LOGISTICS ALLIED BUSINESS CENTRE & WAREHOUSE POTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, , , WN8 9PH

HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES LOGISTICSPOTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF LOGISTICS

STRATEGICALLYSalads To Go LOCATED

S&J Warehousing & Transport

M58

M58 JCT 5

Outline for indicative purposes only. ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES LOGISTICSPOTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF STRATEGICALLY LOCATED

Outline for indicative purposes only.

INVESTMENT CONSIDERATIONS

• Highly reversionary distribution warehouse with considerable asset management • The property provides 117,800 sq ft of warehouse accommodation and opportunities in the logistics sector 30,421 sq ft of serviced office accommodation • Strategically located on West Pimbo Industrial Estate, an established industrial estate • The tenant of the warehouse accommodation, Messenger Express Warehousing Limited, immediately adjacent to Junction 5 of the M58 is an established logistics operator who has been in occupation for over 15 years • Large site area of 10.67 acres (4.32 hec) providing a low site coverage of 30% • Freehold. It is the first time the property has been marketed as a freehold asset with short term leases (not a ground rent) for over 30 years • Current triple net rent of £303,168 reflecting a very low £1.60 psf on the warehouse accommodation and £2 psf overall • We are instructed to seek offers in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £27.00 per sq ft and • Local evidence for industrial rents show a potential for reversion between £3-£4 psf, a Net Initial Yield of 7.10%, with a potential significant reversion after asset management. a considerable increase on the current rent for the warehouse accommodation LOGISTICS DUNDEE ■ PERTH ■

M80 EDINBURGH M9 ■ M73 M8 GLASGOW

M77 M74

NEWCASTLE UPON TYNE ■

■ ■ CARLISLE SUNDERLAND

A1(M)

MIDDLESBROUGH

ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES POTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF

A59 LOGISTICS A59 LOGISTICS

A59 A1(M) YORK

LEEDS A63 HULL M58 M65 HALIFAX M62 M66 A15 SKELMERSDALE A1 SCUNTHORPE BARNSLEY GRIMSBY M6 DONCASTER M58 M60 M18 M180 S&J Warehousing & Transport M1 BRIGG M62 A52 A1(M) SHEFFIELD GAINSBOROUGH M56 BUXTON CHESTERFIELD LINCOLN

NEWARK-ON-TRENT M6 NEWCASTLE-UNDER-LYME A38 BOSTON ROBUST LOGISTICS LOCATION NOTTINGHAM STOKE-ON-TRENT DERBY A52 M1 A46 A1 STAFFORD

STRONG CITY DRIVE TIMES QUICK ACCESS TO M54 Liverpool 30 mins MOTORWAY NETWORKS A47 ■ WALSALL LEICESTER Manchester 45 mins M58 ■ 3 mins ■ NORWICH M42 PETERBOROUGH Birmingham 1 hr 45 mins M6 7 mins ■ WOLVERHAMPTON A570 ■ 6 mins M6 M5 BIRMINGHAM A1(M) A14 ■ ■ A11 COVENTRY M42 A43 FREIGHT SERVICES BY SEA AIRPORT CARGO HUBS NORTHAMPTON M40 ■ A428 CAMBRIDGE SITE AREA & Freeport 19 mins Liverpool John Lennon Airport 30 mins ■ Seaforth Dock 18 miles Manchester Airport 40 mins 10.67 acres (4.32 hectares). Low site coverage:: 30%. A1 A11 IPSWICH M IL L Outline for indicative purposes only. B53 LA ■ 12 NW ■

A MILTON M1

5

77 M11 KEYNES LOCATION A1(M) HOLLAND MOOR Skelmersdale is a well-located town of circa 40,000 inhabitants situated and 5 and connecting with the some 4 miles East at Junction

A577 between Liverpool and Manchester in on the , 26. The two international airports of Liverpool John Lennon Airport (18 miles OXFORD M5 ■ M25 DIGMOOR 6 miles (10 km) west of , 13 miles (21 km) north east of Liverpool and to the south) and Manchester Airport (30 miles to the south east) are both M58 M40 E N 24 miles (38 km) west of Manchester. The town is a popular ■logistics location within a comfortable drive offering both cargo and passenger services.

