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SunsetBusiness Park

Manchester Road, Kearsley, Bolton, BL4 8RL

Investment Opportunity Freehold Multi-Let Industrial Estate

KEARSLEY • BOLTON

Investment Summary• Situated in Kearlsey, approximately 4.4 miles south

west of Bolton town centre and 1.5 miles west of Junction 15 of the M60

• The estate extends to 75,985 sq ft of industrial and office accommodation.

• Freehold

• A well let business park with tenants including Cable & Wireless U.K. (Vodafone) and Panalux Ltd.

• Let at £268,936 per annum exclusive with a WAULT of 4.67 years to lease expiry.

• 47% of the income let to the undoubted covenant of Cable & Wireless U.K.

• Asset management opportunities to increase the rent at review or through lease renewal.

• Offers are sought in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. An offer at this level would reflect a net initial yield of 8.15% and a low capital value of £40.80 per sq ft, (which takes into account SDLT changes with effect from 17 March 2016), assuming usual purchaser’s cost of 6.46%.

SunsetBusiness ParkKEARSLEY • BOLTON

LocationKearsley is located approximately 4.4 miles south east of Bolton town centre and 7.7 miles north west of Manchester. Kearsley is served by the A666 Manchester Road, becoming the A666 dual carriageway, which leads to Bolton and the motorway network. The accommodation is situated 1.5 miles west of Junction 15 of the M60, 2.5 miles east of Junction 3 of the M61 leading to Preston and 5.1 miles east of Junction 18 of the M62.

St HelensLiverpool

Runcorn

Warrington

SaleHyde

StockportBirkenhead

Wigan

BuryRochdale

Todmorden Halifax

Crowden

Disley

Leigh

Ormskirk

Manchester

Kearsley

Holmes

PrestonBlackburn

Southport

M61

A565

A580

A666

A5058

A561

A565

A57

A59A56

A570

M6

M58

M57

M62

M56

A666

A575

M60

M62M61

M62

M60

M602

M60

M67

M66

M53

M65

J14

J2

J3

J15

J16

Bolton Road

Manchester Road

Slackley Brow

Moss Lane

SunsetBusiness Park



KEARSLEY • BOLTON

Bolton

M60M60

M61

A666

Manchester Road Kearsley


J15

Manchester20 minutes

Bolton10 minutes

SituationSunset Business Park is situated on the north eastern side of the A666 Manchester Road at its junction with Slackley Brow, mid-way between Junction 15 of the M60 and Junction 3 of the M61. The surrounding area is predominantly residential with an industrial premises adjacent to the estate.


95.4m

94.4m

94.8m

94.2m

TCB

LB

BARK S

TREET

HAWTHORN R

OAD

AVENUE

CR

OSS S

TR

EET

RO

AD

MANCHES

TERM

ANO

R S

TREET

BEECH

ALM

A S

TR

EET

Play Area

8

250

289

10

PH

4

51

2

313

276

15

40

14

1

27

Taylor Buildings

265

302

33

271

39

279

6

264

19

24

10

301

255

18

2

8

16

287

124

238

16

112

8

2

68

11

64

10

6

49

1

Shelters

52

23

Drain

Drain

Pond

Drain

Issues

89.0m

94.5m

96.0m

95.7m

FBs

Subw

ay

TONG STREET

SLA

CK

EY

BR

OW

ETL

ETL

ETL

Sunset Business Centre

10

320

Bungalow

16

10

17

The

1

308

326

343

12

14

345

2

Unity Brook Farm

2

1

Shelter

Shelter

322

Track

5

253

1

Melrose Court

1

to24

Track

Subway

0m 50m 100m 150m

Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500

DescriptionThe property comprises an industrial estate of nine units totalling 7,059.24 sq m (75,985 sq ft) on an irregular shaped site of approximately 2.189 hectares (5.408 acres). The site coverage is c.32%.

The estate, which has barrier controlled access off Manchester Road, comprises a large warehouse and office unit surrounded by four industrial units together with a detached office block. The original building which dates from the 1940s, with later extensions, has been re-clad.

The property benefits from an on-site security guard.


Unit Tenant Sq Ft Rent (PAX)

Rent (PSF)

Lease Start

Lease Expiry

Break Clause

Next Review

Term to Expiry

Comments

A1 Harvard Print Ltd 2,711 £14,550 £5.37 01/08/13 31/07/18 1.91A2 Panalux Ltd 1,036 £5,750 £5.55 12/10/12 05/07/22 12/10/17 5.84B2 - Ground Panalux Ltd 1,301 £4,810 £3.70 12/10/12 05/07/22 12/10/17 5.84

B/A3 Panalux Ltd 20,582 £60,001 £2.92 06/07/12 05/07/22 06/07/17 5.84C & Generator Cable & Wireless UK 37,510 £128,000 £3.41 08/01/10 07/01/20 08/01/15 3.35

