Parkway

Trading Estate ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL

Prime Strategically Located Multi Let Industrial Investment Opportunity Parkway Trading Estate 1 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL Investment Summary • A rare opportunity to acquire an established • The estate comprises 11 well-specified industrial • Total estimated rental value of £654,444 per Offers are sought in excess of£10,490,000 multi-let industrial estate situated within Trafford units, extending to 108,176 sq ft, with individual annum, reflecting a conservative average rent (Ten Million, Four Hundred and Ninety Thousand Park, the North West’s premier industrial location units ranging from 4,421 sq ft to 39,847 sq ft of £6.05 per sq ft Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive • Strategically located at the entrance to Trafford • Site area of 6.38 acres with site coverage of 38% • Excellent opportunities to immediately add value net initial yield of 5.25%, a reversionary yield Park, with immediate access to Junction 9 of the through asset management and rental growth of 5.85% and a low capital value of £97 per sq ft M60 motorway • Let to 9 tenants by way of 10 leases with an AWULT of 5.3 years to expiries • Freehold (assuming purchaser’s costs of 6.70%)

• Total income of £587,692 per annum, reflecting a low average rent of £5.43 per sq ft

UNIT 1 Parkway Trading Estate 2 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL

Village Way A5081 Tenax Road Mosley Road A576 A5181 Westinghouse Road Ashburton Rd W Parkway Circle B5214

KUEHNE+NAGEL

Cobra Court

To Stretford Park Way Stretford Motorway A5081 Estate Barton Dock Rd B5211 Alba Way

Parkway Mercury Park Trading Estate Caledonia Way

St Modwen Rd

Trafford City

To Trafford Centre To M60 J9 Bolton A58 A673

A666 Parkway Trading Estate ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL A58 18

17 19 20 3 M61 A579 16 Prestwich 21 15 A578 22 Manchester Trafford Park A56 Parkway 14 Swinton A62 The property is located within the Metropolitan Trafford Park is situated two miles south west of Trading Estate

Borough of Trafford, one of the 10 boroughs that Manchester City Centre. It was the first planned 12 2 Salford A580 M602 23 comprise the Greater Manchester conurbation. industrial estate in the world and remains the Eccles 1 MANCHESTER Greater Manchester is regarded as the economic largest in Europe, covering approximately 1,800 Glazebury A635 capital of the North West of England and is acres. Key global occupiers include Kellogg’s, M60 M60 Culcheth 9 A56 A57 24 M67 located approximately 35 miles east of Liverpool, Adidas, L’Oreal, SIG, Tate & Lyle and Proctor & Urmston A5103 44 miles south west of Leeds, 200 miles north Gamble amongst others. M62 Stretford A6010 west of London. 7 Trafford Park benefits from excellent motorway Croft 11 A6 10 Greater Manchester benefits from excellent connections with direct access to Junction 9 Sale A34 transport links. The M60 Orbital Motorway is and Junction 10 of the M60 to the south west 21A Birchwood 5 situated at the heart of an expansive motorway and Junction 2 of the M602 to the north, which A57 A56 1 M60 network, ensuring easy access to the UK’s other leads to the M62 and beyond. Trafford Park Wythenshawe Stockport A50 Timperley A560 major cities and centres of commerce. Greater also benefits from a freight line depot and Euro 21 3 Manchester is well served by public transport terminal offering a direct rail service to Europe Gatley WARRINGTON M6 Lymn Altrincham links with Manchester Piccadilly providing via the Channel Tunnel. It handles in excess 5 regular services locally and nationally. Greater of 100,000 containers per annum. M602 Appleton A34 Manchester also benefits from the Metrolink M56 7 6 light rail system, with a new £350m extension 20A A57 A50 underway through Trafford Park to the Trafford A556 Centre and completion of the works set for 2020. Tenax Road A576 Manchester International Airport, the UK’s largest Trafford Road A5063 regional airport, is located approximately 9 miles Village Way TRAFFORD PARK A5081 to the south. The airport handles approximately 120 tonnes of import and export freight annually, Park Way A5081 connecting the North of England to over 160 Trafford Centre destinations around the world. J10 Alba Way Parkway Trading Estate

J9 Barton Dock Rd B5211 Chester Road A56 UNIT 3D M60 Park Road A5181 Parkway Trading Estate 4 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL Situation

The property is situated on Alba Way, off Barton Dock Road, and accessed from Park Way (A5081), the main arterial route through Trafford Park providing access to Manchester City Centre and Junction 9 of the M60 motorway. UNIT 4A UNIT 3A UNIT 2A

