Multi-Let Office & Industrial Investment Opportunity

MIRFIELD | WEST YORKSHIRE | WF14 8HE

Multi-let office & industrial investment opportunity Investment Location Description Tenure Covenant Site Area Dataroom / Service Charge Summary Situation Tenancy Schedule Information Asset Management VAT / EPC

MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

investment summary

• Wheatley Park comprises an industrial • The vacant space totals 3,746 sq ft and office business park investment providing a low vacancy rate of 5.23% opportunity located in Mirfield within • The property has a WAULT of 6.15 years close proximity to junction 25 of the until break and 6.27 years until expiry M62 motorway • The gross rental income is £435,144 per • The property is a former textile mill annum including £14,029 per annum that has been comprehensively car park rent refurbished to provide modern, • There are shortfalls amounting to well specified accommodation approximately £27,612 per annum, • 58% (£254,545 per annum) of the income bringing the net income to £407,532 is attributed to Camira Fabrics Ltd. per annum The company has an excellent credit • We are instructed to seek offers in rating and recorded £47.75m turnover excess of £4,250,000, exclusive of VAT, and £3.73m pre-tax profit in 2015. The reflecting a net initial yield of 9.00%, income is secured for a further 7.55 years and a capital value of £59.36 per sq ft after allowing for purchasers costs • The park is on a site of 4.70 acres of 6.25% which is split across four areas and currently provides 71,594 sq ft of office (30,903 sq ft) and industrial (40,691 sq ft) accommodation

• The two office buildings, The Watermill and The 1812 Building have been subdivided into office suites and provide 24,848 and 6,055 sq ft respectively Investment Location Description Tenure Covenant Site Area Dataroom / Service Charge Summary Situation Tenancy Schedule Information Asset Management VAT / EPC

MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

location situation

Mirfield is a former textile town in West Mirfield benefits from excellent road and Mirfield Train station provides direct train The property is situated approximately Yorkshire within the North of England. rail links with Junction 25 of the M62 lying to Leeds (25 mins), Huddersfield (10 mins) 2 miles south-east of Junction 25 of the The town is located approximately 7 approximately 4 miles to the north west and Bradford (33 mins) with onward M62 motorway and 1 mile to the south miles to the north-east of Huddersfield, and Junction 40 of the M1 approximately transfers to London and Endinburgh of Mirfield town centre. 3 miles west of Dewsbury, 9 miles west 6.5 miles to the east. available from Leeds Mainline Station. The property is accessed off Granny Lane of Wakefield, 11 miles east of Halifax and A6068 and benefits from a secluded position 17 miles southwest of Leeds. Keighley A650 A658 within a rural location. The surrounding

LEEDS J25 area is predominantly mixed use. M1 Blackburn Burnley BRADFORD DEWSBURY A638 A629 Dewsbury M65 Country Park M621 M62 A646 A1(M)

Halifax M62 Dewsbury A644 Wakefield Mirfield A644 Ossett A666 A6033 A638 A641 A642 Brackenhall M62 Huddersfield Steanard Lane M66 Rochdale Hopton Lane Bolton A58

A629 Barnsley Granny Lane Dewsbury Distrtcit Golf Club M61 A635 M60 M1 Whitley Road A580 MANCHESTER A628 Middlestown Houses Hill M67 HUDDERSFIELD M62 M18 Netherton

A56 Stockport A61 Liley Lane Cowmes Grange Moor A6 A642 M56 SHEFFIELD

M1 Investment Location Description Tenure Covenant Site Area Dataroom / Service Charge Summary Situation Tenancy Schedule Information Asset Management VAT / EPC

MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

description

Wheatley Park comprises a THE WATER MILL THE 1812 BUILDING NORTH LIGHT BUILDING WAREHOUSE BUILDINGS former textile mill which has been The Water Mill overlooks the mill pond The 1812 building comprises a former Adjoining the production and warehouse Situated to the east of the access road comprehensively refurbished to and has been converted to provide modern, stone-built textile mill which has been building to the east is a building which is are two warehouse buildings. One of provide well specified, modern office well specified office space with large comprehensively refurbished, maintaining steel framed and of north light construction the buildings is of steel portal frame accommodation in the converted flexible floor plates. Accommodation is its original character, providing office incorporating glazed roof lights and profile construction clad to the elevations in mill buildings with a range of available across ground and first floors accommodation over three floors with metal sheeting to the roof. Externally the brick beneath a pitched asbestos roof workshop, warehouse and industrial with first floor access via an internal specification including G7 lighting, building is clad in brickwork. The eaves incorporating translucent roof lights. accommodation providing a variety staircase and lift. barrel vaulted ceilings and gas central height of this building is approximately 3.6 Internally, the accommodation is basic of flexible floor plates. There is heating with wall-mounted panel radiators. metres (12 feet). Loading access is provided This building benefits from the with concrete floor, sprinkler system, excellent car parking provision. Each unit has a built-in kitchen. by a dock leveller loading door to the north. following specification. fluorescent strip lights and a timber sliding door. The eaves height is • Ground source heat pump: Feeding PRODUCTION AND approximately 3 metres (10 feet). hot water and heating systems WAREHOUSE BUILDING Adjoining this building to the north is • Cooling: Under floor mechanical Situated to the west of the office building another warehouse, which is of similar ventilation supplemented by open is a production and warehouse building, construction although has an eaves loop borehole water cooling which is of steel framed construction clad height of approximately 5 metres (16 feet). to the elevations in brick beneath a profile • Raised floor: To a depth of 750mm Further storage accommodation is covered roof incorporating translucent roof provided to the south east of the site. • Lighting: GR7 Lighting with daylight lights. Internally, the building has an eaves The Archive Building is of stone saving/dimming system height of approximately 6.7 metres (22 feet). construction beneath a timber trussed The warehouse has suspended fluorescent • Lift access roof covered in slate. The Yarn Store is strip lights. • Exposed internal brickwork also situated to the south of the site and is a brick building beneath a pitched roof • CCTV monitoring service covered in slate tiles. Investment Location Description Tenure Covenant Site Area Dataroom / Service Charge Summary Situation Tenancy Schedule Information Asset Management VAT / EPC

MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

tenure tenancy schedule

Area Lease Lease Current Rent Rent Rent Break Service Charge Rates Building Unit Tenant Comments The property is held Sq Ft Start Expiry Per Annum (psf) Review Option Shortfalls Shortfalls freehold. Part of the The Watermill First Floor & entrance core Camira Fabrics Ltd 12,992 17/08/09 16/08/24 £241,545.24 £18.59 17/08/19 property has been The Watermill Car Parking Camira Fabrics Ltd 17/08/09 16/08/24 £13,000.00 17/08/19 52 car spaces sold long leasehold. The Watermill Suite 1 Alandale Logistics 1,119 14/12/16 13/12/19 £16,225.50 £14.50 14/12/18 Yr 2 £16,500, Yr 3 £17,000. Includes 6 car spaces The Watermill Suite 2 10 Associates Ltd 1,862 06/05/16 05/05/21 £18,620.00 £10.00 Includes 6 car spaces Further information The Watermill Suite 4 Vacant 3,100 £5,396.00 £13,421.00 can be provided The Watermill Suite 3,5&6 Forensic Testing Services Ltd 3,981 05/12/16 04/12/26 £37,500.00 £9.42 05/12/21 3 months rent free, RR 5th Anniversary. Includes 16 car spaces upon request. The Watermill Suite 7A&B The Bigger Boat 1,794 10/06/16 09/06/22 £8,970.00 £5.00 Year 3 £17,940, Year 4&5 £18,837, Year 6 £19.734. Includes 8 car spaces The 1812 Building Suite 1 Echo Finance 548 10/01/17 09/01/20 £5,880.00 £10.73 01/12/15 Includes 2 car spaces The 1812 Building Suite 2 Forensic Testing Services Ltd 602 09/08/10 08/08/13 £6,278.13 £10.43 Tenant will be vacating in April 2017. Tenant will be vacating in April 2017. HOTs out for a 6 year lease. Years 1-2 £8,600 pa, The 1812 Building Suite 3 & 4 incl. Kitchenette Forensic Testing Services Ltd 860 18/07/11 08/08/13 £11,239.20 £13.07 Years 3-4 £9,000 pa, Years 5-6 £9,400 pa. The 1812 Building Suite 5 Conference Room 731 £1,272.45 £4,114.00 The 1812 Building Suite 6 Total-E-Solutions 1,065 17/03/16 16/03/21 £10,650.00 £10.00 Includes 3 car spaces The 1812 Building Suite 7 Pheonix Pakaging 1,184 05/01/16 04/01/21 £13,024.00 £11.00 04/01/19 04/01/19 Includes 8 car spaces The 1812 Building Suite 8 S12 Developments 1,065 15/12/15 14/12/21 £9,585.00 £9.00 15/12/18 YR 3-6 £10,650/annum. 6 yr lease out for signing. 2 months rent free. Includes 6 car spaces Industrial Yarn Store SOLD Sold off long leasehold. Industrial Archive Building SOLD Sold off long leasehold. Industrial Unit C Everything Borrowed 850 06/05/16 05/05/22 £1,966.50 £2.31 Industrial Unit D Acre 9,125 02/05/16 01/05/21 £7,811.25 £0.86 Industrial Unit E ASH Scaffolding 7,496 01/01/16 31/12/16 £7,300.48 £0.97 18 In legals. 5 year lease. 3 months rent free. Years 1-3 £3,200 pa, years 4-5 £3,700 pa. Industrial Unit F Primal Eden Ltd 3,240 £3,200.00 £0.99 months Tenant option to break at 18th and 36 month anniversary Industrial Unit G S12 Developments 7,511 14/04/16 13/04/22 £4,000.00 £0.53 Industrial Unit H Ian Chubb t/a Deuren 3,186 01/09/16 31/08/21 £10,502.68 £3.30 £1,115.10 £2,068.00 Year 4 £12,750, Year 5 £13,500. All inclusive. Includes 6 car spaces Industrial Unit I Office Paragon Oak 650 12/08/16 11/08/22 £3,600.00 £5.54 Annual Stepped Rent Year 3&4 £3,800 Year 5&6 £4,000 Industrial Unit I Paragon Oak 7,987 20/05/16 19/05/22 £4,246.11 £0.53 Includes 3 car spaces Industrial Boiler House Vacant 646 £226.00 HOTs out for 6 year lease. Years 1-2 £2,500 pa, Years 3-4 £2,750 pa, Years 5-6 £3,000 pa. Industrial Unit K SOLD Sold off. Not included in sale Industrial Unit L SOLD Sold off. Not included in sale Total 71,594 £435,144 £8,009.55 £19,603.00 Net Rent £407,532 Investment Location Description Tenure Covenant Site Area Dataroom / Service Charge Summary Situation Tenancy Schedule Information Asset Management VAT / EPC

MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

covenant information

Camira Fabrics Ltd (Company No: 02215654)

Camira Fabrics Ltd provides 58% of the total income. The company manufactures fabrics for a range of commercial interiors, education, healthcare, retail, and for passenger transport on bus, coach and rail. A summary of the company’s trading information is as follows:

31/12/2015 31/12/2014 31/12/2013

Turnover £47,749,000 £45,696,000 £40,026,000

Pre-tax profits £3,733,000 £4,119,000 £3,890,000

Net Assets £26,257,000 £23,234,000 £19,962,000 Investment Location Description Tenure Covenant Site Area Dataroom / Service Charge Summary Situation Tenancy Schedule Information Asset Management VAT / EPC

MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

site area asset management

The property has a total site area of approximately 1.9 hectares • Increase the rental tone within the industrial units by (4.7 acres) split across four areas. Three of these areas are used undertaking further refurbishment works as car parking. • Break up the estate and sell parts to owner occupiers • There is the opportunity to re-gear those leases coming up for expiry in the next two years • Redevelopment of the whole site for alternative uses such as residential (subject to planning)

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MIRFIELD | WEST YORKSHIRE | WF14 8HE Proposal / Contact

dataroom proposal contact

Further information is available within We are seeking offers of £4,250,000 (Four Million, Two Hundred Ben Roberts the dataroom. and Fifty Thousand Pounds), subject to contract and exclusive [email protected] • 0161 242 8002 of VAT. Scott Gemmell A purchase at this level would reflect an attractive net initial [email protected] • 0161 242 8001 service charge yield of 9.00%, and a capital value of £59.36 per sq ft, after allowing for purchasers costs at 6.25%. Abid Jaffry [email protected] • 0161 242 7099 The service charge is currently running at£1.92 psf for the offices and between Lawrence Vaughan £0.08 and £0.38 psf for the industrial.. [email protected] • 0161 242 7077 Further information is available within the dataroom.

VAT

© Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made The property is elected for VAT. without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be EPC subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance All Energy Performance Certificates are and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in available in the dataroom. connection with such matters. 12771 February 2017 carve-design.co.uk