Draft Luton Airport Brochure v9... · most popular routes being Amsterdam, Bucharest, Budapest,...
Transcript of Draft Luton Airport Brochure v9... · most popular routes being Amsterdam, Bucharest, Budapest,...
Long Leasehold Former Monarch Aircraft Engineering Hangars 127, 60 & 9 Percival Way London Luton Airport LU2 9LU April 2019 On behalf of the Joint Administrators of Monarch Aircra Engineering Limited
08449 02 03 04 avisonyoung.co.uk/14947
For Sale
Highlights
─ Long Leasehold For Sale
─ Direct Airside Access
─ Gross Internal Area of hangars totalling 8,242 sqm (88,712 sq ft)
─ Gross Internal Areas of office accommodation totalling 3,182 sq m (34,249 sq ft)
─ Rapid growth and significant investment into London Luton Airport on-going
─ Capable of accommodating a wide body (up to Boeing 767) aircraft within both Hangars 127 and 60 (or two narrow body aircraft simultaneously in Hangar 127)
─ London Luton Airport is a strategic MRO location with circa 20 Airlines operating from it.
─ Min eaves 14.7m / Max eaves c16m
Operational Highlights - Reasons to Invest ─ The UK has the second largest aerospace sector in the
world and the largest in Europe.
─ Strategic location with 23 million people within 2 hours travelling time and only 22 minutes from London by train.
─ Key aerospace and aviation businesses situated at London Luton Airport include easyJet plc, GKN Aerospace, Moog, Finmeccanica, Signature Flight Support, Harrods Aviation, Gulfstream and CATS Aviation Training.
─ London Luton Airport is the fastest growing major UK airport and currently supports 30,000 jobs.
─ Passenger numbers have increased by 1million per annum over the last 4 years with £110 million of planned airport investment to support further expansion.
─ Luton is an established manufacturing and high precision engineering location with easy access to a highly skilled local workforce.
─ 395 acre Enterprise Zone surrounding the airport earmarked of aerospace, engineering and advanced manufacturing uses.
─ Landing / MRO equipment available by way of separate negotiations
Airport Location
London Luton Airport is located 35 miles north of central London, just outside the M25 Motorway and to the east of Junction 10 of the M1 Motorway. Rail access is provided by Luton Airport Parkway station located on the Thameslink line with courtesy buses shuttling passengers 1.1 miles (1.8 km) to and from the terminal. The journey time to London St Pancras is 24 minutes and London Blackfriars ranges from 43 minutes to 1 hour. The surrounding area is predominantly industrial with occupiers relating to the aviation industry.
Airport Overview London Luton Airport is the 5th largest airport in the
UK and is identified as one of the London hub airports.
The airport has one main runway which is circa
2,160 metres long and 46 metres wide. In excess of 16.5 million passengers used London
Luton Airport in 2018 with figures up by 5% on 2017. Main operators include Easyjet, Wizz Air, Ryanair, TUI, EL AL, Blue Air, Sun Express and Vueling. Regular cargo flights are also operated by DHL and MNG airlines.
In 2017 there were approximately 135,000
movements (takeoffs/landings) at the airport. The most popular routes being Amsterdam, Bucharest, Budapest, Warsaw, Tel Aviv and Barcelona.
Up to 30 stands are routinely available for
commercial passenger and supporting operations on the main airport apron. In addition to these stands, further apron areas are provided for general aviation and cargo operations.
London Luton Airport is also home to a number of
Aircraft Maintenance companies and high profile Fixed Based Operators such as Signature Flight and Harrods Aviation.
Airport Planning and Investment
The Airport is also currently being transformed with investment of £110m to increase capacity, improve the local infrastructure and transform the experience for passengers.
The planned development is due to be completed in 2020 and includes the following: • A complete redesign of the terminal to create a quick, efficient, friendly and convenient experience. • Doubling of the existing retail space, introducing new exciting shopping and dining options and a new £1 million executive lounge. • Double the existing capacity in the security search, immigration and baggage reclaim areas. • A new multi-storey car park with 1,700 spaces. • Major transport improvements including the addition of overnight trains from London St Pancras in 19 minutes, the introduction of Oyster card services through to the terminal. • An expanded range of airlines and routes, including more frequent services to popular cities and anticipated new flights to exciting new destinations such as Dubai, Orlando and Cancun. Luton Airport Parkway is in the process of being redeveloped with a new Mass Passenger Transit (MPT) system. The MPT plans were submitted in February 2017 and are defined by the potential construction of 2.2km of track bed between Luton Airport Parkway Station and Luton Airport Central Terminal. As part of the MPT development the Central Terminal at Luton Airport will also be redeveloped and improved.
