Leigh Commerce Park, Greenfold Way
Leigh WN7 3XJ
- Freehold.
- Modern Business Park forming within the well-established Leigh Commerce Park.
- Multi-let to 15 tenants producing a total income of £692,403 per annum, split between office (52%) and industrial (48%). Which equates to a low passing rent of £7.62 per sq ft on the industrial units and £11.47 per sq. ft. on the office units. (Industrial total rent - £330,500) (Office total rent - £361,903)
- Highly reversionary with an ERV of £8.00 per sq. ft. for the industrial units and £14.50 per sq. ft. for the office accommodation.
- WAULT c. 3 years to expiry and c. 2 years to break.
- We are instructed to seek offers in excess of £8,900,000 (Eight Million, Nine Hundred Thousand Pounds), subject to contract and exclusive of VAT.
- A purchase price of this level reflects a net initial yield of 7.29% and a reversionary yield of 8.48% after allowing for purchaser's costs of 6.72%, and a low capital value of £119 per sq. ft.
- Asset management opportunities include increasing lease length, driving rental values, and development subject to planning.
Leigh is a town within the Metropolitan Borough of Wigan in Greater Manchester, England, 6 miles (10 km) south east of Wigan and 9.5 miles (15 km) west of Manchester.
The town has a local population of approximately 43,000 and a catchment of 256,000 people within a 5 mile radius.
Leigh benefits from excellent road communications via the M6, M61, and M62 motorways and the A580 East Lancashire Road connecting Manchester to Liverpool.
The property is situated in a highly prominent position at the junction of Greenfold Way on the well-established Leigh Commerce Park: a vibrant, high occupancy trading estate with occupiers including Screwfix and Dulux.
Access into the industrial park is granted via the Warrington Road (A574), which in turn connects to the East Lancashire Road (A580) 0.2 miles away. The East Lancashire Road is the main connection between Manchester and Liverpool. Junction 23 of the M6 is approximately 3.5 miles to the west of the site, Junction 13 of the M60 Manchester circular is approximately 6 miles to the east and Junction 5 of the M61 is 7 miles to the north. Leigh town centre is approximately 1 mile to the north.
Leigh Commerce Park comprises a modern multi-let industrial and office park developed over a phased basis, starting in 1999 and completed in 2008, totalling 74,909 sq ft. The site is divided between Orford Court, which contains Units 1, 2, 3 and 4, and Orford Park, which includes Units 5, 6 and 7.
The whole site extends to 5.6 acres, is fully self-contained with perimeter fencing and landscaped. Additionally, Leigh Commerce Park offers on-site CCTV, free parking, and sustainable power supply.
INDUSTRIAL
The industrial component provides 4 modern buildings, variously subdivided across a number of units, totaling 43,355 sq. ft.
Leigh Commerce Park's industrial accommodation is constructed of steel portal frame, part brickwork and part steel elevations, and single-pitched clad roofs. Eaves height range between 5.2m and 5.4m and all units provide
roller shutter doors.
OFFICE
The property's modern office accommodation is split across 3 buildings and totals 31,554 sq. ft.
Stewart House, Beswick House, and Lloyd House comprise the property's office buildings and are constructed of steel frame, brickwork elevations, and a pitched tiled roof. The office accommodation is of a modern standard and provides solid and carpeted floors, perimeter trunking, suspended
fibre-tiled ceilings, and an 8 person lift. All office units benefit from air
conditioning.
ACCOMMODATION
The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following net internal floor areas which can be found within the link below.SERVICE CHARGE
Service charge details are available upon request.
Tenure
The property is held Freehold under titles: GM877399, GM896948 and GM847740.
Tenancy
A tenancy schedule is available on request.
Covenant Information
Further Covenant Information can be found within the link below.
ASSET MANAGEMENT/FUTURE DEVELOPMENT OPPORTUNITIES
The property presents multiple asset management opportunities to be explored including, but not limited to, the below:- Drive rental values upon rent reviews and new lettings.
- Significantly improve average lease length through negotiation. Numerous tenants have expressed interest in longer leases.
- Security Plus Ltd have in principal agreed a new 20 year lease (10 year break).
- Potential to develop an additional office unit (see plans opposite) located to the left of the western entrance, subject to planning.
- Alternative potential for the development of an industrial unit or trade counter space. Prime industrial rents in the area are quoting £10 per sq ft.
- Potential break-up value by disposing of individual assets on long leases or to owner-occupiers.
- Leverage potential of trade park location with local occupiers including Screwfix, Johnstones Decorating Centre, and Dulux.
VAT
TBC
EPC
All EPCs are available in the data room.DATA ROOM
A full data room is available upon request.ANTI-MONEY LAUNDERING STATEMENT
In order to discharge its legal obligations, including under applicable anti-money laundering regulations, vendor's agents will require certain information of the successful bidder. In submitting a bid, you agree to provide such information when Heads of Terms are agreed.Proposal
We are instructed to seek offers in excess of
£8,900,000 (Eight Million, Nine Hundred
Thousand Pounds), subject to contract and
exclusive of VAT.
A purchase price of this level reflects a net
initial yield of 7.29% and a reversionary
yield of 8.48% after allowing for purchasers
costs of 6.72%, and a low capital value of
£119 per sq ft.
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