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Home , Chelmsford, Crawley, Dorking, Handy Cross, High Wycombe, M40 motorway

ALLPARTS HOUSE ROAD, , HP11 1EP

SINGLE-LET TRADE COUNTER AND WAREHOUSE INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP

INVESTMENT CONSIDERATIONS PROPOSAL n Reversionary single-let trade counter & warehouse n The tenant has been in occupation since 1983 We are instructed to seek offers in excess of in popular market n The property is currently generating a low £1,875,000 (One Million, Eight Hundred and n The property comprises trade counter, warehouse passing rent of £120,000 per annum (£6.35 psf) Seventy Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase and ancillary office accommodation totalling n Estimated Rental Value of £140,000 per annum 21,474 sq ft over ground and first floors. at this level reflects a Net Initial Yield of 6.00% n Site cover of 44% and a Reversionary Yield of 7.03% after allowing n Located in High Wycombe with excellent n for purchaser’s costs. connections to via . Occupying a 0.63 acre site n n Fully let to Parts Alliance Group, a Very Low Risk (97) Freehold covenant, for a term of 7.3 years unexpired n Located in a densely populated residential area (3.0 years to break) with potential for future residential development, subject to consents. ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP

M 11 A505 W Stansted W YC Luton A120 OM A418 BE Y M1 RD A L A5 A10 IL W H A602 H E A131 OX C M FOR R A A130 D A H R S D R Hemel SANDS E M 11 M BEACON Hempstead A1(M) A414 INDUSTRIAL A High Wycombe Station A41 HIILL Hatfield ESTATE HIGH WYCOMBE A4010 M10 A138 A414 TOWN CENTRE A10 A414 J21 M25 J20 E J23 J25 A130 U 40 A404 J19 M25 J27 A N E A 40 V Enfield A A1 M25 HIGH A355 A12 H G Barnet D The Rye A130 U A413 A O WYCOMBE O

Brentwood R J28 R

M40 Harrow O

D B

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N S

A127 E E A E 4 A10 0 Marlow Ruislip Romford J29 A130 E W D N

J16 D

Wembley R

A12 A A Holloway O

L O R

Benfleet A L A40 A A404 Stratford N D C N RD O 4

M25 A T A S 0 T G N 4 E N 4 R I E L A Ealing 0 R L O D E N I L M4 A13 1 L HIGH WYCOMBE A T W I J15 L 0 A A H LONDON S WYCOMBE 4 D N N AW 0 GOLF CENTRE Windsor R W S O H Heathrow O O IL MARSH Clapham A20 H R L L L Richmond AD R AN RAF O O E A316 R A

C Staines Fernie M BOOKER W DAWS HILL J2 Fields LO A20 R A309 A A2 CRESSEX ROA M J12 Bromley D A322 J3 AD RO M3 Weybridge A24 EX A232 SS M2 RE Sutton A21 M25 M20 C A243 A4010 J10 A217 A23 Biggin Hill M20 A J9 J5 M26 4 J4 0 A331 M25 J7 M40 J8 J6 A21 A A3 4 0 LOUDWATER Redhill 4 A26 A31 A24 M23 A22 Royal Gatwick Tunbridge A229 A21 A A264 A26 4 0

4 J3 A22 A24 GOLF CLUB A23

LOCATION

High Wycombe is a popular commuter, located within the direct route into Central London as as , , southeastern county of Buckinghamshire, strategically located on the and to the north west and connection to the M25 London M40 motorway 30 miles west of Central London. The town benefits from orbital motorway. extensive amenities, good schools and being in close proximity to the The town’s connections are further enhanced by the M4 which is rolling Buckinghamshire countryside. 11 miles to the south providing links to Reading, Swindon, Bristol and High station benefits from direct access to London the rest of South West . Marylebone (33 mins) as well as Banbury (29 mins), Oxford (44 mins) The town is also within easy reach of various London airports, with and Birmingham (87 mins). only 18 mins to the south east of the town, Luton The town has excellent road communications to London, the Airport 40 mins and Stansted Airport 69 mins to the north east of town. and the Southwest with an array of motorways in the town’s vicinity. The Between these three airports over 120 million passengers pass through M40 motorway runs 1.4 miles to the south of the town centre providing each year.

TRAIN CAR ROAD AIR

London Marylebone 33 mins Central London 50 mins M40 1.4 miles 50 mins Luton 40 miles 46 mins drive Banbury 29 mins Bristol 1hr 40 mins M25 1.3 miles 1hr 40 mins Stanstead 67 miles 69 mins drive Oxford 44 mins Oxford 30 mins M4 11.2 miles 30 mins Heathrow 19.9 miles 22 mins drive Birmingham 87mins Birmingham 85mins Source; Google Maps ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP

© Crown Copyright, ES 100004106. For identification purposes only.

