WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE High quality distribution investment providing 11 years’ secure income in a core Midlands location WALKERS SNACKS High quality distribution MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE investment providing 11 years’ secure income in a core Midlands location INVESTMENT SUMMARY • Situated on Middlemarch Business Park directly adjacent to Coventry Airport. • Coventry has a strong occupier base being a core Midlands manufacturing and logistics hub. • The property comprises a single let modern distribution warehouse of 227,199 sq ft (21,107 sq m) with 38 loading doors, two storey ancillary offices and a minimum yard depth of 50m. • The site has additional yard and potential expansion land, extending to approximately 1.68 acres. • Secure site extending to 13.2 acres, providing a very low site density of 38%. • The property is fully let to Walkers Snacks (Distribution) Ltd on an FRI lease providing an unexpired term certain of over 11 years. • Total rental income of £1,312,095 per annum, reflecting a low rent of £5.50 per sq ft for the unit (not including expansion land rent). • Prospect for rental growth in the short term, with an upcoming rent review on 28/11/2020. • Walkers Snacks (Distribution) Ltd are the distribution arm of Walkers Snacks, the We are instructed to UK’s largest crisp manufacturer. They seek offers in excess of provide warehousing and distribution £23,410,000 (Twenty Three services to the other group companies. Million Four Hundred and Ten Thousand Pounds) subject to • The tenant has a long-term commitment contract and exclusive of VAT. to the site due to its strategic importance, A purchase at this level reflects sitting directly adjacent to one of Walkers a Net Initial Yield of 5.25% Snacks largest factories. and a low capital value of • Virtual Freehold. £103 per sq ft, assuming purchaser’s costs 6.76%. WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE Coventry City Centre Jaguar Land Rover Kuehne+Nagel A45 A45 M6/M69 Interchange (5.5 miles) Coventry Airport Zooplus Funko.com World of Books Unipart Menzies Distribution Innovare Volvo Prologis Park, Ryton (0.5 miles) Royal Mail Walkers Snacks Factory Royal Mail GEFCO SUBJECT PROPERTY Unipart HTA Group Gist Aubrey Allen Royal Mail The property is situated on Middlemarch Business Park, one of the West Midlands most sought-after distribution locations A A 4 45 5 D A STO O NE BRIDGE HI HWAY A R G 4 S 5 N WALKERS SNACKS I T R 4 A 4 4 M A . MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE T S D OA Y R E L W RO L O N M D E O I N L L V H R I I LL O A R D D N I K S I LOCATION S 6 4 Walkers Snacks Factory A Coventry is located in the West Midlands and lies directly adjacent A A 4 4 Coventry Y 5 to the ‘Golden Triangle’ – the UK’s premier distribution area with Y 2 A A 3 Coventry Airport W W some 85% of the UK’s population (c.47m people) being accessible K K R Golf Club A R within the 4.5-hour HGV drive-time limit. It is approximately P A P N I K S 24 miles (38.6 km) south east of Birmingham, 25 miles (40.2 km) SI N I K south west of Leicester and 89 miles (143 km) north west of Central S I S London. SUBJECT O X F O The town benefits form excellent road connectivity being served by S T PROPERTY R O B D the M1, M6 and A45 motorways. The M6/M1 interchange at Rugby is N U R E B O L B just east of the city, meaning direct access from the M6 motorway I A E E D N D G A H via the A46 and A444. The M1 is accessed via the M45/A45 and the H O A R R L O L M69 motorways, allowing access to London and the wider South Y A R R D O T A East. The A45 Birmingham to Coventry trunk road provides access N D E to the M42 which in turn, links the M40 and M5 motorways. V O C The town also benefits from excellent rail and air connections with Coventry Airport situated directly adjacent to the subject property. Frequent direct trains run from Coventry to BirminghamNOTTINGHAM D in just 28 minutes and regular services operate to London Euston in A RO N approximately 1 hr. Destination Miles KM Drive Times TO ING 24 AM 14 SITUATION LE Coventry 5.2 8.4 13m Stafford Y RO COVENTR AD Town Centre The property is situated on Newport 13 23 Middlemarch Business Park, one of Birmingham 26.0 42.0 40m M6 