The Energy Centre 16 Lindred Road Nelson BB9 5SR
FOR SALE Multi-Let Business Space Investment 16 Lindred Road Nelson BB9 5SR
Executive Summary
The Energy Centre • Property Comprises 2 former industrial units converted into high quality offices. 16 Lindred Road Nelson BB9 5SR • Fully let to 3 tenants extending to 30,834 sq ft (NIA). • Total site area of 1.80 acres.
• 128 secure on site car parking spaces (1:241 sq ft).
• Passing rent £240,000 per annum (average of only £7.78 per sq ft).
• Long leasehold interest (125 years unexpired at 1 peppercorn).
• 5 year leaseback on part to Businesswise Solutions Ltd.
• 4.2 years to expiry (3.5 years to break). EXECUTIVE SUMMARY • Significant recent capital expenditure on refurbishment. AERIAL
LOCATION • Recent lease renewal to longstanding tenant (Digital Wholesale Solutions Ltd). DESCRIPTION
THE SITE & ACCOMMODATION • We are seeking offers over £2.25M (Two Million, Two Hundred and Twenty Five Thousand Pounds), subject GALLERY to contract and exclusive of VAT. A purchase at this level COVENANT reflects a net initial yield of 10.03% and a capital value FURHTER INFORMATION of £73 per sq ft (NIA) based on purchaser costs of 6.33%. CONTACT 16 Lindred Road Nelson BB9 5SR To Colne and Leeds
The Energy Centre
16 Lindred Road Nelson BB9 5SR LINDRED ROAD KENYON ROAD
Junction 12 M65
EXECUTIVE SUMMARY
AERIAL
LOCATION
DESCRIPTION
THE SITE & ACCOMMODATION GALLERY
COVENANT
FURHTER INFORMATION
CONTACT
Route from Junction 12 M65 To Burnley, Preston, M61 & M6 AD RO RD WFO ARRO A6068 B
16 Lindred Road Nelson BB9 5SR
C H U RD R Y C KB H IR I K L L
W
Lomeshaye A Worston Industrial Estate Y
D OA R D Foulridge ED OA NDR R 12 Location LI ON NY A56 KE Blacko
The Energy Centre Pendle Hill The Property is located on the well-established Lomeshaye Industrial Estate on junction 12 of Laneshwabridgethe M65 motorway. The estate provides a mixture of industrial, 16 Lindred Road distribution, office, retail and car showroom users. Nelson Barley Roughlee A6068 B Boundary Mill Stores 6 BB9 5SR 2 • 4 The property is situated adjacent to the headquarters of Digital Wholesale 8 Colne
D Winewall C R Solutions Ltd who are tenants within the building. The M65 provides access to U R C TE M65 K S Barrowford Nelson (1 mile to the north), Colne (4 miles to the north) and Burnley (4 miles to the S E T H Whitewalls Industrial Estate O C south). O N L Pendleton A LA 12 13 Wycoller NE M Other nearby occupiers include Protec fire detection, CEF, Refresco UK, and Farnell Trawden A59 Land Rover.
Sabden Fold 13 Nelson Lomeshaye Industrial Estate Sabden 12
12 Higham EXECUTIVE SUMMARY A671 AERIAL Brierfield A682 LOCATION Lane Bottom
DESCRIPTION Heasandford Industrial Estate THE SITE & ACCOMMODATION M65 Simonstone GALLERY Pendle Gawthorpe Hall Hall Plantation COVENANT Shuttleworth Mead Padiham • 11 Business Park FURHTER INFORMATION A6114 A671 CONTACT Altham 11 Industrial Estate Burnely Bridge Industrial Estate 10 Burnley FC • A6068 10 Burnley Worsthorne A680 Altham 9 A6114 9 8 8 Rossendale Road Industrial Estate Clayton-le-moors Hapton M65 Network 65 A682 A646 A56 Industrial Estate Mereclough
Huncoat 22 Altham West 22
A671 Civiger 16 Lindred Road Nelson BB9 5SR
Description
The buildings were converted to high quality office/call centre uses approximately over 15 years ago and were recently refurbished to a high standard. The Energy Centre The two semi-detached, self-contained buildings sub-divided into 3 self contained office suites 16 Lindred Road with secure private parking. Nelson BB9 5SR The property provides one two-storey building let on a floor by floor basis to 2 tenants and a single storey building let to one tenant.
Building 1 specification Building 2 specification
The refurbishment of Building 1 was completed The adjoining more traditional property is in January 2018 and includes the following single storey and was converted to call centre specification; use approximately 10 years ago. Digital Wholesale Solutions Ltd have been in occupation for 15 • comfort cooling years and recently renewed their lease that • suspended ceilings expired in December 2019. • individual WC’s • perimeter trunking • comfort cooling EXECUTIVE SUMMARY • contemporary kitchens and break out space • suspended ceilings AERIAL • LED and Category 2 lighting • individual WC’s • perimeter trunking LOCATION The refurbishment of the accommodation cost in • LED lighting DESCRIPTION excess of £700k including tenant fit-out. • contemporary kitchen / cafeteria
THE SITE & ACCOMMODATION GALLERY
COVENANT
FURHTER INFORMATION
CONTACT 16 Lindred Road Nelson BB9 5SR
Accommodation
The property was measured in accordance with the RICS Red Book Code of Measuring Practice 6th Edition. The Energy Centre The site comprises of approximately 1.80 acres (0.73 ha) which represents a low site coverage of 33%.