D Messrs WE & DE Tudor t/a VAG Bolton 2,595 £16,425 £6.33 11/02/08 11/02/18 1.45

E & Part F (Rear) Panalux Ltd 7,181 £24,440 £3.40 12/10/12 05/07/22 12/10/17 5.84

F - Ground Key Control Services Ltd 1,606 £8,277 £5.15 09/09/13 08/09/18 2.02

F - First Vacant 1,463

Aerial EE Limited £2,697 22/09/01 23/09/21 24/09/16 5.06

Mutual break on 12 months notice for redevleopment purposes. Upward only RPI linked rent review

Car Parking Vacant 15 CPSElectricity Substation

Lancashire Electric Power Co Ltd 01/07/46 30/06/45 Rolling 28.85

Pylon The National Grid £3,986 20/05/04 19/05/64 Rolling 20/05/14 47.75Tenant can break at any time with 6 months notice

Total 75,985 £268,936

Tenancy ScheduleThe industrial and office accommodation is let to five tenants by way of eight occupational leases, with the Electricity Substation, Aerial and Pylon let to Lancashire Electric Power Company Limited, EE Limited and the National Grid.

The industrial and office accommodation is 98% let. The 15 car parking spaces are currently vacant.

The estate generates a current gross rent of £268,936 per annum exclusive.

The WAULT for the estate is 4.67 years to expiry.

The property has been measured in accordance with the RICS property measurement (1st Edition) and the full accommodation and tenancy details are summarised below.


Covenant InformationThe accounts of the tenants at the site are summarised below;

Tenant Year Ending Turnover Pre-Tax Profit Total Assets Shareholders’ Funds

Panalux Limited31/12/14 31/12/13 31/12/12

£31,059,000 £29,040,000 £30,413,000

£4,284,000 £2,831,000 £3,251,000

£28,824,000 £25,085,000 £34,514,000

16,908,000 13,595,000 15,011,000

Harvard Print Limited

28/02/15 29/02/14 28/02/13

n/a n/a n/a

n/a n/a n/a

£68,388 £59,575 £74,182

-£312,424 -£340,045 -£292,131

Key Control Services Limited

31/03/1531/03/1431/03/13

n/a n/a n/a

n/a n/a n/a

155,196258,218200,567

£1,433£2,194£4,848

Cable & Wireless U.K.

31/03/1531/03/1431/03/13

£4,000,000£4,000,000

£2,363,000,000

0-£201,000,000-£157,000,000

£1,461,000,000£1,460,000,000£1,137,000,000

£934,000,000£933,000,000

£1,135,000,000

Vodafone Group PLC

31/03/1531/03/1431/03/13

£42,227,000,000£38,346,000,000£44,445,000,000

£1,095,000,000-£5,270,000,000£3,255,000,000

£122,573,000,000£121,840,000,000£142,698,000,000

£67,733,000,000£70,802,000,000£71,477,000,000

EE Limited31/12/1531/12/1431/12/13

£6,311,000,000£6,327,000,000£6,482,000,000

£416,000,000-£255,000,000-£101,000,000

£13,162,000,000£13.859,000,000£14,612,000,000

£8,652,000,000£8,921,000,000£9,733,000,000

TenureThe Property is held Freehold.

Service ChargeFor the period 1 June 2016 to 31 May 2017, the service charge budget is £128,232, which reflects £1.69 per sq ft based on the gross internal area of the whole site of 75,985 sq ft. Full details available upon request.

Data RoomAccess to the data room is available upon request.

EPCEnergy Performance Certificates are available on request via the data room.

VATThe property is elected for VAT.

Asset Management• Let the vacant Unit F (First Floor)• Rent reviews, lease re-gears


*Vodafone Group PLC are the ultimate parent company of Cable & Wireless U.K.

Misrepresentation Act 1967: WSB Property Consultants LLP for itself and for the vendor(s) or lessor(s) of this property whose agent it is give notice that 1. These particulars do not constitute any part of an offer or contract. 2. None of the statements contained in these particulars as to the property(s) are to be relied on as statements or representations of fact. 3. Any intending purchaser must satisfy himself/herself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither WSB Property Consultants LLP nor any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property. 5. None of the buildings services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in safe and working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008: Every reasonable effort has been made by WSB Property Consultants LLP to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent inspection or enquiry all information for themselve and to take appropriate professional advice. Design by carve-design.co.uk 12557 September 2016

ProposalWe are instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds), subject to contract. A purchase at this level would reflect a net initial yield of 8.15%, (which takes into account SDLT changes with effect from 17 March 2016), assuming usual purchaser’s cost of 6.46%.

Further InformationFor further information and in order to arrange an inspection, please contact;

David Watson E. [email protected] T. 0113 234 1444

Chris Watt E. [email protected] T. 0113 234 1444


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