LA

R AD UE O SWANSEA Q R being easily accessible by all parts of the North West and is the principal

E L M25 IL There are a number of surface freight services offered at the nearby Port H H C R SWINDON E W O economic focal point for the west Lancashire region. As an early new town T ■ J5 of LiverpoolCARDIFF and Freeport (13.5 miles) and Seaforth (13.1 miles), linking into Skelmersdale benefits from a purpose built road system which links the ■ READING Europe, Africa, America and Asia. The Liverpool2 deep-water container ■ M58 Town’s Industrial Estates to the nearby road network. terminal at the Port of Liverpool ■has recently been completed at a cost of BRISTOL The town benefits from being located on the regional and national £400m, enabling the largest vessels to call■ directly into port, future proofing motorway network with direct access to the via Junctions 4 its longevity going forward. BATH

UPHOLLAND

■ SOUTHAMPTON ■ PORTSMOUTH

■ PLYMOUTH ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES LOGISTICSPOTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF

SITUATION The property is situated on the east side of Potter Place at its junction with Pimbo Road within The Pimbo Industrial Estate, a well-established industrial park just to the south of Skelmersdale Town Centre. The estate is ideally positioned immediately adjacent to Junction 5 of the M58, offering swift and direct access to the regional and national motorway network. One characteristic of the estate, which is a considerable benefit to its occupiers, is the sophisticated one-way system employed on site, making it ideal for logistics and distribution purposes. Immediately north of the estate, just above the M58 motorway, the area is predominantly residential, whilst to the south it is a mix of farmland and forestry, for which the town is well known. To the north west, opposite the subject property, is the Gillibrands Industrial area which is easily accessible both by foot and car, as is Upholland Railway Station which is 5 minutes by car to the east. Pimbo Industrial Estate is a popular industrial location and is home to a number of established occupiers including Pepsico International (Walkers), Procter & Gamble, TORK, 3M Scott Safety and Yew Tree Dairy, as well as a number of local distribution and logistics companies.

DESCRIPTION The property comprises a detached distribution warehouse with office accommodation constructed in 1982. Internally the property is split into three warehouse units and self-contained office accommodation. The offices are located to the north of the property and are arranged over ground and first floors. They comprise approximately 30,421 sq ft of accommodation and are currently subdivided into 32 individual suites ranging from 115 sq ft to 6,970 ft providing both open plan and cellular offices, together with toilet facilities. The offices benefit from on-site parking and face onto the property’s grounds to the north including the property’s picturesque lake. The three warehouse units comprise approximately 117,800 sq ft (10,943.8 sq m) of logistic storage and distribution accommodation with minimum eaves heights of 6.7m. Loading is provided by dedicated loading bays incorporating dock and level access loading and externally there are yards on 3 elevations. There are a further 10 storage containers to the north of the property. ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES LOGISTICSPOTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF LOGISTICS TENURE Freehold.

SPECIFICATION

Steel portal frame construction with a mix of brick cladding/ composite panel walling under a lined and insulated profile A minimum eaves height of 6.7 metres metal sheeting roof

Dock and tailgate loading including two raised level Warehouse specification includes pendant halogen loading doors, five surface level loading doors and lighting and overhead gas radiant heaters yards on 3 elevations

The office specification includes mineral fibre suspended Concrete service yard and a car park for 204 cars on site, ceilings, mix of LED and Cat II lighting, central heating, comfort including 4 disabled bays cooling, perimeter trunking and carpeting throughout ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES LOGISTICSPOTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF

TENANCY

Unit Tenant sq Ft Sq m Lease Start Lease End Rent Unit Tenant sq Ft Sq m Lease Start Lease End Rent

