KF Wickes, Mansfield_5 Page Brochure.q:Layout 1

Wickes, Chesterfield road, Mansfield, ng19 7ap
Trade Warehouse Investment Opportunity
Wickes, Chesterfield road, Mansfield, ng19 7ap
Trade Warehouse Investment Opportunity
INVESTMENT SUMMARY
LOCATION & SITUATION
•
Trade warehouse let to Wickes Building Supplies Limited (D&B rating 5A1).
•
Warehouse totals 20,055 sq ft (1,863.2 sq m) Gross Internal Area.
Mansfield is located within the county of Nottinghamshire and has a population of
approximately 100,000. It is located 15 miles north of Nottingham, 25 miles north
east of Derby, 30 miles south of Sheffield and 140 miles north west of London.
•
6.4 years unexpired.
•
Current passing rent of £149,730 pa (average rent of £7.47 psf).
•
Freehold.
•
Highly prominent roadside location.
•
Offers in excess of £1,715,000, Subject to Contract and exclusive of VAT.
•
Net Initial Yield of 8.25% assuming purchaser’s costs of 5.8%.
•
Capital Value of £85 per sq ft.
The property occupies a prominent position fronting onto Chesterfield Road South
(A617) approximately one mile to the north west of Mansfield town centre. Chesterfield
Road connects directly through to Junction 29 of the M1 motorway to the north west.
Subject to Contract & Exclusive of VAT
The surrounding area is predominantly residential with a variety of commercial uses
fronting on to the main arterial road.
Road communications are excellent with Junction 28 of the M1 motorway being
located approximately 6.5 miles south west of Mansfield, providing access to
Nottingham, Leicester and London. Rail communications are also strong with Mansfield
Station providing regular trains to Nottingham, in a journey time of approximately
35 minutes. Mansfield is located 26 miles north east of the East Midlands Airport
which provides both domestic and international flights.
A6191
A6075
A6117
A6075
A617
National
Tyresand
Auto Care
Mr Tyre Ltd
Mansfield
District
Council
A60
A6009
A6009
A6009
A38
A6191
Wickes, Chesterfield road, Mansfield, ng19 7ap
Trade Warehouse Investment Opportunity
DESCRIPTION & ACCOMMODATION
SITE
The property comprises a double bay warehouse unit constructed in the early
1980’s. The property has been measured in accordance with the RICS Code of
Measuring Practice 6th Edition and provides a Gross Internal Floor Area of
20,055 sq ft (1,863.2 sq m).
The site comprises approximately 1.92 acres (0.78 hectares) which represents a site
cover of approximately 24%.
The warehouse is of steel portal frame construction under a pitched roof with
corrugated asbestos cement sheet cladding. The walls are part brickwork with
profile sheet cladding. The warehouse has two roller shutter doors and benefits
from an eaves height of 4.9m. Internally there is an open plan sales floor area
and blockwork constructed offices. Externally there is a loading area and customer
parking facilities.
For indicative purposes only.
EPCs
The property has an energy performance rating of B. A copy of the Energy
Performance Certificate can be provided on request.
TENURE
The property is held Freehold.
Wickes, Chesterfield road, Mansfield, ng19 7ap
Trade Warehouse Investment Opportunity
tenancy
PLANNING
The property is let under a Full Repairing and Insuring lease to Wickes Building
Supplies Limited for a term of 35 years from 24 June 1985, expiring 23 June 2020.
Therefore there is approximately 6.4 years remain unexpired.
The site benefits from redevelopment potential in isolation, but particularly in
conjunction with the land located adjacent to the north east corner of the site
which has been designated as an area where residential planning permission
would be granted. The area has been outlined blue below.
The current rent passing is £149,730 per annum which equates to approximately
£7.47 per sq ft. The rent is subject to open market rent reviews with the next review
in June 2016.
covenant
Wickes Building Supplies is a leading UK DIY retailer, focused on building materials
and supplies for the public and trade. In addition to building products, such as
timber, bricks and cement, Wickes stores also offer a range of kitchens, conservatories,
bathrooms and bedrooms.
Wickes Building Supplies Limited (Com No. 1840419) is rated 5A1 by Dun &
Bradstreet which represents a minimum risk of business failure and has produced the
following accounts over the last 3 years;
29/12/2012
31/12/2011
01/01/2011
Sales Turnover
£976,136,000
£980,450,000
£969,052,000
Profit / (Loss) Before Taxation
£55,550,000
£40,375,000
£48,573,000
Tangible Net Worth
£311,781,000
£276,016,000
£255,694,000
Net Current Assets
£164,682,000
£125,150,000
£108,490,000
Further information is available on request.
Wickes, Chesterfield road, Mansfield, ng19 7ap
Trade Warehouse Investment Opportunity
VAT
We understand that the property is registered for VAT which will be chargeable on the
sale price unless the transaction can be treated as a Transfer of a Going Concern (TOGC).
PROPOSAL
We are instructed to seek offers in excess of £1,715,000, Subject to Contract and
exclusive of VAT, which reflects a Net Initial Yield of 8.25% assuming purchasers
costs of 5.80%.
FURTHER INFORMATION
For further information or to arrange an inspection please contact either of the following:
Nick Cripps
Knight Frank LLP
Will Gubb
Knight Frank LLP
+44 (0) 207 861 1532
[email protected]
+44 (0) 207 861 1595
[email protected]
James Mason
Knight Frank LLP
Robert Hepworth
Knight Frank LLP
+44 (0) 207 861 1214
[email protected]
+44 (0) 114 272 9750
[email protected]
Knight Frank LLP, 55 Baker Street, London, W1U 8AN
Subject to Contract & Exclusive of VAT
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. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that
all information is correct. 4. VAT: The VAT position relating to the property may change without notice.
Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members' names. February 2014. Designed & produced
by www.thedesignexchange.co.uk Tel: 01943 604500.