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Clipper Logistics Plc | Units 1 & 2 | Gelderd Road | Leeds

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Clipper Logistics Plc | Units 1 & 2 | Gelderd Road | Leeds Boundary for indicative purposes PRIME URBAN LOGISTICS INDUSTRIAL INVESTMENT CLIPPER LOGISTICS PLC | UNITS 1 & 2 | GELDERD ROAD | LEEDS LS12 6BE INVESTMENT SUMMARY • Prime Urban Logistics asset totalling 90,464 sq ft GIA across two warehouse units and a small showroom/office. • Well located 1 mile north of the M621 (Junction 1) and 2 miles to the south of Leeds City Centre providing swift access to Central Leeds and surrounding residential locations. • Freehold. • Fully let to Clipper Logistics Plc on two co-terminus leases at a total rent of £457,500 per annum which reflects a low passing rent of £5.06psf. • Leases expire on 28th September 2023 offering an attractive AWULT of 3.7 years to expiry. • A highly prominent self-contained site with c.250m frontage onto Gelderd Road (A62) offering potential to suit higher value roadside uses in the future. • Clipper Logistics Plc are fully committed to the location having been in occupation for over 25 years and have regularly renewed their leases with the last reversionary lease commencing in 2018. • The site has operated a contract on behalf of Morrisons to distribute their clothing range ‘Nutmeg’ for over 6 years and is currently being upgraded to service the e-commerce expansion of the Nutmeg brand. • Reversionary headline potential based on proposed quoting rents on local new build industrial development at £7.00psf +. PROPOSAL We are instructed to seek offers in excess of £7,150,000 (seven million one hundred and fifty thousand pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a6.00% Net Initial Yield after allowing for purchaser’s costs of 6.65%. This price equates to a low capital value of £79 per sq ft. CLIPPER LOGISTICS PLC | UNITS 1 & 2 | GELDERD ROAD | LEEDS LS12 6BE KEY LEEDS Subject Property 1. CITY CENTRE 2. Kwik Fit 16 3. Hyundai Showroom M621 TOWARDS M1 4. Mercedes Showroom 5. City West 6. Porsche Showroom 14 7. Evans Halshaw Body Centre 15 8. City Park 1 9. BMW and Mini Showroom 13 10. BOC 11. Screwfix 12. Bentley Showroom 12 2 J2 13. Gelderd Park 14. Lexus Showroom 3 15. Big Yellow 17 16. Leeds Railway Station 11 M62 17. Elland Road 4 5 10 9 6 A6110 J1 8 GELDERD ROAD - A62 M621 7 TOWARDS M62 A6110 CLIPPER LOGISTICS PLC | UNITS 1 & 2 | GELDERD ROAD | LEEDS LS12 6BE LOCATION CONNECTIVITY SITUATION Morecambe A59 A166 M6 Harrogate York A614 A1M A1079 A165 A59 A19 Blackpool M55 M55 Hull a646 Preston Blackburn M62 Halifax M62 LEEDS M62 LEEDS A58 A6033 a666 A58 Southport M62 M18 A15 M6 M66 Huddersfield LEEDS STATION M61 Bolton M1 Scunthorpe M180 A565 Oldham Barnsley Doncaster M58 Grimsby Wigan M18 A61 A628 M57 MANCHESTER A15 A46 M60 SS EE Knowsley A1M Rotherham M18 A631 M62 Stockport LIVERPOOL Warrington SHEFFIELD A16 EE SE CLIPPER LOGISTICS PLC A61 A156 A63 M53 Runcorn GELDERD ROAD M56 A34 A623 A158 A62 J3 A49 M1 A643 Northwich Lincoln GELDERD Chesterfield A60 A614 Chester M6 A1 ROAD M621 A523 A46 A494 A6 J4 A41 A34 A515 A61 A6110 SLE Crewe A16 J2 A523 Newark-on-Trent Wrexham Road Links Stoke-on-Trent A483 A17 J1 A5 A495 A52 J5 NOTTINGHAM A52 A50 A495 A53 A52 BEES Derby M621 (J1) – 1 mile M6 M621 Stafford A515 A607 A53 A17 M621 A41 A15 M621 (J2) – 1.2 miles J6 A483 A6 A46 J7 A511 A34 A38 A1 Shrewsbury Loughborough A458 Leeds City Centre – 2 miles A606 M1 (J44) – 5.5 miles Leeds is located approximately 43 miles east of Manchester Sheffield– 35 miles The property benefits from a c.250m frontage onto the A62, and 190 miles north of London and is the largest contributor Manchester – 43 miles Gelderd Road which is a main access point into Leeds City Centre, to UK GDP in the Northern Powerhouse and the largest Liverpool – 72 miles c. 2 miles to the north via the A58. regional economy outside London Access to the M621 is swift, with Junction 2 only 1 mile to the South. The Leeds City Region offers businesses access to a highly- The M1 is also easily accessible, located 5.5 miles to the south east skilled workforce of 3 million people, with 7 million people Rail Links from Leeds Railway Station - 1.4 miles via Junction 2a M621. within an hour’s drive. The local area is characterised by a clustering of roadside occupiers, The M1 meets the M62 at Leeds which links the city with London Kings Cross – 2hr 12 mins taking advantage of the high level of passing traffic. These include; Manchester, Hull and Liverpool. The M621 provides direct Birmingham New Street – 1hr 53 mins car