ICM UNIT CLOSE, MEDWAY CITY ESTATE ROCHESTER, KENT, ME2 4LY INDUSTRIAL INVESTMENT - TWO ADJOINING UNITS TOTALLING 3,725 SQ M (40,097 SQ FT)

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1 ICM UNIT ENTERPRISE CLOSE, MEDWAY CITY ESTATE ROCHESTER, KENT, ME2 4LY INDUSTRIAL INVESTMENT - TWO ADJOINING UNITS TOTALLING 3,725 SQ M (40,097 SQ FT)

2 INVESTMENT SUMMARY Rochester is strategically located 30 miles south east of Central London and within 1 hour s drivetime of the UK s key Ports/Ferry Terminals of Dover, Folkestone and Tilbury Easy access to M2, M20 and M25 motorways The property comprises two adjoining units totalling 3,725 sq m (40,097 sq ft) The site extends to 0.80 ha (1.98 acres), reflecting a site cover of 44% The property will be let on a FRI lease to ICM (Plastic Moulding) Ltd for a term of 15 years with a tenant break in year 10. Rent 220,000 per annum, which equates to 5.48 per sq ft overall Offers sought in excess of 2,750,000 (Two Million Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 7.56% allowing for purchaser s costs at 6.6%

3 LOCATION Rochester is an established commercial centre forming part of the Thames Gateway, located 30 miles south east of Central London and 40 miles north west of the Channel Ports. The town benefits from excellent transport links with the 89 Medway Towns Northern Relief Road providing dual carriageway access to junctions 1 and 4 of the M2 motorway, which in turn leads to junction 2 of the M25, 14 miles to the south west. Junction 6 of the M20 lies 13 miles to the south. There are a number of key Freight Ports/Passenger Terminals within one hour drivetime including Dover, Folkestone, Tilbury, London Gateway, Sheerness, London Thamesport and Chatham. Rochester Rail station provides a direct service to London St Pancras with a fastest journey time of 35 minutes. Ebbsfleet International is 12 miles to the west; Ashford International is 26 miles to the south east with the Channel Tunnel 40 miles to the south. SITUATION The unit is located on the southern side of Enterprise Close immediately off Sir Anthony Lyons Way, the main arterial route through Medway City Estate. The Medway City Estate is one of Kent s principal industrial areas benefitting from its easy access to Central London/ South East and the Channel Port s/freight Terminals. Approximately 25% of the UK s population is within a 2 hour drivetime. The Estate comprises c.2 million sq ft of commercial space developed over the last 20 years with an extensive national/local occupier base including Veetee, DAF, Scotline, Viridor and Norbert Dentressangle. LONDON CITY LONDON CROYDON BASILDON A13 M20 London Heathrow, Gatwick, Stanstead and City Airports are all within a 40 miles radius. ENTERPRISE SOUTHEND-ON-SEA CLOSE MEDWAY CITY ESTATE ROCHESTER, KENT, ME2 4LY SHEERNESS ROCHESTER M2 CANTERBURY SEA MARGATE J2 ENTERPRISE CLOSE MEDWAY CITY ESTATE 28 ROCHESTER, KENT, ME2 4LY RIVER MEDWAY REIGATE 2 4 M23 GATWICK CRAWLEY M25 EAST GRINSTEAD SEVENOAKS 6 ROYAL TUNBRIDGE WELLS MAIDSTONE M20 ASHFORD DOVER FOLKESTONE J2 M2 RIVER MEDWAY 29 3 LEWES BRIGHTON ENGLISH CHANNEL UCKFIELD NEWHAVEN EASTBOURNE HASTINGS S T R A I T O F D O V E R

4 Dickens Court DESCRIPTION ACCOMMODATION The property comprises 2 adjoining units developed in the 1980s totalling 3,725 sq m (40,097 sq ft). The buildings are of steel portal frame construction with part brick/profile steel clad elevations beneath a double pitched profile steel sheet roof. The specification includes: Secure, self-contained yard Double, entry and exit gates The property comprises the following gross internal floor areas: Sq m Sq ft Unit A Warehouse 1,636 17,611 Offices 381 4,104 Sub-total 2,107 21,716 ENTERPRISE CLOSE Separate car parking 2 level access loading doors 5.25m eaves 850 Kva power supply Covered loading bay Unit B Warehouse 1,404 15,109 Offices 304 3,272 Sub-total 1,708 18,382 8 Keel Court 5 Warehouse 1 Two storey offices Total 3,725 40,097 El Sub Sta El Sub Sta The site has a total area of 0.80 ha (1.98 acres), reflecting a site cover of 44%. (This excludes the covered loading bay 139 sq m (1,501 sq ft)) Medway City Estate Factory Warehouse 11

5 TENURE Freehold. TENANCY As at completion, the property will be let on a full repairing and insuring lease to ICM (Plastic Moulding) Ltd on a new 15 year lease subject to a tenant only break in year 10, subject to 6 months prior written notice. The initial rent will be 220,000 per annum, which equates to 5.48 per sq ft overall, subject to 5 yearly upwards only open market rent reviews. TENANT COVENANT ICM (Plastic Moulding) Limited (company number ) originates from Insulating Components & Materials Ltd; a company founded in 1945 to provide plastic components for the electrical industry. The company has been based in Kent since 1957, and the Rochester facility was purpose built in The company changed its name to ICM (Plastic Moulding) Limited in 1997, and in 2003, became part of the Merriott Plastics Group. ICM is a well established company with a history of producing technically demanding injection and compression moulded components for industrial, engineering and commercial applications worldwide. ICM s customer base includes the MoD, JCB, Vent-Axia, Cummins, Aston Martin, Perkins Engines, Flakt Woods and Zehnder. Therefore, ICM is not reliant on a single sector/customer and produces stable and reliable financial performance. The Rochester facility operates 5 days a week, with 24 hour working Mon-Thurs, employing some 40 staff and contains specialist machinery/mouldings with a replacement value of in excess of 10m Financial information: 31/03/ /03/ /03/2013 Turnover 3,725,698 3,660,388 4,386,315 Pre-tax Profit 389, , ,815 Shareholders Funds 1,192, , ,442 The company reported the figures above whilst paying a rent of 220,000pa, therefore the sale and leasback of this asset will not incur additional cost to the business. A copy of the full accounts together with the latest management accounts can be provided upon request. For further information, please see

6 EPC The property has an energy performance rating of F with scores of 141 and 144 respectively. A certificate is available upon request. VAT The property is elected for VAT. PROPOSAL Offers are sought in excess of 2,750,000 (Two Million, Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.56%, after allowing for purchaser s costs at 6.6% and 69 per sq ft capital value. FURTHER INFORMATION For further information or to arrange a viewing, please contact: Ed Cornwell T: edward.cornwell@bnpparibas.com Oliver Forster T: oliver.forster@bnpapribas.com BNP Paribas Real Estate 5 Aldermanbury Square London EC2V 7BP Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. these particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. February For further information in relation to other investment sales from BNP Paribas Real Estate, please log on to Produced by Barbican Studio: +44(0)