Stephenson Portfolio by Creativeworld

P O R T F O L I O HIGH YIELDING INDUSTRIAL PORTFOLIO INVESTMENT

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

THE STEPHENSON PORTFOLIO THETFORD

ASPATRIA

BARNOLDSWICK

CLITHEROE

NEW MILLS

MIDDLESBROUGH

PETERLEE

SUNDERLAND

BRADFORD

LEEDS

ROTHERHAM

The Stephenson Portfolio has been assembled by a single owner over the past 20 years and having not been marketed over this period presents a rare opportunity to purchase a substantial land holding in the UK whilst benefitting from a strong income return. The portfolio comprises 15 high yielding, predominately manufacturing and industrial assets spread across Yorkshire, the South, North West and North East of England. Many of the tenants have been in situ since the development of the facilities and are heavily committed to the sites. The sale presents investors with a substantial investment in large strategic sites along with the benefit of a weighted average unexpired lease term of 17.4 years.

P O R T F O L I O SHEFFIELD

SHEFFIELD

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

PORTFOLIO SUMMARY

Fifteen industrial / business space properties across England

Total income of

87%

13%

freehold

virtual freehold

2,599,021 sq ft of accommodation

£8,091,304 per annum

A low average passing rent of £3.28 per sq ft

Weighted average lease term of 17.4 years to expiry and 15.2 years to break

Strong rental payment history with negligible arrears

Let to 23 tenants on 35 leases

Circa

218 acres

5.2% vacancy rate by floor area

47% of the income has fixed uplifts, with the portfolio rent rising contractually as follows: Year Rent (per annum) 2017 £8,284,418 2020 £8,561,970 2021 £8,672,991 2050 £11,295,840

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

ASSET MANAGEMENT OPPORTUNITIES • Considerable opportunity to exploit reversionary nature of the portfolio • Benefit from widely anticipated growth in industrial rents • Benefit from fixed uplifts on Bradford and Rotherham (Garnett Dickinson) • Refurbish and re-let vacant units • Agree new lease at Thetford (15% of the portfolio’s income) where tenant has injected considerable capital into the property

• Explore favourable positions with certain tenants who have expressed interest to buy freehold/virtual freehold • Opportunity to increase density on a number of sites • Consider medium & longer term redevelopment and change of use of sites within portfolio to higher use values subject to planning. The Department for Communities and Local Government is currently in consultation to allow creation of new homes from light industrial & warehouse buildings

Parkway Works, Sheffield

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

PROPERTY SUMMARY No

Region

Town

Address

Postcode

Acres

Area

Income

Income per Sq ft

WAULT (expiry)

WAULT (break)

South

Thetford

Brunel Way

IP24 1HF

16.9

325,320

£1,300,000

£4.00

Jeyes Limited (100%)

2.7

North West

Aspatria

Station Road, Aspatria, Cumbria

CA7 2AS

7.9

206,006

£315,000

£1.53

Silentnight Group Limited (100%)

12.4

2.4

North West

Barnoldswick

Long Ing Lane, Victoria Road

BB18 6BL

17.6

352,247

£600,000

£1.70

Silentnight Group Limited (100%)

12.4

2.4

North West

Clitheroe

Jubilee Mills, Taylor Street

BB7 1NL

3.2

94,893

£200,000

£2.11

Trutex Limited (100%)

11.1

6.1

North West

New Mills

Units 2, 8 & 9, Watford Bridge Mill, New Mills, Stockport

SK22 4HT

0.9

24,689

£57,000

£2.31

Company Television Limited (100%)

2.7

North East

Middlesbrough

Units 1 & 2 Queensway, Skippers Lane Industrial Estate

TS3 8TF

6.3

118,974

£250,000

£2.10

Albaden Services Limited (100%)

9.7

North East

Peterlee

North West Industrial Estate, Mill Hill

SR8 2HR

1.5

30,011

£75,108

£2.50

Dewhirst Factory Outlet Limited (100%)

14.9

North East

Sunderland

Wisecall, St Andrew's House, Riverbank Road

SR5 3JJ

1.0

11,681

£95,210

£8.15

Wisecall Claims Assistance Limited (100%)

1.0

Yorkshire

Bradford

Nufarm, Wyke Lane

BD12 9EJ

112.5

249,328

£2,112,140

£8.47

Nufarm UK Limited (100%)

41.7

Yorkshire

Leeds

Pland Stainless, Lower Wortley Road

LS12 6AA

2.0

65,083

£190,000

£2.92

Pland Stainless Limited (100%)

7.8

Yorkshire

Rotherham

Garnett Dickinson, Unit 7, Brookfields Way, Manvers

S63 5DL

5.5

132,095

£746,729

£5.65

Garnett Dickinson Publishing Limited (100%)

13.2

Yorkshire

Rotherham

Hutton Business Park

S65 1JU

4.7

117,667

£246,366

£2.34

The Storeroom (78%)

20.7

6.4

Yorkshire

Sheffield

PM House, 119 Shepcote Lane

S9 1TP

2.0

27,096

£308,000

£11.37

Proddow Mackay Solicitors LLP (100%)

7.5

Yorkshire

Sheffield

Davy Markham, Prince of Wales Road, Darnall

S9 4EX

20.3

363,510

£942,251

£3.01

Davy Markham Limited (66%)

10.7

7.5

Yorkshire

Sheffield

Parkway Works, Kettlebridge Road,

S9 3BZ

15.3

480,422

£653,500

£1.60

LF Logistics (UK) Limited (92%)

4.3

3.1

217.6

2,599,021

£8,091,304

£3.28

17.4

15.2

Total

Principal Tenant (% of asset)

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

PROPERTY MAP SOUTH 1

Brunel Way, THETFORD, IP24 1HF

NORTH WEST 2

Station Road, ASPATRIA, Cumbria, CA7 2AS

Long Ing Lane, Victoria Road, BARNOLDSWICK, BB18 6BL

Jubilee Mills, Taylor Street, CLITHEROE, BB7 1NL

Units 2,8, & 9, Watford Bridge Mill, NEW MILLS, Stockport, SK22 4HT

8.Sunderland NEWCASTLE

7. Peterlee M6

6. Middlesbrough

2. Apastria

A1(M) A19

9. Bradford

3. Barnoldswick

10. Leeds

A1(M)

NORTH EAST 6

Units 1&2 Queensway, Skippers Lane Industrial Estate, MIDDLESBROUGH, TS3 8TF

North West Industrial Estate, Mill Hill, PETERLEE, SR8 2HR

Wisecall, St Andrew’s House, Riverbank Road, SUNDERLAND, SR5 3JJ

4. Clitheroe LEEDS

5. New Mills

Nufarm, Wyke Lane, Wyke, BRADFORD, BD12 9EJ

13/14/15. Sheffield

1. Thetford M1

YORKSHIRE 9

11/12. Rotherham

MANCHESTER

BIRMINGHAM

10 Pland Stainless, Lower Wortley Road, LEEDS, LS12 6AA 11 Garnett Dickinson, Unit 7, Brookfields Way, Manvers, ROTHERHAM, S63 5DL

12 Hutton Business Park, ROTHERHAM, S65 1JU 13 PM House, 119 Shepcote Lane, Tinsley, SHEFFIELD, S9 1TP 14 Davy Markham, Prince of Wales Road, Darnall, SHEFFIELD, S9 4EX 15 Parkway Works, Kettlebridge Road, SHEFFIELD, S9 3BZ

LONDON

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

TOP 5 COVENANT ANALYSIS Tenant

Income

ICC Rating

% of Income

Nufarm UK Limited (02882993)

£2,112,140

84/100

26.2%

Listed guarantor with AUS $2.62 bn revenue (up 15% year on year) and a market capitalisation of AUS $1.33bn. Covenant providing fixed uplifts.

Jeyes Limited (00487516)

£1,300,000

53/100

16.1%

Guarantor from Jeyes Holdings Limited.

LF Logistics (UK) Limited

£600,000

45/100

7.4%

Tenant has new contract with Jack Wills.

Silentnight Group Limited (07525259)

£915,000

45/100

11.3%

Garnett Dickinson Publishing (02389730)

£746,729

91/100

9.3%

Remainder Total

£2,417,436

29.7%

£8,091,304

100.0%

INCOME BY LOCATION Yorkshire 64%

Comment

The only 2 Silentnight manufacturing sites in the UK. Covenant providing fixed uplifts. Modern building. Covenant providing fixed uplifts.

PORTFOLIO WEIGHTED AVERAGE UNEXPIRED LEASE TERM

North West 15% North East 5% South 16%

Freehold 87%

45 yrs

Long Leasehold 13%

40 yrs 35 yrs 30 yrs 25 yrs 20 yrs

INCOME BY TENURE

15 yrs 10 yrs

orth West 15%

North East 5% South 16%

Freehold 87%

Long Leasehold 13%

5 yrs 0 yrs

Brunel Way, Thetford

Station Rd, Aspatria

Long Ing Lane, Barnoldswick

Jubilee Mills, Clitheroe

Watford Bridge Mill, New Mills

Units 1&2 Queensway, Middlesbrough

North West Industrial Estate, Peterlee

Portfolio WAULT (expiry) Portfolio WAULT (break)

Wisecall, Sunderland

Nufram, Bradford

Years to Break Years to Expiry

Pland Stainless, Leeds

Garnett Dickinson, Rotherham

Hutton Business Park, Rotherham

PM House, Sheffield

Davy Markham, Parkway Works, Sheffield Sheffield

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

VAT We are informed that the properties have been opted to Tax and therefore it is envisaged that the transaction will be conducted as a Transfer of Going Concern, subject to applicable VAT rules.

CAPITAL ALLOWANCES The benefit of all unclaimed capital allowances can be made available to the purchaser, subject to separate negotiation.

MEASUREMENTS JLL has been provided with measurements by the vendor which we have relied upon. We understand that all measurements are in accordance with the RICS Code of Measuring Practice. We have summarised the total area for each property within the brochure and a full break down is available upon request.

ENVIRONMENTAL REPORTS Phase I and (where appropriate) Phase II environmental reports will be made available to the purchaser. The surveys can be assigned to the purchaser upon completion of the sale.

EPCS EPC certificates for all properties are available via the dedicated dataroom. Please contact JLL for further information.

DUE DILIGENCE Access to a dataroom will be provided at the appropriate stage.

Nufarm, Bradford

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

PROPOSAL We are instructed to seek offers in excess of £84,000,000 (Eighty Four Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 9.10% and a Capital Value of £32.32 per sq ft and £386,102 per acre (assuming standard purchaser’s costs of 5.8%).

