swan house + mayors quay
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
WELL SECURED HQ OFFICE INVESTMENT
2
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
Investment Summary > Opportunity to acquire two office buildings in an established office location. > Comprises two detached, self-contained offices extending to a net internal area of 11,143 sq ft. > Both properties are let to Lowri Beck Services Limited on co-terminus leases expiring in August 2025, providing 7 years unexpired. > Mayors Quay is the head office for Lowri Beck. The business was established in 1996 and has six sites in Wigan and another five sites across the UK. > Swan House is let at £50,500 per annum (£9.63 per sq ft) and Mayors Quay is let at £67,627 per annum (£11.46 per sq ft). > Total rent passing of £118,127 per annum. > 0.75 acre (0.30 hectare) site with a low site coverage of 20%. > 42 car parking spaces providing a ratio of 1:265 sq ft. > Freehold.
We are instructed to seek offers in excess of £1,450,000 (One Million, Four Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.68% and a low capital value of £130 per sq ft, assuming purchasers costs of 6.08%.
3
SWAN HOUSE + MAYORS QUAY
BLACKPOOL
M55 M6
BLACKBURN
PRESTON
SWAN MEADOW ROAD • WIGAN • WN3 5BE
M65
Location
A59 M6
Wigan is a town in Greater Manchester, located approximately 19 miles north west of Manchester city centre and 20 miles south of Preston. According to the 2016 census, Wigan had a population of approximately 324,000 and is the second most populous authority in Greater Manchester. Wigan has excellent road communications and the M6 and M61 motorways can be accessed via the A49 and A577 respectively, providing direct routes to the regional and national motorway network.
M66
DRIVE TIMES A5209
Car
Miles
Time
M6
2.8
8 mins
M61
5.9
16 mins
M58
3.8
13 mins
Manchester
25
30 mins
Liverpool
21
40 mins
A49
ROCHDALE
M62
M61
WIGAN 26
M58
A577
M60
A49 A570 A580
LIVERPOOL
MANCHESTER
SWAN HOUSE + MAYORS QUAY M62
WARRINGTON
Wigan North Western Train Station is within an 8 minute walk of the subject property and provides direct services to London Euston in 2 hours. Wigan Wallgate is within a 9 minute walk and provides direct services to Manchester in 35 minutes.
Wigan Wallgate Railway station Wigan North Western Railway station Queen St Wallgate
Situation The subject property is approximately 0.5 miles south of Wigan town centre, situated between Wigan Pier Business Park and Swan Meadow Industrial Estate. The site is situated on Swan Meadow Road and is bound by the Leeds and Liverpool Canal to the north. The A49, the main arterial route through Wigan, is accessed in under 2 minutes’ drive.
A49
A49
Darlington St
Pottery Rd
The surrounding area comprises a number of modern and converted offices such as Wigan Investment Centre, Trencherfield Mill and Waterside House. Nearby occupiers include RBS, Canal & River Trust, British Waterways, Amco Engineering, as well as a number of SME’s. Swan Meadow Industrial Estate is also situated immediately south of the subject property.
A49 Southgate
Caroline St
Swan Meadow Rd Swan Meadow Industrial Estate
WIGAN SWAN HOUSE + MAYORS QUAY
Wigan Pier Business Park Waterside Dr Swan Meadow Rd
Pool St
Chapel Lane
4
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
Description The subject property comprises two office buildings, Mayors Quay and Swan House. The properties sit within a secure site which is accessed by two separate, gated entrances. There are a total of 42 car parking spaces, providing a ratio of 1:265 sq ft.
MAYORS QUAY Mayors Quay is situated to the north of the site and comprises a detached building of traditional brick construction. The accommodation is arranged over ground and first floor and the property was comprehensively refurbished in 2010. The office accommodation is a mix of open plan areas and cellular offices, with most of the space retaining architectural features such as exposed brick walls, services and roof purlins.
SWAN HOUSE Swan House is positioned at the south of the site and comprises a two storey office building of traditional brick construction beneath a pitched roof. The property is accessed via Swan Meadow Road which leads into the visitor reception area. Internally there are a number of cellular offices and open plan work space.
Accommodation SWAN HOUSE Floor Ground
MAYORS QUAY
Sq M
Sq Ft
Floor
213.02
2,293
Ground
Sq M
Sq Ft
256.04
2,756
First
274.12
2,951
First
291.99
3,143
Total
487.14
5,244
Total
548.03
5,899
COMBINED TOTAL: 11,143 SQ FT (1,035.17 SQ M)
5
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
Tenure Both properties are held freehold under the title MAN275295.
