A Well Located Single Let Office Investment

OPPORTUNITY TO ACQUIRE A WELL LOCATED SINGLE LET OFFICE INVESTMENT

493 – 495 CHESTER ROAD, STRETFORD, MANCHESTER, M16 9HF LET TO MOBILE TECHNOLOGIES INTERNATIONAL LIMITED Investment Summary • Opportunity to acquire a well located, prominent self-contained ofﬁce investment with parking.

• Excellent location close to the A56 in Stretford, one of the main arterial routes into Manchester City Centre and 300m to the Trafford Bar Metrolink Station.

• Situated within a popular row of Victorian terraced ofﬁces which offer excellent growth prospects and opportunities to convert to residential subject to planning or multi let if vacant possession is obtained.

• The property extends to a 531 m2 (5,718 sq ft) on a Net Internal Area basis.

• The property is currently single let to Mobile Technologies International Limited at an initial rent of £53,500 per annum until 31st July 2023.

• Mobile Technologies International Limited is a wholly owned subsidiary of AB2 Australia Limited, an Australian ASX Listed company.

• We have been instructed to invite offers in excess of £625,000 (Six Hundred and Twenty-Five Thousand Pounds) which reﬂects an attractive net initial yield of 8.14% (assuming purchasers costs of 5.12%) and a low capital value of £109psf. Location Stretford is a popular south Manchester suburb in the borough of Trafford and is a popular commercial location which is home to some of Manchester largest commercial occupiers including:

• Manchester United Football Club • Kellogg’s • Adidas • Unilever • Old Trafford Cricket Stadium • Trafford Council

Stretford is approximately 1.5 miles west of Manchester City Centre with excellent public transport and road infrastructure. Chester Road and the A56 merge approximately 500 yards from the property, the A56 then provides easy access into Manchester City Centre and Altrincham (6.5 miles). Junction 7 of the M60 is approximately 2.7 miles away.

Trafford Bar Metrolink station is situated Manchester United Football Club approximately 300 meters from the property and provides access into Manchester City Centre’s St Peters Square Metrolink station within 11 minutes journey time and the service runs every 3 minutes. Henry Street bus station is located less than 50 meters from the property and provides access to Manchester City Centre within 15 minutes with a service running every 8 minutes.

Old Trafford Cricket Stadium

Kellogg’s Adidas Trafford Council �� Spinningfields � � �� Middlewood �� Manchester �� City Centre � �� Eccles � � � � � �� The Factory �� Regent � �� St John’s � �� St.�� Peter’s � � � �� Retail Park Square� � � 20 � � �� 17 � � � � �� Conference � � � � 19 � �� 1 493-495 Chester Rd � � � � � � Centre � � � � � � � � � � 2 Bailey Italia Restaurant � � � Castlefield � � � 3 Gi Foo Chinese Restaurant � � � � � 18 21 � � � 4 The Tollgate P.H. � � � � � � � 5 Iceland Foods �� Deansgate/ � � Media City � � � � � � 6 Aldi � Castlefield � � � UK � �� 7 White City Retail Park � � � � � �� Castlefield � �� 8 M&S Food � � Anchorage �� 9 Costa Coffee � �

Harbour � � �Deansgate � Quay � � Oxford � 10 Harry Ramsdens � � City � �� Urban � First Road 11 KFC �� 12 Tesco Superstore Splash Street � � Deansgate 13 Hotel Football �

� � The � 14 Victoria Warehouse Square � University � 15 Premier Inn Lowry � � � 16 Copthorne Hotel �� Salford � �� 17 Sainsburys � �� Quays �� 18 Hilton Manchester Deansgate Cornbrook �� St � � � 19 Great Northern �� Salford 20 Science & Industry Museum George’s 21 The Bridgewater Hall 22 Asda Quays 16 Exchange Quay � �

�

� � �

�

� Pomona � � CHESTER RD �

� � � � � Exchange � � Wharfside � � � �� Quay �� 15 � � �� Pomona � �� University � �� Birley � �� 14 �� NUTTALL � �� 493-495 Campus 13 � �� 1 �� 2 �� M16 9HF �� Manchester 10 �� 11 �� United F. C. � � � �

