high yielding office chelford house investment rudheath way // …€¦ · vehicle repair...

Chelford House

HigHyieldingofficeinvestment

Rudheath Way // Gadbrook Park // Cheshire // CW9 7LN

Investment Summary | Situation | Location | Description | Accommodation | Tenure | Tenancy schedule | Tenants covenants | EPC | VAT | Proposal | Contact

• Prominent detached office building, located at the established Gadbrook Park

• 37,064 sq ft with 168 car spaces (1:221 sq ft), on a site of 2.1 acres

• Let to Green Dot Property Management Ltd (part of TalkTalk Group Plc), with a guarantee from Tiscali International B.V. with an unexpired term of approximately 2.8 years

• Rent deposits totalling £856,000 are held by the landlord

• Passing rent £455,000 p.a. (£12.36 p.s.f.)

• We are instructed to seek offers in excess of £2,600,000 subject to contract and exclusive of VAT

• A purchase at this level reflects an attractive net initial yield of 16.50% after purchasers costs of 5.8%

InvestmentSummary


Situation

Chelford House and is situated on the corner of Gadbrook Road and Rudheath Way on Gadbrook Park, a 60 acre Business Park in the “Heart of Cheshire”.

Gadbrook Park is a purpose built business park, developed in phases with occupiers including Barclays, AMEC, BAM, Balfour Beatty and Close Brothers. There is also a Café and Nursery. Northwich is located approximately 23 miles to the south west of Manchester.

A556

Gadbrook Rd

Barclays

Barclays

Payzone

Howard Worth

The Hut

BAM Nuttall

Frank Robert & Sons Ltd

Frank Robert & Sons Ltd

Morrisons Distribution Centre

A556

A530

TO M6 J18

TO M6 J19

TO Crewe / Chester

Chelford House


Location

Gadbrook Park lies on the outskirts of Northwich, fronting onto the A556 dual carriageway with easy access to Manchester and Chester and the M6 at Junction 19 (approximately 5 minutes) or Junction 10 of the M56 (approximately 15 minutes).

Manchester International Airport is approximately 20 minutes’ drive, as is the main railway network which can be accessed at Crewe Station providing an hourly train service directly to London Euston in under 2 hours.

A556

A556A530

B5082

Gadbrook Park

A530

A556A556

A556

A556

A556

A559

A537

A54

A530

A54

A49

A49

A56

A50

M6

M6

M6

M6

M56

M56

A530

B5082

A533

A533

Northwich

Winsford

WaRRingTOn

CReWe

HolmesChapel

Knutsford

Rudheath

Higher Shurlach

Hale

Altrincham

Middlewich

19

20

18

Chelford House

Chelford House

Gadbrook Rd

Rudheath Way


Description and Accommodation

The property comprises a self-contained three storey office building arranged in a ‘U’ shape with two wings of office accommodation on either side of a central core. The office accommodation is provided on ground, first and second floors and incorporates good quality finishes.

The specification includes:

• Suspended ceilings with Cat II lighting

• Full access raised floor

• Gas fired central heating

• Full comfort cooling

• Cat 5 cabling

• 3 passenger lifts serving all floors

• Internal demountable partitions and fit out

• Male, female and disabled toilet facilities on each floor

• Car parking for 168 cars provided at a ratio of approximately 1:221 sq ft.

area Sq ft Sq m

Ground 13,873 1,288.9

First 14,555 1,352.2

Second 8,636 802.3

Total 37,064 3,443.4


Tenure and Tenancy Schedule

Tenure999 years from 31 October 2000 at £10 p.a.

Tenancy schedule

Tenant Demise area

(sq ft)Passing

Rent (p.a)Passing

Rent (p.s.f.)Lease Start Lease expiry guarantor Comments

Head Tenant

Green Dot Property Management Limited

Whole building

37,064 £455,000 £12.27 31/10/2010 30/10/2015Tiscali

International B.V.

£856,000 rent deposit

168 Car spaces

The tenant is part of the TalkTalk Group Plc

Sub Tenants

Residential Management Group Ltd

Part Ground Floor

6,143 £79,862.50 £13.00 25/07/2007 27/10/2015 - 23 Car Spaces

Helphire Group PLC

First Floor 14,555 £176,261 £12.11 04/10/2006 27/10/2015 - 52 Car Spaces


Tenants Covenants

green Dot Property Management Ltd

Green Dot Property Management Ltd form part of the Tiscali group and operate their properties. The site is currently used as a training facility for Talk Talk.

They have a D&B rating of N3 and their financial position can be summarised as follows:

fiscal consolidated

31 march 2012

fiscal consolidated

31 march 2011

fiscal consolidated

31 march 2010

Profit / (Loss) Before Taxes (£79,505) (£79,388) £681,926

Tangible Net Worth (£797,826) (£718,321) (£638,933)

Net Current Assets (Liabilities) (£484,224) (£455,217) (£63,587)

Residential Management group Ltd Residential Management Group are one of the UK’s leading property management specialists and provide property management services for private sector and public sector clients.

Residential Management Group Ltd have a D&B Rating of 2A3, indicating a higher than average risk of business failure. Their financial position can be summarised as follows:

fiscal consolidated 31 dec 2011

fiscal consolidated 31 dec 2010

fiscal consolidated

31 dec 209

Sales Turnover £21,127,000 £14,286,000 £15,163,000

Profit / (Loss) Before Taxes £2,015,000 £1,758,000 £1,965,000

Tangible Net Worth £5,708,000 £7,450,000 £4,143,000

Net Current Assets (Liabilities) £5,942,000 £6,608,000 £5,246,000

Helphire group PLCHelphire Group PLC are a market leading accident management company, including managing vehicle repair management solutions and claims handling. They have 29 sites nationwide, employing over 1,200 staff and have been established for over 20 years.

Helphire Group PLC have a D&B Rating of N2, indicating a lower than average risk of business failure. Their financial position can be summarised as follows:

fiscal consolidated

30 June 2012

fiscal consolidated

30 June 2011

fiscal consolidated

30 June 2010

Sales Turnover £224,309,000 £234,840,000 £304,185,000

Profit / (Loss) Before Taxes (£6,254,000) (£34,145,000) £392,000

Tangible Net Worth (£8,444,000) (£2,627,000) £43,673,000

Net Current Assets (Liabilities) £24,792,000 (£26,170,000) £71,766

Tiscali international B.V.

Tiscali International B.V. operates as an internet service provider and is ultimately part of the World Online International N.V. group of companies.

Tiscali International B.V. have a D&B Rating of BB2, indicating a lower than average risk of business failure.


EPC, VAT, Proposal and Contact

ePCThe property has an EPC rating of C (71)

VaTThe property is elected for VAT

ProposalWe are instructed to seek offers in excess of £2,600,000 (Two million, six hundred thousand pounds) subject to contract and exclusive of VAT.

A purchase at this level, reflects a net initial Yield of 16.50%, after purchasers costs of 5.8%

Important notIce 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”)as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the timethey were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. April 2013

0161 833 0023KnightFrank.co.uk No. 1 Marsden Street, Manchester, M2 1HW

Further informationFor further information please contact the joint agents:

Steve Carrick

e: [email protected]: 07711 042 584 D/L: 0161 833 7690

David nuttall

e: [email protected]: 07767 006 704D/L: 0161 833 7701

Richard Smith

e: [email protected]/L: 01606 354791

Steve Jones

e: [email protected]/L: 01606 354788

Chelford HouseRudheath Way // Gadbrook Park // Cheshire

high yielding office chelford house investment rudheath way // …€¦ · vehicle repair...

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