16 Lindred Road Nelson BB9 5SR
Tenancies
The property is fully let to 3 tenants, producing a headline rental of £240,000 per annum The property has a WAULT of 4.2 years to expiry (3.5 years to break). The leases are drafted on both an internal and full repairing basis as stated below.
EXECUTIVE SUMMARY NIA GIA Start Expiry Rent Passing Passing Accommodation Tenant Break Comments (sq ft) (sq ft) Date Date Review Rent Rent psf AERIAL
LOCATION Internal repairing and insuring DESCRIPTION *Vendor to top up stepped rent to 75,000 pa. Connect Software Ground Floor 8,876 9,816 01/07/2018 31/12/2023 _ _ £75,000* £8.45 Inside 1954 act. Solutions Ltd. THE SITE & ACCOMMODATION The Landlord is responsible for a contributions GALLERY towards heating costs
COVENANT 5 years from First Floor 8,677 9,855 Businesswise Solutions Ltd. 2025 - _ £75,000 £8.64 Full repairing and insuring. FURHTER INFORMATION completion CONTACT Digital Wholesale Internal repairing and insuring. Unit 3 & 4 13,281 14,858 01/01/2020 31/12/2024 31/12/2022 _ £90,000 £6.78 Solutions Ltd Break subject to 9 months notice.
TOTAL 30,834 34,530 £240,000 16 Lindred Road Nelson BB9 5SR
The Energy Centre
16 Lindred Road Nelson BB9 5SR
EXECUTIVE SUMMARY
AERIAL
LOCATION
DESCRIPTION
THE SITE & ACCOMMODATION GALLERY
COVENANT
FURHTER INFORMATION
CONTACT 16 Lindred Road Nelson BB9 5SR
Covenants
the property is let to 3 tenants with the following covenant strengths:
The Energy Centre
16 Lindred Road Nelson BB9 5SR Businesswise Solutions are specialists within the energy sector and provide expert advice in Digital Wholesale Solutions (DWS) Ltd is a telecommunications service provider which procurement and energy management. Businesswise Solutions work with international clients specialises in providing businesses with digital infrastructure needs. (DWS) uses automation to such as DFS and Kingspan. deliver connectivity, voice, IP communications, cloud and hardware services. (DWS) Ltd is a wholly owned subsidiary of the Daisy Holding Group and was formed in 2001. Businesswise Solutions Limited - D&B Rating 1A2 - Co. no. 07272765 DWS Ltd formed by the merger of Daisy Wholesale Company, Daisy Distribution and Daisy Worldwide which are subsidiaries of the wider Daisy Group Holdings Limited. Year Ending Year Ending Year Ending March 19 March 18 March 17 Digital Wholesale Solutions Ltd - D&B Rating 4A 3 – Co. no. 04211657 Total Assets £3.342m £2.265m £1.372m Year Ending Year Ending Year Ending Equity Shareholder Funds £1.235m £800k £434k March 19 March 18 March 17
Turnover £107m £98m £89m
EXECUTIVE SUMMARY Pre Tax Profit £15.8m £15.7m £12.6m
AERIAL Equity Shareholder Funds £34.1m £18.4m £2.7m LOCATION
DESCRIPTION Connect Childcare provide a fully integrated online management, observation and Daisy Group Holdings Limited - D&B Rating – 09162741 THE SITE & ACCOMMODATION communications software system to nursuries globally. The company has been in the childcare sector for 15 years and is now known for having the most trusted Nursery Year Ending Year Ending Year Ending GALLERY Management Software system. March 19 March 18 March 17 COVENANT Turnover £676m £684m £603m
FURHTER INFORMATION Connect Software Solutions - D&B Rating N3 - Co. no. 05162098 Total Assets £1.1Billion £1.3Billion £1.3Billion CONTACT Year Ending Year Ending Year Ending March 19 March 18 March 17 Although they are not directly party to the lease, Daisy Group Holdings Ltd is the parent company of the largest independent telecommunications service provider within the UK. Total Assets £2.131m £1.035m £380k
Equity Shareholder Funds £47k £311k £350k 16 Lindred Road Nelson BB9 5SR
The Energy Centre Further Information Proposal 16 Lindred Road Nelson BB9 5SR EPC We are seeking offers in excess of £2.25M (Two Million, Two Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive Full Energy Performance Certificate is available on request. of VAT. A purchase at this level would reflect a net initial yield of 10.03% (assuming purchaser costs at 6.33%). A purchase at this level VAT will reflect a capital value of only £73 sq ft (NIA). The property is VAT elected and it is anticipated that the transaction will be treated as a transfer of going concern (TOGC)
Anti-Money Laundering Regulations
EXECUTIVE SUMMARY In accordance with ant-money laundering regulations, evidence of identity and source of funding will be required from the successful AERIAL purchaser prior to instruction solicitors. LOCATION
DESCRIPTION
THE SITE & ACCOMMODATION Tenure The property is held long leasehold and has recently been extended to GALLERY provide 125 years unexpired from 2020 at a rent of one peppercorn. COVENANT
FURHTER INFORMATION
CONTACT The Energy Centre
16 Lindred Road Nelson BB9 5SR
Contact
Dan Crossley Principal
DD 0161 819 8221 M 07891 810262 E [email protected]
Oliver Rowe Director
DD 0161 956 4136 M 07920 299049 0161 228 1001 avisonyoung.co.uk E [email protected]
Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. October 2020. RB&Co 0161 833 0555. www.richardbarber.co.uk