Distribution Warehouse* Suites C6 Newcorp 750 70 25-Sep-13 25-Sep-23 £4,400.00 Computer Unit 1 9,300 864 1-Jan-18 31-Dec-18 £13,950 Services Limited Messenger Suites C7 & C8 Vacant 1,500 140 Unit 2 Express 56,000 5203 17-Apr-18 31-Mar-19 £98,000 Warehousing FJC Systems Limited Suite C9 230 21 25-Dec-08 25-Dec-18 £2,300.04 Unit 3 52,500 4877 1-Jan-18 31-Dec-18 £78,750 Limited Face2face Sub total 117,800 10,944 £190,700 Suite C10 500 46 1-Jan-20 31-Dec-21 £3,930.00 Couriers Limited *The tenant is currently holding over. As part of their lease the tenant for the Warehouse Units pays approximately Suite C11-C16 Vacant 1,128 105 £48,083 p.a. in service charge. Suites C3, GMC-I Prosys 1,777 165 1-Aug-18 31-Jul-23 £11,100.86 C4 & C5 Limited FJC Systems † Suite C8a 115 11 25-Apr-12 25-Apr-22 £1,380.00 Serviced Offices Limited

Suite A1 West Lancs Peer 270 25 1-May-20 30-Apr-21 £4,258.80 Sub total 30,421 2,826 £189,151.00 Support † Suite A2 Response 313 29 1-Mar-19 29-Feb-20 £3,599.40 The rents received for the business centre are on a gross basis, there is an estimated expenditure to the landlord of Recruitment £79,390 pa. Landlord voids and Business Rates mitigation costs are estimated at £6,016 pa. Further information on this Limited can be found in the data room.

Suite A3 RJ Gill LLP 2,708 252 25-Nov-06 25-Nov-26 £29,788.00 Storage Containers

Suite A4 Pass Point 401 37 1-Sep-20 31-Aug-21 £5,052.60 Unit Tenant sq Ft Sq m Lease Start Lease End Rent Training Limited Woody’s Container 101 13-Sep-18 n/a £1,032.00 Suite A5 Vacant 985 92 Window’s Limited

Suite A6 Wates Property 2,789 259 20-Jan-20 30-Apr-30 £19,523.00 Container 102 RJ Gill LLP 25-Mar-14 25-Mar-24 £1,040.04 Services Limited Wates Property Container 103 1-May-19 n/a £1,032.00 Suite A7 Pure Recruit 280 26 15-Jun-20 14-Jun-21 £4,188.00 Services Limited Limited Containers Vacant Suite A8 Vacant 900 84 104, 105 & 108 Wates Property Container 106 19-Aug-20 n/a £1,296.00 Suite A9 ACI Reports 1,064.00 99 25-Mar-13 25-Jan-20 £7,500.00 Services Limited Limited GMC-I Prosys Container 107 21-Jun-18 n/a £1,296.00 Suites A10, Vacant 876 82 Limited A11 & A6a Suite B1 RJ Gill LLP 1,200 111 1-Mar-10 1-Mar-20 £13,200.00 Container 109 RJ Gill LLP 12-Aug-13 12-Aug-23 £867.00 Wates Property Container 110 20-Jan-20 n/a £2,160.00 Suite B2 500 46 1-Aug-18 31-Jul-23 £3,123.48 Services Limited

Suite B3 380 35 1-Aug-18 31-Jul-23 £2,373.85 Sub total £8,723.04

Suite B6 432 40 1-Aug-18 31-Jul-23 £2,698.69

Suite B3 Rear GMS-I Prosys 430 40 1-Aug-18 31-Jul-23 £2,686.19 Overall Property Total 148,221 13,770 £388,574 Limited Suites B4 & B5 1,547 144 1-Aug-18 31-Jul-23 £9,664.05 Triple Net Rent† £303,168

Suite C1 6,970 648 1-Aug-18 31-Jul-23 £43,541.34

Suite C2 2,376 221 1-Aug-18 31-Jul-23 £14,842.79 ALLIED BUSINESS CENTRE & WAREHOUSE HIGHLY REVERSIONARY DISTRIBUTION WAREHOUSE & SERVICED OFFICES LOGISTICSPOTTER PLACE, WEST PIMBO INDUSTRIAL ESTATE, SKELMERSDALE, LANCASHIRE, WN8 9PH WITH A LOW SITE COVERAGE AND A CAPITAL VALUE OF ONLY £27 PSF ASSET MANAGEMENT OPPORTUNITY Increase the rent on the warehouse accommodation to market levels The passing rent on the warehouse accommodation reflects only £1.60 psf. As demonstrated below, local evidence for industrial rents show a potential for reversion to between £3-£4 psf, a considerable increase to the current passing level.