M1 the West Midland’s most sought-after 22 12 11 TOWNS 5 distribution locations. Middlemarch Manchester 108.0 174 2hr 10m 11 & CITIES M54 Tamworth Business Park extends to 110 acres and 2 Leicester M6(T) sits directly adjacent to Coventry Airport; 21 London 94.2 151.6 2hr 20m Wolverhampton 10 Walsall the subject property is approximately M69 1.9 miles from the entrance. The site 8 7 Hinckley 9 2 sits 6.5 miles south of Coventry town A45 1.2 1.9 10m Nuneaton 1 1 6 5 8 M1 2 centre and approximately 5 miles from BIRMINGHAM M6 3 Coventry Railway Station. M6 5.9 9.5 20m 20 3 M5 BIRMINGHAM 6 2 Situated on Siskin Parkway East, the ROADS Solihull 1 M425 19 main road running through the estate, M1 17.0 27.4 32m 4 4 2 Rugby 18 1 M42 3 the adjoining site is owner occupied by Bromsgrove COVENTRY 16 M45 17 one of Walkers Snacks largest factories. Coventry 1.9 3.1 6m Other occupiers on the estate include Airport 5 Warwick Leamington Redditch Spa Volvo, Unipart, Royal Mail, Menzies, Gist 15 14 Daventry Birmingham 15.0 24.0 32m 13 and World of Books (see aerial on the Airport AIRPORTS 6 previous page). Worcester Stratford 12 7 upon Avon M40 Great Malvern WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis, and provides the following approximate areas: Demise Area sq m Area sq ft Unit 1 Office 936 10,074 Warehouse 7,469 80,392 Covered loading 691 7,437 Unit 1 Total 9,096 97,903 Unit 2 Office 1,206 12,983 DESCRIPTION Warehouse 10,806 116,313 Unit 2 Total 12,012 129,296 The property was constructed in 1999 and comprises a single let unit of steel portal frame construction. Due to previous occupation by two tenants it remains labelled as Units 1 & 2. The current tenant operates OVERALL TOTAL 21,107 227,199 the site as a single cross docked unit, with the total floor area extending to 227,199 sq ft (21,107 sq m). The site benefits from additional secure yard space to the south western elevation, extending to approximately 1.68 acres. This is currently utilised as extra HGV parking, but also provides clear expansion land for a potential extension to Unit 1. The warehouse benefits from the following specification: • Minimum clear internal eaves height of 10m. • 26 dock level loading doors. • 12 level access loading doors. • Minimum yard depth of 50m. The unit also benefits from two storey office accommodation with a dedicated secure reception, suspended ceilings and integral diffused lighting. WALKERS SNACKS MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE SITE AREA TENURE The site extends to approximately 13.2 acres, The property is held on a 999 year lease from providing a very low site density of 38%. the 26th February 1993 at a peppercorn rent. TENANCY Current Leases The property is let to Walkers Snacks (Distribution) Limited on two assigned FRI leases from Macfarlane Group UK Limited expiring 27 November 2020. Part of the ancillary office building remains sub-let to Macfarlane Group UK Limited until 16 November 2020 (Outside the Act). The passing rent is £1,312,095 per annum, which reflects the following: Unit 1 T • £522,845 per annum (£5.34 per sq ft) S • £61,437 per annum (apportioned to the extension land) A • Total: £584,300 per annum E UNIT 2 Unit 2 Y A • £727,795 per annum (£5.63 per sq ft) W Total K • £1,312,095 per annum (£5.50 per sq ft excluding the extension land) UNIT 1 R A P Reversionary Leases N In 2019 Walkers Snacks (Distribution) Limited signed two co-terminus FRI reversionary leases I for a term of 10 years from 28 November 2020, providing a WAULT of 11 years. K S Upon commencement of the reversionary leases there will be an upwards only open market I rent review with 5 yearly reviews thereafter. S There is a rent free period between 29th September 2019 to 26th April 2020, which will be topped up by the vendor and deducted from the purchase price at the date of completion. WALKERS SNACKS The site is of significant strategic importance as it sits directly adjacent to MIDDLEMARCH BUSINESS PARK, COVENTRY, CV3 4PE the Walkers Snacks factory COVENANT Walkers Snacks (Distribution) Limited (03566410) Founded in 1948, Walkers Snacks is a British snack food manufacturer best known for producing potato crisps. They are the UK’s largest crisp manufacturer, producing over 11 million packets a day.