Unit 15a & 15b Tiger Court, Kings Business Park, Knowsley ...
Unit 15a & 15b Tiger Court, Kings Business Park, Knowsley, Merseyside, L34 1PJ
Investment summary
Opportunity to acquire a modern 8,318 sq ft (772.77 sq m) high specification office building including 42 car parking spaces.
Kings Business Park benefits from direct access to Junction 2 of the M57 motorway.
Let in its entirety to Castlerock Recruitment Group Limited on a new 5 year full repairing and insuring lease from 1 November 2016.
Headline rent of £91,498 per annum, reflecting £11.00 per sq ft.
Long leasehold.
Offers are sought in excess of £936,000 (Nine Hundred and Thirty Six Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price reflects a low capital value of £113 psf and an attractive net initial yield of 9.25%, assuming purchasers costs of 5.68%.
Location and situation
Kings Business Park is an established business park superbly located close to major intersections of the M57 with the M62 and A580, with direct access to Junction 2 of the M57 motorway. The Business Park has extensive frontage to the A57 Liverpool Road and the town centres of Huyton and Prescot are within 2 miles, offering a range of retail facilities, including an Asda and Tesco Superstore. The property is well served by many local bus routes and both Prescot and Huyton Stations offer regular rail services to Liverpool Lime Street Station. Liverpool John Lennon Airport and Manchester International Airport are within 20 minutes and 40 minutes’ drive time respectively. Tiger Court comprises eight detached office units arranged over ground and first floors in an open plan configuration, ranging from 3,100 – 5,200 sq ft. Neighbouring occupiers include Camelot Group, NHS Trust (Mersey Care), First Ark, Pure Legal, Balfour Beatty and Kings Park Nursery. The Business Park provides an unrivalled business environment which already benefits from:
Mature landscaped environment; Generous on site car parking; Secure enclosed site with 24 hour security; Café/bar facility; Child day care centre.
Specification Unit 15 benefits from the following specification:
Two-storey detached office building; Brick and glazed elevations with decorative stonework; Suspended ceiling with integral LG7 lighting; Full access raised floors; Comfort cooling; Male and female toilets on each floor; 42 dedicated car parking spaces, providing an excellent ratio of 1:203 sq ft
Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice on a Net Internal Area basis and extends to 8,318 sq ft (772.76 sq m) arranged over ground and first floor.
Tenancy The property is let in its entirety to Castlerock Recruitment Group Limited on a five year, full repairing and insuring lease from 1 November 2016 (expiring 31 October 2021). The passing rent is £83,180 per annum (£10.00 per sq ft) which steps to £91,498 per annum (£11.00 per sq ft) from the third anniversary of lease commencement. The tenant is currently benefitting from 12 months’ rent free. The vendor is to provide a top up for the rent free period and the stepped rent period.
Tenure The property is held long leasehold.
Covenant Information Castlerock Recruitment is a nationwide recruitment agency specialising in a wide range of healthcare and medical professions contained within five core trading divisions including healthcare staffing, medical staffing, homecare, medical services and resourcing. All staff are pre-screened and managed following NHS Safer Employment standards as well as CQC essential Standards of Quality & Safety. Last year Castlerock Recruitment won the Recruitment Awards 2015 category for ‘Best Healthcare Staffing Solutions.’ Further information can be found at http://www.crg.uk.com/ D&B Rating:
N4
Maximum Credit Limit:
£125,043
Their financial position can be summarised as follows: Fiscal Consolidated 31 Mar 2015
Fiscal Consolidated 31 Mar 2014
Fiscal Consolidated 31 Mar 2013
Sales Turnover
£19,005,770
£28,751,651
£18,027,986
Profit / (Loss) Before Taxes
£267,926
£538,822
£893,146
Tangible Net Worth
(£1,068,085)
(£1,203,610)
(£479,141)
Net Current Assets (Liabilities)
(£697,620)
(£553,346)
(£203,435)
VAT We understand the property has been elected for VAT. It is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC) and as such VAT will not be payable.
EPC An Energy Performance Certificate is available upon request.
Proposal Offers are sought in excess of £936,000 (Nine Hundred and Thirty Six Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price reflects a low capital value of £113 psf and an attractive net initial yield of 9.25%, assuming purchasers costs of 5.68%.
Further information For further information or to arrange a viewing, please contact: Mike Pochin
Tom Dawson
Steve Carrick
[email protected]
[email protected]
[email protected]
T: 0161 833 7692
T: 0161 833 7717
T: 0161 833 7690
M: 07856 584 523
M: 07468 727 122
M: 07711 042 584
Important notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ("information") as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. None of the services or appliances have been tested and no warranty is given or is to be implied that they are in working order. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered offices 55 Baker Street, London, W1U 8AN, where you may look at a list of members' names.