FURTHER INFORMATION For further information and access to the dataroom, please contact: Peter Kirk +44 (0) 20 7852 4853 peter.kirk@eu.jll.com

George Sutcliffe +44 (0) 20 7399 5436 george.sutcliffe@eu.jll.com

Mat Atkinson +44 (0) 113 261 6246 mathew.atkinson@eu.jll.com

William Hughes +44 (0) 20 7087 5380 william.hughes@eu.jll.com

Philip Marsden +44 (0)207 087 5390 philip.marsden@eu.jll.com

MISREPRESENTATION ACT | COPYRIGHT | DISCLAIMER Jones Lang LaSalle, for themselves and for the vendors of this property, whose agents they are, give notice that (1) the particulars and any further information communicated by any means to potential purchasers of the property described in the particulars, or their advisers, in connection with the possible sale of the property are provided solely for the purpose of assisting potential purchasers in decided whether they wish to proceed with further investigation of the property and do not constitute either the whole or any part of an invitation, offer or contract for sale of the property; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct as at the date of the particulars (or the date of the relevant information if earlier). However, potential purchasers are not entitled to rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise with regard to the accuracy of such details. No responsibility or liability is or will be accepted by Jones Lang LaSalle, the vendor(s) of the property or any of their respective subsidiaries, affiliates, directors, officers, representatives, employees, advisors, or agents for any loss or damage suffered by any party, resulting from reliance on the particulars or any other information communicated by any means to that party, or its advisers, in connection with the possible sale of the property. No person in the employment of Jones Lang LaSalle or the vendor(s) has authority to make or give any representation or warranty, express or implied, in relation to the property. References to Jones Lang LaSalle include any joint agents acting with Jones Lang LaSalle. October 2014 Designed and produced by Creativeworld Tel:01282 858200

Trutex Limited, Clitheroe

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

1. THETFORD

1. BRUNEL WAY, THETFORD, IP24 1HF A11

INVESTMENT SUMMARY • 325,320 sq ft purpose built manufacturing facility in an established industrial location • Substantial site of 16.91 acres providing a site cover of approximately 33% • Freehold • Tenant heavily committed to site and currently employing additional staff to improve productivity • Fully let to Jeyes Limited for a term expiring June 2017 • Tenant recently consolidated all UK and EU sites to the property with significant capital expenditure Railway Line

• Currently producing a rent of £1,300,000 (£4.00 sq ft) per annum • WAULT: 2.7 years (no break) • Percentage of portfolio income: 16%

ASSET MANAGEMENT • Benefit from continued investment by tenant into the premises • As break approaches discuss regear with tenant • Seek to surrender unused element of site for redevelopment (subject to planning)

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

1. THETFORD

Aberdeen

Dundee

Edinburgh

Glasgow

DRIVE TIMES

HGV CATCHMENT Newcastle Upon Tyne

6 A106

A1 1

NEL BRU AY W

AD N TIO STA

A 1066

N D

A1066

A RO

C AST LE ST

8 A10

A11

LS S T EAR

THETFORD

A134

ND LO

AD ORWICH R O

066 A1

A134

30 miles

40 minutes

Cambridge

35 miles

57 minutes

Peterborough

54 miles

94 minutes

Ipswich

35 miles

57 minutes

Newmarket

21 miles

31 minutes

CLICK LINK TO ACCESS GOOGLE MAPS>

1. BRUNEL WAY, THETFORD, IP24 1HF

1 hour 2 hours 4.5 hours

Leeds

Hull

Manchester Sheffield

LOCATION & SITUATION Thetford is an attractive historic Norfolk market town located 34 miles north east of Cambridge, 29 miles southwest of Norwich and 86 miles north of London. The property is situated in an established industrial area just south of the A11 Thetford bypass. In December 2014 improvements to the A11 will complete providing dual carriageway access direct to the M11 (J9) as well as improved access to Cambridge and Norwich. Occupiers in the area include Century Logistics Limited, Brenntag UK Limited and Coopers Auto Centre.

30 minutes

Carlisle

Liverpool

A1 07 5

THE PROPERTY

CR O XT

MUN D F ORD

ON ROAD

A11

Norwich

THETFORD Norwich Birmingham

Cardiff

Bristol

London Dover

Southampton Exeter Plymouth

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

1. THETFORD

DESCRIPTION The premises comprise the sole manufacturing facility for Jeyes Limited, whose headquarter offices are based nearby in Cambridge. The tenant informed us that their offices are being relocated to the Thetford site in due course. The property provides 277,937 sq ft of warehouse and production facilities and a further 47,383 sq ft of offices and ancillary staff facilities on a 16.91 acre site providing a site cover of approximately 33%. The main production facility was constructed in the 1970s and is of a steel portal frame construction with profile steel elevations and roofs. The office and laboratories are housed in concrete framed 1970s buildings. A chemical mixing tower incorporating pumping equipment allows the pumping of chemicals directly to the mixing plant. Other buildings include offices and laboratories and an unused former bottling plant. There are also 232 car parking spaces. Jeyes continues to invest in the site, having closed its other operations in Mold, Consett, East Kilbride and Poland in recent years.

ACCOMMODATION Units

Total GIA (sq ft)

Office

37,674

Ancillary

9,709

Warehouse

277,937

Total

325,320

1. BRUNEL WAY, THETFORD, IP24 1HF

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

1. THETFORD

TENANCY The property is let on two co-terminus FRI leases to Jeyes Limited expiring 13/06/2017 at a total rent of £1,300,000 per annum (£4.00 per sq ft). The rent is guaranteed by Jeyes Holdings Limited. The two lease demises comprise: 1. Office building & car parking spaces - let at £300,000 per annum (£6.33 per sq ft) 2. Manufacturing, warehouse and research/development facility - let at £1,000,000 per annum (£3.60 per sq ft)

COVENANT Tenant Jeyes Limited (Company no. 00487516) is a private company producing household cleaning products operating in the UK and 60 countries worldwide. Brands include Jeyes Fluid, Bloo, Easy and Parozone. The company was founded in 1877 and has held a Royal Warrant since 1955. In recent years the company has closed low margin businesses, consolidated to the Thetford site and is now understood to be profitable. Please click on the link to view their website http://www.jeyes.com/en-gb/home. Year

Credit Score out of 100

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

£143,526,000

(£5,807,000)

£839,000

2012

£201,418,000

(£25,947,000)

£2,171,000

2011

£160,609,000

£2,565,000

£30,315,000

Guarantor The latest accounts for the guarantor Jeyes Holdings Limited are summarised below: Year

Credit Score out of 100

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

£163,111,000

(£7,731,000)

£22,317,000

2012

£251,099,000

(£24,387,000)

£18,179,000

2011

£209,148,000

(£36,403,000)

£46,601,000

SITE The site extends to approximately 16.91 acres and has a site cover of 33%.

1. BRUNEL WAY, THETFORD, IP24 1HF

OS maps are for identification purposes only

CLICK LINK TO ACCESS GOOGLE AERIALS >

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE 2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

2. STATION ROAD, ASPATRIA, CUMBRIA, CA7 2AS INVESTMENT SUMMARY • Established manufacturing facility totalling 206,006 sq ft • Aspatria is located 20 miles southwest of Carlisle, the administrative centre of Cumbria • Virtual Freehold expiring in 3006 (992 years unexpired) at £2.00 per annum • Only UK manufacturing facility for Sealy, the biggest bed brand operated in the UK under licence by Silentnight Group • Aspatria and Barnoldswick are the only 2 manufacturing facilities for the Silentnight Group • Single let to Silentnight Group Limited • Tenant heavily invested in the site • Mutual breaks provide for strong negotiating position with tenant • Tenant expressed interest to purchase the site • Substantial site of 7.94 acres • WAULT: 2.4 / 12.4 years (break/expiry) • Rent: £315,000 per annum (£1.53 sq ft) • Fixed review on 17/02/2017 to £347,701 per annum. Thereafter, upwards only open market reviews • Percentage of portfolio income: 4%

ASSET MANAGEMENT • Rebase rent and regear lease to Silentnight • Explore sale to tenant • Explore potential alternative uses, subject to planning

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

Aberdeen

DRIVE TIMES

HGV CATCHMENT 30 minutes

H RT NO

YTO N RD Q BR A

299

B5301

ASPITRIA

Maryport

8 miles

14 minutes

1 hour

Dundee

2 hours 4.5 hours

Edinburgh

LOCATION & SITUATION

T OF CR LE OB

E GL IN PR

A596

37 minutes

Glasgow

G ST KIN

21 miles

6 59

ILL GH RIN SP

1 B530

Carlisle

THE PROPERTY

Aspatria is located 20 miles to the southwest of Carlisle (Cumbriaâ&#x20AC;&#x2122;s largest settlement and county town) and is home to a number of established industrial companies including The Lake District Cheese Company and Bibby Distribution. Aspatria is located on the A596, a primary road in the region leading to Carlisle and the M6 via the A595 which is the main motorway serving the North of England and via the A74 (M) southern Scotland.

Newcastle Upon Tyne

ASPATRIA

Carlisle

Leeds Liverpool

Hull

Manchester Sheffield

Norwich Birmingham

CLICK LINK TO ACCESS GOOGLE MAPS>

2. STATION ROAD, ASPATRIA, CUMBRIA, CA7 2AS

Cardiff

Bristol

London

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

DESCRIPTION The property comprises two detached industrial buildings on a relatively level, rectangular site. We understand the buildings to be of c.1960s construction. The larger of the two buildings is of steel frame construction with an attached two storey office section of brick construction. There is also a more modern warehouse extension to the rear. The main warehouse specification includes northlight roof design, sprinkler system, a mixture of roller shutter and ‘fast acting’ access doors. The two storey office section is of brick built construction under a flat roof and comprises a mixture of open plan and cellular accommodation. It also contains a large staff canteen/kitchen, meeting rooms and lift access. The more modern warehouse extension to the rear of the largest detached building is of steel frame construction with steel cladding and circa 10% roof lights. This warehouse has been fitted out with a first floor mezzanine across both spans and this is used for storage by way of a conveyor belt system.

ACCOMMODATION Accommodation

Total GIA (sq ft)

Office

20,098

Production

71,139

Main Warehouse

61,142

Secondary Warehouse

32,743

Showroom

2,050

Ancillary

18,834

Total

206,006

2. STATION ROAD, ASPATRIA, CUMBRIA, CA7 2AS

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

TENANCY The current rent is £315,000 per annum (£1.53 per sq ft). The rent rises to £347,701 per annum at the next review (17/02/2017). Thereafter there are 5 yearly upward only market reviews. Under the terms of the lease the Landlord and Tenant both benefit from a mutual break clause on the 5th and 10th anniversary of the lease. The break clauses are subject to 24 months notice and the next option to determine is on the 17/02/2017. The average weighted unexpired lease term is 12.4 / 2.4 years (expiry / break).

COVENANT Silentnight Group Limited (Company No. 07525259) is the UK’s number one manufacturer of beds by market share producing over 500,000 beds every year. Silentnight Group Limited (http://www.silentnightgroup.co.uk/) has been producing mattresses since 1946 and currently operates seven brands across the market. We understand they have 21% of the market share. The covenant consolidated their business to the Aspatria and Barnoldswick sites in 2011 where they still retain a freehold interest. We have been informed by the tenant that sales to date are up 20% year on year but summarise their latest published accounts below Year

Credit Score out of100

Turnover

Profit after Tax

Total assets Less Current Liabilities

2014

£109,278,000

£3,369,000

£29,603,000

2013

£98,885,000

£3,925,000

£27,196,000

2012

£72,651,000

£6,054,000

£25,669,000

SITE The site extends to approximately 7.94 acres and has a site cover of 51%.

