Investment Summary Location Aerial Map Situation ... · David Lloyd Racquet and Fitness Centre, Premier Inn, TGi Fridays, Sainsbury’s and John Lewis. Airport City at Manchester

Cheadle Royal Business Park SK8 3FSSecure hotel and conference investment

Investment Summary Location Aerial Map Situation Description Tenancy Terms Site Plan Gallery Contact

INVESTMENT SUMMARY

36,785 sqft modern hotel and conference

Let to De Vere Venues Limited by way of a

new 15 year FRI lease from 29 July 2014

£475,000 per annum

Fixed increase at the end of year 5

£7,450,000 (Seven Million Four Hundred

Net Initial Yield – 6.03%

investment

and Fifty Thousand Pounds)


M60

A6

M56

5

4

3 2

1

32

A34

A34

KIN

GSW

AY

RINGWAY RD

SIMONSWAY

ALTRINCHAM RD

BRO

WN

LEY R

D

GR

EEN

BRO

W R

D

HO

LLIN

LN

TURVES RD

WILM

SLOW

RD

B5358

A560

A560

A5149

CHEADLE RD

LADYBRID

GE RD

FINNEY LN

EASTERN LINK ROAD

B5465

BIRD H

ALL LN

COUNCILLOR LN

GIL

LBEN

T RD

A5149

A

510

2

A51

02

GARNERS LNHOLYHEDGE RD

STYAL LN

MANCHESTER AIRPORT

HEALD GREEN

BAGULEY

GATLEY

CHEADLE HULME

CHEADLE HEATH

WYTHENSHAWE

BRAMHALL


Cheadle is an affluent commuter town in the Metropolitan Borough of

Stockport and forms part of the Greater Manchester conurbation. The

town is located approximately 13km (8 miles) south of Manchester, 4km

(2.5 miles) west of Stockport, 10km (6 miles) east of Altrincham and 10km

(6 miles) north of Wilmlsow.

Cheadle benefits from excellent communication links, being located

adjacent to the intersection of the M60 and M56 motorways and benefitting

from the A34 bypass, providing access south to Alderley Edge and

Macclesfield and north into Central Manchester.

The location benefits from National Rail train stations at Gatley and

Cheadle Hulme, providing regular services into Manchester Piccadilly

with a journey time of approx. 20 minutes. Both Wilmslow and Stockport

Railway Stations provide a regular service, every 20 minutes, to London

Euston with a journey time under 2 hours.

Manchester Airport is located 4 km (2.5 miles) from Cheadle and is the

UK’s 3rd largest airport flying to around 225 destinations.

LOCATION

VIEW AERIAL

VIEW MAP


1. JOHN LEWIS 2. SAINSBURY’S 3. DAVID LLOYD 4. PREMIER INN 5. TGI FRIDAYS 6. CARRIER TRAVEL 7. JERROLD HOLDINGS

8. KIDS ALLOWED 9. MICRON 10. JARDEN 11. REGUS 12. BALFOUR BEATTY 13. FRESH 14. BYRON 15. WEINERBERGER

8

9

1110 12

7 6 5

4

14

13

15

3

2 1

CHEADLE HOUSE

M60

A6

M56

5

4

3 2

1

3 2

A34A34

KIN

GSW

AY

RINGWAY RD

SIMONSWAY

ALTRINCHAM RD

BRO

WN

LEY R

D

GR

EEN

BRO

W R

D

HO

LLIN

LN

B

5166

TURVES RD

WILM

SLOW

RD

B5358

A560

A560

A5149

CHEADLE RD

LADYBRID

GE RD

FINNEY LN

EASTERN LINK ROAD

B5465

BIRD H

ALL LN

COUNCILLOR LN

GIL

LBEN

T RD

A5149

A

510

2

A51

02

GARNERS LNHOLYHEDGE RD

STYAL LN

MANCHESTER AIRPORT

HEALD GREEN

BAGULEY

GATLEY

CHEADLE HULME

CHEADLE HEATH

WYTHENSHAWE

BRAMHALL

RO

YA

L CRES

SAINSBURY’S

JOHN LEWIS

TGI FRIDAYSKIDS ALLOWED

DAVID LLOYD

PREMIER INN


(2.5 MILES)

MANCHESTER(8 MILES)

Cheadle House is prominently situation within Cheadle Royal Business

Park on Royal Crescent, at the junction with Brooks Drive.

