density accommodation. EN

4 U 57 W A OO E Y D WA LST OD O OLYMPIC PARK OA N R HWO GR N ANGE E BIRC The Birchwood Shopping Centre is a short distance

HILD TO WARRINGTON from the building where retail outlets include Greggs, TOWN CENTRE K AV I E N N G U E Y S Subway, Superdrug, Asda and Aldi. There is a dedicated WA L A WOOD N D bus service to Birchwood Station and Shopping Centre, CH R PADGATE G BI R A N M6 and three hotels within a short drive. G E W

Olympic Park is accessed off Longbarn Boulevard G ON

E G EN LANE R A N and Olympic Way via Woolston Grange Avenue and GE

AV TO MANCHESTER

AIRPORT

L Birchwood Way (A574).

E U

E A57 AD RO TER HES MANC CHESTER ROAD AN M MANCHESTER ROAD NCHESTER MA ROAD

4 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

DESCRIPTION

The property comprises a detached modern two storey office building of steel framed construction with brick and glazed elevations. Internally the accommodation is finished to a high specification including:

 Full access raised floor and suspended ceiling with integrated lighting

 Comfort cooling

 Double glazed aluminium framed windows

 Open plan and cellular accommodation

 Ladies, gents and disabled WC facilities on both floors

 1 x 8 person (630 kg) passenger lift

 Kitchen and staff room

 Very few columns offering clear and uninterrupted floor plates

 Set in an attractive setting with landscaping and car parking for 27 cars, providing an excellent ratio of 1 : 304 sq ft (NIA)

5 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

6 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the International Property Measurement Standards as per the table below:

Net Internal Area

Floor Area (sq m) Area (sq ft) Ground 380.16 4,092 First 381.27 4,104 Total 761.43 8,196

IPMS

Floor Area (sq m) Area (sq ft) Ground 394.27 4,244 First 395.42 4,256 Total 789.69 8,500

There are 27 car parking spaces providing an excellent parking ratio of 1 : 304 sq ft (NIA).

TENURE

The property is held freehold under title number CH591156. The site extends to approximately 0.178 hectares (0.44 acres) as identified on the adjacent plan:

For indicative purposes only

7 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

TENANCY

The property was let in its entirety to Collective Enterprises Limited (CEL) for 12 years from 14th May 2009, providing 4.6 years unexpired. The lease has been assigned to Inprova Group Limited, a successor company to Collective Enterprises Limited. Collective Enterprises Limited have entered into an Authorised Guarantee Agreement. The passing rent is £126,325 per annum, which reflects £15.41 per sq ft. The next open market rent review date is on 14th May 2020.

COVENANT STATUS We have summarised the covenant strength of Improva Group Limited and Collective Enterprises Limited below: Inprova Group Ltd (Company Number 08896825) Collective Enterprises Limited (Company Number 02131825) In March 2014 the main trading assets of CEL, Inprova Finance Ltd, were acquired by Inprova Group Limited for £5.6m with the support of an investment by Lloyds Development Capital. Collective Enterprises Limited was founded in 1987 and is part of the Inprova Group, a UK Subsequently the Group has made 2 further acquisitions for a total of £7.8m with a view to based company who specialise in delivering a range of procurement and technology services. developing the group’s business. The company holds expertise across a range of procurement categories including Property and Construction, Energy and Renewables, and Fleet and Logistics, and operates across the private The principal activity of the group is the provision of procurement and energy broker services. and public sectors.

30/09/2015 31/03/2014 31/03/2013 The company was incorporated in February 2014 and for the fifteen months to 30/06/2015, the Inprova Group Ltd reported a turnover of £7,977,000, a pre-tax profit of £496,000 and Turnover £2,186,068 £3,935,185 £3,933,577 shareholders’ funds of £1,114,000. Pre-tax Profit £450,313 £684,337 £491,443

Shareholders’ Funds £3,889,210 £3,443,166 £3,145,554 Inprova Group Ltd has a credit safe score of 61/100 reflecting ‘low risk’. Collective Enterprises Limited has a credit safe score of 72/100 reflecting ‘very low risk’.

8 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

WARRINGTON OFFICE MARKET

The 2016 Centre for Cities report has ranked Warrington in its Top Ten Cities best placed to drive national economic growth.

