Poseidon House, Oakhurst Drive

Cheadle, Cheshire SK3 0XB

Overview

  • Modern high quality detached office building totalling 35,842 sq ft with 116 car spaces, on a site of 0.57 hectares (1.4 acres).
  • Situated within an established business location in a prominent position in close proximity to both Manchester Airport and Manchester city centre.
  • Freehold.
  • Let to Thales Properties Ltd with a guarantee from Thales Holdings UK plc on a reversionary 10 year lease (no break) from 14th September 2019, at a current passing rent of £500,000 per annum.
  • For the year ending 31st December 2017 Thales Holdings UK plc reported a net worth of £1.13bn.
  • The company has a financial strength assessed by Dun and Bradstreet of 5A1, representing a minimum risk of business failure.
  • Thales are very well established in the immediate vicinity, occupying four additional buildings in close proximity to Poseidon House.
  • Offers are invited in excess of £6,500,000 (Six Million, Five Hundred Thousand Pounds) reflecting a net initial yield of 7.21%, 7.54% on the SPV and a low capital value of £181 psf, assuming purchaser's costs of 6.64%.

Location

Manchester is regarded as the UK's second largest financial centre outside London and is the administrative and commercial hub of the North West region.

Manchester has the second largest urban population and the largest business centre outside London. As such it is recognised as the financial and administrative capital of the North West. It is located approximately 34 miles east of Liverpool, 44 miles west of Leeds, 87 miles north of Birmingham and 207 miles north-west of central London.

The city benefits from an excellent transport infrastructure, with the M60 orbital motorway connecting directly with the M56, M67 and M62 motorways. In addition, both the M56 and M62 subsequently link with the M6 motorway. As a consequence, approximately 60% of the UK's population is within a two hour drive time.

Cheadle is situated within the Borough of Stockport, which is one of the largest towns within the Greater Manchester conurbation.

4 miles from Manchester International Airport

For further information on inward investment and infrastructure improvements, please see the Marketing Brochure.

Situation

Cheadle is an affluent town situated approximately 6 miles south of Manchester and 3 miles west of Stockport. Cheadle has a population of approximately 60,000 and forms part of the Manchester commuter belt, with nearby towns including Cheadle Hulme, Bramhall, Wilmslow and Alderley Edge.

Bird Hall Lane is a well-established business location within Cheadle. The property is prominently located just off Bird Hall Lane, less than 1 mile south of the A560 Stockport Road which connects Junctions 1 and 2 of the M60.

The immediate surrounding buildings are characterised by office, industrial and trade counter uses, with companies including Bosch, Landis+Gyr, Biz Space, Emcor, DAI and Panalpina World Transport situated in the vicinity.

Morrisons and Lidl supermarkets are within walking distance, whilst Cheadle Heath Police Station is 0.6 miles to the north of Poseidon House.

Beyond the immediate commercial surrounds are affluent residential suburbs, including various schools, parks, golf clubs and sports clubs.

Nearby leisure and retail amenities includes Cheadle High Street (5 minute drive), Cheadle Hulme Shopping Centre (5 minute drive), Cheadle Royal (Sainsbury's, John Lewis), David Lloyd and De Vere Hotel are all located a 10 minute drive away.

In addition, Thales also occupy further space within three separate buildings on the adjacent Lawnhurst Trading Estate, including Dolphin and Eagle House. The Thales workforce at Poseidon House of approximately 300 staff is highly skilled, and retains strong ties with the significant engineering departments at Manchester's universities.

Description

The subject property comprises a high quality modern detached self-contained office building which provides flexible accommodation arranged in an L shape over three floors.

The property was constructed in 2004 and benefits from the following specification:

  • Fully glazed entrance and reception;
  • Full access raised floors;
  • Suspended ceilings incorporating category 2 lighting;
  • Gas-fired heating;
  • Fan coil air conditioning;
  • Two 8 person capacity 680kg passenger lifts;
  • Male/female/DDA compliant toilet facilities are provided on each floor;
  • Entrance to the site is provided by an electronic gate system.
The property has a tarmacadam surfaced car park providing 116 spaces at a ratio of 1:309 sq ft. The total site area is 0.567 hectares (1.401 acres), including a small additional plot of land which provides for 26 of the car parking spaces.

Thales own the freehold of the car park that fronts Ashurst Drive, which provides significant additional parking provision for Poseidon House.

Accommodation

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the net internal floor areas as seen in the Accommodation Schedule below:


Tenure

Freehold.

Whilst only the site highlighted red in the Situation Plan is subject of the sale, the tenant occupies a number of adjacent sites on a leasehold and freehold basis. Clearly this demonstrates the tenant's commitment to this location.

Tenancy

The entire property is let on a lease to Thales Properties Ltd, with a guarantee from Thales Holdings UK plc. The tenant recently signed a reversionary lease for a term of 10 years from 14th September 2019.

The annual rent of £500,000 is subject to an OMV (upward only) rent review after 5 years.

The tenant will benefit from a rent free period from 3rd October 2018 to 3rd March 2020, in addition to a capital contribution of £500,000 payable on the 14th September 2019. Any outstanding incentive will be topped up by the vendor.

Covenant Information

Thales develops, and supplies technology and services that impact the lives of millions of people each day to make life better, and keep us safer. Thales innovates across five major industries:

  • Aerospace
  • Defence
  • Ground Transportation
  • Security
  • Space
Thales in the UK operates within the civil and defence markets, working with a range of customers to help them overcome their challenges.

For further information on Thales, please see the Marketing Brochure.


VAT

We understand the property is elected for VAT and therefore we anticipate the transaction will be treated as a Transfer of a Going Concern (TOGC).

EPC

The property has an energy performance rating of C75. The Energy Performance Certificate is available on request.

Proposal

Offers are invited in excess of £6,500,000 (Six Million, Five Hundred Thousand Pounds) reflecting a net initial yield of 7.21%, 7.54% on the SPV and a low capital value of £181 psf, assuming purchaser's costs of 6.64%.

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NET INITIAL YIELD:
7.21%
PRICE:
£6,500,000
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