THE MARKET WELLS 13-15 Price Street & 86 Market Street Birkenhead CH41 6JN HIGH YIELDING INVESTMENT SECURED AGAINST A DOCTORS SURGERY & HOUSING ASSOCIATION COVENANT INVESTMENT SUMMARY · Modern building let to two excellent tenants: · Medical Centre · Housing Association · Medical Centre (Hamilton Medical Centre) in occupation since 2001 and is the only one in the town centre providing an excellent opportunity to re-gear the lease in the future · Renewed lease to the Housing Association (Birkenhead Forum Housing Market Street Association) · The property extends to 5,735 sq ft · The property is fully let to 2 tenants on FR&I terms and is producing £87,000 pa · Adjacent to Hamilton Square, the Job Centre Plus, the Benefits Office and the busy retailing pitch of Argyle Street We are seeking offers in excess of £915,000 which reflects an attractive net initial yield of 9.00%, assuming standard purchase costs of 5.65% Price Street G WALLASEY r e B a Rd t A e n r ig H L 5 easowA L h o e 9 5 k t Ra o w 5 n a SAT NAV: CH41 6JN 4 S r t d r e S e t t r nel e LOCATION Tun e y t J1 J1 A wa 5 gs 9 Kin Birkenhead is the principal town on the Wirral peninsula, on the west bank of the Mersey, facing the city of Liverpool. The town lies approximately 3 miles to the LIVERPOOL Birkenhead North west of Liverpool, 33 miles west of Manchester and 178 miles Northwest of London. H Dock Rd oy Station la D B k e u l It is the Wirral’s principal commercial centre which has an urban population of over o R e u d k n James Street e n n u 325,000 people. d S T Station a La t y r ir r a d e y S w t e C s R re le e t v n o t ela ee The town has excellent transport links with Liverpool via the Kingsway and a nd u J2 d St Q Queensway tunnels under the Mersey. Both tunnels effectively link on to the A41 Conway Park Hamilton Square Birkenhead Station which leads directly to the M53 Motorway affording access to the M56 motorway Park Station d B S linking with Chester, Manchester, North Wales and the M6 Motorway. R PYRAMIDS id HAMILTON e n f o s t t t o p o SHOPPING U n n BIRKENHEAD SQUARE Birkenhead has a direct train service linking with Liverpool Lime Street (16 mins) R S t o CENTRE r a d e d R e and also has a direct Ferry link with both Belfast and Douglas. ry t bu ws Green Lane RIVER MERSEY hre The town is the focus of major regeneration plans including both the town centre S Station 2 5 and waterfront areas. Further information can be found at: 5 M53 A R oc C k B h F o www.wirralwaters.co.uk u e r r o r r c y u h B www.wirralwellmade.com g y R h -P o 52 R a a 5 o s A d s a J3 d A58 A59 A570 WIGAN OLDHAM 17 19 A663 3 26 3 A577 A62 2 15 21 A49 22 1 A663 A579 A570 M60 A565 25 A506 A580 MANCHESTER 12 24 1 2 23 M6 3 11 A635 A6017 A580 23 ECCLES A59 4 M67 A57 1a A565 ST HELENS A579 9 A56 24 4 A580 M57 M62 BOOTLE A58 22 A6 HYDE 3 A49 11 7 A5145 A5089 2 A570 21a M60 A34 WALLASEY 9 10 25 A57 A57 8 A56 1 5 27 LIVERPOOL 4 A49 A57 A560 1 7 A50 4 2 A562 6 A57 3a 1 3 STOCKPORT 2a A5058 HOYLAKE BIRKENHEAD WARRINGTON M62 ALTRINCHAM A6 A557 M60 5 HAYFIELD 3 A561 A5300 A56 A540 A552 A56 A34 A6 WIDNES 20 8 6 20a A41 A49 9 MANCHESTER A56 M53 A561 AIRPORT RIVER A558 RUNCORN M56 A538 MERSEY 10 4 A557 A533 A556 HESWALL LIVERPOOL 11 M56 WILMSLOW JOHN LENNON A523 RIVER AIRPORT 12 A49 19 DEE 5 A533 KNUTSFORD A34 8 NESTON A550 ELLESMERE PORT A533 A556 A540 A537 14 M56 A537 A49 A537 A55 NORTHWICH MACCLESFIELD 11 FLINT A550 15 A41 A556 A556 M6 M56 A536 A494 M53 A34 A540 HOLMES 12 A533 DEESIDE A51 A54 CHAPEL A523 18 WINSFORD CHESTER A54 A49 A54 A54 CONGLETON A55 A53 A55 17 A534 SITUATION The property is prominently located on Price Street close to the junction of Argyle Street and Hamilton Square facing Hamilton Lane. Hamilton Square is an impressive Georgian square with the most Grade I listed buildings outside of London and is the centre of Birkenhead’s traditional office core. The surrounding area is predominantly commercial and the subject property is in close proximity to the busy retailing pitch of Argyle Street and occupiers along Price Street include the Job Centre Plus, Stork Hotel, the Benefits Agency and numerous residential apartments and houses. The main bus station, Birkenhead Central, Conway Park and Hamilton Square train stations are all within a 5-minute walk of the property making the immediate area highly accessible. DESCRIPTION