T H E

M A R K E T W E L L S

13-15 Price Street & 86 Market Street Birkenhead CH41 6JN

HIGH YIELDING INVESTMENT SECURED AGAINST A DOCTORS SURGERY & HOUSING ASSOCIATION COVENANT

INVESTMENT SUMMARY· Modern building let to two excellent tenants:

· Medical Centre

· Housing Association

· Medical Centre (Hamilton Medical Centre) in occupation since 2001 and is the only one in the town centre providing an excellent opportunity to re-gear the lease in the future

· Renewed lease to the Housing Association (Birkenhead Forum Housing Association)

· The property extends to 5,735 sq ft

· The property is fully let to 2 tenants on FR&I terms and is producing £87,000 pa

· Adjacent to Hamilton Square, the Job Centre Plus, the Benefits Office and the busy retailing pitch of Argyle Street

We are seeking offers in excess of £915,000 which reflects an attractive net initial yield of 9.00%, assuming standard purchase costs of 5.65%

Market Street

Price Street

LOCATION Birkenhead is the principal town on the Wirral peninsula, on the west bank of the Mersey, facing the city of Liverpool. The town lies approximately 3 miles to the west of Liverpool, 33 miles west of Manchester and 178 miles Northwest of London. It is the Wirral’s principal commercial centre which has an urban population of over 325,000 people.

The town has excellent transport links with Liverpool via the Kingsway and Queensway tunnels under the Mersey. Both tunnels effectively link on to the A41 which leads directly to the M53 Motorway affording access to the M56 motorway linking with Chester, Manchester, North Wales and the M6 Motorway.

Birkenhead has a direct train service linking with Liverpool Lime Street (16 mins) and also has a direct Ferry link with both Belfast and Douglas.

The town is the focus of major regeneration plans including both the town centre and waterfront areas. Further information can be found at:

www.wirralwaters.co.ukwww.wirralwellmade.com

Dock Rd

Rock Ferry By-Pass

Kingsway Tunnel

A5

9

Gre

at H

ow

ard

Stre

et

Leasowe Rd

A5

54

Laird Street

Du

ke

Stre

et

Cleveland St

Ch

urch

Ro

ad

Bo

rou

gh

Ro

ad

Bid

ston Road

Hoylake Rd

Upto

n R

d

A552

Shrewsbury Rd

Rake Ln

Brig

hton Street

Se

fton

Stre

et

A59

Queensway

Tunnel

A5

52

Bound

ary R

oa

d

LIVERPOOL

M53

BIRKENHEAD

WALLASEY

Birkenhead Park

James Street Station

Hamilton Square Station

Conway ParkStation

Birkenhead NorthStation

Green LaneStation

RIVER MERSEY

J2

J3

J1 J1

20a9

1115

121

21a10

215

41

3

4

3

11

11

2

9

98

7

1

3 26

25

24

23

22

23

4

46

7

31

27

25

24

23

2221

1917

5

5

68

19

18

17

20

1011

12

14

5

4

3

1

22a

8

12

3a

1a

M6

M6

M57

M62

M62

M56M56

M56

M53

M53

M56

M60

M60

M67

M60

A59 A570

A565

A565

A59

A580

A580

A506

A5089

A562

A561

A561

A557A5300

A5058

A57 A57

A58A49

A49A50

A57

A56

A56

A56

A34

A6

A635

A663

A663

A5145

A560

A57

A56

A56A558

A533A557

A49

A579

A579

A577

A58

A49

A580

A570

A570

A57

A53

A34

A34

A538

A34

A523

A523

A6

A62

A6017

A6

A534

A54

A536

A537A537

A537

A556

A556

A556A556

A49

A49

A49A54

A54

A54

A533

A533

A533

A540

A494

A41

A550

A41

A552

A540

A540

A550

A51

A55

A55

A55

OLDHAM

ECCLES

ST HELENS

WIGAN

BOOTLE

WALLASEY

BIRKENHEAD

HESWALL

NESTON

FLINT

DEESIDE

HAYFIELD

ELLESMERE PORT

MACCLESFIELD

WILMSLOW

STOCKPORT

HYDE

KNUTSFORD

WARRINGTON ALTRINCHAM

CONGLETON

WINSFORD

NORTHWICH

WIDNES

RUNCORN

HOYLAKE

HOLMESCHAPEL

MANCHESTER

CHESTER

LIVERPOOL

RIVER MERSEY

RIVER DEE

MANCHESTERAIRPORT

LIVERPOOL JOHN LENNON

AIRPORT

HAMILTON SQUARE

PYRAMIDS SHOPPING

CENTRE

SAT NAV: CH41 6JN

SITUATIONThe property is prominently located on Price Street close to the junction of Argyle Street and Hamilton Square facing Hamilton Lane. Hamilton Square is an impressive Georgian square with the most Grade I listed buildings outside of London and is the centre of Birkenhead’s traditional office core.