Tenancy Both properties are let on two co-terminus FRI leases to Lowri Beck Services Limited, expiring on 11 August 2025. The total combined rent is £118,127 per annum. Mayors Quay is let for a period of 15 years form 12 August 2010, expiring on 11 August 2025. The current rent passing is £67,627 pa (£11.46 psf) and is subject to 5 yearly OMV (upward only) rent reviews. Swan House was initially let for term of 10 years expiring 1 January 2017. A subsequent reversionary lease was agreed, incorporating the same terms of the original lease and is co-terminus with the Mayors Quay lease. The rent passing is £50,500 per annum (£9.63 per sq ft) and is subject to an OMV review (upwards only) in January 2022.
Covenant Information Lowri Beck Services Limited is a group of support services companies providing metering services, business solutions and field management systems. Established since 1996, they are appointed to maintain 3.5million sites nationally. In addition to Mayors Quay, which is the companies head office, Lowri Beck occupies various other properties close by in Wigan as well as other industrial/office accommodation across the UK. 31/12/2017
31/12/2016
31/12/2015
Turnover
£71,518,965
£57,417,470
£48,737,933
Pre-Tax Profit
(£975,762)*
(£5,204,583)*
£531,334
£1,817,584
£2,679,427
£7,650,465
Net Worth
* The pre-tax profit loss is related to FRS 102 and significant investment in the training and development of smart meter operatives.
6
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
EPC Energy Performance Certificates are available upon request.
VAT The property is elected for VAT.
Dataroom A dataroom has been created which includes more information on the property. Access can be provided on request.
Proposal We are instructed to seek offers in excess of £1,450,000 (One Million, Four Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.68% and a low capital value of £130 per sq ft, assuming purchasers costs of 6.08%.
Contacts Lawrence Vaughan 0161 242 7077 [email protected]
Ben Roberts 0161 242 8002 [email protected]
Scott Gemmell 0161 242 8001 [email protected]
© Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. July 2018. carve-design.co.uk 13608
WELL SECURED HQ OFFICE INVESTMENT
2
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
Investment Summary > Opportunity to acquire two office buildings in an established office location. > Comprises two detached, self-contained offices extending to a net internal area of 11,143 sq ft. > Both properties are let to Lowri Beck Services Limited on co-terminus leases expiring in August 2025, providing 7 years unexpired. > Mayors Quay is the head office for Lowri Beck. The business was established in 1996 and has six sites in Wigan and another five sites across the UK. > Swan House is let at £50,500 per annum (£9.63 per sq ft) and Mayors Quay is let at £67,627 per annum (£11.46 per sq ft). > Total rent passing of £118,127 per annum. > 0.75 acre (0.30 hectare) site with a low site coverage of 20%. > 42 car parking spaces providing a ratio of 1:265 sq ft. > Freehold.
We are instructed to seek offers in excess of £1,450,000 (One Million, Four Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.68% and a low capital value of £130 per sq ft, assuming purchasers costs of 6.08%.
3
SWAN HOUSE + MAYORS QUAY
BLACKPOOL
M55 M6
BLACKBURN
PRESTON
SWAN MEADOW ROAD • WIGAN • WN3 5BE
M65
Location
A59 M6
Wigan is a town in Greater Manchester, located approximately 19 miles north west of Manchester city centre and 20 miles south of Preston. According to the 2016 census, Wigan had a population of approximately 324,000 and is the second most populous authority in Greater Manchester. Wigan has excellent road communications and the M6 and M61 motorways can be accessed via the A49 and A577 respectively, providing direct routes to the regional and national motorway network.
M66
DRIVE TIMES A5209
Car
Miles
Time
M6
2.8
8 mins
M61
5.9
16 mins
M58
3.8
13 mins
Manchester
25
30 mins
Liverpool
21
40 mins
A49
ROCHDALE
M62
M61
WIGAN 26
M58
A577
M60
A49 A570 A580
LIVERPOOL
MANCHESTER
SWAN HOUSE + MAYORS QUAY M62
WARRINGTON
Wigan North Western Train Station is within an 8 minute walk of the subject property and provides direct services to London Euston in 2 hours. Wigan Wallgate is within a 9 minute walk and provides direct services to Manchester in 35 minutes.
