quartet portfolio - maclaren & partners · 2015-11-03 · quartet portfolio investment summary...

QUARTET PORTFOLIO

QUARTET PORTFOLIO Investment Summary

Investment Rationale

The Properties by Location

Tenancy Schedule

ALTRINCHAM EDINBURGH REDDITCH YATE

INVESTMENT SUMMARY

• The properties are situated across 4 locations

Altrincham, Edinburgh, Redditch and Yate

• Each property is strategically positioned near large conurbations

with excellent transport links

• Modern, high specification offices in an attractive landscaped

business park environments

• Total net income of £307,484 per annum

• Excellent tenant line-up (see chart opposite)

• Portfolio comprises a total floor area of 23,754 sq ft

(2,207 sq m)

• Asking price of £2,420,000 (Two Million Four Hundred and

Twenty Thousand Pounds), reflecting an attractive net initial

yield of 12%, equating to £101.88 psf, subject to contract,

excluding VAT and assuming full purchaser’s costs of 5.8%

AltrinchamTSB Trust Company Ltd

EdinburghConcept Systems Ltd

RedditchAT&T Istel LtdHSBC Bank PLC

YateApak Group Ltd

29.06%19.90%

23.27%27.77%

Page 1

This pdf brochure is interactive. Click the buttons to navigate.




Tenancy Schedule


Bristol

Cardiff

CambridgeMiltonMKeynesKe

Birminghamm

LONDON

Oxford

Leeds

ManchesterManchenchesM

Exeter

Southampton

DerbyNottinghamng

Liverpool

ewcastleNe

GlaGlasgow Edinburgh

Altrincham

Redditch

YateM4

M5M1

M1

A1

M40

M11

A14

M62

M6

M6

M5

M4

M2

M20M3

M25

M74

A1(M)

M68

THE PROPERTIES BY LOCATION

Bridgewater Court, Atlantic StreetALTRINCHAM, WA14 5HH

Unit 15, Beaverbank Business Park, Logie Mill, EDINBURGH, EH7 4HG

Units 1, 8 & 9, Regents Court, Far Moor LaneREDDITCH, B98 0SD

Units 4 & 5, Badminton Court, Station RoadYATE, Bristol BS37 5HZ

Page 2




Tenancy Schedule


INVESTMENT RATIONALE

The Quartet Portfolio presents an opportunity to buy

four modern, well specified office investments offering

a diversity of income in a variety of locations at a low

capital value per sq ft.

The successful purchaser will benefit from an attractive

initial return and an excellent tenant line-up.

Opportunities include:

• Lease re-gears and renewals

• Lease surrenders and re-lettings

• Sale of individual assets to occupiers/other

special purchasers

• Investment value underpinned by underlying strong

vacant possession value

Page 3




Tenancy Schedule


Property Title Tenant Lease Start Lease Expiry Area Area Rent Rent Repair EPC Comments

sq ft sq m £ psf £ pa

Bridgewater Court, Atlantic Street, Freehold TSB Trust 29/06/1990 28/06/2015 7,195 668.4 12.42 89,375 FR&I C Tenant not in occupation

Altrincham, WA14 5HH Company Ltd Schedule of dilapidations served

Unit 15, Beaverbank Business Park, Feuhold Concept 02/04/1991 01/04/2016 3,935 365.6 15.55 61,170 FR&I C Tenant in occupation and

Logie Mill, Edinburgh, EH7 4HG (Heritable) Systems Ltd occupies six other units on the

Park. The tenant has been an

occupier at Beaverbank Business

Park since 1991.

Units 1, Regents Court, Far Moor Lane, Freehold AT&T Istel Ltd 25/03/1990 24/03/2015 2,869 266.5 12.06 34,587 FR&I D Tenant not in occupation

Redditch, B98 0SD

Unit 9, Regents Court, Far Moor Lane, Freehold AT&T Istel Ltd 25/03/1990 24/03/2015 2,832 263.1 11.76 33,306 FR&I C Tenant not in occupation

Redditch, B98 0SD

Unit 8, Regents Court, Far Moor Lane, Freehold Midland Bank plc 24/06/1990 23/06/2015 1,290 119.8 13.57 17,500 FR&I C Tenant not in occupation

Redditch, B98 0SD (now HSBC)

