Brel House West Street Crewe Cheshire CW1 3JB

Brel House
West Street
Crewe
Cheshire
CW1 3JB

Long Dated Office Investment

Majority let to Bombardier Transportation UK Limited until 2073 (over 61 years term certain)
Subject to tenant option to renew for a further 26 years
Originally let to British Rail Engineering Limited
7 yearly rent reviews to 77.1% of Market Rental Value
Close to substantial Bentley Motors Factory, Morissons
Hypermarket and popular residential district
The property is held in a Single Purpose Vehicle (SPV) which could be available under separate negotiation

Lot
9
Auction
23rd February 2012
Rent
£178,728 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

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Long Dated Office Investment

Majority let to Bombardier Transportation UK Limited until 2073 (over 61 years term certain)
Subject to tenant option to renew for a further 26 years
Originally let to British Rail Engineering Limited
7 yearly rent reviews to 77.1% of Market Rental Value
Close to substantial Bentley Motors Factory, Morissons
Hypermarket and popular residential district
The property is held in a Single Purpose Vehicle (SPV) which could be available under separate negotiation

Lot 9
Auction 23rd February 2012
Rent £178,728 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
Office
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 15 miles north west of Stoke on Trent, 36 miles south of Manchester, 47 miles south east of Liverpool
Roads: M6, A530, A534, A500,
Rail: Crewe Rail
Air: Manchester Airport

Situation

The property is situated on the south side of West Street (A352), on the junction with Dunwoody Street (A5078), to the west of Crewe town centre. Bombardier Transportation occupy the surrounding industrial estate which is used for railway manufacture.Bentley Motors have a substantial manufacturing presence close by.

Tenure

Long Leasehold. Held from The Norwich Union Life Insurance Society for a term of 125 years from 9th September 1974 until 2099 at current rent reserved of £1.

Location

Miles: 15 miles north west of Stoke on Trent, 36 miles south of Manchester, 47 miles south east of Liverpool
Roads: M6, A530, A534, A500,
Rail: Crewe Rail
Air: Manchester Airport

Situation

Tenure

Long Leasehold. Held from The Norwich Union Life Insurance Society for a term of 125 years from 9th September 1974 until 2099 at current rent reserved of £1.

Description

The property comprises a three-storey office building benefitting from a passenger lift and car parking for approximate 70 cars. There a various telecommunications installations on the roof of the property.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second	Offices Offices Offices	937.48 sq m 1,020.90 sq m 1,020.90 sq m	(10,091 sq ft) (10,989 sq ft) (10,989 sq ft)	BOMBARDIER TRANSPORTATION UK LTD (Originally let to British Rail Engineering Limited) (1) (2)	99 years from 01/09/1974 until 2073 (tenant option to renew for 26 years)	£154,500 (£4.82 per sq ft)	2016 and 7 yearly to 77.1% of Market Rental Value
Roof	Telecoms	n/a	n/a	HUTCHISON 3G UK LTD on assignment (3)	20 years from 01/01/2002	£10,000	2014 and 5 yearly (4)
Roof	Telecoms	n/a	n/a	ORANGE PERSONAL COMMUNICATIONS SERVICES LTD	20 years from 07/11/2001 (5)	£5,000	2013 and 3 yearly
Roof	Telecoms	n/a	n/a	TELEFONICA O2 (UK) LTD	15 years from 31/03/2005	£9,228	2015 (6)
Totals		2,979.28 sq m	(32,069 sq ft)			£178,728

(1) For the year ending 31st December 2010, Bombardier Transportation UK Ltd reported a turnover of £1,002,906,000, pre-tax profits of £54,477,000 and a total net worth of £206,392,000 (Source: www.riskdisk.com 16/01/2012). Bombardier Transportation UK Limited is a subsidairy company of Bombardier Inc. who are an industry leading global transportation company with 69 production sites in 23 countries with its headquarters in Montreal. Bombardier Inc employs some 65,400 people over both the aerospace and rail transportation sectors. In the UK, Bombardier is the leader in manufacture and maintainence of rolling stock and the only train builders in the country. On 28th December 2011, Bombardier Transportation announced that it secured an additional 130 Bombardier Electrostar Cars for Southern Trains. The contract is valued at £189,000,000. (Source: www.bombardier.com 20/01/2012)

(2) The tenant has sub-let the poperty to Bentley Motors at a sub-rent of £203,500 p.a.x.

(3) The rent is reviewed to the higher of OMRV or RPI. The tenant may determine the lease on 12 months’ notice.

(4) The tenant may terminate the lease if the premises are no longer suitable for operating telecommunications equipment. The 2007 and 2012 rent reviews are outstanding. Please note the recent rents achieved on the other two masts.

(5) The rent is reviewed to RPI only. The tenant may determine the lease on 12 months’ notice.