Wigan Wallgate Railway station Wigan North Western Railway station Queen St Wallgate
Situation The subject property is approximately 0.5 miles south of Wigan town centre, situated between Wigan Pier Business Park and Swan Meadow Industrial Estate. The site is situated on Swan Meadow Road and is bound by the Leeds and Liverpool Canal to the north. The A49, the main arterial route through Wigan, is accessed in under 2 minutes’ drive.
A49
A49
Darlington St
Pottery Rd
The surrounding area comprises a number of modern and converted offices such as Wigan Investment Centre, Trencherfield Mill and Waterside House. Nearby occupiers include RBS, Canal & River Trust, British Waterways, Amco Engineering, as well as a number of SME’s. Swan Meadow Industrial Estate is also situated immediately south of the subject property.
A49 Southgate
Caroline St
Swan Meadow Rd Swan Meadow Industrial Estate
WIGAN SWAN HOUSE + MAYORS QUAY
Wigan Pier Business Park Waterside Dr Swan Meadow Rd
Pool St
Chapel Lane
4
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
Description The subject property comprises two office buildings, Mayors Quay and Swan House. The properties sit within a secure site which is accessed by two separate, gated entrances. There are a total of 42 car parking spaces, providing a ratio of 1:265 sq ft.
MAYORS QUAY Mayors Quay is situated to the north of the site and comprises a detached building of traditional brick construction. The accommodation is arranged over ground and first floor and the property was comprehensively refurbished in 2010. The office accommodation is a mix of open plan areas and cellular offices, with most of the space retaining architectural features such as exposed brick walls, services and roof purlins.
SWAN HOUSE Swan House is positioned at the south of the site and comprises a two storey office building of traditional brick construction beneath a pitched roof. The property is accessed via Swan Meadow Road which leads into the visitor reception area. Internally there are a number of cellular offices and open plan work space.
Accommodation SWAN HOUSE Floor Ground
MAYORS QUAY
Sq M
Sq Ft
Floor
213.02
2,293
Ground
Sq M
Sq Ft
256.04
2,756
First
274.12
2,951
First
291.99
3,143
Total
487.14
5,244
Total
548.03
5,899
COMBINED TOTAL: 11,143 SQ FT (1,035.17 SQ M)
5
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
Tenure Both properties are held freehold under the title MAN275295.
Tenancy Both properties are let on two co-terminus FRI leases to Lowri Beck Services Limited, expiring on 11 August 2025. The total combined rent is £118,127 per annum. Mayors Quay is let for a period of 15 years form 12 August 2010, expiring on 11 August 2025. The current rent passing is £67,627 pa (£11.46 psf) and is subject to 5 yearly OMV (upward only) rent reviews. Swan House was initially let for term of 10 years expiring 1 January 2017. A subsequent reversionary lease was agreed, incorporating the same terms of the original lease and is co-terminus with the Mayors Quay lease. The rent passing is £50,500 per annum (£9.63 per sq ft) and is subject to an OMV review (upwards only) in January 2022.
Covenant Information Lowri Beck Services Limited is a group of support services companies providing metering services, business solutions and field management systems. Established since 1996, they are appointed to maintain 3.5million sites nationally. In addition to Mayors Quay, which is the companies head office, Lowri Beck occupies various other properties close by in Wigan as well as other industrial/office accommodation across the UK. 31/12/2017
31/12/2016
31/12/2015
Turnover
£71,518,965
£57,417,470
£48,737,933
Pre-Tax Profit
(£975,762)*
(£5,204,583)*
£531,334
£1,817,584
£2,679,427
£7,650,465
Net Worth
* The pre-tax profit loss is related to FRS 102 and significant investment in the training and development of smart meter operatives.
6
SWAN HOUSE + MAYORS QUAY SWAN MEADOW ROAD • WIGAN • WN3 5BE
EPC Energy Performance Certificates are available upon request.
VAT The property is elected for VAT.
Dataroom A dataroom has been created which includes more information on the property. Access can be provided on request.
Proposal We are instructed to seek offers in excess of £1,450,000 (One Million, Four Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.68% and a low capital value of £130 per sq ft, assuming purchasers costs of 6.08%.
Contacts Lawrence Vaughan 0161 242 7077 [email protected]
Ben Roberts 0161 242 8002 [email protected]
Scott Gemmell 0161 242 8001 [email protected]
© Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. July 2018. carve-design.co.uk 13608
