High Yielding Office Investment Portfolio

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MEADOWCOURT . SHEFFIELD . S9 1BX

AM.PORTFOLIO

AM.PORTFOLIO

AM.PORTFOLIO

PRICED TO SELL

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Investment Summary• An opportunity to acquire a

portfolio of four office buildings on Meadowcourt, Sheffield

• Meadowcourt is located to the north of Sheffield city centre opposite the Meadowhall Shopping Centre

• Totalling 16,161 sq ft of office accommodation with floors ranging in size from 864 sq ft to 5,401 sq ft includes on site car parking spaces

• Tenants included Rhenus Logistics, OH Assist, D&D Recruit, Drivers Direct & Sleath Limited

• The current rent passing is £183,472 per annum reflecting an average low rent of £11.35 per sq ft

• Freehold

• Excellent opportunities to immediately add value through asset management inc leasing vacant above guarantee level, regears and potential break up

• Offers in excess of £1,475,000 (One Million Four Hundred and Seventy Five Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 11.72%, a reversionary yield of 15.84% and a low capital value of £91 per sq ft (assuming purchaser’s costs of 6.16%)2

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UNIT 8

UNIT 1

UNIT 2

UNIT A

MEADOWHALL ROAD (A6109)

AMOS ROAD

HAYLAND STREET

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Micro Location The assets are located to the north of Sheffield city centre opposite the Meadowhall Shopping Centre, close to junction 34 of the M1. From junction 34 north of the M1 take Meadowhall Road to the junction with Amos Road and the properties are on Hayland Street and Meadowcourt. The assets are within walking distance of the Meadowhall Shopping Centre with its facilities including banking, restaurant and retail and within walking distance of the Meadowhall Transport Interchange.

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Macro LocationSheffield is the commercial, administrative and retail centre of South Yorkshire, with a population of approximately 560,000. The city is located 150 miles north of London, 33 miles south of Leeds and 38 miles east of Manchester and benefits from a central location within the UK, adjacent to the M1 motorway. In recent years Sheffield has successfully transformed itself from a city dominated by its manufacturing base to a service led economy worth more than £9 Billion a year. Major employers include HSBC, Santander, Halifax, Aviva, PWC, Irwin Mitchell and Nabarro, alongside growing TMT occupiers such as WANdisco, Plusnet and Sky. Sheffield enjoys excellent access to the national motorway network. Junctions 31 to 34 of the M1 lies approximately 4 miles east of the city centre. The M1 is the principal north/south route in the region, providing direct access to several major cities including Leeds, Nottingham, Newcastle upon Tyne and London.

Access to Humber Ports is provided by the M18 while the A57 connects directly to Manchester. Sheffield railway station is the busiest in South Yorkshire, serving over 9.5 million passengers a year on the Northern, East Midlands and CrossCountry lines. Trains from Sheffield reach London St Pancras in 2 hours and Edinburgh in 3 hours 30 minutes. Government ministers confirmed in July 2017 that a spur of the HS2 (phase 2b) line will service Sheffield Midland station from c. 2033, connecting the city to the next generation of rail travel. There will potential also be a dedicate Meadowhall HS2 stop which would be circa 1.5 miles from the subject assets. Manchester, East Midlands and Leeds Bradford International Airports are all within a 1 hour drive of the city3

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MEADOWHALL WY

MEADOWHALL DR

AMOS RD

MEADOWHALL RD(A6109)

MEADOWHALL SHOPPING CENTRE

M1

J34

M1 SOUTH

M1 NORTH

M1

M1M18

A1(M)

A1(M)

M62M62

M62

M65

M60

M6

M180

MEADOWHALL RD(A6109)

MEADOWCOURT

SHEFFIELD

MANCHESTERDoncaster

Huddersfield

Bradford

Keighley

Selby

Worksop

Mansfield

Stoke-on-Trent

Leek

Stockport

Macclesfield

Matlock

Newark-on-Trent

Chesterfield

Rochdale

Halifax

Barnsley

Wakefield

DERBYNOTTINGHAM

LEEDS

M1

A6109

A6178

A6109

MEADOWHALL RD

MEADOWHALLSHOPPING

CENTRE

B6082

A6109A6178

A631

MEADOW BANK RD

SHEFFIELD RD

MEADOWHALL WAY

SHEPCOTE LN

TYLER ST

HOLYWELL RD

J34

J34MEADOWCOURT

SAT NAV: S9 1BX

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DescriptionUnit 1/2/8, Meadow Court

Each unit is a two-storey semi-detached office building with gas fired central heating, WC facilities, kitchen and double glazing. The units benefit from on site car parking.

