LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

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Timothy Foster
5 years ago
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2 Outline for indicative purposes only. INVESTMENT CONSIDERATIONS PROPOSAL Modern industrial estate located in the principal industrial area of St Neots, a suburb of Huntingdon Excellent access to the A428, A1 and Strong industrial area with national covenants including: Cath Kidston, Hotel Chocolat, B&Q, B&M and Screwfix The units occupy two prominent sites both with excellent road frontage and accessibility Fully let with a total effective rent of 214,750 p.a. 4 Industrial/Trade Counter units let to Howden, NDM Roofing & Cladding, Saint Flooring and Tsunami Axis (Office Design) totalling 41,510 sq ft (3,856.4 sq m) WAULT of 7.15 years to expiry (5.20 years to break) Numerous asset management opportunities with upcoming rent reviews in 2019, 2021 and 2023 Freehold Site area of approximately 2.17 Acres (0.87 Hectares), providing a site cover of 43% We are instructed to seek offers in excess of 3,150,000 (Three Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT for the Freehold interest. This reflects an attractive Net Initial Yield of 6.40% and a low capital value of psf, after deductions for purchaser s costs. DATA ROOM For access to the Allsop Marketing Data Room please use the following link:

CARDIFF M5 M48 M32 BRISTOL M6 M5 WORCESTER M50 BATH M4 M42 BIRMINGHAM SHEFFIELD M6 NOTTINGHAM LOUGHBOROUGH LEICESTER M6 OXFORD M3 LINCOLN NORTHAMPTON MILTON KEYNES HEATHROW LUTON PETERBOROUGH A1(M)

situated on the banks of the River Ouse, 15 miles (24 km) west of Cambridge, 25 miles (40 km) south of Peterborough and 50 miles (80 km) north of London.

St Neots lies adjacent to the A1 which connects the town to London in the south and Peterborough in the north, whilst the nearby A41 provides access to the Midlands and East Anglia.

3 CARDIFF M5 M48 M32 BRISTOL M6 M5 WORCESTER M50 BATH M4 M42 BIRMINGHAM SHEFFIELD M6 NOTTINGHAM LOUGHBOROUGH LEICESTER M6 OXFORD M3 LINCOLN NORTHAMPTON MILTON KEYNES HEATHROW LUTON PETERBOROUGH A1(M) ST NEOTS M25 A1(M) CAMBRIDGE M25 LONDON M23 CAMBRIDGE INTERNATIONAL STANSTEAD CHELMSFORD KINGS CROSS M2 MAIDSTONE BURY ST EDMUNDS M20 NORWICH LOCATION St Neots is a market town in Cambridgeshire situated on the banks of the River Ouse, 15 miles (24 km) west of Cambridge, 25 miles (40 km) south of Peterborough and 50 miles (80 km) north of London. St Neots is the largest town in Cambridgeshire with a population of approximately 40,000. St Neots lies adjacent to the A1 which connects the town to London in the south and Peterborough in the north, whilst the nearby A41 provides access to the Midlands and East Anglia. St Neots benefits from access to the East Coast Mainline which provides half hourly journeys into London Kings Cross with a fastest journey time of 36 minutes. The town is situated within a 45 minute drive of Luton Airport and Stanstead Airport. TRAVEL TIMES CAR MILES Bedford 10.8 Cambridge 20.7 Peterborough 31.6 London 56.2 AIR RAIL MINUTES Huntingdon 7 Peterborough 23 Stevenage 42 London Kings Cross/ St Pancras International 70 MINUTES Cambridge International Airport 23.8 London Luton Airport 32.2 London Stanstead Airport 43.5 M27 SOUTHAMPTONA3(M) PORTSMOUTH London Heathrow Airport 65.1

ECONOMY Huntingdonshire features a network of market towns, including Huntingdon, St Ives, St Neots and Ramsey and key natural assets, including the The Great Ouse River.

St Neots is the largest centre by population in the District and is also home to an established business base, many of which employ substantial numbers and are focused on the manufacturing sector or