The property comprises ground floor commercial accommodation and is in use as a Medical Centre and offices and forms part of a larger development known as Market Wells over ground and three upper levels. It is a modern 2001 build with ground floor commercial space, first floor offices and 41 residential units to the remaining floors above. Only the ground floor Medical Centre fronting Market Street and offices on the ground floor let to the Housing Association fronting Price Street are available in the sale. The building is of steel frame construction under a pitched roof with glazed retail frontages to Price Street and blockwork to the upper floors with double glazed UPVC windows throughout. The Market Street elevation has been rendered to part and glazed to part. Ground Floor The Medical Centre is accessed from Market Street is arranged over ground and 13-15 Price Street mezzanine levels is fully fitted to current requirements and provides a reception / waiting area with consultation rooms and ancillary offices. The accommodation benefits from suspended ceilings throughout and the mezzanine level is accessed via a passenger lift and is fully DDA compliant. The ground floor offices fronting Price Street provide traditional open plan office accommodation and are currently occupied by Forum Housing Association as a contact centre for the general public. The accommodation also provides a servicing area for the upper floor accommodation which is owned and operated by the tenant. The 41 apartments situated at part first and second floor level have been sold to Forum Housing Association on a long leasehold basis and the additional ground and first floor offices forming the entire Market Wells development do not form part of the sale. “ A MODERN 2001 BUILD WITH GROUND FLOOR COMMERCIAL SPACE” 86 Market Street ACCOMMODATION & TENANCY The property extends to 5,735 sq ft is fully let on FR&I terms via service charge contributions and produces £87,000 pa as per the breakdown on the below tenancy schedule: CURRENT RENT NEXT REVIEW / FLOOR TENANTS ACCOMMODATION LEASE TERMS £ P.A. REVERSION Ground Floor 255.55 sq m 2,751 sq ft Dr C Ayyappan & Dr R J 20 years from 13.05.2002 £62,000 p.a. increased Part ground and first floor Mohiuddin (t/a Hamilton First Floor 91.20 sq m 982 sq ft Rent review every 3rd from £57,000 p.a. at Rent Review 2020 Medical Care) year FR & I 2017 review Total 346.75 sq m 3,733 sq ft £25,000 p.a. increased Birkenhead Forum 3 years from 06.09.2018 Part ground floor Ground Floor* 186 sq m 2,002 sq ft from £23,000 p.a. at - Housing Association Ltd FR & I lease renewal First, second and third AJ Bell (PP) Trustees Ltd, 999 years from Residential flats Peppercorn Reversion 3001 floor DN Kirby & DR Gilkes 21.05.2002 Total £87,000 p.a. * Area provided by vendor. Not inspected by Hector Real Estate Partners or Smith and Sons Property consultants. TENURE The property is held long leasehold on a 999-year term from 21/05/2002. COVENANT The property is let to the Hamilton Medical Centre and the Birkenhead Housing Forum providing excellent tenant convents and a need for both to be centrally located in the town centre. Hamilton Medical Centre – has been in occupation since 2001 and the lease is in the names of Dr Chaniyil Ayyappan Jayaprakansan and Dr Rabria Joan Mohiuddin. We understand that NHS England pay the rent to the Doctors who in turn pay the rent. NHS England is not formally on the lease. This is the only Medical Centre in Birkenhead town centre and therefore serves a large catchment. Further information can be found at - www.hamiltonmedicalcentre.com Hamilton Medical Centre Birkenhead Housing Forum Association - we established in 1969 and currently employ over 100 staff and are headquartered in Birkenhead. They derive funding from the HCA, Wirral Council, Cheshire West & Chester Council and Cheshire East Council. This property provides a public facing contact centre for their operations in North Wirral. Further information can be found at - www.forumhousing.co.uk PROPOSAL We are instructed to seek offers in excess of£915,000 subject to contract and exclusive of VAT which reflects VAT an attractive net initial yield of 9.00%, assuming standard purchase costs of 5.65% We understand that the property has been elected for VAT which will therefore be chargeable on the sale.