2. STATION ROAD, ASPATRIA, CUMBRIA, CA7 2AS

OS maps are for identification purposes only

CLICK LINK TO ACCESS GOOGLE AERIALS >

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

3. LONG ING LANE, VICTORIA ROAD, BARNOLDSWICK, LANCASHIRE, BB18 6BL B6252

INVESTMENT SUMMARY Application for residential submitted B6251

Planning granted for c130,000 sq ft of industrial / office uses

• 352,247 sq ft industrial facility in the north west • 17.60 acre site • Virtual Freehold – 999 years from 31st May 2007 at a fixed rent of £2.00 per annum • Tenant is heavily invested in site • Established manufacturing location with other occupiers including Rolls Royce, Esse, Hope Technology and Albert Hartley Textiles • Single let to Silentnight Group Limited • Evidence for change of use on adjoining sites • WAULT: 2.4 /12.4 years (break/expiry) • Rent: £600,000 per annum (£1.70 per sq ft) subject to a fixed increase to £662,287 per annum on 17/02/2017. Thereafter reviews are open market and upwards only • Percentage of portfolio income: 7%

ASSET MANAGEMENT • Rebase rent and regear lease to Silentnight • Sale to tenant • Explore potential alternative uses, subject to planning • Explore tenants interest to purchase the virtual freehold

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

Aberdeen

Dundee

DRIVE TIMES

IP SK BE

A D A56

RF TE OR TH

ROA

LANE

OK RO LB KE

NCHES T MA ER

H RT

COLN E RO

LN NG

62 minutes

Leeds

35 miles

66 minutes

Liverpool

63 miles

90 minutes

STO NE Y

30 minutes

Edinburgh

Glasgow

1 hour 2 hours 4.5 hours Newcastle Upon Tyne

AN KL N

BARNOLDSWICK

Barnoldswick is located 13 miles north east of Burnley and 26 miles west of Bradford. The property is located on the north eastern edge of the town with surrounding land uses including housing, a former mill-type building, the LeedsLiverpool canal and grazing land. Rolls-Royce has two plants in the town employing approximately 1,000 workers. The M65 motorway is located 6 miles to the south and provides onward access to the regional and national motorway network. The nearest train station to the town is at Colne.

Leeds Liverpool

Hull

Manchester Sheffield

Norwich Birmingham

LT E

LONG

EARBY

SA L

ST WE

TE GA

THE PROPERTY

EY LL VA

S ES

BARNOLDSWICK

N LA

ER ENB

39 miles

LOCATION & SITUATION

B62 5 1

GR E

LD F IE

THORNTON IN CRAVEN E LAN

Manchester

Carlisle

B6252

D OA

HGV CATCHMENT

Cardiff

London

CLICK LINK TO ACCESS GOOGLE MAPS> Southampton

3. LONG ING LANE, VICTORIA ROAD, BARNOLDSWICK, LANCASHIRE, BB18 6BL

Exeter Plymouth

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

DESCRIPTION The property comprises a substantial manufacturing and storage facility which has been constructed at varying intervals as the tenant has grown. The property extends to 352,247 sq ft on a site of 17.60 acres. The original mill element is of traditional construction with stone and brick elevations and is connected to a large high bay warehouse with an interlinking office to the front. The high bay warehouse was constructed in the 1980s and is of steel portal frame construction, with profile metal clad elevations beneath a profile metal clad roof. It benefits from a number of level access and dock level loading doors together with an eaves height of approximately 7.5m. The tenant has fitted out the high-bay warehouse with a mixture of mezzanine sections and high-bay racking sections. There are a number of other buildings throughout the site and these are of various types of construction. This office building has a largely glazed frontage with a reasonable specification including carpeted floors, painted walls, Cat II lighting, air conditioning and gas radiators. There is also a vehicle maintenance unit located to the south west corner of the occupational site which is of steel portal frame construction with part brick and part metal elevations. It also comprises several inspections pits, staff facilities and workshop area. To the front of this building is a large lorry wash. A security gatehouse is located at the entrance to the large yard and parking area to the rear of the high-bay warehouse. This yard area is concreted, floodlit and provides both vehicle parking and a circulation area. The property has been the Silentnight headquarters since the mid 1960s. The adjacent site has currently been proposed for residential (decision pending). An opportunity exists to investigate the development of the site in the long term for residential purposes, subject to planning.

ACCOMMODATION Use

Total GIA (sq ft)

Warehouse

285,991

Office

15,214

Storage

4,638

Other

46,404

Total

352,247

3. LONG ING LANE, VICTORIA ROAD, BARNOLDSWICK, LANCASHIRE, BB18 6BL

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

TENANCY The property is let to Silentnight Group Limited on a 15 year lease from 17/02/2012 expiring 17/02/2027 (12.4 years to expiry). This demise extends to the area highlighted in red on the plan. The current rent is £600,000 per annum (£1.70 per sq ft). The rent rises to £662,287 per annum at the next review (17/02/2017). Thereafter there are 5 yearly upward only market reviews. Under the terms of the lease the Landlord and Tenant both benefit from a mutual break clause on the 5th and 10th anniversary of the lease. The break clauses are subject to 24 months notice and the next option to determine is on the 17/02/2017. The average weighted unexpired lease term is 12.4 / 2.4 years (expiry / break).

COVENANT Silentnight Group Limited (Company No. 07525259) is the UK’s number one manufacturer of beds by market share producing over 500,000 beds every year. Silentnight Group Limited (http://www.silentnightgroup.co.uk/) has been producing mattresses since 1946 and currently operates seven brands across the market. We understand they have 21% of the market share. The covenant consolidated their business to the Aspatria and Barnoldswick sites in 2011 where they still retain a Freehold interest. We have been informed by the tenant that sales to date are up 20% year on year but summarise their latest published accounts below. Year

Credit Score out of100

Turnover

Profit after Tax

Total assets Less Current Liabilities

2014

£109,278,000

£3,369,000

£29,603,000

2013

£98,885,000

£3,925,000

£27,196,000

2012

£72,651,000

£6,054,000

£25,669,000

OS maps are for identification purposes only

SITE The property extends to approximately 17.60 acres and has a site cover of 40%.

3. LONG ING LANE, VICTORIA ROAD, BARNOLDSWICK, LANCASHIRE, BB18 6BL

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The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE 2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

4. JUBILEE MILLS, TAYLOR STREET, CLITHEROE, LANCASHIRE, BB7 1NL INVESTMENT SUMMARY • 94,893 sq ft industrial, production and storage facility with adjoining offices on established park • 1 mile from A59 (arterial road) • Long leasehold - 999 years from 16th December 1887 at a fixed rent of circa £35. No rent has ever been demanded • The site has previously been considered by Tesco • Current Rent: £200,000 (£2.11 per sq ft) • WAULT: 6.1 / 11.1 years (break / expiry) • Percentage of portfolio income: 2% A671

ASSET MANAGEMENT • Explore alternative use of the site as a foodstore • Explore long term redevelopment for residential, subject to planning • Explore tenant interest to buy site

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

Aberdeen

Dundee

DRIVE TIMES A59

L PIM

IC O

LIN

A6 71 TA Y

47 8

A5 9

A6 LEY RD

H AL

A671 W

TUR NE

2 minutes

Manchester

30 miles

54 minutes

Liverpool

50 miles

70 minutes

1 hour 2 hours 4.5 hours Newcastle Upon Tyne

LOCATION & SITUATION

THE PROPERTY

EN TH

L ND PE

D RD EDISFOR

Y WA LN CO

CH AT BU R

R LO

CH AT BU

8 CLITHOROE

A59

IC O

B6 47

1 mile

30 minutes

Edinburgh

Glasgow

Carlisle

D ATBURN R CH

LINK RD

HGV CATCHMENT

CLITHEROE

Clitheroe is located in Lancashire, 16 miles north-east of Preston and 31 miles north of Manchester. The A59 provides access to Preston and Skipton and the A671 provides access to Burnley. The town has regular bus and rail links to Preston, Blackburn and Burnley. The property is situated on Taylor Street, approximately 400m east of the town centre. The property is in a mixed-use area with predominantly residential to the south and west and the townâ&#x20AC;&#x2122;s main industrial area to the north-east, including Salthill Industrial Estate. Nearby occupiers include a range of local and regional businesses such as Clitheroe Auction Mart Ltd, J&M Timber Supplies and Smiths Transport Ltd.

Leeds Liverpool

Manchester Sheffield

Norwich Birmingham

Cardiff

London

CLICK LINK TO ACCESS GOOGLE MAPS> Southampton Exeter

4. JUBILEE MILLS, TAYLOR STREET, CLITHEROE, LANCASHIRE, BB7 1NL

Hull

Plymouth

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

DESCRIPTION The property comprises an industrial production and storage facility with adjoining office content. The main production facility is of steel frame construction and single storey with a north-light construction roof. The general specification includes single glazed windows, painted floors, strip lighting and stone in-filled walls. There is also a two storey brick built mill style building located next to the main warehouse. This provides basic accommodation and further loading access by way of roller shutter/concertina doors. Behind this building is a higher bay warehouse with pitched roof. The tenant has installed a racking storage system. The office building annexed to the front is of traditional stone construction under a part flat and part pitched roof. It comprises a large open-plan office together with cellular offices and reception area. The general internal office specification comprises double glazed windows, painted walls, carpeted floors and suspended ceilings with recessed fluorescent lighting. A large concrete surfaced car park is located to the front of the property together with canopied loading access to the warehouse. The car park provides approximately 45 spaces. There is a separate yard area to the side of the property which provides access for HGVs/ loading. There is also an electricity substation to the front of the property.

ACCOMMODATION Use

Total GIA (sq ft)

Factory

93,280

Office

1,307

Other

326

Total

94,893

4. JUBILEE MILLS, TAYLOR STREET, CLITHEROE, LANCASHIRE, BB7 1NL

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

TENANCY The property is let to Trutex Ltd (Company number 7132787) for a 20 year term expiring 20/10/2025, subject to a tenant break option on 19/10/2020 providing an unexpired term of 11.1 years to expiry and 6.1 years to break. The current rent passing is £200,000 per annum equating to £2.11 per sq ft.

COVENANT Trutex (http://www.trutex.com/) is a provider and manufacturer of school uniform and sportswear across the UK. The business has been operating for 145 years. We summarise its latest accounts below: Year

Credit Score out of 100

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

2012

£21,291,000

£539,000

£2,708,000

£12,535,000

(£222,000)

£3,258,000

2011

£16,297,000

(£991,000)

£3,408,000

We understand that Trutex Limited is projecting a profit after tax of 482,000 for 2014. OS maps are for identification purposes only

SITE The property extends to approximately 3.21 acres and has a site cover of 71%.