Cheadle Royal is South Manchester’s premier business park extending to

approx. 70 acres of landscaped grounds. The park is home to a number of

corporate companies such as Balfour Beatty, Jacobs, Micron, Regus and

Carrier Travel, but also provides an array of on-site facilities to include

David Lloyd Racquet and Fitness Centre, Premier Inn, TGi Fridays,

Sainsbury’s and John Lewis.

Airport City at Manchester Airport is currently being created through

phased delivery over the next 15 years, at a cost of £650million and is seen

as a major focus for the conferencing and hospitality elements of Cheadle

House. Upon completion, Airport City will provide up to:

• 1.4m sqft logistics & industrial

• 1.0m sqft offices

• 650,000 sqft advanced manufacturing

SITUATION


Flickr user raver_mikey

Cheadle House comprises an imposing Victorian property arranged

predominantly over ground and first floors, but with an element of 2nd

floor accommodation and extends to 36,785 sqft.

The property was extensively refurbished in 2001 by Amec to form a high

quality modern conference and hotel facility, the only one of its type in the

area. The property comprises 17 meeting rooms, 52 bedrooms, 87 on-site

car spaces, a restaurant and a bar.

The property caters for business events during the working week and as a

function venue at the weekends.

DESCRIPTION


The property is let entirely to De Vere Venues Limited by way of a full repairing and insuring lease for a period of 15 years from 29 July 2014.

The vendor will be ‘topping up’ the incentive period granted to the tenant. The rent for the first 5 years of the tenancy will be £475,000 per annum. At the end of year 5 the rent will increase to £525,000 per annum. There are no further rent reviews.

The lease is subject to a schedule of condition.

De Vere have been operating from Cheadle House since 2002.

TENANCY

De Vere Venues Limited (Co. No. 01396936) was incorporated in 1978 and remained part of the De Vere Group until March 2014 when it was acquired by Starwood Capital Group for £231m.

De Vere Venues operate from 23 owned and leased properties, comprising 2,433 bedrooms, 374 meeting rooms and 414,000 sqft of meeting space. They are the UK’s no.1 provider of meeting, conference and event space and serve a number of long-term corporate customers.

De Vere Venues achieved the 2013 Certificate of Excellence from Trip Advisor along with a ‘Top Rated’ award from LateRooms.com in the Simply Guest Awards 2013.


TENANCY COVENANT

Long leasehold for a period of 215 years less 6 days from 29 September 1995 at a peppercorn.

TERMS

The property is VAT registered and therefore VAT will be payable on the purchase. It is anticipated that the transaction may be able to be treated as a Transfer of a Going Concern (TOGC) interested parties are advised to make their own enquiries.

TENURE

VAT

The property has an EPC rating of C56. A certificate is available on request.

EPC

We are seeking offers of £7,450,000 (Seven Million Four Hundred and Fifty Thousand Pounds) for our clients interest. An acquisition at this level reflects a net initial yield of 6.03% rising to 6.66% at review.

PRICE


61.3m

ESS

SITE PLAN

CHEADLE HOUSE

CAR PARKCAR PARK CAR PARK



For further information or to arrangean inspection please contact:

Commercial Properties LtdGary Scorah0161 818 836607825 703 [email protected]

Cheadle HouseCheadle Royal Business ParkRoyal CrescentCheadleCheshire SK8 3FS

Location

Misrepresentation Act 1967. Unfair Contract Terms Act 1977. The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agents and are not to

be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation

or warranty whatsoever in relation to the property. October 2014. Designed by belladesign.co.uk


CONTACT

Documents

Investment Summary Location Aerial Map Situation ... · David Lloyd Racquet and Fitness Centre, Premier Inn, TGi Fridays, Sainsbury’s and John Lewis. Airport City at Manchester