M60 J10 Description

Trafford Centre Parkway Trading Estate is an established multi let industrial estate, comprising 11 well-specified industrial units arranged over three terraces with one detached unit. Unit 1 was constructed in the early 1990’s with the remaining units Park Way constructed in the late 1970’s and generally Parkway A5081 provide the following specification: Trading Estate M60 J9 • Steel portal frame construction

Alba Way • Part brick and part profile metal clad elevations

• Full height loading doors with separate pedestrian access

St Modwen Rd • Eaves height of approximately 5.5m

• Demised loading area and car parking with five Caledonia Way of the units benefiting from secure yard areas. Unit 1 is completely self contained

Barton Dock Rd B5211 Parkway Trading Estate 5 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL Accommodation

The property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition on a Gross Internal Area (GIA) basis and extends to 108,176 sq ft (10,050 sq m), as detailed in the tenancy schedule.

Site

The property comprises a site area of approximately 6.38 acres (2.58 ha) with site coverage of 38%.

Tenure

The property is held Freehold, under Title Number: GM175827 UNIT 4A

SITE ENTRANCE & UNIT 4B Parkway Trading Estate 6 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL

UNITS 3A-F, 2B & 2A Parkway Trading Estate 7 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL Tenancy

Unit Tenant Area Start Expiry Break Next Rent Rent ERV ERV 1954 Comments (sq ft) Date Date Date(s) Review (£pa) (£psf) (£pa) (£psf) L&T Act Date Unit 1 Cannon Viking Ltd 39,847 10/09/18 09/09/28 09/09/23 £240,000 £6.02 £240,000 £6.02 Inside Lease renewal in legals - the lease term will be backdated to 10/09/2018. Tenant to benefit from 6 months’ initial rent free (vendor to provide top up). The rent is to be reviewed on an upwards only basis to 107% of the ERV to reflect the yard. Unit 2A Bridgewater Contracts 10,527 08/05/15 07/05/21 £47,370 £4.50 £63,162 £6.00 Inside (Projects) Ltd Unit 2B Project Kitchens Ltd 10,524 17/05/17 16/05/22 £56,303 £5.35 £63,144 £6.00 Inside Unit 3A GARC Ltd 6,694 01/07/12 31/07/13 £30,150 £4.50 £40,164 £6.00 Outside Tenant is occupying on a rolling periodic tenancy. Unit 3B MAK Fasteners 6,675 09/11/18 08/11/23 £38,381 £5.75 £40,050 £6.00 Inside Letting in legals - assumed the lease completes on Specialists Ltd 09/11/2018. Tenant to benefit from 4 months’ initial rent free (vendor to provide top up). The lease is subject to a schedule of condition. Unit 3C Polycure Solutions Ltd 4,421 25/12/13 24/12/18 £22,110 £5.00 £27,631 £6.25 Inside In discussions with the tenant over a renewal. Unit 3D Vacant 4,552 £26,174 £5.75 £28,450 £6.25 - Vendor to provide 12 months’ rent, rates and service charge guarantee. Previous tenant upsized to Unit 3b. Unit 3E Cannon Viking Ltd 4,484 01/02/18 - £25,783 £5.75 £28,025 £6.25 Outside Tenant occupying on a licence, terminable upon one months’ notice. Unit 3F R3 Polygon UK Ltd 4,421 24/06/18 23/06/23 £25,421 £5.75 £27,631 £6.25 Inside Stepped rental agreement from £4.60 to £5.75 sq ft (vendor to provide top up): Year 1 - £20,336 pa / £4.60 psf Year 2 - £21,663 pa / £4.90 psf Year 3 - £23,210 pa / £5.25 psf Year 4 - £24,316 pa / £5.50 psf Year 5 - £25,421 pa / £5.75 psf Unit 4A Vale Cladding 8,015 03/10/15 02/10/20 £36,000 £4.49 £48,090 £6.00 Inside The lease is subject to a schedule of condition. Supplies Ltd Unit 4B Vivalda Ltd 8,016 12/05/10 11/05/20 £40,000 £4.99 £48,096 £6.00 Inside The lease is subject to a schedule of condition. Total 108,176 £587,692 £5.43 £654,444 £6.05 Parkway Trading Estate 8 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL Covenant Information

Parkway Trading Estate benefits from a diverse and secure income profile with a broad range of regional, national and international tenants. Approximately 84% of the total income is secured against covenants rated as a minimum or lower than average risk of business failure by Dun & Bradstreet.

Cannon Viking Ltd (01691576) is the largest tenant on the estate with 45% of the total income secured against this covenant. The company employs approximately 70 staff and develops machinery for the production of flexible, semi-rigid and rigid foam blocks from its headquarters in Trafford Park, where they have been in occupation for over 25 years.

