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