The surrounding area is predominantly commercial and the subject property is in close proximity to the busy retailing pitch of Argyle Street and occupiers along Price Street include the Job Centre Plus, Stork Hotel, the Benefits Agency and numerous residential apartments and houses.

The main bus station, Birkenhead Central, Conway Park and Hamilton Square train stations are all within a 5-minute walk of the property making the immediate area highly accessible.

DESCRIPTIONThe property comprises ground floor commercial accommodation and is in use as a Medical Centre and offices and forms part of a larger development known as Market Wells over ground and three upper levels. It is a modern 2001 build with ground floor commercial space, first floor offices and 41 residential units to the remaining floors above.

Only the ground floor Medical Centre fronting Market Street and offices on the ground floor let to the Housing Association fronting Price Street are available in the sale.

The building is of steel frame construction under a pitched roof with glazed retail frontages to Price Street and blockwork to the upper floors with double glazed UPVC windows throughout. The Market Street elevation has been rendered to part and glazed to part.

The Medical Centre is accessed from Market Street is arranged over ground and mezzanine levels is fully fitted to current requirements and provides a reception / waiting area with consultation rooms and ancillary offices. The accommodation benefits from suspended ceilings throughout and the mezzanine level is accessed via a passenger lift and is fully DDA compliant.

The ground floor offices fronting Price Street provide traditional open plan office accommodation and are currently occupied by Forum Housing Association as a contact centre for the general public. The accommodation also provides a servicing area for the upper floor accommodation which is owned and operated by the tenant.

The 41 apartments situated at part first and second floor level have been sold to Forum Housing Association on a long leasehold basis and the additional ground and first floor offices forming the entire Market Wells development do not form part of the sale.

“ A MODERN 2001 BUILD WITH GROUND FLOOR COMMERCIAL SPACE”

13-15 Price Street

Ground Floor

86 Market Street

ACCOMMODATION & TENANCY

The property extends to 5,735 sq ft is fully let on FR&I terms via service charge contributions and produces £87,000 pa as per the breakdown on the below tenancy schedule:

FLOOR TENANTS ACCOMMODATION LEASE TERMS CURRENT RENT £ P.A.

NEXT REVIEW / REVERSION

Part ground and first floorDr C Ayyappan & Dr R J Mohiuddin (t/a Hamilton Medical Care)

Ground Floor 255.55 sq m 2,751 sq ft20 years from 13.05.2002 Rent review every 3rd year FR & I

£62,000 p.a. increased from £57,000 p.a. at 2017 review

Rent Review 2020First Floor 91.20 sq m 982 sq ft

Total 346.75 sq m 3,733 sq ft

Part ground floorBirkenhead Forum Housing Association Ltd

Ground Floor* 186 sq m 2,002 sq ft3 years from 06.09.2018 FR & I

£25,000 p.a. increased from £23,000 p.a. at lease renewal

-

First, second and third floor

AJ Bell (PP) Trustees Ltd, DN Kirby & DR Gilkes

Residential flats999 years from 21.05.2002

Peppercorn Reversion 3001

Total £87,000 p.a.

* Area provided by vendor. Not inspected by Hector Real Estate Partners or Smith and Sons Property consultants.

TENURE

The property is held long leasehold on a 999-year term from 21/05/2002.

COVENANT

The property is let to the Hamilton Medical Centre and the Birkenhead Housing Forum providing excellent tenant convents and a need for both to be centrally located in the town centre.

Hamilton Medical Centre – has been in occupation since 2001 and the lease is in the names of Dr Chaniyil Ayyappan Jayaprakansan and Dr Rabria Joan Mohiuddin. We understand that NHS England pay the rent to the Doctors who in turn pay the rent. NHS England is not formally on the lease.

This is the only Medical Centre in Birkenhead town centre and therefore serves a large catchment. Further information can be found at - www.hamiltonmedicalcentre.com

Hamilton Medical Centre

Birkenhead Housing Forum Association - we established in 1969 and currently employ over 100 staff and are headquartered in Birkenhead. They derive funding from the HCA, Wirral Council, Cheshire West & Chester Council and Cheshire East Council.

This property provides a public facing contact centre for their operations in North Wirral. Further information can be found at - www.forumhousing.co.uk

VATWe understand that the property has been elected for VAT which will therefore be chargeable on the sale. We would envisage the sale being treated by way of transfer of going concern (TOGC).

EPCA set of EPC reports are available on request.

PROPOSAL

We are instructed to seek offers in excess of £915,000 subject to contract and exclusive of VAT which reflects an attractive net initial yield of 9.00%, assuming standard purchase costs of 5.65%

0161 200 8590

Gurminder Manak gurminder@hectorrep.com07903 056 596

Jason Wadesonjxw@smithandsons.net07966 806 059

FURTHER INFORMATIONIf you require any further information or wish to arrange an inspection, please contact:

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 agent 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. February 2019. RB&Co 0161 833 0555. www.richardbarber.co.uk