ALEXANDRAMILLQ U E E N S T R E E T • L E E K • S T 1 3 6 R H

REDEVELOPED MIXED-USEMILL BUILDING INVESTMENT

Caldene Properties

[ INVESTMENT SUMMARY ]

• A rare opportunity to acquire a fully redeveloped mill building, finished to a high standard with full occupation.

• Multi let to a mix of uses including offices and residential

• Located on Queen Street in the centre of Leek.

• Leek is an attractive market town in Staffordshire, approximately 9 miles north east of Stoke on Trent.

• The building provides a total overall area of 14,102 sq.ft (1,310.12 sq.m)

• Multi-let with 17% of the income secured against The CPM Group Ltd, part of Marshalls PLC which is a FTSE 250 listed manufacturer of natural stone and concrete hard landscaping products.

• The property provides separate access for the residential occupiers from the commercial businesses, via a rear staircase and a separate car park.

We are instructed to seek offers in excess of £1,300,000 (One Million, Three Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect a Net Initial Yield of 8.5% on the commercial element and a blend of £110 - £130 psf on the residential element and an overall low capital value of £91.70 psf.

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[ LOCATION ]Alexandra Mill is located in Leek in Staffordshire approximately 9 miles to the north east of Stoke on Trent, 14 miles to the south east of Macclesfield and 25 miles south of Manchester. The town is connected by the A523, A53 and the A520 which provide easy access to the surrounding towns.

The property is centrally located on Queen Street, within walking distance of the town centre, shops and local amenities.

LEEKLeek is an attractive and historic market town in North Staffordshire. Major occupiers in the town include Ornua Food (formerly Adams Foods), who are the UK’s biggest supplier of hard pack cheese, Co-operative Financial Services and Capita.

Leek also has a strong tourism offer. Known as the “Queen of the Staffordshire Moorlands” the town is located on the edge of the Peak District and benefits from a traditional stone-cobbled market square, well-preserved architecture and a bustling antique shopping scene.

03A523

A523 A523

ASDA

BROUGH PARK LEISURE CENTRE

MACCLESFIELD

STOKE ON TRENT ASHBOURNE

TUNSTALL

KIDSGROVE

CONGLETON

LEEK

BUXTON

FROGHALL

PEAK DISTRICT

BOOTS

PREMIER INN

LEEKA523

A523A53

M6St Edward St Ashbourne Rd

QUEEN ST

Earl St

A523

A50

A523

A537

A53

A53

A52 A52

A34 A515

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[ ACCOMMODATION ] The property provides the following approximate floor areas:

[ PROPERTY DESCRIPTION ]The property dates back to the 1860s and was originally built for Thomas and Vernon Myatt as a silk mill. In 2016, the CWC Group undertook a comprehensive refurbishment of the building including the addition of new highly efficient double glazed windows with aluminium frames throughout.

There is a communal entrance accessed via Earl Street providing access to all floors via stairs and a passenger lift. At the rear of the building there is a second staircase providing access to the first floor offices and upper floor residential element of the property.

At the rear of the site, accessed via Regent Street, are two industrial units.

The site area is approximately 0.34 acres (0.14 ha).

Total:14,102 sq.ft1,310.1 sq.m

Office & Ancillary

5,074 sq.ft471.4 sq.m

Warehouse3,349 sq.ft311.1 sq.m

Residential5,679 sq.ft527.6 sq.m

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[ TENURE ]Freehold.

[ COVENANTS ]17% of the income is secured against The CPM Group Ltd (part of Marshalls PLC). CPM Group are a leading manufacturer of precast concrete products. In October 2017 CPM Group were acquired by Marshalls PLC, a FTSE 250 business with a turnover of £430.2m, in a £38m deal. CPM Group’s latest financial results are below:

31.12.2017 (£‘000s)

31.12.2016 (£‘000s)

31.12.2015 (£‘000s)

Turnover 55,338 51,215 44,756

Profit before Tax (10,852) 4,649 3,619

Shareholders Funds 2,012 14,444 11,042

Net Assets 10,487 18,632 15,699

[ TENANCY SCHEDULE ]

Unit Tenant Start Expiry Annual RentSize

(Sq.ft)

Rent Per

Sq.FtComments

G1 Armstrong Accountants 1-Jan-18 31-Dec-22 £6,500 990 £6.57

G2 Ruston Services Ltd 7-Sep-17 6-Sep-22 £6,500 1,082 £5.55

G3 Springbank Fencing Ltd 1-Jan-16 31-Dec-99 £5,000 859 £5.82 Tenancy at Will

G4A Office/Reception

G4 Yard/MOT BayStephen Border 17-May-19 16-May-29 £11,000 1,408 £7.81

G5 Leek & District Samaritans 29-Sep-17 28-Sep-22 £6,500 975 £6.67

F1 & F2 The CPM Group Ltd 25-Dec-16 24-Dec-26 £21,000 3,109 £6.75Rent to rise to £23,000 in year 4 and £25,000 in year 5. Single break option date 25.12.21

with at least 6 months notice

Apartment 1 - 2nd Fl AST 14-Aug-18 13-Aug-19 £7,800 882 Deposit paid £750

Apartment 2 - 2nd Fl AST 18-Apr-19 17-Apr-20 £6,300 714 Deposit paid £525

Apartment 3 - 2nd Fl AST 1-Sep-18 31-Aug-19 £5,400 469 Deposit paid of £550

Apartment 4 - 2nd Fl AST 1-Jul-19 39-Jun-20 £7,140 794 Deposit paid £595

Apartment 5 - 3rd Fl AST 1-Jun-19 31-May-20 £7,140 917 Deposit paid £595

Apartment 6 - 3rd Fl AST 3-Oct-17 2-Oct-19 £7,080 702 Deposit paid £590

Apartment 7 - 3rd Fl AST 2-Jun-17 1-Jun-18 £6,540 478 Deposit paid of £645. Tenant is holding over

Apartment 8 - 3rd Fl AST 18-Apr-17 17-Apr-18 £8,400 723 Deposit paid of £800. Tenant is holding over

TOTAL £112,300 14,102

[ EPC ]The various EPCs are available upon request.

[ VAT ]We understand the property will be elected for VAT. It is intended that the sale will be treated a Transfer of a Going Concern (TOGC).

[ PROPOSAL ]We are instructed to seek offers in excess of £1,300,000 (One Million, Three Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect a Net Initial Yield of 8.5% on the commercial element and a blend of £110 - £130 psf on the residential element and an overall low capital value of £91.70 psf.

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[ FURTHER INFORMATION ]

For further information or to arrange a site inspection, please contact the following:

Ben Wisher0121 233 6456ben.wisher@knightfrank.com

Chris Howe0121 234 0338christopher.howe@knightfrank.com

Knight Frank LLP, 1 Colmore RowBirmingham B3 2BJ

KnightFrank.co.uk

t

/

01335 360353 e / enquiries@cwc-group.co.uk

Caldene Properties LtdEdnaston Park, Painters Lane, Ednaston, Derbyshire, DE6 3FA

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Important notice. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. June 2019. carve-design.co.uk 14213