4 ECONOMY Huntingdonshire features a network of market towns, including Huntingdon, St Ives, St Neots and Ramsey and key natural assets, including the The Great Ouse River. Huntingdon is the primary service centre and an important employment area. St Neots is the largest centre by population in the District and is also home to an established business base, many of which employ substantial numbers and are focused on the manufacturing sector or are part of wellestablished supply chains. The quick recovery of the economy beyond pre-recession levels points to a resilience within the private sector and therefore the business base of Huntingdonshire. Huntingdonshire s population is larger than any other District in Cambridgeshire and is projected to grow to 209,000 by Its population is skilled, healthy and productive. The unemployment rate and the proportion of the population claiming benefits is lower in Huntingdonshire than the UK average. KETTERING A508 WELLINGBOROUGH NORTHAMPTON A428 A605 A6 A421 BEDFORD A1(M) A1 HUNTINGDON ST NEOTS A428 1 CAMBRIDGE Cambridge International A11 NEWMARKET 65 THETFORD BURY ST EDMUNDS A134 SITUATION The property is situated on a prominent roadside position within the centre of the East Socon Industrial Area, an established industrial area a mile north of the A1 dual carriageway. Immediately alongside the subject property is a densely populated housing estate and recently constructed care home, which is accessed via Nelson Road, immediately to the north. The property is located 2.3 miles from the centre of St Neots and 12.4 miles from Huntingdon. The area has also attracted a number of warehouse operations for national retailers including Cath Kidston, B&Q, Hotel Chocolat, Jewson and Screwfix. MILTON KEYNES A418 AYLESBURY A5 LUTON LETCHWORTH STEVENAGE A505 BISHOP S STORFORD A11 1 London Stanstead A120 BRAINTREE A12

1 1 16 10 19 1 2 25 LITTLE END ROAD INDUSTRIAL ESTATE ESS NELSON ROAD 25.

SITE AREA The property comprises a total site area of 2.17 acres (0.87 Hectares), split between the following demises: n UNITS 21A & 21B 1.17 acres (0.47 Hectares) [Site Coverage: 43%] n UNITS 23A & 23B-C 1.

Units 21A and 21B are arranged on ground floor only to provide two modern industrial units totalling 22,108 sq ft (2,054 sq m) together with an extensive yard area and parking

Both units have an eaves height of 5.15m and 3 roller shutter doors.

5 LITTLE END ROAD INDUSTRIAL ESTATE ESS NELSON ROAD 25.2m Nelson Lodge 21b 23a 23 b-c 21a RESIDENTIAL LITTLE END ROAD El Sub Sta 3 0m 10m 20m 30m CARE HOME Crown Copyright, ES For identification purposes only. SITE AREA The property comprises a total site area of 2.17 acres (0.87 Hectares), split between the following demises: n UNITS 21A & 21B 1.17 acres (0.47 Hectares) [Site Coverage: 43%] n UNITS 23A & 23B-C 1.00 acres (0.40 Hectares) [Site Coverage: 45%] TENURE Freehold. DESCRIPTION The property comprises 4 units occupying two sites fronting Little End Road. Units 21A and 21B are arranged on ground floor only to provide two modern industrial units totalling 22,108 sq ft (2,054 sq m) together with an extensive yard area and parking for some 32 vehicles. Unit 21A benefits from a Landlord mezzanine totalling 499 sq ft (46.3 sq m) currently utilised as ancillary office/staff accommodation. Both units have an eaves height of 5.15m and 3 roller shutter doors. Units 23A and 23B-C are arranged over ground floor only to provide two modern self-contained industrial trade counter units totalling 19,402 sq ft (1,802 sq m). Both units benefit from single storey office/staff accommodation to the front, with car parking for some 20 vehicles. Unit 23 B-C has an extensive yard area, whilst both units have an eaves height of 4.34m and 4.13m respectively and 4 roller shutter doors.

6 ACCOMMODATION & TENANCIES Unit Tenant Area (sq m) Area (sq ft) Lease Start Lease Expiry Break Rent Review Effective Rent ( pa) 21 A Tsunami Axis Limited ,757 09/07/18 08/07/21 09/07/19 51, * 51, * Current Rent: 32,500 p.a. Fixed increase to 51,250 p.a. on 09/07/2019, to be topped up by the Vendor Landlord Mezzanine of 499 sq ft (46.4 sq m) Rent deposit 15,375 incl VAT Tenant only break option, subject to 3 months notice period and penalty of 10,250 Service charge cap of 2,000 in Years 1 & 2, rising to 2,200 in Year 3 Lease outside 1954 Act Protection 21 B Saint Flooring South Limited Effective Rent ( psf) ERV ( pa) ERV ( psf) Comments 1, ,351 06/07/18 05/07/28 06/07/23 06/07/23 63, , Current Rent: 31,500 p.a. Fixed increase to 63,000 on 06/07/2019, to be topped up by the Vendor Additional fixed increase to 64,843 p.a. on 06/07/2020. Rent deposit 18,900 incl VAT Tenant Only Break Option, subject to 6 month notice period Lease outside 1954 Act Protection 23 A NDM (Metal Roofing and Cladding) Limited 23 B & C Howden Joinery Properties Limited ,650 27/10/16 27/10/26 27/10/19 47, , Lease subject to additional rent reviews in 2022 & 2025 Rent deposit 14,250 Lease subject to license to alter Lease outside 1954 Act Protection ,752 12/01/16 11/01/26 12/01/21 53, , Lease subject to Schedule of Condition Total 3, , , , *Rent psf rates assumes 0.25% on mezzanine accommodation. COVENANT INFORMATION HOWDEN JOINERY PROPERTIES LIMITED (Company Reg: ) Rent: 53,000 per annum (25% of income) Risk Disk: 100 NDM (METAL ROOFING & CLADDING) LIMITED (Company Reg: ) Rent: 47,500 per annum (22% of income) Risk Disk: 77 SAINT FLOORING SOUTH LIMITED (Company Reg: ) Rent: 31,500 per annum (29% of income) Risk Disk: 77 TSUNAMI AXIS LIMITED (Company Reg: ) Rent: 32,500 per annum (24% of income) Risk Disk:- 88 December 2015 December 2016 December 2017 March 2015 March 2016 March Turnover 45,202,000 47,882,000 53,759,000 Turnover Turnover Turnover 27,399,592 31,499,527 31,547,694 Pre-Tax Profit 228, ,000 1,532,000 Pre-Tax Profit Pre-Tax Profit Pre-Tax Profit 778,433 1,803,948 1,209,437 Total Net Worth -312, , ,000 Total Net Worth 193,315 1,215,935 1,154,518 Total Net Worth 79, , ,263 Total Net Worth 991,548 1,125, ,654

