UPON THE INSTRUCTIONS OFR N PHILLIPS & E K DRY, JOINT LPA RECEIVERS

HIGH-YIELDING FREEHOLD OFFICE

10 Duke StreetLiverpool L1 5AS

gva.co.uk/4203

The city has a population of around 440,000 (census 2001) and sits within a large catchment area with over 1.8m people living within a 30 minute drive and over 6m people living within 1 hour. Liverpool lies approximately 217 miles (349 km) north west of London, 98 miles (157 km) north west of Birmingham and 34 miles (54 km) west of Manchester.

The city has excellent transport links with three motorways serving the urban area and wider region– M62, 4.5 miles east via Edge Lane, A504, the M58 / M57 motorway 6 miles to the north via the A59 and the M53, 3.5 miles west via the Mersey (Kingsway) Tunnel: with Manchester and Chester being within a one hour drive.

There is a direct hourly rail service from Liverpool Lime Street to

London Euston (approximately two hours) with significantly improved facilities following the investment in the West Coast Mainline.

The city also has its own local rail system known as Merseyrail, where lines provide access to the north and south of the city and the Wirral incorporating numerous city centre station locations including Liverpool Lime Street.

Location

Liverpool, the UK’s 6th largest city, is the commercial and administrative capital of Merseyside.

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The property is situated on Duke Street close to its junction with Hanover Street in the RopeWalks District of Liverpool city centre; an area which has recently experienced significant regeneration with numerous new

developments and conversion of existing period buildings. The building is approximately 100m away from one of the main entrances into Liverpool ONE: Grosvenor’s retail and leisure development which is now

established as the city’s retail core. The Liver Street and Hanover Street QPark multi-storey car parks and Merseytravel Bus Exchange are also within a two minute walk.

Situation

The building is just a two minute walk away from one of the main entrances into Liverpool ONE…

LIVERPOOLONE

JOHN LEWIS

BUS INTERCHANGE

HILTON HOTEL

Q PARKNOVOTEL

HOTEL

PREMIER INN

QEII LAW COURTS

TOWN HALL

BBC

Q PARK

PARADISESTREET

DUKESTREET

HANOVERSTREET

CHURCHSTREET

10 DUKE ST

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Developed in the late 1990s, the property comprises a detached purpose-built office of frame construction with a mixture of brick and glazed elevations.

The building is arranged over five floors with each floor providing two suites around a central core together with a small self-contained Grade II listed annexe of brick construction.

SPECIFICATIONFeature full height entrance atriumTwo high speed 8-person passenger liftsRaised and carpeted floorsFour-pipe fan-coil units for heating ventilation and coolingDisabled access provided to all floorsLandscaped courtyardSecure 28 space underground car park

Description

The building is arranged over five floors around a central core.

ENTRANCE

ANNEXE

DUKE STREET

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Accommodation

The main building has an approximate net internal area of 29,376 sqft (2,730 sqm). A breakdown of individual floors is provided on the attached tenancy schedule overleaf. All offices are approached from a reception area with a spectacular three-storey atrium above.

The ground floor of the annexe, facing Duke Street Lane, is accessed directly at street level but the two upper floors are only accessible via the main 10 Duke Street offices.

The building offers approximately 2,700 sqft (250 sqm) over three floors.

In addition to selling the main office building the freehold title also includes the residential and commercial developments to the rear which are let on long occupational leases. These are situated to the rear of the shared courtyard.

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Floor Area (sqft) Tenant Lease Details Rent Expiry (Break)

Comment

Ground (Part) 3,045 (4 cars) Royal National Institutefor the Blind(RNIB)

10 years from 01/03/20125 yr R/R

£61,800(13.25)

29/02/2022(17/03/17)

Agreement to lease subject to landlords works. Tenant break subject to 3 months rent. penalty and 6 months notice. In event break not exercised tenant gets 12 months rent free.

Ground (Part) 3,068 (3 cars) Henshaws Society for Blind

10 years from 16/02/20115 yrs R/R

£22,540(5.88)

15/02/2021-

First 6,845 Meridian Marine Management Limited

10 years from 06/02/2004

£85,500(12.50)

05/02/2014 2009 break notexercised.