Units 4 , Badminton Court, Station Road, 999 yr lease Apak Group Ltd 25/12/2013 24/12/2018 3,193 296.6 12.78 40,808 FR&I C In occupation in four other units

Yate, Bristol BS37 5H7 on the development

Units 5 , Badminton Court, Station Road, 999 yr lease Apak Group Ltd 25/12/2013 24/12/2018 2,440 226.7 12.60 30,738 FR&I C In occupation in four other units

Yate, Bristol BS37 5H7 on the development

TOTALS 23,754 2,207.0 307,484.00

TENANCY SCHEDULE

Page 4




Tenancy Schedule


Subject to contractMacLaren & Partners for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) MacLaren & Partners cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of MacLaren & Partners has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and (v) MacLaren & Partners will not be liable, in negligence or otherwise, for any loss arising from the use of

these particulars. Octobber 2014 Design & produced by Oracle Creative (www.oraclecreative.co.uk)

Further information on request.

Duncan MacLaren MRICS Bob Hyatt FRICS [email protected] [email protected] D : 020 7317 3132 D : 020 7317 3131 M : 07770 648 755 M : 07720 038 232

Suite 4, 56 Queen Anne Street, London W1G 8LA | T : 020 7317 3131 | W : www.maclarenpartners.co.uk

Page 5




Tenancy Schedule


Investment Highlights

• Established office location

• Modern well specified office building providing 7,195 sq ft and 27 car spaces

• Freehold

• Let to TSB Trust Company Ltd

• Current passing rent of £89,375 per annum

Bridgewater Court, Atlantic Street, Altrincham WA14 5HH

Atrincham Page 1




Tenancy Schedule


Location

Forms part of the Greater Manchester conurbation. It is located 8 miles (13km) to the South West of Manchester city centre.

Altrincham benefits from excellent road communications being located 3 miles (4.8 km) to the south of junction 7 of the M60 motorway and 3 miles (4.8 km) to the east of junction 3 of the M56 motorway.

Altrincham is also connected to the Metrolink network which provides a frequent service to Manchester city centre as well as linking it to the national train network.

Manchester International airport is located approximately 5 miles (8 km)to the south-east and easily accessed via the M56 motorway.

Situation

Bridgewater Court is located fronting Atlantic Street, within 1.25 miles (2 km) of Altrincham town centre.

DU

NH

AM

RO A D

A 5 6

A

56

MANCHESTER R

OAD

S H A F T E SBU R Y A V E N U E

S I ND E R L A N D R O A D

SEAM ON’ S RO AD OL D FIELD

ROAD

RA

ILWAY STR

EE

T

H A LE R

O A D

PA R K R O A D

ASH

LE

Y R

D

PA R K R O A D

A T L A N T I C D R I VEG E O R G E R I CH A R D S W AY

OLD

F I EL D L A N E

BLACK MOSS ROAD

HALE

Dunham Forest Golfand Country Club

AltrinchamGolf Course

ALTRINCHAM

NAVIGATION ROAD

M62

M60

M56

M6

M60

Stockport

Wilmslow

Leigh Salford

Sale

Warrington

Manchester

Altrincham

ManchesterAirport

Bridgewater Court

Atrincham Page 2




Tenancy Schedule


Dismantled RailwayPACIFIC RO

AD

SEAMO

N'S RO

AD

CASPIAN ROAD

AEGEAN ROAD

DAIR

YHO

USE

LANE

ATLANTIC STREET

2

1

Paci�c Court

2

1 to 3

1

COTTON TRADERS HOUSE

BurleyHouse

Century Park Industrial Area

Ward Bdy

FW

FF

1.22m

Description

Bridgewater court is a two storey, detached self contained building of brick construction which is set within an attractive landscaped environment.

The building was comprehensively refurbished by the tenant and benefits from the following:• Suspended ceilings incorporating LG3 lighting• Lift• 27 demised car parking spaces• Wall mounted radiators

Accommodation

The floor areas are as follows:

Ground Floor 333.6 sq m 3,591 sq ft First Floor 334.8 sq m 3,604 sq ft Total 668.4 sq m 7,195 sq ft

27 Demised car spaces

Tenure

Freehold.

