FOR SALE - OFFICE INVESTMENT

Sterling House, Sitka Drive, Business Park, Shrewsbury SY2 6LG

• Total Income £86,750 per annum • Shrewsbury’s premier office park • Excellent access to M54 and motorway network

Price: £965,000 at a Net Initial Yield of 8.5% (after allowing for purchasers’ normal costs)

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INVESTMENT ACCOMMODATION COVENANT FURTHER FURTHER SUMMARY LOCATION DESCRIPTION TENURE PROPOSAL INFORMATION INFORMATION

INVESTMENT SUMMARY

Shrewsbury Business Park is the County’s premier office location

Located 2 miles from the Town Centre, adjacent to the A5 leading to the M54. Three storey high quality office building Total Net Internal Area of 7,700 sq ft (715.28 sq m) Total Current income £86,750 per annum (with current sub lettings equating to £66,750 exclusive) Suite currently let to Matrix IDC Limited for a term of 10 years (subject to tenants option to determine at year 5) Rental value equating to £11.26 per sq ft and a capital value equating to £125 per sq ft PROPOSAL Income: £86,750 per annum (exclusive) Term certain 5 years

Price: £965,000 (subject to contract)

Price: £965,000 (Exclusive) at a Net Initial Yield of Net Initial Yield: 8.5% after stamp duty and 8.5% (after stamp duty and acquisition costs of 1.5%) acquisition costs at 1.5%

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INVESTMENT ACCOMMODATION COVENANT FURTHER SUMMARY LOCATION DESCRIPTION TENURE PROPOSAL INFORMATION

LOCATION 41 miles Direct rail 53 miles north (66km) south services to west of The property is located fronting onto Sitka Drive and forms part of Shrewsbury of Birmingham Business Park, which is the premier business park serving the town of Shrewsbury. Chester (40 minutes) International 47 miles Birmingham New Airport The park is located approximately 41 miles (66 km) to the south of Chester and 47 miles (75km) north Street (55 (75 km) to the north west of Birmingham, Shrewsbury is a historic market town and the county town of Shropshire. The total population within the Shrewsbury primary catchment area is 332,000, similar to the sub regional centre average. DEMOGRAPHICS

Road communications are excellent with the A5 ring road leading to the M54, 8 miles The total population within the Shrewsbury primary catchment area is 332,000, similar to the to the east, which leads to Junctions 10 and 11 of the M6 motorway and the rest of the sub regional centre average and ranking the town 76 out of the PROMIS Centres. The level of national motorway network. Shrewsbury railway station provides direct services to car ownership in Shrewsbury is significantly above average with a particularly high proportion , Wolverhampton, Birmingham and London. of 2 car households.

The town has recently been boosted by the opening of the University Centre, in conjunction with the Univerity of Chester.

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FURTHER INVESTMENT ACCOMMODATION COVENANT INFORMA- SUMMARY LOCATION DESCRIPTION TENURE PROPOSAL TION

SITUATION

The property is situated within Shrewsbury Business Park, approximately 2 miles to the south east of Shrewsbury town centre and fronting onto the A5 dual carriageway. The Park is a high quality office development on a site of some 30 acres. The first phase of the development comprised about 160,000 sq ft and the second phase, currently under construction, will provide an additional 150,000 sq ft of commercial offices.

Occupiers on the Park include NFU, Brewin Dolphin, Shropshire Council, Handlesbanken, FBC Manby Bowdler, Whittingham Riddell, NHS, West Mercia Police Authority, Guestline and Jacobs Consulting. The Park benefits from a Holiday Inn Express and Busy Bee’s children’s day care nursery with the property providing retail and leisure support facilities.

The property is located on Sitka Drive, which is a spinal road off the main arterial road serving the business park.

The ownership of the property abuts onto London Road and therefore the property benefits from a profile road position within the Business Park.

DESCRIPTION

The property comprises of a high quality three storey detached building providing a Total Net Internal Floor Area of approximately 7,700 sq ft (715.28 sq m).

The property is of modern conventional construction benefiting from a high level of curtain wall glazing within the brickwork and profiled clad elevations. The roof cover is pitched and covered in slate.