� � ST � ST � � � 9 Trafford Bar 3 �

� � � � 4 � � � � � �

� � � � � �� 8 7 � � � � � � � � � � � 22 �

5 � � �

� � � � MANCHESTER � 6 � �

� � � � Old Trafford �� 12 � � �

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� Situation The surrounding area comprises of Lancashire predominately residential and offices. County Manchester Eccles The property is situated within a terrace of United F.C. Cricket Media City similar Victorian office properties, some of Ground which have been converted into residential or UK are planned to be converted into residential. Salford Nearby office blocks have been purchased by Quays residential developers in recent years to be White City converted into apartment blocks. Westpoint, Retail Park located just 50 meters away has been Old Trafford purchased by Beech Holdings and is nearing Exchange completion and will provide approximately Trafford Bar Metrolink Station Quay 320 apartments. Within easy walking distance M602 are a number of local convenience stores and Ordsall Hall also White City Retail park which includes Motorway national occupiers such as Costa, KFC, DFS, Junction 3 Wren Kitchens, Curry’s PC Word, M&S, Home Westpoint Bargains etc. Apartments Old Trafford Cricket Ground and Manchester United’s Old Trafford Football Stadium are 493-495 CHESTER RD both within easy walking distance also. The Borough of Trafford has seen a number of Manchester office to residential developments taking City Centre Westpoint Apartments Media City UK place over recent years providing a mix of affordable housing stock and as such the area is constantly increasing in popularity appealing to both residents and businesses that wish to live and work close to Manchester City Centre and Trafford Park. The Property The property comprises two adjoining Victorian terrace office properties which have been opened up providing a single substantial office Accommodation

�� property with parking to the front and rear. The offices are arranged Floor Area Area over ground, first and second floors with basement storage. The offices (m2) (ft2) are largely laid out as cellular offices around a central entrance and staircase. The fitout comprises of carpet flooring, suspended ceilings, Ground Floor 222.4 2,394 LED lighting, perimeter trunking and the second-floor benefits from First Floor 125.2 1,348 skylights. The front car park provides space for 5 cars. To the rear of the property is a single storey warehouse extension of traditional brick Second Floor 93 1,001 �� construction beneath a flat roof. Basement 90.6 975 The property could suit residential conversion medium term subject to planning permission, or there is also an opportunity to significantly drive TOTAL 531.2 5,718 the rents through letting the suites individually to smaller occupiers.

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Ground Floor Basement First Floor Second Floor Tenancy The property is let on Internal Repairing and Insuring terms to Mobile Technologies International Limited (CRN 05582016) for a term of 4 years from 1st August 2019 expiring 31st July 2023. The current passing rent is £53,500 per annum reﬂecting £9.36 per sq ft. There is a tenant only break clause on 31st July 2021 subject to 6 months prior written notice.

The rent is stepped up annually on the following basis:

1st August 2019 – 31st July 2020 £53,500 1st August 2020 – 31st July 2021 £55,105 1st August 2021 – 31st July 2022 £56,758 1st August 2022 – 31st July 2023 £58,460

The Tenant Mobile Technologies International (MTI) was established in 2005 and is a global manufacturer and provider of a new innovative automotive P2P dispatch booking service. With an industry driven perspective and advanced SaaS dispatch technology, they work with businesses to provide streamlined transport solutions. MTI has global operations in Australia, Europe, and North America.

MTI is a wholly owned subsidiary of A2B Australia Limited. A2B is an Australian listed company with a leading position in personal transport. A2B’s dispatch technology is deployed globally and expertise in payment is used by retailers and the Taxi industry Net Assets throughout Australia. A2B owns 13cabs, Cabcharge, EFT Solutions, and Mobile Technologies International. A2B provides technology 2018 $185.5m $19.6m $262.2m to 96% of Australia’s 22,000 Taxi’s as well as to Taxi’s in 50 cities throughout North America, Europe and New Zealand. The 13cabs 2017 $151.9m $39.7m $281.2m network is the largest in Australia directly supporting 10,000 2016 $168.8m $42.7m $388.9m vehicles and 40,000 drivers. A2B have reported the following ﬁnancials: NB: $ in Australian dollars

Financial Year Turnover EBITDA Trafford’s Office Market Tenure The landscape of Trafford Boroughs office market has changed The property is held freehold. dramatically within the past 3 years driven by the conversion of more than 250,000 sq ft of office stock into residential accommodation and improving EPC levels of office absorption. As Manchester City Centres office rents continue The property has an EPC rating of ‘D-91’. This A copy of the EPC certificate to grow, reaching a headline of £35 psf for Grade A and secondary stock and recommendation report is available upon request. achieving approximately £20psf, Trafford is providing an excellent option for occupiers looking for affordable rents within close proximately to the VAT City Centre and Trafford Park. We are informed that the property is not VAT elected. Proposal We are instructed to seek offers in excess of £625,000 (Six Hundred Twenty-Five Thousand Pounds) which reflects an attractive net initial yield of 8.14% and a low capital value of £109 per sq ft. Subject to Contract and exclusive of VAT.

A purchase at this level reﬂects the following running yield proﬁle:

Year Rental % Running Income increase Yield

NIY £53,500 - 8.14%

1st August 2020 – 31st July 2021 £55,105 3% 8.39%

1st August 2021 – 31st July 2022 £56,756 3% 8.64%

1st August 2022 – 31st July 2023 £58,460 3% 8.90%

Further Information Please contact the sole agent WT Gunson for further information:

Neale Sayle MSc MRICS 07760 160 321

Misrepresentation Act 1967. Unfair Contract Terms 1977. The Property Misdescription 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. Subject to Contract. Published March 2020