CAPÍTULO II DE LAS SANCIONES
CAPÍTULO ÚNICO
Trading as Anytime Fitness, the company commenced trading 10 years ago in Minneapolis, USA and is now the world’s largest health chain with nearly 3,000 clubs open in over 23 countries and growing.
They have over 2.5 million members with a new member joining an Anytime club every 3 minutes.
D&B Rating: O3
Manchester has the best performing UK regional city centre office market outside of London with a total stock of 19 million sq ft.
Manchester Office Market - Key Headlines
Manchester CBD is forecast to experience the strongest headline rental growth out the “Regional Big 6”, with rents forecast to grow by 4% per annum on average over the next five years.
Manchester CBD is the only “Regional Big 6” market to have experienced material rental growth since the last peak in 2007. Prime headline rents have grown from £26.00 per sq ft in 2007 to £32.00 - £34.00 per sq ft currently.
Prime Manchester office rents are forecast to grow to £39.00 per sq ft by 2019.
Annualised annual rental growth from the late 1990’s to 2015 in Manchester is 3% per annum.
The five year average annual “take up” of office accommodation in Manchester has risen from c800,000 sq ft before the economic downtown, to 1m sq ft in 2015, demonstrating the robust and resilient nature of Manchester’s economy.
Compared to the other “Regional Big 6” markets, Manchester’s five year average annual take up is more than 30% stronger than the next strongest market, Edinburgh where the five year annual average is 755,000 sq ft, and 55%
stronger than Birmingham.
Prime yields currently stand at 4.75%, representing a 50 basis point discount from 2006/2007 and are trending stronger.
0.0 0.2 0.4 0.8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
0.6 1.0 1.2 1.4
MANCHESTER
EDINBURGH BIRMINGHAM BRISTOL GLASGOW LEEDS
Million Sq Ft
Manchester office take-up, Including five year average take-up for other UK cities Manchester Office Market – Overview
Manchester has the best performing UK regional city centre office market outside of London with a total stock of 19 million sq ft.
Having demonstrated robust and resilient volumes of take-up and demand throughout the economic down turn, indeed setting an all-time record in 2010 with 1.35 million sq ft of take-up, Manchester now looks set for further growth as the wider economic recovery continues.
Date Ernst & Young (pre-letting) PWC (pre-letting)
Slater & Gordon DLA Piper
2 St Peter’s Square No.1 Spinningfields 58 Mosley Street 1 St Peter’s Square
3 Hardman Square, Spinningfields 3 Hardman Square, Spinningfields
Size (Sq Ft)
Age of building Under construction
Total Size 165,000 Sq Ft
Delivery Q1 2017
Committed pre-lets Ernst & Young LLP – 40,000 Sq Ft
NO.1SPINNINGFIELDS
Total Size 255,000 Sq Ft
Delivery 2017
Committed pre-lets PWC LLP – 50,000 Sq Ft
XYZ BUILDING (FORMERLEY KNOWN AS THE COTTON BUILDING)
SPINNINGFIELDS
Total Size 147,500 Sq Ft
Delivery Mid 2016
Committed pre-lets Shoosmiths LLP - 32,000 Sq Ft Global Radio - 17,000 Sq Ft NCC Group - 60,000 Sq Ft
Take Up
In the past 12 months, there has been a resurgence of large occupational requirements seeking Grade A accommodation to compliment the traditionally active sub 10,000 sq ft office market. Recent large Grade A lettings include:
Supply
Manchester’s prime city centre Grade A availability is currently very restricted with only 265,000 sq ft of supply currently
available, with only one building available to satisfy single requirements of 50,000 sq ft or more.
Development is also restricted to only three partially speculative office schemes under construction within the traditional central business district, all of which have secured substantial pre-lets or have substantial occupier interest under offer.
Current Prime Development Pipeline
Rental Growth
Prime rents in Manchester are currently at £32.50 per sq ft reflecting substantial growth from the previous peak in 2007 of £28.00 per sq ft,
and are expected to reach £34.00 per sq ft by the end of 2015.
Annualised annual rental growth in Manchester is 3% per annum since the late 1990s, and Manchester is forecast to demonstrate the
strongest rental growth relative to the other UK “Regional Big 6”
during the next five years, as set out below:
Manchester Prime Rental Growth Forecast
Source – CBRE Year
2014 2015 2016 2017 2018 2019
Prime Grade A Rent
£32.00
£33.75
£35.00
£37.00
£38.25
£39.00
% Growth 6.70%
5.40%
3.70%
5.70%
3.40%
2.00%
Prime Rental Forecast Annual Average Growth 2015 - 2019
Leeds 3.3%
Liverpool
1.9% Birmingham 3.1%
Manchester 4.0%
Bristol 2.4%
Glasgow 2.7%
Edinburgh 2.6%
Aberdeen 1.5%
In total £900 million of office CBD transactions were recorded in Manchester during 2014. It is expected that
2015 will see a similar level of transactional volume.