The property internally has been fitted out to a high standard, which can only be appreciated after an inspection of the property.

The property benefits from 20 car parking spaces.

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INVESTMENT ACCOMMODATION COVENANT FURTHER SUMMARY LOCATION DESCRIPTION TENURE PROPOSAL INFORMATION

ACCOMMODATION

Ground Floor Second Floor Shared Entrance Hallway Suite 5 27.22 sq m (250 sq ft) Suite 1 185.79 sq m (2,000 sq ft) Suite 6 41.80 sq m (450 sq ft) Suite 2 179.34 sq m (1,500 sq ft) Outside First Floor Car Parking for 20 spaces Shared Landing Suite 3 139.34 sq m (1,500 sq ft) Suite 4 185.79 sq m (2,000 sq ft)

(All measurements are approximate) TENURE

The property is long leasehold a 999 year lease at a peppercorn rent under Property Title SL 207210.

TENANCIES

The property will be sold subject to a new lease to Matrix IDC Limited for a term of 10 yearsThe property on a Tenants is to be Full let Repairingto Matrix IVCand LimitedInsuring for basis a term at a of rent 10 yearsof £86,750 on a perTenants annum. Ful ThereRepairing will and be aInsuring tenant’s Lease option at toa rentdetermine of £86,750 at the per end annum. of the There 5th year,will besubject a tenant’s to 6 monthsoption to notice. determine The atproperty the end is of subject the 5th toyear, a variety subject of to sub 6 months lettings notice. equating The toproperty a rent ofis £66,750subject to per a variety annum of (excluding sub lettings the equating suite which to a rent Matrix of £66,50 IDC Ltd per currently annum. Furtheroccupy). details can be provided upon request. Further details can be provided upon request from the selling agents.

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INVESTMENT ACCOMMODATION COVENANT FURTHER FURTHER SUMMARY LOCATION DESCRIPTION TENURE PROPOSAL INFORMATION INFORMATION

COVENANT VAT

The property is elected for VAT purposes. It is anticipated that the investment should The property is let to - Matrix IDC Limited be treated as a TOGC (Transfer of A Going Concern). Parties should rely on their own enquiries before submitting any offer. Registered office - HLB House, 68 High Street, Tarporley, Cheshire CW6 0AT Company Number 04244465 LEGAL COSTS Matrix IDC Ltd was incorporated in July 2001 There are two directors Each of the parties are to be responsible for their own legal costs incurred in respect of this matter. The key Financial Information relating to Matrix IDC Limited is as follows:

Key Financials 2014 2015

Cash in Bank £289k £89.7k Net Worth £386k £406k Total Assets less current liabilities £962,733 £952,316

PROPOSAL

We are instructed to seek offers for our clients long leasehold interest subject to the occupational tenancies of £965,000, subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 8.5% (after stamp duty and acquisition costs of 1.5%)

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INVESTMENT ACCOMMODATION COVENANT FURTHER FURTHER SUMMARY LOCATION DESCRIPTION TENURE PROPOSAL INFORMA- INFORMATION

FURTHER INFORMATION

Further legal and other details are available as a pack from the selling agents:

Rebecca Welch 01743 450715 [email protected]

James Evans 01743 450700 [email protected]

Halls for themselves and for the vendors of this property, whose agent they are, given notice that: i) These particulars are intended for guidance only. They are prepared and issued in good faith and are intended to give a fair description but do not constitute part of an offer or contract. Any information given should not be relied on as a statement or representation of fact or that the property or its services are in good condition. ii) Halls have not made any investigations into the existance or otherwise of any issues concerning pollution and potential land, air and water contamination. The purchaser is responsible for making his or her own enquiries in this regard. iii) Neither Halls nor any of their employees has any authority to make or give any representation or warranty whatsoever in relation to the property. iv) The images show only certain parts and aspects of the property at the time they were taken/created. Any areas, measurements or distances given are approximate only. Any plans are for identification purposes only. v) Any reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. An intending purchaser must verify these matters. An occupier should not rely upon the Use stated in these particulars and should check their proposed use with the relevant Planning Authority .

HALLS COMMERCIAL