Tenant Line of Business % of D&B Risk of Net Current Income Rating Business Assets / Failure (Liabilities) Cannon Manufacturer of machinery for the 45% 2A2 Low £1,974,741 Viking Ltd production of polyurethane blocks. Project Sale, distribution and installation 10% 2A2 Low £1,579,121 UNIT 3D Kitchens Ltd of kitchens. Bridgewater Contractor specialising in pub, 8% A3 Moderate £453,300 Contracts restaurant, retail and hotel (Projects) Ltd refurbishments. Vivalda Ltd Sale and distribution of rainscreen 7% 2A1 Minimum £5,228,687 cladding panels and fixing systems. MAK Fasteners Sale and distribution of roofing/ 7% C2 Low £115,805 Specialists Ltd cladding products and fastening/ sealant products. Vale Cladding Sale and distribution of roofing 6% C2 Low £121,789 Supplies Ltd and cladding products. GARC Ltd Asset resales, working with leasing/ 5% A2 Low £453,666 financing companies and insolvency practitioners. R3 Polygon Property damage restoration. 4% 3A1 Minimum £7,116,000 UK Ltd Polycure Manufacturer of ultraviolet 4% N4 High (£28,065) Solutions Ltd and electrobeam coatings. UNIT 2B Parkway Trading Estate 9 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL

UNITS 3F, 4A & 4B

Occupational Market Investment Market

Property Area Tenant Rent Term/(Break) Date Property Area Price NIY Cap Val Date (sq ft) (£ psf) (sq ft) (£ psf) Unit 15 Guinness Road Trading 7,750 Diagraph £6.00 10 years Sep18 Apollo Park, Crewe 125,749 Q. £14,300,000 5.50% £114 Available Estate, Guinness Road (5 years) Unit 4 Caledonia Way 10,500 Undisclosed £6.00 5 years Feb18 Midpoint 18, Middlewich 155,118 C. £13,100,000 6.00% £85 Under Offer Unit 30 Stretford Motorway 4,118 Masco UK £6.25 5 years Feb18 Estate, Barton Dock Road Quantum Park, Manchester 45,387 £9,000,000 4.94% £198 Sep18 Unit 26 Stretford Motorway 4,689 Klass Online £6.25 5 years Nov17 Doranda Way Industrial Park, 152,311 £14,800,000 5.18% £98 May18 Estate, Barton Dock Road West Bromwich Unit 1 Premier Park, 6,881 Creation 360 £7.00 5 years Aug17 Acheson Way Olympic Court, Salford 108,639 £10,850,000 4.60% £100 Apr18 Parkway Trading Estate 10 ALBA WAY I TRAFFORD PARK I MANCHESTER I M32 0TL Asset Management Contact

Opportunities For further information or to arrange a viewing, please contact: • Improve the AWULT through proactive leasing, re-gears and renewals Mike Pochin E: [email protected] • Undertake a cosmetic refurbishment of the units T: 0161 833 7692 to further enhance the estate M: 07856 584 523 • Let the vacant unit (Unit 3D) to establish an improved rental tone across the estate Johnny Hawkins E: [email protected] T: 020 7861 1519 Service Charge M: 07766 554 948

The current service charge budget amounts to £0.29 psf for the year ending 28 September 2019. Further information is available upon request. KnightFrank.co.uk

Steve Carrick EPC E: [email protected] T: 0161 806 0455 Energy Performance Certificates for the units M: 07711 042 584 are available upon request.

UNIT 3B VAT carrickre.com

The property has been elected for VAT. It is anticipated the transaction will be treated as a Transfer of a Going Concern (TOGC). IMPORTANT NOTICE. Particulars: These particulars are not an offer or contract, nor part of Proposal one. You should not rely on statements by Knight Frank LLP or Carrick RE in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP or Carrick RE has any authority to make any representations about the property, and accordingly any information given is Offers are sought in excess of£10,490,000 (Ten Million, Four Hundred and Ninety Thousand entirely without responsibility on the part of the agents, seller(s) or lessor(s). Photos etc: The photographs show only certain parts of the property as they appeared at the time they Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect an were taken. Areas, measurements and distances given are approximate only. Regulations Data Room etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or attractive net initial yield of 5.25%, a reversionary yield of 5.85% and a low capital value lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. VAT: The VAT position relating to the property Data room access can be provided upon request. of £97 per sq ft (assuming purchaser’s costs of 6.70%). may change without notice. October 2018. carve-design.co.uk 13762