Warrington office market has continued to perform strongly. In 2015 take up was 334,663 sq ft, an increase on the 2014 take up (318,127 sq ft) and 18% higher than the long term average of circa 300,000 sq ft. There has been an absence of new office development and relatively few speculative refurbishments of secondary office buildings to satisfy the current demand and as a result there is an imbalance between supply and demand which should lead to excellent rental growth prospects in the future. Centre for Cities also identify Warrington as the sixth most successful location for both its level of employment and private sector job creation. In addition, Warrington is one of only 14 UK locations achieving a ‘high wage, low welfare’ economy. Occupiers located nearby at Olympic Park include Core Assets, Integra, Hansteen, McCarthy Group, EIC and Caddick Construction.

Warrington’s property sector continues to benefit from the town’s strength and its commitment to growth. An excellent example of this has been the continued success of the Omega logistics scheme which within the last two years has witnessed deals to Brakes, Travis Perkins, Hermes, Asda, The Hut Group and Plastic Omnium. We have highlighted a number of recent letting transactions in Warrington:

Property Tenant Size (sq ft) Rent (£ psf) Date

Watkins Jones Unit 3 Abbots Park, Preston Brook 8,034 £15.00 August 2016 Group Limited

Phoenix House, Centre Park Ofcom 5,960 £15.50 March 2016

Part First Floor, 104 Dalton Avenue, Birchwood Park Cannon 2,648 £17.50 February 2016

Brewhouse, Wilderspool Business Park Assura 4,883 £16.50 January 2016

9 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

INVESTMENT MARKET

In 2015, Warrington witnessed its third largest annual number of investment deals comprising 21 transactions totalling £98.5 million, 15% above the norm since 1999. We have summarised the following recent notable office investment transactions into the table below:

Property Size Term (yrs) Sale Price Yield Date (sq ft)

30,666 and Appleton House & Atlantic House 8.18 £6.31m 6.77% Under offer 20,676 (Vacant) Millenium Business Park, Birchwood 18,805 1.87 £2.1m 10.8% May 2016 Lakeside 5500, Cheadle Royal Business Park 26,292 4.5 £5.475m 7.82% January 2016 Sonova House, Centre Park, Warrington 43,392 12 £8.72m 6.50% December 2015 Unit 6 Cinnabar Court, Daresbury 7,085 5 £1.35m 8.38% October 2015 Lakeside 3400, Cheadle Royal Business Park 36,664 4 £7.64m 8.26% September 2015 Renaissance House, Centre, Warrington 42,202 11 £9.1m 6.63% April 2015 Dominion House, Birchwood, Warrington 42,291 5 £7.43m 8.50% March 2015

VACANT POSSESSION VALUES

The Warrington office market is also characterised by a high number of freehold sales to owner occupiers. In 2015 more than a quarter of transactions were owner occupiers acquiring buildings with vacant possession. We have highlighted a few examples below:

Property Occupier Size (sq ft) Sale Price (£ psf) Date 7500 Daresbury Park Malone Construction 4,345 £159 September 2016 601 Birchwood One Business Park Chancerygate 3,338 £175 July 2016 10A Cinnabar Court, Daresbury Park Utility Connections 3,090 £160 December 2015 4A & 4B Cinnabar Court, Daresbury Park Redrow 10,200 £165 September 2015

10 UNIT 2, OLYMPIC PARK BIRCHWOOD, WARRINGTON

CAPITAL ALLOWANCES

Capital Allowances have not been claimed. Further information is available upon request.

DEBT ADVISORY

JLL Debt Advisory provides market leading debt solutions with wide ranging expertise in senior debt and mezzanine arrangement for investment and development projects. JLL Debt Advisory would be delighted to discuss funding options with potential purchasers. Please contact us for further details.

EPC

The property has an Energy Performance Certificate rating of D (80). PROPOSAL A copy is available upon request. We are instructed to seek offers in excess of £1,324,000 (One Million Three Hundred and Twenty Four Thousand Pounds) subject to contract and exclusive of VAT. VAT Assuming purchaser’s costs of 6.01%, a purchase at this level represents a net initial yield of 9%, and a low capital value of £161 per sq ft. We understand the property is elected for VAT, and it is anticipated that the transaction will be structured as a Transfer of a Going Concern (TOGC).

11 FURTHER INFORMATION

For more information or to arrange an inspection please contact:

Andrew Hilbourne Josh Downes [email protected] [email protected] 0161 238 6284 0161 238 6258

JLL 1 Piccadilly Gardens Manchester M1 1RG

© Crown Copyright 2016. All rights reserved. Promap licence number 100020449. Jones Lang LaSalle licence number 100017659. This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract.

Disclaimer JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.