SITUATION DESCRIPTION ACCOMMODATION The property is situated approximately 2.4 km (1.5 miles) east of the market The property comprises a two-storey steel framed construction and town of High Wycombe, on the western side of Micklefield Road, close to pitched roof warehouse, occupying a large site with car parking to the Use Sq m Sq ft its junction with London Road (A40). London Road is a busy road which front and rear. Ground Floor Trade Counter, Offices and Warehouse 1,104 11,883 provides direct access into High Wycombe town centre to the north and The property provides trade and storage accommodation on the ground the M40 motorway to the south. floor, with storage and office facilities on the first floor. There is a substantial First Floor Offices 412 4,435 Micklefield Road lies in a mixed-use commercial and residential area, with mezzanine area for storage purposes. The property benefits from adequate London Road being home to a diverse range of local and national occupiers. loading provisions including a roller shutter door to the north side of the unit. Mezzanine Storage 479 5,156 The subject property benefits from good visibility from the busy London Road / To the front of the property, there is customer parking and vehicular access Total 1,995 21,474 Micklefield Road junction. The property is located within a predominantly residential to a large rear site used for loading and staff parking. area with scattered commercial uses including industrial and retail warehouses The property was extended in 2000 to provide further office and warehouse *Allsop have not measured the property and the floor areas above are from a 2018 valuation. Interested parties are required to satisfy themselves to the accuracy of these measurement. and trade counters. Wycombe Retail Park is situated close by on the southern space on the ground floor and offices on the first floor. side of London Road, whereby occupiers include Marks & Spencer Foodhall, Wickes, Argos, Pizza Hut, Pets at Home, and Currys, amongst many others. ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP

TENURE TENANT’S COVENANT

Freehold. Parts Alliance Group (01779084) - Very Low Risk (97) In 2017, The Parts Alliance Group was purchased by 31 Dec 2019 31 Dec 2018 31 Dec 2017 SITE SITE COVERAGE Uni-Select Inc, a Canadian publicly listed, market Turnover 212,914,000 194,458,000 109,180,000 leading, North American Automotive aftermarket 0.63 acres (0.25 ha). 44%. distributor. In the USA and Canada, there are 14 Pre-Tax Profit -2,217,000 6,795,000 2,292,000 distribution centres, 270 corporate stores and over TENANCY Total Net Worth 26,308,000 28,497,000 21,890,000 1,100 independent wholsalers employing 3,000 employees and generating $1.2 billion per annum. The property is let in its entirety to Parts Alliance Group Limited, on a fully repairing In 2020, Uni-Select have successfully secured new Parts Alliance is one of the UK’s leading suppliers of automotive parts, made and insuring lease expiring 13th June 2028 at a passing rent of £120,000 per annum. credit facilities of $565m to provide additional liquidity. up of a variety of individual suppliers who are able to maintain the local The lease is subject to a Landlord’s Redevelopment Break Option on 23rd June service that made each member successful in their own right, whilst 2023 and a Tenant’s Break Option on 23rd June 2024. benefitting from a quantum discount in the supply chain. Some of these There is an upward only, open market rent review on 13th June 2023 and the lease brands include: CES UK, BBC Superfactors & GMF Motor Factors. is held inside the Landlord and Tenant Act 1954. We understand that the tenant has been in occupation of the premises since 1983. ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, HP11 1EP

Wycombe Industrial rents 0 sq ft £11.00 4.9% pipeline for industrial Prime Industrial average annual increase 4.6% stock in the region Market Rent would suggest continued over the past rental growth in the 12 months coming years

(source: CoStar Analytics)

RESIDENTIAL RENTAL COMPARABLES INDUSTRIAL MARKET COMMENTARY DEVELOPMENT POTENTIAL The Industrial sector proved highly resilient over the last 12 months with Size Address Date Rent per sq ft Comments the pandemic accelerating consumer adoption of online commerce, We are of the opinion the site offers (sq ft) food delivery and home improvements meaning the provision of potential for future residential Unit A, Halifax Road, Cressex Similar specification to the 6,894 Oct 20 £8.70 industrial stock has never been more critical. The severely restricted redevelopment. We estimate that the Business Park HP12 3SN subject property with secure yard supply of existing and pipeline stock continue to put an upward site lends itself to accommodating Unit 2, M40 Industrial Estate, pressure on rents. The record-high levels of leasing activity in 2020 approximately 40-50 units, with the 9,300 Nov 20 £9.75 Term of 10 years, no secure yard Blenheim Road, HP12 3RS will continue to drive even more investor interest in an already potential to reprovide for the Unit 1 Mill Road, , crowded sector, and thus put further downward pressure on yields. commercial element, subject to 5,969 Sep 20 £9.20 Similar specification Bucks, HP14 3TP the existing lease and obtaining Industrial rents in Wycombe posted a gain of 4.6% over the past all necessary consents. Better eaves height but no 12 months, with continued upward pressure on rents to continue Unit P-S Fieldhouse Lane, 14,305 Nov 19 £9.25 secure yard and in need of in the region with no projects in the pipeline for industrial premises All enquiries should be made to Marlow, SL7 1TB refurbishment. Leased by Screwfix in the next two years. Rental growth was somewhat below the Buckinghamshire County Council Units 7-9 First Avenue, Term of 10 years. Slightly more 4.9% average annual increase over the past decade, which Telephone: 0300 131 6000 17,401 May 20 £10.79 Marlow, SL7 1YA modern warehouse would suggest that strong rental increases may be expected www.buckinghamshire.gov.uk in this location in the coming years. *We estimate that the ERV of the property is in the region of £140,000 per annum (£7.40 per sq ft). (source: Costar) Interested parties must rely on their own research and ERVs. EPC The EPC Certificate is available within the dataroom.

VAT The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC).

ANTI-MONEY-LAUNDERING A successful buyer 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/highwycombe

PROPOSAL We are instructed to seek offers in excess of £1,875,000 (One Million, Eight Hundred and Seventy Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.00% and a Reversionary Yield of 7.03% after allowing for purchaser’s costs

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

Commercial Investment Residential Investment & Development Gergo Petrovics Alex Butler Antonia Beech 07961 234 029 07801 219 888 07391 865 615 [email protected] [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 05.21