Investment

chriswatt88

1LDDhnV

Investment

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

On Behalf of


City Centre Office Investment Opportunity

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

Investment Summary









Situated in Stoke-on-Trent, in close proximity to the A500 and

M6 motorway, in an established industrial location.

The estate provides a gross internal area of 5,716.51 sq m

(61,532 sq ft) excluding the units sold off on a virtual freehold

basis.

A well let industrial investment with tenants including DH

Mansfield Group and FGX Europe Ltd.

Freehold.

A reversionary passing rent of £232,937 per annum exclusive.

A weighted average unexpired lease term of 6.30 years.

The asking price reflects a low capital value of £47 per sq ft.

Offers in excess of £2,900,000 (Two Million, Nine Hundred

Thousand Pounds) subject to contract and exclusive of VAT,

reflecting a net initial yield of 7.59%, assuming usual

purchaser’s cost of 5.80%.

www.wsbproperty.co.uk


City Centre Office Investment Opportunity

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

Location

Stoke-on-Trent is a city within Staffordshire, which together with the adjoining

Newcastle-under-Lyme and Kidsgrove forms the principle conurbation of North

Staffordshire. Stoke-on-Trent itself has a population of 249,008 people with, North

Staffordshire having a population of 469,985 people (2011 UK Census).

The North

Manchester

Stoke-on-Trent is linked to the nearby M6 motorway at junctions 15 and 16 by the

A500. The A50 cuts through the city, providing an east-west link between the M6

and M1 motorways.

Surrounding premises comprise a mix of industrial, warehouses and office

accommodation, with occupiers including Scania, West Pennine Trucks and PLR.

Situation

Queensway Industrial Estate is situated 3.5 miles north west of the centre of

Stoke-on-Trent, which is located 37 miles south of Manchester, 38 miles west of

Derby, 48 miles north of Birmingham and 53 miles south east of Liverpool.

By Road

Queensway Industrial Estate is located alongside the A500, off Longbridge Hayes

Road, 3.0 miles north west of Stoke-on-Trent railway station. The estate is within

6.5 miles from both Junctions 15 and 16 of the M6 motorway.

By Rail

Stoke-on-Trent railway station is a mainline station on the Stafford-Manchester

Line (part of the West Coast Main Line between Manchester and London) and

the Crewe-Derby Line. The other railway stations in the city are Longport,

situated adjacent to the site and Longton, of which both are on the Crewe-

Derby Line.

By Bus

The new Stoke-on-Trent bus station was completed in March 2013 at a cost of

£15m and is located approximately 3.3 miles south east of Queensway Industrial

Estate, with up to 120 buses travelling through the station every hour.

Crewe

Queensway

Industrial Estate

Birmingham

/ London

M1

www.wsbproperty.co.uk


City Centre Office Investment Opportunity

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

Description

The property comprises an industrial estate of twelve units totalling approximately

5,716.51 sq m (61,532 sq ft), excluding the units sold off on a virtual freehold basis.

The estate is rectangular in shape with the gross freehold area extending to 2.15

ha (5.30 acres). The two areas hatched red on the attached Promap are let on

999 year ground leases and extend to 0.47 ha (1.16 acres) and 0.03 ha (0.07

acres) respectively, equating to a net area excluding the ground leases of 1.64 ha

(4.07 acres).

The units, which are situated along a central service road, were constructed in

phases from the late 1960s to the mid 1990s. The earlier blocks (6, 7 & 8) are of

steel truss construction and full height brick elevations and the modern blocks are

all of steel portal frame construction with steel profile cladding.

The warehouse areas each benefit from a roller shutter door to the front elevation.

The units have ancillary office accommodation within.

Tenure

We understand the property is held freehold.

Units 2 and 19A/19B have been sold off on a virtual freehold basis for a term of 999

years from 10 January 1998.

Service Charge

For the period 1 April 2015 to 31 March 2016 the service charge budget is £18,414,

which reflects £0.23 per sq ft based on the gross internal area of the whole site of

78,950 sq ft, including the units sold off an a virtual freehold basis.

www.wsbproperty.co.uk


City Centre Office Investment Opportunity

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

Tenancy Schedule

The estate is let to seven tenants, with eleven occupational leases. The estate produces a passing rent of £232,937 per annum exclusive, with Unit 14 being

vacant and available to let. The property has a weighted average unexpired lease term of 6.30 years, excluding the virtual freehold units. The full

accommodation and tenancy details are summarised below.

The property has not been measured in accordance with the RICS code of measuring practice 6 th edition. The floor areas have been provided by the client, St

Modwen Properties PLC.