showrooms, trader counter and self storage operations. access from Leeds City Centre to the M62 at Junction 27. Manchester Piccadilly – 1hr 4 mins Leeds City Railway Station is the UK’s third busiest rail station. Immediate surrounding occupiers include Big Yellow, Toyota, Services to London Kings Cross are every 30 minutes with a Infiniti, Screwfix and Bentley. fastest journey time of approximately 2 hours. Air Links Leeds is also the regional transport hub for Yorkshire, Leeds Bradford Airport – 9 miles providing local services and regular trains to Manchester, York, Sheffield and Newcastle. CLIPPER LOGISTICS PLC | UNITS 1 & 2 | GELDERD ROAD | LEEDS LS12 6BE DESCRIPTION The property comprises two industrial warehouse units and a smaller office building all with significant frontage onto the A62, Gelderd Road. Each unit sits on a self- contained site accessed directly from the A62 and offering a secure yard. The units are of steel portal frame construction with profile steel cladding to the elevations, integral offices and approximately 10% translucent roof lights. The total floor area is 90,464 sq ft GIA. Unit 1 - 51,957 sq ft on c.2.77 acres Unit 2 - 38,507 sq ft on c.1.92 acres • 6.5m minimum eaves height / 8m to apex. • 6.1m minimum eaves height / 7.5m to apex. • Single storey office with gas central heating, suspended ceiling and WC’s. • 2 storey offices with gas central heating, suspended ceiling and WC’s on both floors. • 10 x level access loading doors – 8 accessed from side elevation and 2 at the rear of the unit. • 3 x level access loading doors. • Secure yard accessed via a gatehouse. • Mezzanine of c.23,000 sq ft. • Sprinkler system. • Ramped access from shared yard with Unit 1. • Recently upgraded LED lighting system in the warehouse. • Potential to utilise as self contained unit in the future with access from Gelderd Road. • Tenant installed mezzanine of c. 46,000 sq ft which covers most of the warehouse area. We understand this is to be re-instated on expiry. • Within the demise of Unit 2 is an area sub-let on a Tenancy at Will to a car sales company. On expiry this area could be utilised by the occupier of • New e-commerce storage and delivery function currently being installed Unit 2 to significantly increase the yard and loading capacity to the unit. on the mezzanine level. Further information available upon request. CLIPPER LOGISTICS PLC | UNITS 1 & 2 | GELDERD ROAD | LEEDS LS12 6BE SITE PLAN TENURE Freehold. FLOOR AREAS UNIT 1 The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and totals 90,464 sq ft. Gross Internal Area broken down as follows: UNIT 2 UNIT 1 UNIT 2 ACCOMMODATION AREA AREA AREA AREA (sq m) (sq ft) (sq m) (sq ft) Boundary approximate and Ground Floor Warehouse 4,382 47,166 3,187 30,833 for indicative purposes only Ground Floor Offices 445 4,791 322 3,471 First Floor Offices n/a n/a 322 3,471 Ordnance Survey © Crown Copyright 2020. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:1750. Paper Size - A4 Car Showroom Office* 68 732 The subject site totals 4.69 acres (1.9 hectares) site with a low site density of 44%. TOTAL 4,827 51,957 3,900 38,507 4,278 46,049 2,131 22,943 The tenant occupies a railway arch arch which is accessed Mezzanine via the yard of Unit 2 but outside the ownership of the subject site. The owner of the arch has a right of way over *Note that this unit hasn’t been inspected and floor area indicative the Unit 2 yard. Further information available on request. CLIPPER LOGISTICS PLC | UNITS 1 & 2 | GELDERD ROAD | LEEDS LS12 6BE TENANCY INFORMATION AREA AREA LEASE PASSING RENT INSIDE UNIT TENANT EXPIRY AWULT COMMENT (SQ FT) (SQ M) START RENT (PA) (PSF) 1954 ACT Reversionary lease. Clipper 1 4,827 51,957 04/03/2018 28/09/2023 3.7 yrs £273,000 £5.25 Yes Original lease dated 26th July 1985. Logistics Plc AGA : Knaresborough Investments Limited. Reversionary lease. Original lease dated 2nd March 1988. Clipper AGA : Knaresborough Investments Limited. 2 3,900 38,507 04/03/2018 28/09/2023 3.7 yrs £184,500 £4.79 Yes Logistics Plc An element of Unit 2 is let to a car sales business (Ideal Motors) on a Tenancy at Will with no rent passing. 8,727 90,464 3.7 yrs £457,500 £5.06 COVENANT Clipper Logistics Plc 30/04/19 30/04/18 30/04/17 (03042024) 12 Months 12 Months 12 Months Turnover £460,171,000 £400,115,000 £340,127,000 Profit / Loss Before Tax £16,930,000 £17,966,000 £16,052,000 Shareholders Funds £43,215,000 £39,318,000 £30,070,000 Clipper Logistics Plc is one of the leading logistics businesses in the UK with a network of 45 sites totalling c.10 million sq ft.
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