Tenancy

The property is let to TSB Trust Company Ltd on a 25 years lease from 29/06/1990 expiring 28/06/2015 at a current rent of £89,375 per annum.

Lloyds Bank General Insurance Holdings Limited has a net worth of £499.3 million as a 31/12/2013.

Atrincham Page 3




Tenancy Schedule



• Located 1 mile (1.6km) north of Edinburgh City Centre

• Situated on an established Business Park

• Modern office building constructed in 2001 comprising 4,086 sq ft plus 10 car spaces

• Feuhold (Heritable)

• Let to Concept Systems Limited until 1st April 2016


• Tenant occupies six other the buildings on the Park

Unit 15, Beaverbank Business Park, Logie Mill, Edinburgh, Scotland EH7 4HG

Edinburgh Page 1




Tenancy Schedule


Location

Edinburgh is the capital city of Scotland and the location of the Scottish Parliament. In addition to being the political capital, the city is also the traditional commercial hub of the country and home to many of Scotland’s larger financial institutions. Edinburgh has a population of 500,000.

The city benefits from excellent road and rail communications, linking directly with M8, M9, M90 and A1/M1 motorways providing easy access to Glasgow to the west, Aberdeen to the north and England to the south. There is a frequent rail service with a fastest journey time to London of approximately 4 hours. Edinburgh Airport is located on the western outskirts of the city centre and provides a regular service to many national and international destinations.

Situation

The subject property is located close to the Broughton area of Edinburgh, lying approximately 1 mile (1.6 km) north of the city centre and is situated on the eastern side of Logie Green Road in the Cannonmills district of the city.

Beaverbank Business Park comprises approximately 22 business units in a mixed commercial and residential district.

Tenants within the Park include Lloyds Bank, Space Solutions, Seafish Industry Authority, Aecom, Trainline and The Citizens Advice Bureau

F E R R Y R O A D

S E A F I E L D RO AD

L E I TH

W

AL

K

M I L T O N R O A D

P R I N C E S S T R E E T

A 1

ME

L V I L L E D R I V E

Q U E E N S T R E E T

BRO UGHTON ROAD

BONNINGTO N RD

PILING ST

Holyrood Park

Palace ofHolyrood

EdinburghCastle

Albert Dock Basin

EDINBURGHWAVERLEY

HAYMARKET

M9

M8EDINBURGH

LivingstonDalkeith

Dunfermline

Queensferry

Mussleburgh

EdinburghAirport

F I R T H O F F O R T H

BeaverbankBusiness Park

Edinburgh Page 2




Tenancy Schedule


Description

The property forms part of Beaverbank Park, which we understand was constructed in 1990/91. The subject property comprises a two-storey end of terrace office building, constructed of steel frame with facing brick infill walls under a pitched roof with plastic coated metal profile sheeting.

Internally, the building provides good quality, open plan accommodation and specification which includes:

• Raised floors• Under floor trunking• Suspended acoustic tiled ceilings• Fluorescent lighting• Male and female WC’s on each floor• Kitchen Facilities on each floor• Double Glazing

Accommodation

We have been provided with floor measurements which are as follows:

Ground Floor 188.6 sq m 2,030 sq ft First Floor 177.0 sq m 1,905 sq ft Total 365.6 sq m 3,935 sq ft 10 car spaces

Tenancy

The property is let to Concept Systems Limited, on assignment with HSBC Bank plc. The lease is for a term of 25 years from 2nd April 1991 expiring on 1st April 2016 on full repairing and insuring terms at a passing rent of £61,170 per annum exclusive (£15.55 per sq ft /£167.33 per sq m) subject to five yearly

upwards only reviews.

Concept Systems Limited is a leading supplier of advance IT systems, solutions and services to the oil exploration industry, including survey design, land imaging, marine imaging and processing. The company is a subsidiary of Input/Output Inc., a substantial company based in Houston, USA. Information on both companies can be obtained from www.csi.co.uk

Concept Systems Ltd has a net worth of £9.958m, pre tax profits of £16.26m and an annual turn over of £ 27,609m at 31/12/2012.