Unit

Tenant

Size

Sq Ft/Acre

Passing Rent

(PAX)

Passing Rent

(PSF/Acre)

Lease

Expiry

Next

Review

Unexpired

Term Certain

1 - Compound Belford Brothers Skip Hire 0.21 £3,500 £16,667 24/05/16 0.79

2 MJ Lambert 2,101 £100 10/01/98 983.07

6 – 8 FGX Europe Ltd 13,714 £51,000 £3.72 31/01/22 01/02/17 6.48

11a/11b Digraph Transport Supplies Ltd 6,288 £31,750 £5.05 29/01/24 8.48

11c C.A.R.S. (UK) Ltd 3,138 £12,552 £4.00 31/05/21 01/06/16 5.81

11d C.A.R.S. (UK) Ltd 3,150 £12,600 £4.00 31/05/21 01/06/16 5.81

14a Vacant 4,522

14b-k FGX Europe Ltd 26,490 £100,000 £3.78 31/01/22 01/02/17 6.48

18 D H Mansfield Group Ltd 2,503 £10,000 £4.00 12/05/20 13/05/18 4.76

18a Churchman Fenner & Brown Ltd 1,727 £7,335 £4.25 11/01/17 1.42

19a/16b DH Mansfield Ltd 15,317 £100 10/01/98 983.07

Compound - Adj Unit 18 DH Mansfield Group Ltd 0 £4,000 12/05/20 13/05/15 4.76

Total 78,950 £232,937

Total excluding virtual freeholds 61,532

www.wsbproperty.co.uk


City Centre Office Investment Opportunity

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

Covenant Strength

The property is a multi-let industrial estate, with the accounts of the tenants summarised

below;

Tenant Year Ending Turnover

£

Pre-tax profit

£

Total Assets

£

Shareholders’

Funds £

C.A.R.S. (UK) Ltd

30/04/14

30/04/13

30/04/12

n/a

n/a

n/a

n/a

n/a

n/a

823,229

748,216

734,592

628,964

567,269

525,321

DH Mansfield Group

Limited

30/06/14

30/06/13

30/06/12

0

0

0

0

0

0

3,050,101

11,197,056

100

3,050,100

3,460,487

100

FGX Europe Limited

31/12/13

31/12/12

31/12/11

11,500,228

8,720,245

7,730,245

1,122,483

33,685

-66,986

11,950,538

11,098,630

8,295,653

1,018,761

-103,617

-137,302

Churchman, Brown

and Fenner Ltd

30/11/13

30/11/12

30/11/11

n/a

n/a

n/a

n/a

n/a

n/a

163,778

91,603

107,625

33,039

-36,817

-44,934

Belford Bros Skip Hire

Limited

31/07/14

31/07/13

31/07/12

n/a

n/a

n/a

n/a

n/a

n/a

355,814

280,918

285,206

53,398

30,060

68,938

Digraph Transport

Supplies Limited

31/12/13

31/12/12

31/12/11

15,617,820

13,019,671

11,735,057

777,682

575,805

604,566

5,642,198

4,657,647

4,137,520

1,530,096

1,194,914

1,126,221

www.wsbproperty.co.uk


City Centre Office Investment Opportunity

Queensway Industrial Estate

Longbridge Hayes Road, Stoke-on-Trent, ST6 4DS

Industrial Investment Opportunity

EPC

EPCs are available on request.

VAT

The Property is VAT elected.

Proposal

We are instructed to seek offers in excess of £2,900,000 (Two Million, Nine Hundred Thousand

Pounds), subject to contract. A purchase at this level would reflect a net initial yield of

7.59%, assuming usual purchaser’s costs of 5.80%.

Further Information

For further information and in order to arrange an inspection, please contact;

David Watson

0113 234 1444

dwatson@wsbproperty.co.uk

Chris Watt

0113 234 1444

cwatt@wsbproperty.co.uk

Misrepresentation Act 1967: WSB Property Consultants LLP for itself and for the vendor(s) or lessor(s) of this property whose agent it is give notice that

1. These particulars do not constitute any part of an offer or contract.

2. None of the statements contained in these particulars as to the property(s) are to be relied on as statements or representations of fact.

3. Any intending purchaser must satisfy himself/herself by inspection or otherwise as to the correctness of each of the statements contained in these particulars.

4. The vendor(s) or lessor(s) do not make or give and neither WSB Property Consultants LLP nor any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property.

5. None of the buildings services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in safe and working order.

Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT.

Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008: Every reasonable effort has been made by WSB Property Consultants LLP to ensure accuracy and to

check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent inspection or enquiry all information for themselves and to take appropriate

professional advice.

Design and production by WSB Property Consultants LLP September 2015.

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