A well positioned aircraft hangar in an airport location with a GIA totalling 34,755 sq ft and adjoining apron land of 20,667 sq ft. This hangar is the only Private Jet Hangar facility at Manchester Airport, a critical component in Northern England’s private aviation industry. The property and apron is let to RSS Jet Centre Limited, a subsidiary of Signature Aviation, on two co-terminous leases, with an unexpired term of 19.3 years. Signature Aviation is a worldwide aviation services company. The hangar operates as a FBO (Fixed-Based Operator) facility, which provides ground services including arranging aircraft slots, private jet parking and fuelling. It is often the preferred choice for Premier League football teams including Manchester City and Manchester United. Very low passing rent, reflecting less than c.40% of ERV. The hangar has a passing rent of £210,000 pa (£6.04 psf), while the apron land has a passing rent of £65,000 pa (£3.15 psf). Both the hangar and apron leases are subject to 5-yearly upwards-only RPI reviews (cap and collar of 2% and 4% pa), with the next review due on 1 July 2028. There is an additional rent payable by the tenant which is currently circa £320,000 p.a. Vacant Possession value significantly ahead of current investment value, providing additional security.
Additional Information
Sales process
Offers are sought in excess of £9,500,000. This reflects a net initial yield of 6.0% on the total rent received, assuming standard purchaser's costs of 6.8%. Further detail on this rent is available subject to signing of an NDA.
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