Investment summary
Opportunity to acquire a modern 8,318 sq ft (772.77 sq m) high specification office building including 42 car parking spaces.
Kings Business Park benefits from direct access to Junction 2 of the M57 motorway.
Let in its entirety to Castlerock Recruitment Group Limited on a new 5 year full repairing and insuring lease from 1 November 2016.
Headline rent of £91,498 per annum, reflecting £11.00 per sq ft.
Long leasehold.
Offers are sought in excess of £936,000 (Nine Hundred and Thirty Six Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price reflects a low capital value of £113 psf and an attractive net initial yield of 9.25%, assuming purchasers costs of 5.68%.
Location and situation
Kings Business Park is an established business park superbly located close to major intersections of the M57 with the M62 and A580, with direct access to Junction 2 of the M57 motorway. The Business Park has extensive frontage to the A57 Liverpool Road and the town centres of Huyton and Prescot are within 2 miles, offering a range of retail facilities, including an Asda and Tesco Superstore. The property is well served by many local bus routes and both Prescot and Huyton Stations offer regular rail services to Liverpool Lime Street Station. Liverpool John Lennon Airport and Manchester International Airport are within 20 minutes and 40 minutes’ drive time respectively. Tiger Court comprises eight detached office units arranged over ground and first floors in an open plan configuration, ranging from 3,100 – 5,200 sq ft. Neighbouring occupiers include Camelot Group, NHS Trust (Mersey Care), First Ark, Pure Legal, Balfour Beatty and Kings Park Nursery. The Business Park provides an unrivalled business environment which already benefits from:
Mature landscaped environment; Generous on site car parking; Secure enclosed site with 24 hour security; Café/bar facility; Child day care centre.
Specification Unit 15 benefits from the following specification:
Two-storey detached office building; Brick and glazed elevations with decorative stonework; Suspended ceiling with integral LG7 lighting; Full access raised floors; Comfort cooling; Male and female toilets on each floor; 42 dedicated car parking spaces, providing an excellent ratio of 1:203 sq ft
Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice on a Net Internal Area basis and extends to 8,318 sq ft (772.76 sq m) arranged over ground and first floor.
Tenancy The property is let in its entirety to Castlerock Recruitment Group Limited on a five year, full repairing and insuring lease from 1 November 2016 (expiring 31 October 2021). The passing rent is £83,180 per annum (£10.00 per sq ft) which steps to £91,498 per annum (£11.00 per sq ft) from the third anniversary of lease commencement. The tenant is currently benefitting from 12 months’ rent free. The vendor is to provide a top up for the rent free period and the stepped rent period.
Tenure The property is held long leasehold.
Covenant Information Castlerock Recruitment is a nationwide recruitment agency specialising in a wide range of healthcare and medical professions contained within five core trading divisions including healthcare staffing, medical staffing, homecare, medical services and resourcing. All staff are pre-screened and managed following NHS Safer Employment standards as well as CQC essential Standards of Quality & Safety. Last year Castlerock Recruitment won the Recruitment Awards 2015 category for ‘Best Healthcare Staffing Solutions.’ Further information can be found at http://www.crg.uk.com/ D&B Rating:
N4
Maximum Credit Limit:
£125,043
Their financial position can be summarised as follows: Fiscal Consolidated 31 Mar 2015
Fiscal Consolidated 31 Mar 2014
Fiscal Consolidated 31 Mar 2013
Sales Turnover
£19,005,770
£28,751,651
£18,027,986
Profit / (Loss) Before Taxes
£267,926
£538,822
£893,146
Tangible Net Worth
(£1,068,085)
(£1,203,610)
(£479,141)
Net Current Assets (Liabilities)
(£697,620)
(£553,346)
(£203,435)
VAT We understand the property has been elected for VAT. It is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC) and as such VAT will not be payable.
EPC An Energy Performance Certificate is available upon request.
Proposal Offers are sought in excess of £936,000 (Nine Hundred and Thirty Six Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price reflects a low capital value of £113 psf and an attractive net initial yield of 9.25%, assuming purchasers costs of 5.68%.
Further information For further information or to arrange a viewing, please contact: Mike Pochin
Tom Dawson
Steve Carrick
[email protected]
[email protected]
[email protected]
T: 0161 833 7692
T: 0161 833 7717
T: 0161 833 7690
M: 07856 584 523
M: 07468 727 122
M: 07711 042 584
Important notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ("information") as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. None of the services or appliances have been tested and no warranty is given or is to be implied that they are in working order. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered offices 55 Baker Street, London, W1U 8AN, where you may look at a list of members' names.