23

10

17

11

27

25

27

29

Club

10

8

21

18

12

27

1 to 9

15 to 21

23

2224 to

36

Foundry

10 to 14

28

ESS

16

22

29

Business ParkBeaverbank

BEAVERHALL ROAD

DUNEDIN STREET

LOGIE M

ILLWB

SM

Edinburgh Page 3




Tenancy Schedule



• 3 Modern well specified offices buildings providing 6,991 sq ft (649.49 sq m) and 30 car spaces

• Freehold

• Let until 2015 to HSBC & AT&T

Units 1, 8 & 9, Regents Court, Far Moor Lane, Redditch, B98 0SD

Redditch Page 1




Tenancy Schedule


Location

Redditch is a commuter town with an urban population of circa 88,000 located 15 miles (24 km) to the south of Birmingham and 15 miles (24 km) to the west of Coventry and 100 miles (160 km) to the north west of London. The town’s close proximity to the greater Birmingham conurbation has made it a popular out of town office location serving the Birmingham market.

Redditch benefits from excellent communications. The A441 links the town directly to the M42 motorway just 4 miles (6.4 km) to the north. This in turn gives access to rest of the Midlands motorway network with the M5 being only a further 5 miles (8 km) to the west and the M40, 6 miles (9.7 km) to the east.

Redditch train station benefits from a direct service to Birmingham New Street station with a travel time of 40 minutes.

Birmingham international airport is located 10 miles (16 km) to the north east of Redditch.

Situation

Regents Court is Located to the East of Redditch town centre just off the A4023 (the Coventry Highway) approximately 2 miles (3.2 km) from Junction 3 of the M42.

FAR MOO

R LANE

ALVE

CHU

RCH

HIG

HWAY

WARW

IC

K HIGHWAY

W ARWIC K HI GH WAY

COVENTRY HIGH WAY COVENTRY HIGHWAY

A4

35

B

IRM

ING

HA

M

BA

TT

EN

S DRIVEM

OU

NT

PLE

ASA

NT

STUD

LEY ROAD

RA

VE

NS B A

NK D

R I V E

ALD

ERS

D

R I V E

H ENLEY ROADIC

KN

IEL

D D

RI

VE

W OODROW DR I V E

D A G N E L L E N D R O A D

OLD

FOR

GE D

RIVE

H

O LLOWAY D

RIV

E

Moons Moat NorthIndustrial Estate

South Moons Moat Industrial Estate

ArrowValley Lake

REDDITCH

R E D D I T C H

M40

M42

M42

M5Bromsgrove

HockleyHeath

Solihull

BIRMINGHAM

Henley in Arden

Wythall

REDDITCH

Regents Court

Redditch Page 2




Tenancy Schedule


Description

Regents Court is a 1990 development of 9 self contained office buildings built around a central courtyard.

The buildings are of cavity brick and block construction with pitched interlocking tiled roofs Units 1 & 9 make up the western side of the development with unit 8 forming the end unit (of three) on the southern side of the courtyard.

Accommodation


Unit 1 Ground Floor 132.1 sq m 1,422 sq ft First Floor 134.4 sq m 1,447 sq ft Total 266.5 sq m 2,869 sq ft 12 Demised car spaces

Unit 8 Ground Floor 54.2 sq m 583 sq ft First Floor 65.7 sq m 707 sq ft Total 119.9 sq m 1,290 sq ft 7 Demised car spaces

Unit 9 Ground Floor 130.3 sq m 1,403 sq ft First Floor 132.7 sq m 1,429 sq ft Total 263.0 sq m 2,832 sq ft 11 Demised car spaces

Total 649.4 sq m 6,991 sq ft

Tenure Freehold.

Tenancy

Units 1 & 9 are let to AT&T ISTEL Ltd by way of two separate leases from the 25/03/1990 for a term of 25 years expiring 24/03/2015. Rents are £34,587 and £33,306 per annum respectively.

Unit 8 is let to HSBC (formally Midland Bank PLC) from 26/06/1990 for a term of 25 years expiring 23/06/2015 at a rent of £17,500 per annum.

HSBC is one of the world’s largest banks with over 7000branches in 85 countries. For the year ending 31/12/2013 the company reported pre-tax profits of £3.294 billion.

AT&T ISTEL reported annual turnover in 2012 as £67.05 million, pre tax profits of £2.78 million and net worth of £63.93 million.

