MERRYHILLS ENTERPRISE PARK

PARK LANE - WOLVERHAMPTON – WEST MIDLANDS – WV10 9TJ

FOR SALE

INDUSTRIAL INVESTMENT OPPORTUNITY

INVESTMENT SUMMARY

Freehold investment opportunity

Sought after location within 2 miles of

Wolverhampton Town Centre

Multi-let industrial estate comprising a mix of modern detached, semi-detached and terrace industrial & office buildings extending to approx. 37,687 sqft (3,501 sqm) on a site of approx. 2.55 acres (1.03 hectares).

Occupiers including: DFS, Euro Car Parts Limited and Bells Plumbing Supplies

Asset management and agency opportunities.

The current passing rent is £187,650 per annum, exclusive of VAT.

Potential reversionary income of circa £207,650 per annum exclusive when fully let.

We are instructed to seek offers in the region of £2,500,000 (Two Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7% after allowing for usual purchaser’s cost of 6.4%.

TENURE The property is understood to be of freehold tenure and is to be sold subject to and with

the benefit of the current lease agreements. Other units within the vicinity are in separate

ownership and contribute to the maintenance of the communal access areas.

LOCATION Forming part of the thriving Birmingham and historic Black Country conurbation, The City

of Wolverhampton is well located providing easy access to the motorway network

including the M6, M6 Toll, M5, M54 and beyond.

Wolverhampton is an old established industrial centre with a number of exciting projects

planned for its future prosperity and attracting inward investment.

Wolverhampton is situated 17 miles north west of Birmingham, 17 miles south of Stafford

and 17 miles south east of Telford.

SITUATION Merryhills Enterprise Park is an established commercial location on the fringe of

Wolverhampton City Centre, close to large densely populated residential areas. The

Estate is accessed off Park Lane which connects a short distance away to the main A460

Cannock Road. This connects one of the main arterial routes serving Wolverhampton and

connecting to Junction 1 of the M54 Motorway about 4 miles to the north east.

DESCRIPTION Merryhills Enterprise Park is a multi-let industrial estate comprising a mix of purpose

built industrial/office buildings totalling approx. 37,687 sqft (3,501 sqm) on a site area of

circa 2.55 acres (1.03 hectares) with current occupiers including: DFS, Euro Car Parts Ltd,

Veloxserve Communications Ltd and Bells Plumbing Supplies.

The property has been in the same ownership since 1989 with the majority of the units

constructed in 1999.

The units are of steel portal frame construction with brick base and corrugated sheet

over-cladding with internal fit-outs having been configured to suit Tenant’s specific

requirements.

Having secure gated entrance, the buildings are serviced by a tarmacadam access road

and have the benefit of forecourt loading and car parking facilities with a separate

external yard area to the rear of Unit 14.

All the units are let with the exception of four first floor office suites located within unit

5. The accommodation has been recently refurbished to include new carpets.

Merryhills

Enterprise Park

PROPERTY

TENANT

LEASE COMMENCMENT

TERM ACCOMMODATION REPAIRING

OBLIGATIONS RENT PER ANNUM

BREAK OPTION

RENT REVIEW

Unit 5A Master Key Systems 25.09.2018 5 years 2,070 ft2 £15,000 25.03.2020

Unit 5B Perfect Tables

Limited 25.09.2018 3 years 1,360 ft2 £10,000 25.03.2020

Unit 5C Vacant 460 ft2 £5,000

Unit 5D Vacant 460 ft2 £5,000

Unit 5E Vacant 500 ft2 £5,000

Unit 5F Vacant 430 ft2 £5,000

Unit 6 Euro Car Parts

Limited 11.08.2018 5,446 ft2 FRI £25,000 10.04.2021

Units 7 & 8 DFS 04.11.2013 10 years 7,297 ft2 FRI £31,000

Unit 9 Workplace

Recovery Limited 25.12.2018 5 years 3,420 ft2 FRI £16,500

Unit 14 Veloxserv

Communications Limited

20.03.2015 5 years 3,700 ft2 FRI £20,500

Units 15 & 16 Bells Plumbing

Supplies 25.06.2014 10 years 6,100 ft2 FRI £26,400

24.06.2019

24.06.2019

Unit 17 Ioic Tago 25.09.2018 3 years 1,020 ft2 IRI £7,000 25.09.2020

Unit 18 Contech Testing and Consulting

25.09.2019 3 years 812 ft2 IRI £6,500 25.03.2020

25.03.2020

Unit 19 Ground

Investigation Specialists

01.12.2018 3 years 700 ft2 IRI £5,750

Unit 20 Pay3 Limited 02.01.2018 6 years 700 ft2 IRI £4,500 02.01.2021

Unit 21 Midland Production

Services 11.05.2018 3 years 812 ft2 IRI £5,000 10.11.2019

Unit 22 Project Design

Technology 01.06.2017 3 years 1,400 ft2 IRI £8,500

Unit 23 Confluence Creative 25.09.2017 3 years 1,000 ft2 IRI £6,000 24.09.2019

TOTAL 37,687 ft2 £187,650.00

TENANCY SCHEDULE AS AT MAY 2019

Units 5C, 5D, 5E and 5F are available To Let individually at asking rent of £5,000 per annum per unit.

Unit 14 – It is understood a new lease for a term of 11 years has been agreed at a rent of £20,500 per annum exclusive rising to £22,500 per annum exclusive after the first

12 months’ with further rent reviews scheduled at the end of the 4th, 6th and 9th anniversary. The new Lease incorporates a Tenant only break option at the end of the 6th

anniversary of the lease term.

Toby Shaw

DDI: 01743 260880 Mobile: 07967721745

Email: toby.shaw@tsrsurveyors.co.uk

ENERGY PERFORMANCE CERTIFICATES Energy Performance Certificates are available from the Selling Agents upon request.

VAT All costs / prices are exclusive of but subject to VAT if appropriate. We are advised that the Vendor has elected to charge VAT on the property and that this matter may be treated as a Transfer of Going Concern (TOGC). Interested parties are suggested to seek independent expert advice.

VIEWING/ FURTHER INFORMATION Requests for further information, or to arrange inspection of the property should be made through the sole Selling Agents. Please contact:

Consumer Protection from Unfair Trading Regulations 2008

“These particulars are issued on the distinct understanding that all negotiations are concluded through Towler Shaw Roberts LLP (or their joint agents where applicable). The property is offered subject to contract and is still being available at the time of the enquiry and no responsibility can

be accepted for any loss or expenses incurred in viewing or otherwise. Towler Shaw Roberts LLP (and their joint agents where applicable) for themselves and for the vendors of the property whose agents they are, given notice that: (i) These particulars are a general outline only for the guidance

of prospective purchases or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Towler Shaw Roberts LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other detail

contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) No employee of Towler Shaw Roberts LLP (and its subsidiaries and their joint agents where applicable) has any authority

to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) Towler Shaw Roberts LLP (and its subsidiaries where applicable) will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars, and (v) The

reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its function. Prospective purchasers/tenants should satisfy themselves as to

Dated – May 2019

PROPOSAL We are instructed to seek offers in the region of £2,500,000 (Two Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 7% based on the current rent roll after allowing for usual purchaser’s cost of 6.4%.

SALES INFORMATION PACK Further details are available from the Selling Agents upon request.