Investment For Sale - 17.75 years with fixed uplifts and 9.75% net initial yield Just Car Clinic, Clay Lane West, Doncaster DN2 4QR

Just Car Clinic, Clay Lane West, Doncaster, DN2 4QR

Investment Summary • Modern industrial Investment (Constructed in 1998)

• 19,408 sq ft unit on a site of 1.4 acres (31.8% site cover)

• Long Leasehold interest 125 years from 2nd June 1989

• Let to Just Car Clinics Group Plc

• 30 years from 21st February 2002, expiring 20th February 2032 (17.75 unexpired term)

• Fixed 3% per annum compound rental uplifts every 5 years

• £92,795 pa plus £18,500 pa reimbursement of ground rent

• Net rent received totals £88,795 pa

• Offers in excess of £860,000

• Net Initial Yield of 9.75% rising to 11.38% in February 2017

Just Car Clinic, Clay Lane West, Doncaster, DN2 4QR

A638

A630

A6182

A638

A638

M18

M18

A1(M)DONCASTER

A1(M)

37

26

2 35

3

4BARNSLEY RD BEN

TLEY RD

LEGER WAY

CARR HOUSE ROAD

BALBY RD

ASKERN RD

WHEATLEY HALL RD

WARMSWORTH RD

Location Doncaster is situated in the Yorkshire & Humberside region and is a principal commercial centre in South Yorkshire. The town is situated approximately 20 miles (32 km) northeast of Sheffield with a large catchment population of 426,000 people.

The town has excellent north-south communication links and is located at the convergence of a series of major trunk roads including the A1, A19 and A630. In addition, the town is surrounded by several motorways with the M62, M1, M18, A1(M) and M180 all within 20 miles (32 km).

Doncaster’s railway station is a major interchange on the East Coast mainline which links London with Edinburgh. The fastest journey time to London Kings Cross is 1 hour 38 minutes with fast connections to Leeds (37 minutes) and Sheffield (21 minutes).

The town has good air links with The Robin Hood Airport having recently been re-launched as a major regional airport handling around 1 million passengers a year and is located approximately 6 miles (10 km) south east of Doncaster.

Just Car Clinic - DN2 4QR

Just Car Clinic, Clay Lane West, Doncaster, DN2 4QR

SituationJust Car Clinic, Doncaster is situated to the north east of Doncaster town centre on Clay Lane West, the principal modern commercial and industrial area of the town.

The site is easily accessible sitting close to its junction with Barnby Dun Road which immediately joins Wheatley Hall Road (A630), a major arterial route in to Doncaster town centre from junction 4 of the M18 (2 miles to the east) offering connectivity to the regions larger cities.

The surrounding area along Wheatley Hall Road is an established car showroom location with Volvo, Mercedes Benz, Jaguar, and BMW alongside a variety of commercial trade counter units.

A638

A630

A6182

A638

A638

M18

M18

A1(M)DONCASTER

A1(M)

37

26

2 35

3

4BARNSLEY RD BEN

TLEY RDA19

A638

YORK ROAD

A18 LEGER WAY

A18

LEGER W

AY

CARR HOUSE ROAD

BALBY RD

ASKERN RD

HIG

H S

T

WHEATLEY HALL RDCH

URC

H

WAY

A630

A630

BARNBY DUN RD

THORNE ROAD

THORNE ROAD

THORNE ROAD

WARMSWORTH RD

BARN

BY D

UN RD

CLAY LANE WEST

A630

A630

ST. GEORGE’S BRIDGE

THORNE RD

THORNE RD A630

Just Car Clinic - DN2 4QR

Just Car Clinic, Clay Lane West, Doncaster, DN2 4QR

DescriptionThe property was constructed in 1998 for Dixon vehicle repair group. The unit is of steel portal frame construction with part brick and profile metal clad elevations beneath a profile metal clad roof with inset translucent panels.