Re-gear the office leases to bring rents and lease expiries in line with other occupiers There is currently a rental range for the offices of between £6.25 psf and £15.77 psf, with some tenants holding over or coming to the end of their leases.

Due to the low site coverage there is the potential to add further accommodation within the demise, subject to planning The property benefits from a low site area of 30% and there is significant space on site to utilise. This could include the INDUSTRIAL MARKET COMMENTARY construction of further industrial and storage accommodation (subject to planning). Lancashire’s connectivity to the rest of the UK means that it has a deep-rooted status as a pivotal logistics hub. Its largest warehouses are mainly concentrated along the M6/M65/M55/M58 motorway corridors. Demand for industrial space here has been consistently strong in recent years. This, coupled with limited new stock, caused vacancies to drop significantly in recent years to an all-time low in 2019. Let the vacant space Due to the lack of new Grade A stock, there has been short void periods and an upward pressure on the rent of second-class warehouse There is currently 5,389 sq ft of office accommodation and accommodation. Evidence indicates that rental levels are currently in the region of £3.00-£4.00 per sq ft. 3 storage containers vacant that can be let to provide further Positive fundamentals have underpinned robust rental growth, making Lancashire also one of the top rent growth performers in the North West region. rental income. Source: CoStar

INDUSTRIAL LEASE COMPARABLE TRANSACTIONS INDUSTRIAL INVESTMENT COMPARABLE TRANSACTIONS

Date Address Tenant Size Term Rent Date Property Address Building Sale Price Price Buyer NIY Term psf SF Per SF Certain Apr 2020 Units 1-3 Kilbuck Lane, Miers Construction 52,541 10 years £2.85 Apr 2020 Knowsley Business Park, Knowsley 116,900 £7,900,000 £67.58 Warehouse REIT 7.1% 6.40 Haydock, St Helens Projects Dec 2019 Bury Point, Radcliffe 151,423 £6,000,000 £39.62 Rayware Ltd 9.77% 7.40

Feb 2020 Mill Hill Street, Ashworth 53,000 10 years £4.35 Jan 2019 Potter Point, 2 Potter Pl, Pimbo 130,644 £4,360,000 £33.37 Paloma Capital LLP 6.75% Industrial Estate, Skelmersdale Feb 2020 Britonwood Trading Liverpool Lazer & 21,516 10 years £4.00 Sep 2019 Hindley Green Business Park, 360,436 £11,840,000 £32.84 Kite International Invest 9.00% Estate, Knowsley Tube Wigan Jan 2019 2 Potter Pl, Skelmersdale Integral Surface 11,808 10 years £4.21 Jul 2019 Whitehouse Industrial Estate, 153,166 £10,685,000 £69.76 undisclosed 8.73% 3.00 Designs Runcorn Dec 2019 Unit 9 Barrs Fold Road, BID Group Ltd 10,013 5 years £3.99 Jun 2019 Bromborough Point, Bromborough 130,983 £4,500,000 £34.36 Caisson Investment 9.00% 4.62 Bolton Management (3.35) EPC EPCs are available in the Allsop dataroom

VAT The property has been elected for VAT, it is envisaged that the property will be treated as a Transfer of Going Concern (TOGC).

ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/Skelmersdale

PROPOSAL We are instructed to seek offers in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £27.00 per sq ft and a Net Initial Yield of 7.10%, with a potential significant reversion after asset management.

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

Liam Stray Gergo Petrovics 020 7543 6769 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 09.20