Summary
Fully Let Business Park Investment Opportunity
Location
Element Court is situated on Hilton Cross Business Park, approximately 5 miles North of Wolverhampton City Centre and approximately 17 miles North West of Birmingham City Centre.
The site is prominently located at the heart of the regions motorway network and benefits from excellent road links. The A460 Cannock Road is a primary bus route between Wolverhampton and Cannock and provides direct site access on to the immediately adjacent M54 Motorway (Junction 1) which connects to the M6 (Junction 10A) just 2 miles East. The M6 Toll is approximately 4 miles North of the M6 (Junction 11A).
Existing occupiers located on the wider Mercury site include Blakemore, Ardel OEM and Hough & Sons.
Just one junction further along the M54, and approximately 2 miles West, is the i54 business park. This new 220-acre development and Enterprise Zone comprises major occupiers including Jaguar Land Rover, ERA, Moog and Eurofins. Located opposite the i54 site is Pendeford Business Park with occupiers including Carillion, Cunningham Lindsey and Nike Consultants.
Investment Summary
• Element Court provides 8 self-contained office units arranged over ground and first floors. The units range in size from 1,600 to 4,120 sq ft and total 19,620 sq ft.
• Mercury consists of 5 individually sold units. The ownership includes Element Court, the estate roads and the common parts of Mercury.
• Element Court is fully let to 9 tenants on FRI and IRI terms, providing diversified income and a WAULT of 3.07 to break and 3.63 to expiry.
• Current passing rent of £XXX per annum (average rent of £XXX psf) rising to £XXX per annum (average rent of £XXX) by virtue of fixed rental increases.
• The property is held Freehold. The Mercury units have been sold off Freehold and there is a fully recoverable estates charge covering these units.
Description
The office units at Element Court were constructed in 2008. They are of a steel portal frame construction with part brick and part clad elevations with a sloped metal clad roof, aluminium powder coated windows and doors. Internally the units have been fitted out to a modern and high quality specification offering VRF Heating and Cooling, raised flooring and suspended ceilings, as well as LG7 compliant lighting.Offices 1, 4 and 5, which are the 3 largest units, benefit from a passenger lift within each building. All buildings also benefit from steel security shutters to ground floor doors and windows, external CCTV and courtyard lighting as well as 90 car parking spaces providing an excellent car parking ratio of 1:218 sq ft.Security is further enhanced on the site by the presence of a controlled access security barrier and intruder alarms to all the offices.