The unit has been extensively fitted out as a vehicle accident repair centre including:

• Tiledflooring • Re-spraypaintbooths • Carhoists • Compressedairlines • Gasfiredradiantheaters

The main warehouse has the benefit of two roller shutter doors, together with a single storey extension to the rear providing car valet and wash facilities.

Internally the warehouse has an eaves height of 4.65 m.

Administration offices, a staff canteen and customer waiting areas are incorporated within the main warehouse.

The property is secured with palisade fencing and benefits from 150 car parking spaces.

Just Car Clinic, Clay Lane West, Doncaster, DN2 4QR

AccommodationThe property has been measured in accordance with the RICS code of measuring practice (6th Edition) and provides the following approximate areas:

Unit Sq.m Sq.ft

Main Warehouse 1401.79 15,088

Valet Bay 62.27 670.27

Wash Bay 36.75 395.57

1st Floor Office 82.05 883.18

GroundFloorOffice 104.62 1126.12

Total 1687.47 18,163.86

Mezzanine 115.66 1244.95

Total 1803.13 19,408

The unit occupies a site extending to 1.4 acres (0.57 hectares) providing a site coverage of only 31.8%.

Just Car Clinic, Clay Lane West, Doncaster, DN2 4QR

TenancyJustCarClinicsGroupPlcoccupythepropertyonafullrepairingandinsuringlease for a term of 30 years from 21st February 2002, expiring 20 February 2032 (17.94 years unexpired) at a current passing rent of £92,795 per annum. The rent is subject to fixed upwards only reviews every five years as follows:

Period Net Rent

February 2012 £92,795

February 2017 £107,575

February 2022 £124,709

February 2027 £144,572

In addition the tenant also pays a proportion of the headlease rent, i.e an additional £18,500 per annum.

TenureLong leasehold interest for a term of 125 years from 2nd June 1989, expiring 1 June 2114 (100 years unexpired).

TheGroundrentof£22,500pacomprises2elementsasfollows

• £18,500 per annum, subject to 5 yearly rent reviews to the open market value of the site, disregarding any buildings. The next rent review is due on 1st June 2014 (This element is paid by the tenant).

• £4,000pa additional rent agreed by deed of variation until such time that the principal rent reaches £22,500pa

EPC

Covenant Status JustCarClinicsGroupPlc(CompanyNumber:0395798)operatefrom23garagefacilitiesacross the UK offering a wide range of car care and maintenance services including MOT testing, collision repairs, windscreen repairs and replacement. The majority of the business is large long term contracts with insurance companies.

The company reported the following figures in their most recent accounts:

Financial Year 31 December 2013* 31 December 2012 31 December 2011

Turnover £46,145,000 £43,737,000 £39,337,000

PreTaxProfits £557,000 £186,000 (£346,000)

Total Net Assets £3,464,000 £3,542,000 £1,575,000

*Based on interim financial statement.

2012-2013 Trading Highlights

• 5.5%Increaseintradingrevenue • Strongoperatingcashflow • Netdebtreducedfrom£3.4mto£0.7m • Interimdividendincreaseby10%

Experian Rating - 82/100 (Low Risk)

(For further information www.justcarclinics.co.uk)

VAT VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a transfer of a going concern.

ProposalWe are seeking offers in excess of £860,000 for the long leasehold interest, subject to contract. After deducting purchase costs at 5.8%, a purchase at this level reflects 9.75% NIY and a minimum uplift to 11.38% in February 2017.

operate from 23 garage

facilities across the UK offering

a wide range of car care and

maintenance services

For further information or to arrange an inspection, please contact:

MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed and Produced by Ask 0161 976 1836. May 2014.

Chris Bathurst Tel: 07957 138003 Email: cb@christopherdee.co.uk

Alex Perratt Tel: 07588 538848 Email: ap@christopherdee.co.uk

Christopher Dee 40 Peter Street

Manchester M2 5GP