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High Yielding Office Investment
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for sale
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Location
Birkenhead is a large town located on the Wirral Peninsula in Merseyside, on the west bank of the River Mersey directly opposite Liverpool. The town benefits from strong transport links and proximity to major road and rail networks .
Birkenhead is located approximately 6 miles (10km) west of Liverpool via the A41, Manchester is 45 miles (72 km) to the East and easily accessible on the M62. Birkenhead lies some 200 miles (322km) north-west of Central London accessible via the M53 which connects with the wider national motorway network.
Birkenhead is only 8 minutes by rail from Birkenhead Central to Liverpool Lime Street. Liverpool Lime Street is the main intercity hub and provides easy connections to London in a little over two hours and Manchester in approximately one hour.
Liverpool John Lennon Airport is only 12 miles (19km) south-east of Birkenhead.
Summary
- For sale on behalf of Fixed Charge Receivers
- New 20-year lease with CPI + 1% per annum rent increases
- Tenant – Salisbury Independent Living, housing association
- Effectively Government-underwritten income
- Freehold
Situation
The property is prominently located on Park Road South, a vibrant residential area popular with young professionals. The property lies opposite the picturesque Birkenhead Park, known as ‘The People’s Garden’ the historic park opened in 1847 and was the first park in Britain to be purpose built for the entire population. Spanning approximately 140 acres of parkland, the Wirral landmark offers a range of sports, walking and cycle routes, fishing and a children’s playground. While the Williamson Art Gallery & Museum is a short walk being 0.4 miles (0.64km) away.
Well-served by local supermarkets, Asda is only 0.6miles (0.97km) away and Lidl is 0.7 mile (1.13km). The Pyramid Shopping Centre is 0.8 miles (1.3km) housing over 100 stores including Boots, Card Factory, Claire’s Accessories, Deichmann Shoes, Game, H Samuel, Holland & Barrett, JD Sports, Next, Pandora, Poundland, Savers and SportsDirect amongst others, plus a range of banks in addition to a food court area with a variety of cafés and restaurants. The centre is served by two multi-storey car park providing parking for over 1,100 vehicles.
Birkenhead has been recently allocated £25 million from the Towns Fund to support various regeneration projects.
The area will be further boosted by funding from Homes England and the Liverpool City Region Combined Authority for the Birkenhead Urban Village project.
Description
The property comprises a Grade II listed building of stone construction with a combination of slate and flat roofs. Formerly listed as Birkenhead Park Entrance Gateway, the property was built c1843-47. Italian Lodge is a former Lodge House of Italianate style which is characterised by picturesque, romantic style architecture.
The lower ground floor comprises of a reception room, an office, and storage space. Additionally, there is a kitchen, WC and washing facilities and access to a double garage.
The ground floor benefits from two offices, a kitchen and a WC. There is also a large conservatory set out as a meeting room with double doors opening onto a patio area, a spiral staircase provides access to the lower ground floor.
The first floor provides a further two offices in addition to kitchen space and WC facilities.
The property benefits from mature landscaped gardens.
Accommodation
The property has been measured by BKR Floorplans and provides the following accommodation:
| Gross Internal Area | ||
| Ground Floor | 137.96 sq m | 1485 sq ft |
| First Floor | 110.64 sq m | 1191 sq ft |
| Second Floor | 42.92 sq m | 462 sq ft |
| Total Gross Internal Area | 291.52 sq m | 3138 sq ft |
| Net Internal Area | ||
| Ground Floor | 81.84 sq m | 881 sq ft |
| First Floor | 91.69 sq m | 987 sq ft |
| Second Floor | 30.38 sq m | 327 sq ft |
| Total Net Internal Area | 203.92 sq m | 2195 sq ft |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser.
EPC
Italian Lodge has an EPC rating of ‘E’ valid until 16th December 2034.
Rateable Value
According to the valuation office website the rateable value for the property is as follows:
| Unit | Description | Rateable Value |
| Italian Lodge | Office & premises | £9,100 |
The business rates multiplier is 49.9 pence.
Tenure
Freehold.
Tenancy
The property is let to Salisbury Independent Living (company number 03966646) for a term of 20 years from XXX, on full repairing and insuring terms.
Rents are paid quarterly in advance. Rent reviews are annual, upwards only, in accordance with increases in the Consumer Price Index plus 1%.
The current passing rent is £x per annum.
VAT
The property has not been registered for VAT
Proposal
The property is available as part of the portfolio for which we are instructed to seek offers in the region of £x (xx Million, XX Thousand Pounds).
Investment Considererations
An opportunity to acquire a Grade II Listed office investment, an administrative office for a housing association within the care sector.
The property is let on a new 20 year lease
The lease provides for rent increases based upon CPI + 1% annually
The rent is effectively underwritten by Government, thereby providing secure income
The property forms part of a portfolio, available at an attractive net initial yield
Disclaimer
Fixed Charge Receivers Andrew Pear and Milan by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
Singer Vielle Finance Services
Contact our team if you are seeking senior debt, bridging finance or development finance.
Contacts
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Singer Vielle
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Vendor's Solicitor Firm
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