Unit A

The two storey property comprises raised floor, gas fired central heating, ladies and gents toilet facilities, kitchen, open plan offices and double glazing. The building benefits from on site car parking.

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UNIT A

UNIT 1&2

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Tenancy

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Investment Rational /Asset Management • Let the vacant accommodation above the rent guarantee

to crystallise reversion

• Improve the rental tone, the current average rent is just £11.35 psf compared to rents of £24.00 psf in the city centre

• Sell off individual units to owner occupiers or investors

• Improve the AWULT through regears and lease renewals

• Located close to M1, Meadowhall Shopping Centre and proposed HS2 Meadowhall station

• Sale includes significant freehold

Property Unit Floor Tenant Area (sq ft)

Lease Start

Lease Expiry

Break Option

Rent (pa)

Rent (psf)

ERV rent (pa)

ERV Rent (Psf)

Comments

Meadowcourt 1 Amos St Sheffield S9 1BX

1 Ground Floor

D&D Recruit Ltd 864 21-Jul-17 20-Jul-20 £7,650 £8.85 £12,096 £14.00

Tenant rent deposit £1,912.50. The service charge is capped at £2,975 inc estate charge

1 1st Floor Guarantee 928 £7,424 £8.00 £12,992 £14.00

12 month rent/ rates/service

charge guarantee

2 Ground Floor

Rhenus Logistics Limited

865 19-May-18 18-May-2319-

May-21

£12,000 £13.87 £12,110 £14.00 Tenant renewed in May 2018

2 1st Floor Guarantee 928 £7,424 £8.00 £12,992 £14.00

12 month rent/ rates/service

charge guarantee

8 Ground Floor

Drivers Direct

Recruitment 867 05-Jul-17 04-Jul-22 05-

Jul-20 £8,600 £9.92 £12,138 £14.00 6 months notice to break

8 1st Floor Sleaths 916 20-Apr-16 19-Apr-21 £8,253 £9.01 £12,824 £14.00 Tenant rent

deposit of £2,476

Total 5,368 £51,351 £75,152

Meadowcourt 111 Hayland St

Sheffield S9 1BY

A 1st Floor

OH Assist Limited 5,402 24-Mar-19 23-Mar-20 £72,820 £13.48 £86,432 £16.00

The tenant has been inoccupation since 2002

and is back bygovernment contracts.

A Ground Floor Guarantee 5,391 £59,301 £11.00 £86,256 £16.00

New refurbishment completed in Nov 18. 12 month rent/rates/service

charge guarantee

Total 10,793 £132,121 £172,688

Grand Total 16,161 £183,472 £11.35 £247,840 £15.345

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Covenant Information

Tenant Company Number Line of Business Experian

Rating Risk of

Business Failure

Rhenus Logistics Limited

04401654A global logistics service company with a turnover of ¤4.8 billion. Founded in 1912 now employees 29,000 people

100/100 Very Low Risk

D&D Recruit Limited

08781894Employment agency that specialises in temporary staffing in the logistics sector.

15/100 Maximum Risk

Sleath Limited 06411807A firm of RICS registered quantity surveyors established in 2007

78/100 Below Average Risk

OH Assist Limited 09621658Occupational health business with over 500 employees. Turnover of £30M last year

41/100 Above Average Risk

Drivers Direct Recruitment Limited

04297475Transport recruitment company with over 20 UK offices

95/100 Very Low Risk

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Tenure Freehold.

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AMOS RD

MEADOWHALL

RD (A

6109

)

= Freehold

= Sold off long leasehold (office)

= Sold off long leasehold (car park)

8

12

UNIT A

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EPCAn Energy Performance Certificate (EPC) is available upon request.

VATThe property has been elected for VAT. VAT will therefore be payable on the purchase price.

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Anti Money Laundering In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

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Proposal We are instructed to seek offers in excess of £1,475,000 (One Million Four Hundred and Seventy Five Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 11.72%, a reversionary yield of 15.84% and a low capital value of £91 per sq ft (assuming purchaser’s costs of 6.16%).

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ContactFor further information please contact:

Steve Carricksc@carrickre.comT: 0161 806 0455 M: 07711 042 584

Misrepresentation Act 1967: B1 Real Estate and Carrick Real Estate Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the details contained within these particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to each of them (iii) no person in the employment of B1 Real Estate, Carrick Real Estate Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. carve-design.co.uk 13974. July 2019.

carrickre.com

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UNIT A