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Allparts House Micklefield Road, High Wycombe, Hp11 1Ep

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Allparts House Micklefield Road, High Wycombe, Hp11 1Ep ALLPARTS HOUSE MICKLEFIELD ROAD, HIGH WYCOMBE, 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 Buckinghamshire market town 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 London via M40 motorway. 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 Stevenage W Stansted W Luton 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 Aylesbury A H R S D R Hemel SANDS E M 11 M BEACON Hempstead A1(M) A414 INDUSTRIAL A High Wycombe Station A41 Harlow HIILL St Albans Hatfield ESTATE HIGH WYCOMBE A4010 Chelmsford M10 A138 A414 TOWN CENTRE A10 A414 J21 M25 Potters Bar J20 E J23 J19 J25 M25 A130 U A40 A404 J27 N E A 40 V Enfield A Watford 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 N N S A127 E E A E 4 A10 0 Marlow Ruislip Romford J29 Basildon 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 Slough N 4 E N 4 R I E L Ealing 0 A 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 A GOLF CENTRE Windsor RN W WS 0 O H Heathrow O O IL MARSH Clapham A20 H R L L L Richmond Dartford AD R AN RAF O O A316 R A E C Staines Gravesend Fernie M BOOKER W DAWS HILL J2 Fields Park LO A20 R A309 A A2 CRESSEX ROA M J12 Bromley D A322 Croydon J3 AD RO M3 Weybridge A24 EX A232 SS M2 RE Sutton A21 M25 M20 C A243 Snodland A4010 J10 Woking A217 A23 Biggin Hill M20 A J9 J5 M26 4 Sevenoaks J4 0 A331 M25 J7 M40 J8 J6 A21 Maidstone Oxted A A3 Guildford 4 Dorking 0 LOUDWATER Redhill 4 A26 HANDY CROSS A31 A24 M23 A22 Horley Royal Gatwick Tunbridge Wells A229 Crawley East Grinstead A21 A A264 A26 4 0 4 Horsham FLACKWELL HEATH J3 A22 A24 GOLF CLUB A23 Haywards Heath LOCATION High Wycombe is a popular commuter, market town located within the direct route into Central London as well as Oxford, Bicester, Banbury southeastern county of Buckinghamshire, strategically located on the and Birmingham 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 Wycombe railway station benefits from direct access to London the rest of South West England. 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). Heathrow Airport only 18 mins to the south east of the town, Luton The town has excellent road communications to London, the Midlands 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.
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