4. JUBILEE MILLS, TAYLOR STREET, CLITHEROE, LANCASHIRE, BB7 1NL

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The Stephenson P O R T F O L I O

East

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE 2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

5. UNITS 2, 8 & 9 WATFORD BRIDGE MILL, WATFORD BRIDGE ROAD, NEW MILLS, STOCKPORT, DERBYSHIRE SK22 4HT INVESTMENT SUMMARY Unit 2

Unit 9

Unit 8

• Part of an industrial estate which is predominantly surrounded by residential • Freehold • Current use is industrial with a number of units suitable for refurbishment • Good road access • Currently producing a rent of £57,000 per annum (£2.31 per sq ft) • WAULT: 2.7 years (no break) • Percentage of portfolio income: 1%

ASSET MANAGEMENT • Consider medium term refurbishment • Consider part redevelopment for residential

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

Aberdeen

Dundee

DRIVE TIMES

HGV CATCHMENT

Edinburgh

Glasgow

30 minutes

MEL LOR R

AD RO HIGH HILL

HA YF IE L

ST RE

5 01 A6

D ROA

THE PROPERTY

NEW MILLS

10 miles

31 minutes

Manchester

17 miles

50 minutes

Sheffield

29 miles

63 minutes

Huddersfield

41 miles

60 minutes

Rotherham

34 miles

61 minutes

1 hour 2 hours Newcastle Upon Tyne

Leeds

LOCATION & SITUATION

NE LA

The property is an industrial site located 1 mile north east of New Mills town. New Mills is located approximately 10 miles south east of Manchester, with good connections to the A6 which runs from Manchester through the Peak District to Derby. New Mills has connections via Union Road to the A6015 which connects to the A6. The A6 connects to the M60 at Junction 1, approximately 9 miles away, or 27 minutesâ&#x20AC;&#x2122; drive. The property is approached via Watford Bridge Road.

4.5 hours

Carlisle

Liverpool

CH UR CH

XTON RO BU AD

G BAN K LN HAG

AD RO LL

TT BO

R O AD

BRI

OK O

ROAD

DG HYDE BA N K RD E

O EAVE S KN

H AGUE BAR

OAD

APPLE TR

SYCAMORE R OA D

Stockport

Hull

Manchester Sheffield

NEW MILLS Norwich Birmingham

Cardiff

Bristol

London Dover

CLICK LINK TO ACCESS GOOGLE MAPS>

Southampton Exeter

Plymouth 5. UNITS 2, 8 & 9, WATFORD BRIDGE MILL, WATFORD BRIDGE ROAD, NEW MILLS, DERBYSHIRE, SK22 4HT

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

DESCRIPTION The property comprises an office and industrial unit situated on a multi-let industrial / business space estate. The properties are built under pitched roofs with brick elevations. Unit 2 (industrial) has a roller shutter door and units 2 and 9 (office) both benefit from a good concrete yard area. On the estate there are a mixture of other industrial and business space units. JLL has a schedule of transactions showing the various units which have been sold with the benefit of vacant possession. This schedule can be made available to purchasers upon request.

ACCOMMODATION Units

Total GIA (sq ft)

10,029

2,477

12,183

Total

24,689

5. UNITS 2, 8 & 9, WATFORD BRIDGE MILL, WATFORD BRIDGE ROAD, NEW MILLS, DERBYSHIRE, SK22 4HT

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

2. ASPATRIA 3. BARNOLDSWICK 4. CLITHEROE 5. NEW MILLS

TENANCY The property is let to Company Television Limited (Company No. 03522155) on a lease starting 11/06/2012 and expiring 10/06/2017, producing a total current rent of £57,000 (£2.31 per sq ft) per annum. The average weighted unexpired lease term is 2.7 years to expiry. There are no remaining break clauses.

COVENANT Company Pictures Limited (Company No. 03522155) is a film and television production company that produces television dramas such as The Village, Shameless and Inspector George Gently. They have won numerous awards including 7 Emmy’s. The current BBC tv series “The Village” is produced at the New Mills site. Year

Credit Score out of 100

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

£18,346,000

£3,169,000

£5,213,000

2012

£12,536,000

£4,419,000

£6,539,000

2011

£22,143,000

£5,048,000

£6,925,000

SITE

OS maps are for identification purposes only

The site extends to approximately 0.91 acres and has a site cover of 51%.

5. UNITS 2, 8 & 9, WATFORD BRIDGE MILL, WATFORD BRIDGE ROAD, NEW MILLS, DERBYSHIRE, SK22 4HT

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The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE 6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

6. UNITS 1&2 QUEENSWAY SKIPPERS LANE INDUSTRIAL ESTATE, MIDDLESBROUGH, TS3 8TF

A1085

INVESTMENT SUMMARY • Two industrial units totalling 118,974 sq ft • Improving location with premises recently taken by both trade and retail warehouse operators • Freehold • Good road access including ring-road (A66) • 6.25 acre site • Tenant undertaking refurbishment of Unit 2 at its own cost • A neighbouring site recently sold for residential

Unit 1 - under refurbishment

• Currently Rent: £250,000 per annum (£2.11 per sq ft) • WAULT: 9.7 years (no break) • Percentage of portfolio income: 3%

Unit 2

ASSET MANAGEMENT • Benefit from the capital expenditure on the site currently being invested by the tenant • Benefit from improvements in the wider area • Consider longer term redevelopment of the site

A66

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

Aberdeen

DRIVE TIMES

HGV CATCHMENT 30 minutes

The photo above shows Unit 1 which is currently being fully refurbished by the tenants.

Middlesborough Train Station

2 miles - providing services to Newcastle and Leeds

Newcastle upon Tyne

52 miles

53 minutes

18.4 miles

26 minutes

A1 (J50)

1 hour

Dundee

2 hours 4.5 hours

Edinburgh

Glasgow

Newcastle Upon Tyne R

A66

R GS

Y RB

TE ES W

LA N LONG A1085

HERBY RD UT

BB WE

KIN

N TL EE

D TR ON

M AU BE

D NK R

Y WA NS EE QU

S ME

S BA

S ER

A66

IPP SK

THE PROPERTY

CA R

RD EL UN BR

MARS HR D

DOCKSIDE RD

B 1 513

K OC

W A L L IS R D

DS RD

AVE ISTER PAL VE LL A HA RS MA

CLICK LINK TO ACCESS GOOGLE MAPS>

Carlisle

LOCATION & SITUATION

MIDDLESBROUGH

The property is located on Skippers Lane Industrial Estate just off the A66 (ring road) to the east of Middlesbrough. It is an established commercial area which together with the Cargo Fleet industrial area, forms the East Middlesbrough Industrial Estate. Middlesbrough is a large town situated on the south bank of the River Tees in northeast England, between Newcastle upon Tyne and Leeds. Road communications to the property are good with the A66 (0.6 miles) providing direct access to the city centre, A19 and A1 motorways. The surrounding area is predominantly in industrial use. The surrounding area is predominantly in industrial use and there is some trade use on Sotherby Road. Occupants include Plumbase, HSS Hire and Screwfix. About 1.1 miles to the west is the recently developed Cleveland Retail Park which includes occupants such as Currys, SCS, Brantano, Next, MFI, Boots, Halfords, Pets at Home, Matalan, Argos and B&Q.

Leeds Liverpool

Manchester Sheffield

Norwich Birmingham

Cardiff

Bristol Southampton

Exeter

6. UNITS 1&2 QUEENSWAY, SKIPPERS LANE INDUSTRIAL ESTATE, MIDDLESBROUGH, TS3 8TF

Hull

Plymouth

London

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

DESCRIPTION The property comprises two detached warehouse units dating from the 1970s, situated on a 6.25 acre site. The units are accessed at the southern end of Queensway. Unit 1 extends to circa 68,656 sq ft in five bays and is of steel portal frame construction with brick and blockwork walls and profile metal sheet cladding above and to the roof. The unit has an eaves height of approximately 14 feet. Unit 2 extends to circa 50,318 sq ft in four bays and is of a steel portal frame construction with brick and blockwork walls and profile metal sheet cladding. Externally, both units have substantial yard areas, which are bounded by palisade security fencing.

ACCOMMODATION Units

Total GIA (sq ft)

Unit 1

68,656

Unit 2

50,318 (currently being refurbished)

Total

118,974

6. UNITS 1&2 QUEENSWAY, SKIPPERS LANE INDUSTRIAL ESTATE, MIDDLESBROUGH, TS3 8TF

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE 6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

TENANCY The property is wholly let to Albaden Services Ltd on two leases. Unit 1 is let from 02/07/2014 until 01/07/2024 with no break at a current rent of £120,000 per annum. Unit 2 is let to Albaden Services Limited from 06/05/2014 until 05/05/2024 with no break. The property produces a combined rent of £250,000 per annum (£2.11 per sq ft) and the average weighted unexpired leased term is 9.7 years.

COVENANT Albaden Services Limited is a privately owned company with total assets of £374,000 for the year ending April 2013.

SITE The site extends to approximately 6.25 acres and has a site cover of 44%.

OS maps are for identification purposes only

6. UNITS 1&2 QUEENSWAY, SKIPPERS LANE INDUSTRIAL ESTATE, MIDDLESBROUGH, TS3 8TF

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The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

7. NORTH WEST INDUSTRIAL ESTATE, PETERLEE, DURHAM, SR8 2HR INVESTMENT SUMMARY • Well located retail outlet adjacent to the main arterial routes of the immediate area • 1.51 acre site • Passing off a low retail rent of £2.50 per sq ft • High visibility/prominence to the A19 with main road frontage • Freehold • Single let to Dewhirst Factory Outlet Limited (45/100) • Tenant is understood to have contracts with multiple well known designers / brands • Due to good micro-location, suitable for a variety of uses (subject to planning) • WAULT: 14.9 years (no break) • Current Rent: £75,108 per annum (£2.50 per sq ft) • Percentage of portfolio income: 1%

ASSET MANAGEMENT • Investigate redevelopment of the site (subject to planning) A19

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

Aberdeen

DRIVE TIMES

HGV CATCHMENT

Dundee

30 minutes

Sunderland

ILLS RD LOWH

Newcastle

23 miles

33 minutes

Middlesborough

18 miles

27 minutes

Durham

12 miles

22 minutes

Leeds

80 miles

1hr 39 minutes

Edinburgh

Glasgow

2 hours 4.5 hours

Newcastle Upon Tyne Carlisle

PETERLEE

D KR

LOCATION & SITUATION

RD IGG

N RD

AC RE R

Y WA

S JUD O N RD

OK CO

THE PROPERTY

A19

MILL HILL

VY DA

FRONT ST

1 hour

22 minutes

YO R

ILL

LL HI

12 miles

F RA N

BURN HO P

VE BE

RLE

Y YW

AY W

0 32 B1

PENN INE DR

A19

Peterlee is located in County Durham, about 11 miles south of Sunderland, 11 miles east of Durham and 23 miles south east of Newcastle upon Tyne. The property is situated on the North West industrial estate adjacent to the A19, one of the principal north/south arterial routes in the North East. The property is approached via Mill Hill leading to the A19 in approximately 0.3 miles. Major industrial occupiers nearby include Caterpillar, Reckitt Benckiser and NSK.