Sign
easyJet
Hangar 60
Hangar 127
Hangar 9
Gulfstream
TUI
Ocean Sky
nature
Airport Terminal
Building 105
Harrods Aviation Harrods Aviation
Situation The subject properties are located on Percival Way within the main Luton Airport operational aviation site and benefit from airside access. Percival Way is 0.3 miles to the north of the main access road, Airport Way, which is the dual carriageway leading to both the main passenger terminal and the M1 Motorway. The latter then connecting to the wider UK motorway network. The Properties The properties comprise three interlinked aircraft maintenance hangars, namely Hangars 60, 127 & 9 formerly operated as a Maintenance, Repair and Overhaul (MRO) facility by Monarch Aircraft Engineering Limited. Hangar 60 was constructed in the early 1990’s the building is of steel portal frame providing an eaves height of approximately 16 metres. The walls are of blockwork construction to a height of approximately 3 metres (10 feet), with insulated profile metal lining to the upper sections. The main pitched roof to the hangar appears to be covered with metal insulated profile cladding that incorporates translucent panels. The hangar provides direct access to the airside apron for aircraft via three curtain aircraft doors. We understand that the hangar can accommodate one aircraft of up to Boeing size. Heating is via roof hung gas fired radiant heaters. The artificial lighting within the hangar is provided by suspended metal halide units. To the front elevation the building benefits from three floors of ancillary offices. Hangar 127 was constructed in the 1980’s. The building has an eaves height of approximately 14.7 metres (48 feet), a section of mezzanine and features a full width sliding concertina door. To the front elevation the building benefits from three floors of ancillary offices and staff canteen. We understand that the hangar can accommodate one aircraft of up to Boeing 767 or two narrowbody aircraft. Otherwise the specification mirrors that of Hangar 60. Hangar 9 is a detached building that was originally used specifically for aircraft engine repair but more recently became a bonded parts warehouse. In the last ten years the property has been refurbished and re clad. To the rear of Hangar 9 and forming the airside boundary is an operational Security Line Station providing airside security controlled access. To the front elevation, the building benefits from office accommodation at first floor level.
Accommodation Hangar 60
Hangar 127
Hangar 9
Use Areas (GIA) sq m Sq ft
Hangar 3,103.71 33,408 Offices 1,368.64 14,732 Total 4,472.35 48,140
Use Areas (GIA) sq m Sq ft
Hangar 3,061.06 32,949 Mezzanine 555.84 5,983 Office 1,156.27 12,446 Total 4,773.17 51,378
Use Areas (GIA) sq m Sq ft
Hangar 1,521 16,372 Office 657 7,071 Total 2,178 23,443
Planning
We understand that each property has planning consent for its current use as aircraft maintenance hangar or associated ancillary space. All enquiries should be directed to Luton Borough Council’s planning department. Rating Assessment
Hangars 9, 60 and 127 have a Rateable Value of £700,000 within the April 2017 Rating List. The Uniform Business Rate for 2018/19 is 49.3p in the £. A copy of the summary valuation is available within the data room. Services
The property benefits from all mains services. These have not been tested and interested parties are to rely on their own enquiries. Electricity is provided by London Luton Airport.
Service Charge
A service charge of £250 per annum (excluding VAT) is payable for Hangar 9. Service Charge payments are RPI linked.
No service charge payment is due for Hangar 127 and Hangar 60.
Tenure
A summary of each of the leases is as follows:
VAT
All prices are quoted exclusive of any VAT liability.
Property Title No. Lease Start/End
Years Remaining
Rent Review
Rent (pa)
Repair
Hangar 60 BD230068 24/04/1992 23/04/2092
74 24/04/2022 £175,000 FRI
Hangar 127 BD148226 14/03/1986 31/12/2083
65 14/03/2020 £74,000 FRI
Hangar 9 BD257456 01/07/2006 31/06/2026
7 01/07/2021 £113,400+ VAT
FRI
Land to the rear of Hangar 9
BD206048 01/07/2011 30/06/2026
7 01/07/2019
RPI linked
£1,000 + VAT
FRI
Each lease benefits from Security of Tenure under the Landlord and Tenant Act 1954. Copy leases are available in the data room.
EPC
The hangars have an energy performance rating as follows:
Hangar 60 - D (93)
Hangar 127 - E (101)
Hangar 9 - B (50)
Data room
Access to a full data room is available subject to completion of a none disclosure agreement.
Professional Costs
Each party is to be responsible for their own legal and professional costs incurred.
Viewing Arrangements
By prior appointment only.
Photographic identification (either driving licence or passport) will be required in order to obtain access to the premises. Proposals
We are instructed to invite offers for the long leasehold interest.
Landing / MRO equipment available by way of separate negotiations
Avison Young hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent Avison Young is )in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do
not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and
occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise.
(3) No person in the employment of Avison Young, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure.
(4) All prices quoted are exclusive of VAT. (5) Avison Young shall have no liability whatsoever in relation to any documents contained within the brochure or any
elements of the brochure which were prepared solely by third parties, and not by Avison Young.
For further information please contact:
Avison Young 65 Gresham Street, London, EC1V 7NQ
Avison Young is the trading name of GVA Grimley Limited. © 2019 GVA Grimley Limited
Jamie Lamond Tel: 0207 911 2123 Email: [email protected]
Tom Colyer Tel: 0207 911 2464 Email: [email protected]
Property ref avisonyoung.co.uk/14947
David Pike, Ben Leith and David Standish were appointed as Joint Administrators of Monarch Aircraft Engineering Limited on 4 January 2019. The affairs, business and property of the Company are being managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability. David John Pike, Ben Maitland Leith and David John Standish are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.