With a growing market for regional property investments, we were delighted to have acquired this Warrington investment property with secure government income on behalf of our private client.
Warrington is a town located in the north west of England, located equidistant between regional centres Manchester and Liverpool, which are both located approximately 20 miles away. The town has strong road communications and is located in the centre of the northwest motorway network. The M6, M62, and A49 are all nearby, providing direct road access to Liverpool, Leeds, Preston, and Birmingham.
The subject Warrington investment property is surrounded by an extensive bus network with over 25 different routes being accessible within a five-minute walk. These buses provide direct access to a number of nearby towns including Altrincham, Northwich, Lymm, and Westby. Additionally, there are direct trains from Warrington Bank Quay to London Euston which have a journey time of approximately two hours. Nearby occupiers include DW Fitness First, DFS, and the Golden Square Shopping Centre which has national operators including Nandos, Ask Italian, Sports Direct, New Look, JD Sports and TK Maxx.
The subject property comprises 18,205 square feet set over ground, first, and second floors. Additionally, there is a car park to the rear of the property which can be accessed via Mersey Street and Moulders Lane. This Warrington investment is held freehold and is let in its entirety to the Secretary of State for Communities and Local Government from 31st October 1994 expiring 31 March 2027, providing a long unexpired term of 8.4 years. The rent is reviewed upwards only to open market rental value on 1st April 2023 with a current passing rent of £232,400 per annum, reflecting a low level of £12.76 per square foot.
The property is the only Jobcentre Plus which serves the Warrington South constituency and has a recently re-geared lease from March 2017. Additionally, in October 2017 the UK Government announced plans to streamline their Jobcentre Plus portfolio by closing 87 centres and consolidating within larger assets. This long-term government strategy underlines their commitment to the property which is further emphasised by the signing of a 10 year reversionary lease.
“We were delighted to have completed this deal for £2.9m on behalf of our private client. We would like to thank ADS Real Estate who acted for the vendor for bringing us this opportunity and look forward to working with them again in the near future.” Said investment agent Daniel Freedman when asked to comment on the deal.
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