7 ASSET MANAGEMENT The investment provides the purchaser with the opportunity to undertake a number of asset management initiatives in order to enhance the rent and in turn create further value. INVESTMENT MARKET TRANSACTIONS Date Address Area (sq ft) WAULT Price ( M) NIY Cap Val ( psf) September 18 Stukeley Meadows Industrial Estate, Huntingdon 29, M 5.46% 112 August 18 Units Petersfield Business Park, Petersfield 26, M 5.00% 143 June St Peters Road, Huntingdon 16, M 4.72% 159 LEASE REGEAR/RENEWALS Unit 21A is subject to a tenant only break option in July 2019 providing the immediate opportunity to extend the term certain by removing the break option or regearing the lease. April 18 Access 4:20, New Hythe Business Park, Aylesford 47, M 4.60% 166 April 18 Doranda Way Industrial Park, West Bromwich 152, M 5.18% 96 April 18 Sky Business Park, Egham 27, M 4.55% 233 April 18 Mill River, Enfield 93, M 4.00% 192 RENTAL GROWTH The current rents are let at modest levels having all commenced within the last 3 years. Over 45% of the income is subject to rent review in the next 2.5 years. The property is therefore well placed for future rental growth through the completion of rent reviews in 2019, 2021 and A508 NORTHAMPTON A508 A5 A45 A509 A422 A6 BEDFORD A1 ST NEOTS HUNTINGDON A428 CAMBRIDGE A11 A11 A134 HUNTINGDON Prime Rents: 7.50 psf Availability: BURY ST 440,000 EDMUNDS BEDFORD Prime Rents: A psf Availability: 773,000 A421 A1 A505 CAPITAL EXPENDITURE The investment provides the purchaser with the opportunity to further enhance rental value through future refurbishment of the units. New build/ refurbished industrial units in the wider Huntingdon market are achieving rents in the region of 7.50 psf. MILTON KEYNES A421 A418 A5 A6 LUTON A505 STEVENAGE 1 MILTON KEYNES Prime Rents: 8.50 psf A131 Availability: 1,800,000 STEVENAGE BRAINTREE Prime Rents: A psf COLCHESTER A120 A120 Availability: 50,000 AYLESBURY ESTATE BREAK-UP The property provides the purchaser with the opportunity to sell individual units to owner occupiers at a premium. A1(M) A414 M25 1 A406 A414 A131 LUTON CHELMSFORD A12 A130 BRENTWOOD A12 Prime Rents: 9.75 psf Availability: 244,600

8 VAT The property has been elected for VAT and we would therefore expect the property to be treated as a Transfer of Going Concern (TOGC). EPC Please refer to the Allsop Marketing Data Room for further information. PROPOSAL We are instructed to seek offers in excess of 3,150,000 (Three Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT for the Freehold interest. This reflects an attractive Net Initial Yield of 6.40% and a low capital value of psf, after deductions for purchaser s costs. DATA ROOM For further information or to make arrangements for viewing please contact: For access to the Allsop Marketing Data Room please use the following link: Jeremy Hodgson jeremy.hodgson@allsop.co.uk James Salmon james.salmon@allsop.co.uk Tom Dales tom.dales@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD

JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY

JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ INVESTMENT CONSIDERATIONS