24 & 6 Cheshire Avenue, Cheshire Business Park, Northwich

EXECUTIVE SUMMARY
• The Dechra Portfolio provides an opportunity to acquire two freehold office buildings forming the worldwide headquarters campus of Dechra Pharmaceuticals Limited, a global specialist veterinary pharmaceuticals group
• The properties are prominently situated in Cheshire Business Park, an established commercial location to the south of Northwich with excellent access to the regional motorway network and Manchester Airport
• 7,165 sq ft arranged across two modern office buildings (6 Cheshire Avenue
– 4,085 sq ft and 24 Cheshire Avenue
– 3,080 sq ft)
• Let in their entirety to Dechra Pharmaceuticals Limited on institutional Full Repairing and Insuring leases expiring until 26 July 2032 (6.5 years term certain)
• Total rent passing of £131,481 per annum
• Dechra was recently sold in a major “take private” deal, acquired by a consortium led by EQT and the Abu Dhabi Investment Authority for £4.46 billion
• Dechra Pharmaceuticals Limited is rated “Very Low Risk” by Experian

Offers are sought in the region of £1,778,000 (One Million Seven Hundred and Seventy-Eight Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.00% after purchaser’s costs.

LOCATION
Cheshire Business Park is an established commercial location situated to the south of Northwich, benefitting from excellent regional and national connectivity. The park lies in close proximity to:
• A556 and M6 motorway network
• Manchester Airport (c. 25 miles)
• Chester, Warrington and Manchester
commuter catchments

The location provides an attractive headquarters environment, combining strong accessibility with an established business community.

SITUATION
The portfolio comprises two modern office buildings arranged in a semi-detached configuration:
• 24 Cheshire Avenue – Dechra global headquarters
• 6 Cheshire Avenue – Office building occupied by Dechra
The buildings operate together as a single occupational campus, providing operational continuity and long-term strategic importance to the tenant.

INVESTMENT RATIONALE
• Global pharmaceutical headquarters occupier
• Two freehold assets
• 6.5 years income
• Low-risk covenant with strong credit metrics
• Strategically important occupational location
• Institutional-grade lease structures
• Low management intensity 24 Cheshire

FURTHER INFORMATION

Data Room
Access to be provided upon request.

VAT
The properties are elected for VAT. It is anticipated that the transaction can be structured as a Transfer of a Going Concern (TOGC), subject to contract.

Capital Allowances
Capital allowances will be retained by the vendor.

Anti-Money Laundering
The successful purchaser will be required to satisfy AML requirements as to the source
of funds.

INVESTMENT PROPOSAL
Offers are sought in the region of £1,778,000 (One Million Seven Hundred and Seventy-Eight Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.00% after purchaser’s costs.