Second & Third (part)

6,420(6 cars)

Aedas Architects Limited

10 years from 03/11/2003

£85,000(11.84)

02/11/2013 Tenant currently marketing their accommodation.

Second (Part) 1,169 Royal National Institute for the Blind

Incl in GF lease

Incl in GF lease

Incl in GF lease

Second(vacant)

2,445(2 cars)

Vacant

Third (part) 3,693 (10 cars) Liverpool Housing Trust

5 years from1/11/2011

£63,750(13.20)

31/10/2016(1/11/2014)

Tenants break subject to 6 months notice plus 6 months rent penalty. 7 of the car spaces held on licence.

Fourth 2,691 (3 cars) Owen Ellis Partnership

10 years from 28/04/2003

£42,305(14.05)

27/04/2013

TOTAL 29,376 £360,895

Ground, First and Second

2,700 (each floor 900 sqft)

Vacant

2 leases Commercial Ground Leases

Mixed 150 years from 01/01/2007

£400 £200 pa per lease.

6 leases Residential Ground Leases

Mixed 150 years from 01/01/2007

£750 £150 pa per lease,plus 1 at a peppercorn.

TOTAL £1,150

Tenancy Details

LISTED ANNEXE

10 DUKE STREET

GROUND LEASES

The property is let subject to the agreements below and currently provides a gross rental of £362,045 pa.

There is currently 5,145 sqft vacant. We estimate the current service charge/insurance costs equate to £6 per sqft.

We believe the building is reversionary with the total estimated renatl value being in the order of £440,000 pa adopting £13 per sqft and £1,500 per car space.

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RNIB Established in 1824, provides a variety of key services to blind people in the UK including Braille, schooling, training and employment.

www.rnib.org.uk

MERIDIAN MARINE MANAGEMENT LIMITED Involved in the marine management business who for the year ending 31 December 2010 had a turnover of £3,146,188, pre tax profits of £350,069 and a net worth of £894,907. D&B rating is current 1A1.

www.meridian-marine.net

HENSHAWS SOCIETY FOR THE BLIND Established in 1837, employs over 400 members helping and supporting blind and visually impaired people throughout the UK.

www.henshaws.org.uk

AEDAS ARCHITECTS LIMITED Architectural practice who for the year end 31 December 2010 had a turnover of £37,251,535, pre-tax profits of £507,861 and a net worth of £8,021,609. D&B rating is currently 3A1.

www.aedas.com

LIVERPOOL HOUSING TRUST Is part of Symphony Housing Group and have been providing affordable homes on Merseyside since 1965.

www.iht.co.uk

THE OWEN ELLIS PARTNERSHIP LIMITED Engineering, architectural and surveying services business who for the year ending 31 May 2010 reported a turnover of £672,294, pre-tax profits of £12,734 as a net worth of £106,686.

www.owenellis.co.uk

Tenant Details

10 Duke Street

Residential & commercial Ground Lease secrtion Duke Street Lane property

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TENURE

The property is held freehold.

VAT

Election to waive exemption from VAT has been made and therefore VAT will be charged on the purchase price.

PROPOSAL

We are instructed to seek offers in excess of £2,975,000 (two million, nine hundred and seventy five thousand pounds) which on the current income offers an extremely attractive net initial yield of 11.5% rising to 13% on letting of the vacant space and giving a reversionary yield of 14% net of purchaser’s costs at 5.8%.

FURTHER INFORMATION

To view other properties which are being sold by GVA Investment UK wide, please go to www.gva.co.uk/investment

GURMINDER MANAK0161 956 4105gurminder.manak@gva.co.uk

DAVID WINTERBOTTOM0161 956 4103david.winterbottom@gva.co.uk

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GVA is the trading name of GVA Grimley Limited. GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: 1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. APRIL 2011.

DESIGNED AND PRODUCED BY ALEXANDER MACGREGOR LTD. WWW. ALEXANDERMACGREGOR.CO.UK

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