Lowesmoor Wharf and Canalside Business Park comprises a multi-let office and industrial complex. The estate provides 43 units which consist of industrial, office, retail warehousing and two residential dwellings. The property consists of two distinct elements, being Lowesmoor Wharf and the Canalside office complex.
CANALSIDE BUSINESS PARK - The Canalside Business Park consists of four detached buildings providing office and commercial suites ranging between 350 sq ft and 1,500 sq ft.
All buildings are of brick construction with tiled roofs and communal toilet facilities.
LOWESMOOR WHARF - This element of the property comprises 23 self-contained units ranging in size from 380 sq ft to 5,400 sq ft.
The buildings are located around a central core and generally of an industrial nature, with brick elevations and a mix of roof coverings. To the boundary of the site there are several commercial buildings which are of a similar brick construction incorporating tiled roofs providing office/commercial accommodation.
Two residential flats are located at first floor level above Unit 71 and 10A Lowesmoor Wharf.
The site has a single access point from Lowesmoor Terrace which provides access to the internal estate road.
Car parking is provided across the estate with allocated parking spaces generally being demised within tenancy documentation. The estate road also provides access to Worcester Marina (owned by Canals & River Trust) which is located directly to the north of the property.
Location
Worcester is strategically located along the M5 corridor (Junctions 6-7), which provides access to the southwest and South Wales as well as the Midlands and wider motorway network via the M6 and M42.
Worcester is a historic cathedral city located in the county of Worcestershire, in the West Midlands region of England. It lies approximately 30 miles (48 km) southwest of Birmingham, 27 miles (43 km) north of Gloucester, and 133 miles (214 km) northwest of London.
Lowesmoor Wharf is located 0.5 mile northeast of Worcester’s city centre within a mixed-use location. The property is prominently situated on the junction of Pheasent Street and Lowesmoor Terrace. Nearby occupiers include Aldi, Dreams, Asda superstore and Bradfords Building Suppliers along with a range of independent businesses.
Accommodation
The estate totals approximately 64,500 sq ft ( 5,987 sq m) calculated on a Gross Internal Area (GIA) basis. A breakdown of the individual floor areas is shown on the tenancy schedule and summarised as follows:
Lowesmoor Wharf- 57,046 sq ft (5,299.7 sq m)
Canalside Business Park - 7,398 sq ft (687.3 sq m)
TOTAL- 64,444 sq ft (5,987 sq m)
The total site area extends to approximately 2.73 acres (1.1 hectares).
Terms
INVESTMENT PROPOSAL - We are instructed to seek offers in excess of £4,250,000 (Four Million Two Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a highly attractive net initial yield of 10%, estimated reversionary yield of 12.85% and low capital value of £66 per sq ft. This assumes purchasers costs of 6.55%.
TENURE - The property is held freehold under land registry title number WR168184.
SERVICES - It is understood that all mains services are connected. These have not been tested and interested parties are to rely on their own investigations.
VAT - VAT will be payable in addition to the purchase price. The transaction may be capable of being a TOGC if the necessary criteria is met.
EPCS - Copies of all EPCs are available within the data room and the unit ratings are referenced on the Tenancy Schedule.
PROFESSIONAL COSTS - Each party to be responsible for their own professional fees and costs incurred.
DATA ROOM - Access to a data room can be provided upon request.
ANTI MONEY LAUNDERING - In accordance with AML regulations the purchaser will need to provide information including the source of funds and corporate structure.
SALE ON BEHALF OF FIXED CHARGE RECEIVERS - The property is offered for sale on behalf of the Joint Fixed Charge Receivers. No title guarantees, responses to CPSEs or warranties will be provided as part of a transaction. The Joint Fixed Charge Receivers act without personal liability.
TENANCY SCHEDULE - See attached brochure for information
Specification
- Lowesmoor Wharf and Canalside Business Park is a mixed use estate comprising predominantly industrial and office accommodation
- Located in a highly prominent position within Worcester City Centre
- 41 commercial units ranging in size from 350 sq ft to 5,400 sq ft providing a GIA of almost 64,500 sq ft (5,987 sq m) overall, plus 2 residential units
- Let to 24 commercial tenants at a low average passing rent of £7.28 per sq ft
- Very low vacancy rate of just 10% of floor area, demonstrating strong occupier demand
- Total site area extends to 2.73 acres (1.10 hectares)
- Reversionary investment opportunity with immediate asset management initiatives available in order to drive rental and capital value growth
- ERV in the order of £560,000 per annum
- Strategically located with future redevelopment potential (subject to planning)