Leeds Liverpool

Hull

Manchester Sheffield

Norwich Birmingham

CLICK LINK TO ACCESS GOOGLE MAPS> Cardiff

7. NORTH WEST INDUSTRIAL ESTATE, PETERLEE, DURHAM, SR8 2HR

Bristol Southampton

Exeter

London

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

DESCRIPTION The property comprises a factory outlet shop and warehouse with secure compound. The building is a rectangular shaped three bay warehouse, which we estimate was constructed in the 1970s. The main warehouse is of steel frame construction with brick and blockwork elevations with profile steel metal cladding surmounted by a pitched profile steel clad roof. The unit has been extended to the west and south. The extension is part single storey and part two storey with cavity brick construction under a flat felt covered roof, with upvc framed double glazed window units. Internally the main warehouse comprises a large open plan retail sales area, which has been fitted out to include vinyl covered floors and fluorescent lighting. Externally there is a tarmacadam car park area to the west and south of the unit providing approximately 67 designated parking spaces. Due to the good micro-location the property would lend itself to a trade counter or other alternative uses, subject to planning

ACCOMMODATION Units

Total GIA (sq ft)

Factory Shop

14,368

Retail area

5,890

Offices

5,186

Stores

2,320

Offices

2,247

Total

30,011

7. NORTH WEST INDUSTRIAL ESTATE, PETERLEE, DURHAM, SR8 2HR

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE 6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

TENANCY The property is let to Dewhirst Factory Outlet Limited (08084713) on a 15 year lease from 20/08/2014 expiring 19/08/2029 (approximately 14.9 years unexpired). There is not an option to break. The current rent is £75,108 per annum (£2.50 per sq ft).

COVENANT Dewhirst Factory Outlet Limited (Company No. 08084713), is a privately owned company and had total assets of £38,000 for the year ending April 2013. The business has been in occupation of the site for over 10 years.

SITE The site extends to approximately 1.51 acres and has a site cover of 45%.

OS maps are for identification purposes only

7. NORTH WEST INDUSTRIAL ESTATE, PETERLEE, DURHAM, SR8 2HR

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The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

8. WISECALL, ST ANDREW’S HOUSE, RIVERBANK ROAD, SUNDERLAND, SR5 3JJ INVESTMENT SUMMARY • Modern office with good transport links in the North • 1.03 acre site • Improving location with a Sainsbury’s foodstore and Premier Inn recently developed nearby Hylton Riverside Retail Park and Premier Inn

• Freehold • The site has previously attracted interest from retailers and fast food operators

A1231

• Hylton Riverside Retail Park nearby including many multiples • Planning permission granted on adjacent site for residential and pub scheme Outline planning granted for residential & Marstons pub

• Single let to Wisecall Claims Assistance Ltd (36/100) (Recently acquired by Kinderton Holdings) • Current Rent: £95,210 (£8.15 per sq ft) per annum • WAULT: 1.0 year (no break) • Percentage of Portfolio Income: 1%

ASSET MANAGEMENT • Seek lease re-gear with tenant • Benefit from improving location • Consider long term development for road-side restaurant / A3 user (subject to planning)

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

Aberdeen

DRIVE TIMES

HGV CATCHMENT Dundee

Sunderland

3.0 miles

12 minutes

Newcastle

11 miles

25 minutes

Durham

16 miles

28 minutes

33.0 miles

43 minutes

DA L H

C RO

A1 2

W AY

RIVERSID E RD

A1231 WESSINGTON WAY

B TIM

RD ACH BE

AVE

TO N

TE R

EL ETH

ALEXANDRA AV

CASTLE VIEW

4.5 hours

Carlisle

LOCATION & SITUATION

BURNTLA

RIVERBANK

RD WN TO

Edinburgh

Glasgow

Newcastle Upon Tyne

REDCAR RD

N HYLTON

T ON R D

CAST L E

2 hours

SUNDERLAND

THE PROPERTY

W ELL D R

DH RD

1 hour

RA MS G E RD AT

RH HE

H ING

WA S

H ER FIEL D

Middlesbrough

30 minutes

G VE SI N A A M ES I L W O C

St Andrews House is situated on the Southwick Industrial Estate on the outer edge of Sunderland, lying north of the River Wear. The nearest motorway is accessed via the A1231, which leads to the A1(M) in under 6 miles. The property is situated approximately 150m from the A1231 to the north, as well as sitting approximately 50m to the south of North Hylton Road. The property is approached via Castletown Way leading into Riverbank Road. Located nearby is the recently developed Sainsbury’s foodstore, a Premier Inn and the Hylton Riverside Retail Park with retailers Matalan, Pets at Home, Costa Coffee, Argos and Aldi represented. The adjacent site has been proposed for a new residential redevelopment scheme (outline planning application - ref 14/00292/OUT - for 140 residential dwellings pending decision).

Leeds Liverpool

Manchester Sheffield

Norwich Birmingham

Cardiff

Bristol

CLICK LINK TO ACCESS GOOGLE MAPS> Southampton Exeter

8. WISECALL, ST ANDREW’S HOUSE, RIVERBANK ROAD, SUNDERLAND, SR5 3JJ

Hull

Plymouth

London

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

DESCRIPTION The property comprises a detached, two-storey modern office building with car parking, known as St Andrews House. Although the property is single let, the accommodation is flexible and would work for multiple occupation subject to the usual consents. The offices were constructed in the 1990’s with a steel frame and brick elevations beneath a pitched roof. A service core separates two wings of the building and the specification comprises double glazed coated metal framed windows, suspended ceilings with recessed category 2 lighting and gas central heating. Within the service core there is a central stairwell, an 8 person passenger lift and W.C.s at each level. The site is bounded by a steel palisade fence and has car parking for approximately 73 cars. Wisecall has occupied the property since 2008.

ACCOMMODATION Use

Total GIA (sq ft)

Offices

11,681

Total

11,681

8. WISECALL, ST ANDREW’S HOUSE, RIVERBANK ROAD, SUNDERLAND, SR5 3JJ

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

6. MIDDLESBROUGH 7. PETERLEE 8. SUNDERLAND

TENANCY The property is let to Wisecall Claims Assistance Limited on a lease from 01/10/2012 expiring 30/09/2015 (approximately 1.0 year unexpired). The current rent is £95,210 per annum (£8.15 per sq ft), subject to five-yearly reviews.

COVENANT Wisecall Claims Assistance (Company No. 03711784) was founded in 1999, in Tyne and Wear. The company provides complete management of motor insurance claims, including a client assistance role which provides replacement cars and breakdown recovery. Wisecall Claims Assistance have submitted minimal accounts, however have occupied St Andrews House since October 2008 and have an ICC Credit Score of 66/100. The company was recently bought by Kinderton Holdings Ltd who reported a turnover in excess of £51,000,000 and a profit before tax in excess of £6,000,000 for the year ending 2013.

SITE The site extends to approximately 1.03 acres and has a site cover of 15%. OS maps are for identification purposes only

8. WISECALL, ST ANDREW’S HOUSE, RIVERBANK ROAD, SUNDERLAND, SR5 3JJ

CLICK LINK TO ACCESS GOOGLE AERIALS >

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

9. NUFARM, WYKE LANE, WYKE, BRADFORD, YORKSHIRE BD12 9EJ INVESTMENT SUMMARY M606

• An established 249,328 sq ft industrial site in Yorkshire • 112 acre site • Freehold • Strategically located 1.7 miles from M62 (J26) and M606 (J1) • Single let to Nufarm UK Limited (84/100) with Nufarm Limited Australian parent company with AUD $2bn turnover as guarantor • Low site cover of 20% • Long term residential potential (subject to planning). Adjacent site currently under application • WAULT: 41.7 years (no break) • Rent: £2,112,140 per annum (£8.47 per sq ft). The rent is subject to fixed 5 yearly reviews at 2.5% compounded annually • Percentage of portfolio income: 26%

ASSET MANAGEMENT • Investigate development of additional land (90 acres) subject to planning. • Explore / permit Nufarm to improve access to A58 / motorway, the land of which the purchaser benefits a charge over • Explore tenants interest to purchase the freehold

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen

Dundee

DRIVE TIMES

H ILL RD D

CA R

CLOSE LN

STF

M62

RD PEL HA

B612 0

A5 8

38 A6

A 5 8 WHITEHALL R D

GRIFFE RD

C OW

M62

D OR

F AD

LD IE

A 6 41 HUDDERSF I

Bradford

5 miles

17 minutes

Huddersfield

8 miles

28 minutes

Wakefield

14 miles

31 minutes

Halifax

6 miles

18 minutes

1 hour 2 hours 4.5 hours

Newcastle Upon Tyne Carlisle

BRADFORD

LOCATION & SITUATION

LN OAKENSHAW

379 B6 R

A5 8

21 minutes

30 minutes

THE PROPERTY D ON R WILS

YK W

D EL

12 miles

MILL

M606

IT EC

A641

EA TO

A RR

CL H

Leeds

HGV CATCHMENT

Edinburgh

Glasgow

B6120

CLICK LINK TO ACCESS GOOGLE MAPS>

Leeds Liverpool

The property is an industrial complex situated adjacent to the M62 and M606. Leeds is 11.5 miles to the east. The property is approached via Wyke Lane which links with Bradford Road and then intersects with the roundabout Junction 1/26 of the M606 and M62 motorways approximately 1 mile in distance. An opportunity exists to investigate an improved access to the motorway (subject to planning). The residential village of Wyke borders the propertiesâ&#x20AC;&#x2122; boundaries to the west. Low Moor, an established industrial location, lies 1.5 miles to the north. The reminder of the property is surrounded by undeveloped land.

Manchester Sheffield

Norwich Birmingham

Cardiff

Bristol Southampton

Exeter

9. NUFARM, WYKE LANE, WYKE, BRADFORD, YORKSHIRE, BD12 9EJ

Hull

Plymouth

London

Dover

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises a 20 acre manufacturing site surrounded by 92 acres of undeveloped land. Nufarm UK Limited occupies the manufacturing site with an array of production, warehouse storage, plant, reception, canteen and office facilities, in all 249,328 sq ft. Most date from the 1950s, 1970s and 1980s with the majority of steel portal frame construction and profile metal sheet elevations. The buildings are bespoke to the tenantâ&#x20AC;&#x2122;s requirements to produce agrochemicals. There is a substantial surfaced car park with approximately 310 designated spaces. The manufacturing site has security fencing. Subject to planning, an opportunity exists to investigate the development of the excess land for either industrial and/or residential purposes.