Ward Bdy

Regent

Court

62

64

80

Garage

61

Hotel

55

63

69

1

A 4023

LANEFAR MOOR

El Sub Sta

92.1m

Drain

Redditch Page 3




Tenancy Schedule



• Established out town office location serving the Bristol market

• Modern office buildings providing 5,633 sq ft (523.1 sq m) and 17 car spaces

• Tenure: Virtual Freehold

• Let until 2018 to Apak Group Ltd


Units 4 & 5, Badminton Court, Station Road, Yate, Bristol BS37 5HZ

Yate Page 1




Tenancy Schedule


Location

Yate is strategically located some 10 miles (16 km) to the North East of Bristol City centre and 16 miles (25.6 km) to the North West of Bath. With a population of 22,000 Yate has become a popular out of town office location serving the Bristol market.

Yate benefits from good communications by Road. Junction 19 of the M4 is 6 miles (8.6 km) by car to the South West and Junction 15 of the M5 is 9 miles (14.4 km) by car to the West.

By rail Yate’s station has direct services to Bristol Temple Meads main line station with a travel time of 25 minutes which in turn gives it access to connections with the rest of the UK. By Air, Bristol international airport is approximately 34 miles to the South West.

Situation

The subject property is located on Station Road adjacent to Yate railway station.

B A D M I N T O N R O A D BADMINTON ROA D K E N N EDY WAY

YA T E R O A D I R O N A C T O N WAY G O O S E G R E E N W A Y

STATION ROAD HI GH S TREET

YATE ROAD

WESTERLEIG

H ROAD

R O D F O R D W A Y

S H I R E W A Y

SCO

TT W

AY

P E G H I L L

WIC

KW

AR

RO

AD

H E R O N WA

Y

NIBLEY LA

NE

Yate Shopping Centre

C H I P P I N GS O D B U R Y

Y A T E

Chipping SodburyGolf Course

YATE

M5

M4

M48M4

M5 BRISTOL Chippenham

Bath

Trowbridge

YATE

Chepstow

Malmesbury

BristolAirport

Stroud

Kingswood

R I V E R S E V E R N

Badminton Court

Yate Page 2




Tenancy Schedule


Description

Badminton Court is a development of seven 2 storey office buildings around a central courtyard and was developed in the late 1980’s.

The buildings are of a good internal specification and incorporate open plan offices with:

• Suspended ceilings• Fluorescent lighting• Perimeter trunking• Double Glazing

The tenant has also made some improvements to the building such as air conditioning.

Accommodation


Unit 4 Ground Floor 147.2 sq m 1,585 sq ft First Floor 149.4 sq m 1,608 sq ft Total 296.6 sq m 3,193 sq ft 10 car spaces

Unit 5 Ground Floor 89.7 sq m 966 sq ft First Floor 136.9 sq m 1,474 sq ft Total 226.6 sq m 2,440 sq ft 7 car spaces

Tenure

The property is held on two separate virtual freehold leases on 999 year terms at peppercorn rents from 25th December 1988.

Tenancy

The property is let to Apak Group Ltd by way of two reversionary leases until 24/12/2018 providing at total rent of £71,546 per annum. The lease is guaranteed by Apak Group’s parent company Sword Soft Limited. Both leases are on FRI terms.

Apak Group Ltd has a net worth of £13.95m, pre tax profits of £3.54m and an annual turn over of £9.09m at 31/12/2012.

Sword Soft has a net worth of £190.55m, pre tax profits of £71.50m as at 31/12.2012.

More information can be found at www.sword-apak.com.

54

6

3

2

1 7

Metres

0 20 40 60 80 10020

Stanfords VectorMap

Crown Copyright 2014

Reproduction in whole or in part is prohibited

without the permission of Ordnance Survey.

N

370091m

370291m

370091m

370291m

182486m 182486m

182686m 182686m701 702

701 702

825

826

825

826

Sloping masonry

Car Park

Yate

MP

119.

75

MP

Middle Junction

SL

(0)

72.5mLB

Mast

LB

CR

Ward Bdy

Und

Badminton Centre

Shelter

Tank

Shelter

B1

FB

B5

A1 to A3

Badminton

13 1511

4

Factory

9

1 to 57

8Shelter

2

Station Lodge

Yate Station

6

Court

Yate Page 3

quartet portfolio - maclaren & partners · 2015-11-03 · quartet portfolio investment summary...

Documents