Manchester and UK Regional Office Investment Market
Manchester is ranked 46th globally for direct commercial real estate investments since 2008 with over £4 billion transacted. It is the only UK city alongside London
to feature in the top 50, demonstrating its credentials as a highly liquid market.
Prime office yields in Manchester are currently 4.75%
representing a 50 basis point discount from 2006 / 2007 and are trending stronger, assisted by the evidence of
clear headline and net effective rental growth.
The city has a very diverse base of UK and International real estate investors due to its pricing discount from London, market leading rental growth prospects and its
status as the UK’s second city.
Set out below is a schedule of the most recent prime regional office transactions:
1 MARSDEN ST MANCHESTER
• Date - August 2015
• Area - 68,538 Sq Ft
• Price - £34m
• Yield - (NIY) 5.00%
• WAULT - 2.25 Years
• Purchaser - Standard Life
• Age of Building - 2002
• Capital Value - £495 per Sq Ft 2 ST PETER’S SQUARE
MANCHESTER
• Date - August 2015
• Area - 160,000 Sq Ft
• Price - £100m
• Yield - (NIY) 5.25%*
• WAULT - 15.00 Years
• Purchaser - Deutsche AWM
• Age - Forward Funding
• Capital Value - £625 per Sq Ft
CHANCERY PLACE MANCHESTER
• Date - September 2014
• Area - 106,324 Sq Ft
• Price - £57m
• Yield - (NIY) 5.05%
• WAULT - 5.50 Years
• Purchaser - NFU Mutual
• Age of Building - 2009
• Capital Value - £540 per Sq Ft
1 HARDMAN BOULEVARD
& 1 SPINNINGFIELD MANCHESTER
• Date - June 2014
• Area - 497,436 Sq Ft
• Price - £320m
• Yield - (NIY) 4.80%
• WAULT - 23.00 Years
• Purchaser - M&G
• Age of Building - 2004
• Capital Value - £640 per Sq Ft 4 HARDMAN SQUARE
MANCHESTER
• Date - December 2014
• Area - 55,150 Sq Ft
• Price - £31m
• Yield - (NIY) 4.90%
• WAULT - 4.70 Years
• Purchaser - Orchard Street
• Age of Building - 2007
• Capital Value - £562 per Sq Ft
PORT HAMILTON EDINBURGH
• Date - December 2014
• Area - 270,000 Sq Ft
• Price - £105m
• Yield - (NIY) 5.50%
• WAULT - 15.00 Years
• Purchaser - Private
• Age of Building - 1997
• Capital Value - £390 per Sq Ft 3 HARDMAN SQUARE
MANCHESTER
• Date - December 2014
• Area - 178,148 Sq Ft
• Price - £92m
• Yield - (NIY) - 5.79%
• WAULT - 8.48
• Purchaser - M&G
• Age of Building - 2007
• Purchaser - AshbyCapital
• Age of Building - 2006
• Capital Value - £452 per Sq Ft 1 COLMORE SQ
BIRMINGHAM
• Purchaser - L&G
• Age of Building - 2004
• Capital Value - £430 per Sq Ft
66 QUEEN SQ BRISTOL
• Purchaser - Aviva
• Age of Building - 2015
• Capital Value - £535 per Sq Ft
The property is held within a LuxCo and our client SPV would be willing to consider a sale by way of a
corporate transaction.
The property is elected for VAT. We envisage that VAT the property will be treated as a Transfer of a
Going Concern (TOGC).
Capital Allowances
Capital allowances may be available to qualifying purchasers by way of separate negotiation.
Offers are sought in excess of £117,525,000 (One Hundred and Seventeen Million, Five Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level will reflect a net initial yield of 5.75%, a reversionary yield of 6.30% and an equivalent yield of 6.20% based on the net income and assuming
standard purchasers costs of 5.8%
A sale at the quoting price reflects a low capital value of just
£365 per sq ft (£3,934 per sq m).
Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. October 2015.
RB&Co 0161 833 0555. www.richardbarber.co.uk
Franco Sidoli 020 7182 2121 [email protected]
Mark Rawstron 0161 956 4100 [email protected] Will Kennon
0161 233 5609 [email protected]
Adam Wildig 0161 956 4029 [email protected]