ACCOMMODATION Unit/Accommodation

Total GIA (sq ft)

Offices

8,798

Warehouse A

15,722

Warehouse B

13,930

Filling Station

26,814

Other Production

118,290

Non Production/Ancillary

65,774

Total

249,328

9. NUFARM, WYKE LANE, WYKE, BRADFORD, YORKSHIRE, BD12 9EJ

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY The property is let to Nufarm UK Limited on a 50 year lease from 21/10/2005 expiring 21/10/2055 (approximately 41.77 years unexpired). There is no break clause. The current rent is £1,866,824 per annum (£8.47 per sq ft) which is subject to 5 yearly fixed increases at 2.5% compounded. The total rent receivable over the term totals £135,949,203 per annum, which is guaranteed by Nufarm Limited (a company based in Australia). The fixed increases produce the following income profile: Current Rent

£1,866,824.00

21/10/2015

£2,112,140.01

21/10/2020

£2,389,692.55

21/10/2025

£2,703,717.78

21/10/2030

£3,059,008.50

21/10/2035

£3,460,987.34

21/10/2040

£3,915,789.50

21/10/2045

£4,430,356.40

21/10/2050

£5,012,541.62 CLICK LINK TO ACCESS GOOGLE AERIALS >

OS maps are for identification purposes only

The vendor will top up the rent to £2,112,140 per annum until the next fixed uplift in 21/10/2015. In the event of a tenant default the Landlord has an option to purchase the extensive plant and machinery for a fixed price of £1,000,000, considerably below market value.

COVENANT Nufarm UK Ltd (Company No. 02882993) is one of the top six suppliers of agrochemical products in the UK, providing a full range of crop protection products for grassland, arable, horticultural crops and products for use in amenity situations and by local authorities. The latest accounts are summarised below: Year

Credit Score (X/100)

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

£174,185,000

£11,115,000

£309,968,000

2012

£167,772,000

£13,349,000

£275,525,000

2011

£156,965,000

£6,163,000

£206,036,000

9. NUFARM, WYKE LANE, WYKE, BRADFORD, YORKSHIRE, BD12 9EJ

Guarantor Nufarm Limited is the parent company based in Australia and listed on the Australian Stock Exchange. Nufarm limited currently has a market capitalisation of AUS $1.33bn. The accounts for the 12 months ending 31st July 2013 are as follows: Year

Credit Score (X/100)

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

AUS $2,277,292,000

£80,999,000

SITE The site extends to approximately 112 acres and has a low site cover of 20%. The Landlord has the benefit of a charge over the adjacent land of which Nufarm propose to create a new improved access to the A58 / Motorway. Under the terms of the charge, Nufarm requires the Landlord’s consent prior to undertaking these works. The improved access however, will improve the future employment uses of the site. Further detail available upon request.

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

M621

10. PLAND STAINLESS, LOWER WORTLEY ROAD, LEEDS, YORKSHIRE, LS12 6AA INVESTMENT SUMMARY A6110 Ring Road

• Established 65,083 sq ft industrial site on the outskirts of Leeds • 1.97 acre site • Fronting the Leeds Ring Road and 0.7 miles (approximately 2 minutes drive) from the M621 (J6)

A58

• Freehold • Strong evidence for alternative uses • Interest from 2 foodstore operators • Ownership of access land to adjoining unit, putting Freeholder in dominant position • Single let to Pland Stainless Limited (60/100 Source: ICC) • WAULT: 7.9 years expiry (no break) • Current Rent: £190,000 per annum (2.92 per sq ft) • Percentage of portfolio income: 2%

ASSET MANAGEMENT • Increase income by exploring (digital) advertising to Wortley Road • Potential to create larger island site • Explore if any further demand from car showroom operators • Consider long term redevelopment subject to planning

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen M62

Dundee

DRIVE TIMES

HGV CATCHMENT

Glasgow

30 minutes

DIXON

A643

RD DE

10 R I

RO AD M621

D DR

ST LEY ES

43 A6

AN ELL

THE PROPERTY

3 miles

9 minutes

Bradford

9 miles

25 minutes

Huddersfield

18 miles

26 minutes

Wakefield

12 miles

20 minutes

1 hour 2 hours Newcastle Upon Tyne

1 A61

0 S TOWN

LEEDS

LOCATION & SITUATION

Hull

The property fronts the A6110 (Leeds Ring Road) which provides excellent transport links to the M621 (J1) which is approximately 1 mile away. The A58 to the north of the property leads directly to Leeds city centre. Leeds benefits from proximity to the M1 as well as the M62, which integrates with the UK national motorway network. The property is accessed from Royds Lane which connects to the A6110. Upon the A6110 are a number of car showrooms users including; JCT600 Brooklands Ferrari and JCT600 Brooklands Maserati as well as JCT 600 Brooklands Aston Martin. The property is on the south eastern fringe of Lower Wortley.

Liverpool

Manchester Sheffield

Norwich Birmingham

Cardiff

Bristol

London Dover

CLICK LINK TO ACCESS GOOGLE MAPS>

Southampton Exeter

10. PLAND STAINLESS, LOWER WORTLEY ROAD, LEEDS, YORKSHIRE, LS12 6AA

4.5 hours

Carlisle

BROWN LN W

A6 2

A61

EH A L L

GE LD E

A58

T A58 WHI

A6 2

A61 10

AVE

RYEDA LE

LOWER WORT L E

G EL

FAWC ETT LN

Leeds

Plymouth

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises of a series of industrial units of varying age. The main warehouse is a three bay unit of steel frame construction with multi pitched asbestos roofing. The middle section is of a lower eaves height with the same steel frame construction and pitched asbestos covered roofs. There is a three bay section to the west of the site which is understood to have been a later extension. The two storey office building at the front of the site is of brick construction and is under a flat roof. The property is secured with wrought iron railings to the front and high level security fence around the car park area. The tenant houses a showroom within the complex. The property fronts the A6110 and would lend itself to retail use.

ACCOMMODATION Floor

Total GIA (sq ft)

Ground Warehouse

57,314

First Offices

4,932

Mezzanine Storage

2,837

Total

65,083

10. PLAND STAINLESS, LOWER WORTLEY ROAD, LEEDS, YORKSHIRE, LS12 6AA

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY The property is let to Pland Stainless Limited, on a 15 year lease from 03/08/2007 expiring 02/08/2022 (approximately 7.9 years unexpired). The current rent is £190,000 per annum and is subject to a rent review on 03/08/2017. The rent equates to a low rate of £2.92 per sq ft.

COVENANT Pland Stainless Limited (Company No. 04008116) is a UK manufacturing group who produce bowls, basins, sinks, sanitary ware and washroom equipment. It caters for the janitorial sector as well as a variety of medical and veterinary products. The company is ISO9001 accredited and is a supplier to the Ministry of Defence. Its latest accounts are summarised below: Year

Credit Score (X/100)

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

£3,638,000

£96,000

£3,344,000

2012

£4,467,000

£235,000

£3,241,000

2011

£4,444,000

£250,000

£3,096,000

SITE

OS maps are for identification purposes only

The site extends to approximately 1.97 acres and has a site cover of 63%.

10. PLAND STAINLESS, LOWER WORTLEY ROAD, LEEDS, YORKSHIRE, LS12 6AA

CLICK LINK TO ACCESS GOOGLE AERIALS >

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

11. GARNETT DICKINSON, UNIT 7, BROOKFIELDS WAY, MANVERS, ROTHERHAM, YORKSHIRE, S63 5DL INVESTMENT SUMMARY • Established 132,095 sq ft industrial site in Yorkshire • 5.49 acre site • Strategically located 2.1 miles from A6195 (J26) and 7.5 miles from M1 (J36) • Freehold • Single let to Garnett Dickinson Publishing (91/100 score ICC) • Fixed uplifts throughout the term of the lease • WAULT: 13.1 years to expiry (no breaks) • Rent: £746,729 per annum (£5.65 per sq ft) • The rent rises to £844,855 per annum in 2017 and £955,876 per annum from 2021 thereafter • Percentage of portfolio income: 9%

ASSET MANAGEMENT • Benefit from improved return on fixed uplifts

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen

Dundee

DRIVE TIMES

HGV CATCHMENT

Glasgow

30 minutes

19 5

CAR

R HE AD L N

WETH R D

WA Y

SLE YR

BIS

CAY

WAY

STATI ON R

MA NV ER SW AY DON CASTER RD

MR D

CEMETER Y

D HI G TON EL

ILL LN DH

KHA PAC

32 minutes

Leeds

33 miles

44 minutes

Rotherham

9 miles

15 minutes

Doncaster

11 miles

25 minutes

Wakefield

23 miles

35 minutes

1 hour

CLICK LINK TO ACCESS GOOGLE MAPS>

2 hours

Newcastle Upon Tyne

4.5 hours

Carlisle

Leeds

LOCATION & SITUATION

Liverpool

DEA

14 miles

THE PROPERTY

COW FIELD

Sheffield

Manchester

Hull

ROTHERHAM

Sheffield

The property is located on Brookfields Park, Wath Upon Dearne. The estate is accessed via Manvers Way, which gives the site access to the A6195 and in turn J26 of the M1 (7.5 miles to the west). The nearby A6203 leads to the M18 and A1 (approximately 8 miles to the east). The park is prominent in the Dearne Valley region which itself is formed by the triangle connecting Barnsley, Doncaster and Rotherham. To the south of the industrial estate lie the residential towns of Swinton and Wath upon Dearne with Bolton upon Dearne situated to the North. The property is located in the centre of the site and is surrounded by industrial units.

Norwich Birmingham

Cardiff

Bristol

London Dover

Southampton Plymouth

11. GARNETT DICKINSON, UNIT 7, BROOKFIELDS WAY, MANVERS, ROTHERHAM, YORKSHIRE, S63 5DL

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises a modern printing warehouse with loading area and parking. The warehouse also incorporates an office which is entirely occupied by Garnett Dickinson Publishing. The building was recently constructed with a steel portal frame and profile metal sheet elevations under a flat roof. Parking is good and is located to the front of the property. To the rear is a substantial yard and loading area. Internally the property is fitted out to the tenantâ&#x20AC;&#x2122;s specification. The offices are over two floors and are generally carpeted with plastered and painted walls, air-conditioning and modern lighting. The warehouse has concrete floors.

ACCOMMODATION Floor/Use

Total GIA (sq ft)

Ground Main Production (Press Hall/Post Press)

95,364

Ground Counting/Ancillary

2,374

Ground - Workshop

5,468

Ground - Office

8,219

First - Office/Ancillary

13,834

Mezzanine - Storage

6,836

Total

132,095

11. GARNETT DICKINSON, UNIT 7, BROOKFIELDS WAY, MANVERS, ROTHERHAM, YORKSHIRE, S63 5DL

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY The property is let to Garnett Dickinson Publishing on a 20 year lease from 01/10/2007 expiring 30/09/2027 (approximately 13 years unexpired). The lease benefits from fixed uplifts to £844,855.50 in 2017 and £955,8876.79 in 2021. The current rent is £746,729 per annum (£5.65 per sq ft).

COVENANT Established in 1858 Garnett Dickinson Publishing (Company No. 02389730) is a print and direct marketing group. A range of Garnett Dickinson subsidiaries operate from the property, which was purpose built for the group. Services provided include creative design, digital print, web offset print, data asset management and mailing technology. The Garnett Dickinson group’s turnover is in excess of £54,500,000 however we have summarised Garnett Dickinson Publishing’s latest accounts below: Year

Credit Score (X/100)

Turnover

Profit after Tax

Total assets Less Current Liabilities

2013

£5,190,000

£28,000

£6,405,000

2012

£5,747,000

£50,000

£6,386,000

2011

£6,180,000

£105,000

£6,398,000

OS maps are for identification purposes only

SITE The site extends to approximately 5.49 acres and has a site cover of 47%.

11. GARNETT DICKINSON, UNIT 7, BROOKFIELDS WAY, MANVERS, ROTHERHAM, YORKSHIRE, S63 5DL

CLICK LINK TO ACCESS GOOGLE AERIALS >

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

12. HUTTON BUSINESS PARK, ROTHERHAM, YORKSHIRE, S65 1JU INVESTMENT SUMMARY • 117,667 sq ft industrial estate with good prominence to the A630 • 4.66 acre site • Strategically located in-between the M1 and M18 motorways • Located within an established industrial area • Substantial residential uses to the south • Rent of £246,366 (£2.34 per sq ft) per annum • WAULT of 6.4 / 20.7 years (break / expiry) • Provides 3% of portfolio income

ASSET MANAGEMENT • Let vacant units A630

• Investigate alternative uses including trade counters (subject to planning)

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen

Dundee

DRIVE TIMES

HGV CATCHMENT

Glasgow

30 minutes

2 miles

6 minutes

Sheffield

11 miles

24 minutes

Leeds

35 miles

49 minutes

Manchester

45 miles

95 minutes

1 hour 2 hours

Newcastle Upon Tyne

4.5 hours

Carlisle

AM R D

THE PROPERTY A6 3

LOCATION & SITUATION

GN AL

G OR

S LN

B R EC K

SDALE RD UD G ID

AS NC

A6 1 23

R TE

S CA

DD MI

FT LI C

FIT

M RD LLIA WI L FAR

30 A6

O 0D

RO THE R

A6 123

A6123

A612 3

Rotherham

ATE

LE DS

R OO

Leeds Liverpool

Hutton Business Park is situated off the A630 to the north east of Rotherham. The site is well located with good access to the M18 J1 (via the A631) as well as the M1 (via the A629).The site lies approximately 6 miles north east of Sheffield. Access to the site is via Doncaster Road, with alternative access available via Chesterton Road to the rear. The property benefits from good road frontage to the A630. Nearby occupiers include Plumb Center, SHS Freight Services and local traders. There is a McDonaldâ&#x20AC;&#x2122;s, Iceland and Gala Bingo at the nearby Mushroom Roundabout.

Manchester

Hull

ROTHERHAM

Sheffield

Norwich Birmingham

Cardiff

Bristol

London Dover

Southampton

CLICK LINK TO ACCESS GOOGLE MAPS> Plymouth

12. HUTTON BUSINESS PARK, ROTHERHAM, YORKSHIRE, S65 1JU

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises the recently constructed Hutton Business Park and part of a former production, warehousing and office complex originally constructed in the 1950s and now known as The Store Room. Hutton Business Park provides 12 units arranged in two detached blocks built of steel frame construction. The estate is fenced and has a good yard area. The Store Room comprises a two storey warehouse of steel frame construction and brick elevations. Generally all accommodation has loading doors, solid concrete flooring and strip lighting. To the front of the former production warehouse is a two storey office built in the 1950/60s with a concrete frame and a basic internal specification including carpeted flooring, plastered and painted walls, suspended ceilings and strip lighting.

ACCOMMODATION Units

Total GIA (sq ft)

2,551

2,530

2,421

6,7,8,9,12

11,121

2,289

4,350

The Storeroom Unit

87,345

Total

117,667

12. HUTTON BUSINESS PARK, ROTHERHAM, YORKSHIRE, S65 1JU

The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY The property is multi-let to 4 tenants providing a total current rent of £226,991 per annum (£2.16 per sq ft). Units 6,7,8,9, &12 are let to Oakwood Learning Community Trust (Company No. 08775996) on a 5 year lease from 19/09/2013 expiring 18/09/2018 at £40,000 per annum (£3.60 per sq ft). Unit 10 is let to John Widdop & Toni Louise Green on a 3 year lease from 06/02/2013 expiring 05/02/2016 at £10,301 per annum (£4.50 per sq ft). The Storeroom Unit is let to The Storeroom (Company No. 05551905) on a 35 year lease from 14/06/2007 expiring 13/06/2042 with the next rent review being 14/06/2017 and a break option at 13/06/2022 at £176,690 per annum (£2.02 per sq ft). There is a tenant break on each anniversary of the lease subject to 6 months notice. The remaining income (£19,375 per annum) is from Unit 11 which is let to RHS Plumbing that is currently in administration. The vendor has had interest from an owner occupier and further details of this are available on request.

COVENANT The Storeroom (63/100 ICC Score) accounts for 78% of the assets income and is a self-storage company with sites in Leeds, Manchester, Preston, Bradford, Rotherham and Leicester. The company offers self-storage solutions for private and business use. The Storeroom has been established for more than 9 years, yet due to its small business scale it has submitted minimal accounts to Companies House. The ICC report does show that their total assets for the year 2013 were £2,166,000.

SITE The site extends to approximately 4.66 acres and has a site cover of 53%.

12. HUTTON BUSINESS PARK, ROTHERHAM, YORKSHIRE, S65 1JU

OS maps are for identification purposes only

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The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

13. PM HOUSE, 119 SHEPCOTE LANE, TINSLEY, SHEFFIELD, SOUTH YORKSHIRE, S9 1TP INVESTMENT SUMMARY • Modern 27,096 sq ft office block located 2.5 miles from Sheffield city centre • 1.95 acre site • Strategically located 0.8 miles from M1 (J34) • Freehold • Walking distance to Supertram providing direct links to the city centre • IKEA received planning nearby • Modern building benefitting from comprehensive refurbishment having been stripped back to frame in 2007 • Single let to Proddow Mackay Solicitors LLP (65/100; Source ICC) • Low site cover of about 32% • WAULT: 7.5 years (no break) • Rent: £308,000 (£11.37 sq ft) per annum • Percentage of Portfolio Income: 4%

ASSET MANAGEMENT Meadowhall Shopping Centre

• Re-instigate lapsed planning consent for additional building to rear of the site • Improving area evidenced by the recent developments in the immediate vicinity Meadowhall Retail Park

Planning Received

• Consider long-term redevelopment • Explore sale to the tenant

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen

Dundee

DRIVE TIMES

HGV CATCHMENT

Glasgow

30 minutes

EFF I ELD RD 178 SH A6 WA Y

RD LL

HA W

MEA D O WE ED ON

A 631

085

A631 SHE PC O TE

8 A6 17

N ET L

CO LE RI

BA W T R Y RD

BO N

09 61

1 A6

A6 10 2

N EL NG

2.5 miles

12 minutes

Doncaster

20 miles

34 minutes

Leeds

33 miles

50 minutes

1 hour 2 hours

Newcastle Upon Tyne

4.5 hours

Carlisle

LOCATION & SITUATION

GRA

FE R R

E W LY A

Sheffield

THE PROPERTY

E U ROP A LI N K

30 A61

Leeds

The property is located on the A631 which provides direct access to Junction 34 of the M1 in 0.8 miles. The A631 also provides access to Sheffield City Centre which is 2.5 miles to the west. Leeds lies 33 miles directly to the North. Nearby surrounding uses are industrial with some recent significant developments having occurred in recent years. Immediately behind the property is the Meadowhall Shopping Centre with other retail and leisure uses nearby, including Cineworld and Nandoâ&#x20AC;&#x2122;s. In the long-term an investor may benefit from the improvements of the wider area. From Carbrok station (0.5km away), there is a direct tram to the city centre with a journey time of approximately 15 minutes. The Supertram is to be connected to Rotherham in 2015 and funding has now been approved to improve connections with Sheffield Meadowhall, connecting it to the HS2 railway.

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13. PM HOUSE, 119 SHEPCOTE LANE, TINSLEY, SHEFFIELD, SOUTH YORKSHIRE, S9 1TP

Liverpool

Hull

Manchester

SHEFFIELD

Norwich Birmingham

Cardiff

Bristol

London Dover

Southampton Plymouth

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises a modern office building set over four floors with generous car parking, in all totalling 27,096 sq ft (excluding basement). The property was constructed in the 1970’s/1980’s with a concrete frame construction, flat felt roof around a central exposed atrium. The property has recently been fully refurbished including a re-clad with aluminium infill panels and double glazed powder coated alloy framed windows. The property is rectangular in shape with access directly from the A631. Internally the property has solid concrete floors overlaid with carpet and has painted and plastered walls, suspended ceilings and perimeter trunking, category 2 lighting and an air conditioning/ventilation system. There is car parking to the front of the property and the rear (via a shared driveway) totalling approximately 200 car parking spaces (1:135 sq ft).

ACCOMMODATION Units Basement

Total GIA (sq ft) Not measured

Ground

9,085

First

8,953

Second

9,058

Total

27,096

13. PM HOUSE, 119 SHEPCOTE LANE, TINSLEY, SHEFFIELD, SOUTH YORKSHIRE, S9 1TP

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY The property is let to Proddow Mackay Solicitors LLP on a 14 year lease from 25/03/2008 expiring 24/03/2022 (approximately 7.5 years unexpired). The current rent is £308,000 (£11.37) per annum which is subject to 5 yearly rent reviews with the next rent review being 25/03/2018.

COVENANT Proddow Mackay Solicitors LLP (trading as PM Law) (Company No. OC328687) was founded in 1990 as a high street legal firm in Maidenhead, Berkshire. Since 2012 the group employs around 180 people from its offices in Sheffield and Maidenhead. PM Law specialises in personal injury, conveyancing as well as small level commercial law, including employment. The firm has submitted minimal accounts which is typical of some partnership firms. Its credit rating for 2013 is 72/100 (source: ICC).

SITE The site extends to about 1.95 acres. OS maps are for identification purposes only

13. PM HOUSE, 119 SHEPCOTE LANE, TINSLEY, SHEFFIELD, SOUTH YORKSHIRE, S9 1TP

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The Stephenson P O R T F O L I O

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

14. DAVY MARKHAM, PRINCE OF WALES ROAD, DARNELL, SHEFFIELD, SOUTH YORKSHIRE, S9 4EX INVESTMENT SUMMARY

TRAIN STATION

• 20.3 acre site with 363,510 sq ft of industrial buildings • About 3 acres is currently undeveloped • Predominantly surrounded by residential • Freehold • The current property use is industrial with a number of units suitable for redevelopment or refurbishment • The building benefits from valuable cranage capacity • Good road access • Currently producing a rent of £942,251 (£3.01 per sq ft) per annum • WAULT: 7.5 / 10.7 years (break / expiry) • Percentage of portfolio income: 12%

ASSET MANAGEMENT • Improving covenant. Davy Markham was recently bought by Hughes Armstrong and will benefit from renewed investment • Benefit from current requirements for craned properties in Sheffield • Refurbish / redevelop vacant units • Increase density on site (explore plans to create additional 60,000 sq ft) • Current tenants have expressed an interest in expanding into vacant units • Consider longer term (phased) redevelopment of the site • Demolish vacant office to use for parking

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen

Dundee

DRIVE TIMES

HGV CATCHMENT

Glasgow

30 minutes

Darnell Station

AV E

30 A6

K AVE EBEC TL

A 61 0 2

CA S

1 A6

20 B6

ORO RB HA

MAT FF HE IEL RR DP D AR KW AY

MA IN

A H W 7S A5 OR LN MAN

P R INC E OF

PA RK

2.5 miles

5 minutes

Leeds

31 miles

45 minutes

Manchester

42 miles

60 minutes

Newcastle Upon Tyne

4.5 hours

Carlisle

Leeds

LOCATION & SITUATION

Sheffield

2 hours

THE PROPERTY

RICHMOND PARK

OD BUR O W

B 62 00 S ANI FO R

WALES RD

B6 08 5

8 617

1 hour

0.2 miles - providing services to Sheffield from 9 minutes

65 60

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Liverpool

The property is an engineering site located in Yorkshire. Sheffield lies 3 miles to the west and the M1 lies 2.5 miles to the east. Leeds can be reached using the M1 in 40 minutes while Manchester is a 60 minute journey west. The property is located close to from the Darnall train station which provides regular train links direct to Sheffield in 9 minutes. Nearby uses are predominately residential, however there is an industrial / business park located 0.5 mile to the west and Darnall, about 1 mile to the north, has another small industrial park. The property is approached over a private tarmac driveway, which leads directly into the Prince of Wales Road. This is an arterial road linking into Sheffieldâ&#x20AC;&#x2122;s wider road network.

Hull

Manchester

SHEFFIELD

Norwich Birmingham

Cardiff

Bristol

London Dover

Southampton Plymouth

14. DAVY MARKHAM, PRINCE OF WALES ROAD, DARNELL, SHEFFIELD, SOUTH YORKSHIRE, S9 4EX

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises a multi-let industrial and engineering site set over 20.3 acres. The units vary in construction and size (from 435 sq ft to 210,073 sq ft). A number of units are vacant and suitable for either refurbishment or redevelopment. One of the units benefits from a 360 tonne two crane capacity and 20.6m eaves. We understand these units have the largest heavy engineering capacity in Europe. The property is triangular in shape and is enclosed by residential uses. The property is bound to the north by a rail line which leads directly to Sheffield. At the end of the access road is a manned security hut.

ACCOMMODATION Units

Total GIA (sq ft)

Building 1

210,073

Building 3

13,317

Building 4

15,578

Building 5

2,988

Building 7

3,057

Building 8

5,447

Building 9

15,285

Building 10

5,508

Building 11

3,732

Building 12

435

Building 13

4,910

Unit A

10,475

Unit B

25,465

Unit C

15,109

Unit D

31,035

Medical Centre

1,096

Garage Premises 1

Garage Premises 2

Total

363,510

14. DAVY MARKHAM, PRINCE OF WALES ROAD, DARNELL, SHEFFIELD, SOUTH YORKSHIRE, S9 4EX

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY The property is multi-let to 9 tenants on 16 leases in accordance with the tenancy schedule. The property produces a total income of £942,251 per annum (£3.01 per sq ft). The average weighted unexpired term is 10.7 / 7.5 years (expiry / break). Units A–D Unit 4

COVENANT Davy Markham Limited, which accounts for 70% of the income, is an engineering company specialising in the design, manufacture and fabrication of machine heavy and complex engineering components. Industries it supplies includes mining, nuclear, power generation and steel. We have summarised its latest accounts along with the remaining tenants below: Tenant Davy Markham Limited (05949781) ITI NRG Limited (08791815) Shepcote Engineering Limited (02245755) Mechan Limited (00947728) Zone Green Limited (01811566) Impact Socket Manufacturers Limited (03733622) Donald Mackay and Simon Proddow Diamond Dispersions Limited (06345439) IIMES Limited (SC91007) Stephen Rupik (t/a Arrow Removals)

Percentage of income 69.8 %

Year 2012

Credit Score (X/100) 47

3.3 %

9.8 %

2013

Turnover £19,334,000

Profit / (Loss) after Tax (£2,638,000)

Total assets Less Current Liabilities (£1,831,000)

£761,000

Unit 3

Unit 1

OS maps are for identification purposes only

5.7 %

2014

£435,000

1.8 %

2013

£478,000

1.5 %

2014

£61,000

Units 9-10

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SITE The site extends to approximately 20.3 acres and has a site cover of 40%. A full site plan is available in the dataroom identifying all the building and unit numbers.

1.3%

3.6%

2013

£159,000

2.8%

2013

£5,852,000

(£1,320,000)

£9,000

0.3 %

We understand that Davy Markham has recently been bought by Hughes Armstrong who is expected to provide investment to the Davy Markham business in the near future.

14. DAVY MARKHAM, PRINCE OF WALES ROAD, DARNELL, SHEFFIELD, SOUTH YORKSHIRE, S9 4EX

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

A57

15. PARKWAY WORKS, KETTLEBRIDGE ROAD, SHEFFIELD, SOUTH YORKSHIRE, S9 3BZ INVESTMENT SUMMARY • Established 480,422 sq ft industrial site in Yorkshire • 15.28 acre site • Strategically located 3.9 miles from the M1 (J34) • Freehold • Multi-let to 3 tenants with fixed increases • LF Logistics (UK) Limited) (92% of asset income) heavily invested in site • LF Logistics (UK) Limited) have a new 3 year contract with Jack Wills • Significant Landlord’s mezzanine • WAULT: 3.1 / 4.3 years (break /expiry) • Rent: £653,500 per annum (£1.60 per sq ft) • Percentage of portfolio income: 8%

ASSET MANAGEMENT • Investigate refurbishment of various buildings • Let the remaining vacant space (71,281 sq ft) • Implement rates mitigation scheme

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

Aberdeen

Dundee

DRIVE TIMES

HGV CATCHMENT

Glasgow

30 minutes

B62 00 S

THE PROPERTY RN RD

RIB

OR D

EE NW

NCE

AT H

SH EF FIE LD PA RK WA Y BE

U RO O RB HA

MANOR LN

A5 CO RKE 7 RB OT TO MS LN

PR I

AY W

MA RD LT R AV E RS

OF W ALES R D

HI LL S

AY W

MA NO R

AV E

PO OL E

3 miles

9 minutes

Leeds

39 miles

45 minutes

Nottingham

42 miles

55 minutes

1 hour 2 hours

Newcastle Upon Tyne

4.5 hours

Carlisle

LOCATION & SITUATION

TAN IF

KETT LEBR IDG

O O

ST O N RD

K WAY DR

T OR

Sheffield

Leeds

Liverpool

SHEFFIELD

Norwich

Cardiff

Bristol

London

Dover Southampton

CLICK LINK TO ACCESS GOOGLE MAPS> Plymouth

15. PARKWAY WORKS, KETTLEBRIDGE ROAD, SHEFFIELD, SOUTH YORKSHIRE, S9 3BZ

Hull

Manchester

Birmingham

E AV

The property is an industrial estate with good connections to the A57 (Sheffield Parkway) which lies about 1 mile to the south as well as 12 miles to Junction 34 of the M1 in a north-easterly direction. The property is approached via Kettlebridge Road which links with Parkway Avenue and connects to the A57. To the north of the property there is a trainline with the closest station being Darnall, 0.9 miles away. The surrounding area is principally industrial in nature with Parkway Link Industrial Estate opposite and an office building situated adjacent. The wholesale markets, cash & carry facilities for Macro, Booker and Costco, as well as several trade counter uses are all within close proximity.

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

DESCRIPTION The property comprises a substantial 15 acre industrial and office complex totalling 480,422 sq ft with units ranging from 2,537 sq ft to 390,000 sq ft. The buildings are understood to date back to the 1950s with subsequent additions incorporating two main elements â&#x20AC;&#x201C; Parkway Interchange and the Chisel Factory. Parkway Interchange is an office building with a number of warehouse bays to the rear. The offices are of a good standard with air conditioning, solar tinted double glazing, suspended ceilings and modern lighting. Two mezzanine floors have been installed in the main warehouse, covering approximately 50% of the ground floor area. The buildings have been reclad and refurbished. A small storage unit is to the side of the main warehouse and is in a basic state of repair. The Chisel Factory has brick walls with a north light roof. It also has a basement area which is accessed from the lower rear elevation. Access to both elements is via a large surfaced apron, controlled by a gatehouse. The Chisel Factory is currently vacant and has the potential to be relet following some capital expenditure. LF Logistics (UK) Limited) recently installed an automated packing system at considerable cost.

ACCOMMODATION Units

Total GIA (sq ft)

Unit 1A

3,734

Unit 1B

21,769

Unit 5

2,537

Unit 7 & 8

15,407

Upper Floor Chisel Factory

32,294

Ground Floor Chisel Factory

14,681

Office & Warehouse

390,000

Total

480,422

15. PARKWAY WORKS, KETTLEBRIDGE ROAD, SHEFFIELD, SOUTH YORKSHIRE, S9 3BZ

The Stephenson

SUMMARY | SOUTH | NORTH WEST | NORTH EAST | YORKSHIRE

P O R T F O L I O

9. BRADFORD 10. LEEDS 11. ROTHERHAM - GARNETT DICKSON 12. ROTHERHAM - HUTTON 13. SHEFFIELD - PM HOUSE 14. SHEFFIELD - DAVY MARKHAM 15. SHEFFIELD - PARKWAY

TENANCY Unit 1A is let to Fisc Limited (Company No.6554171) on a 5 year lease from 24/03/2010 expiring 23/03/2015. Upon expiry of this lease the tenant has agreed to a new 5 year lease at the same rent of £35,000 per annum and expiring 23/03/2020. This reversionary lease is currently in solicitor’s hands. The Yard to the rear of Units 7 & 8 is let to Andrews Removals (Company No. 07345075) on a 3 year lease from 01/09/2013 expiring 31/08/2016 (approximately 2 years unexpired). The current rent is £18,500 per annum. Part of the offices & warehouse is let to LF Logistics (UK) Limited (Company No. 2148337) on a 9 year lease from 01/01/2009 expiring 31/12/2018 (approximately 4.3 years unexpired). There is a tenant break at 01/09/2017. The current rent is £600,000 per annum reflecting 92% of the income. The remaining units are vacant, representing a 14.74% void on the estate.

COVENANT LF Logistics (UK) Limited is a part of LF Europe, one of the business operating groups under Li & Fung Limited. Li & Fung has a market capitalisation of £6 billion and is a freight forwarding and logistics company catering to FMCG, footwear and apparel, health and beauty, and retail for both niche and mass-market retailers including Jack Wills. LF Logistics represents 95% of the asset income and we summarise its latest accounts below: Year

Credit Score (X/100)

Turnover

Profit after Tax

Total assets Less Current Liabilities

2012

£37,741,000

£9,345,000

(£12,924,000)

2011

£32,585,000

(£463,000)

(£12,559,000)

2010

£33,001,000

(£25,114,000)

(£10,874,000)

OS maps are for identification purposes only

SITE The site extends to approximately 15.28 acres and has a site cover of 47%.

15. PARKWAY WORKS, KETTLEBRIDGE ROAD, SHEFFIELD, SOUTH YORKSHIRE, S9 3BZ

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