Investment Opportunity Abergavenny - Mill Street Industrial Estate NP7 5HE Multi-Let Industrial Estate

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Beverly Curtis
6 years ago
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1 NP7 5HE

1 Investment Summary Multi-let industrial estate comprising 23 units, providing a total of 39,648 sq ft (3,683 sq m) Unit sizes ranging from 905 sq ft to 3,715 sq ft Low

37% The dominant multi-let industrial estate in Abergavenny Annual rental of 249,086 per annum Tenants include Wolseley UK Ltd and Countryside Council For Wales

2 1 Investment Summary Multi-let industrial estate comprising 23 units, providing a total of 39,648 sq ft (3,683 sq m) Unit sizes ranging from 905 sq ft to 3,715 sq ft Low vacancy rate of 9.37% The dominant multi-let industrial estate in Abergavenny Annual rental of 249,086 per annum Tenants include Wolseley UK Ltd and Countryside Council For Wales Opportunities to add value through active asset management Freehold Offers in excess of 2,615,000 (two million six hundred and fifteen thousand pounds) subject to contract and exclusive of VAT for our client s freehold interest. A purchase at this level reflects a net initial yield of 9% after allowing for purchaser s costs at 5.8%.

3 2 Location Abergavenny is the traditional gateway to South Wales and the Brecon Beacons National Park (3.8 million visitors annually) as well as the Heads of the Valleys. It is an historic and popular market town serving a wide catchment within the county of Monmouthshire and extending into the mountainous regions to the north-west. The resident district population is estimated at 88,000 persons and this is supplemented with substantial numbers of visitors and tourists. Birmingham M42 The town is situated 30 miles North East of Cardiff City Centre, 19 miles north of Newport, 24 miles southwest of Hereford and 25 miles west of Ross-on-Wye. Communications are good with the duel carriageways A40 and A449 linking with the M4 and M50 at Newport and Ross-on-Wye respectively. Abergavenny is positioned on the Cardiff to Manchester rail line and connections are available to London Paddington at Newport. The nearest international airport is at Cardiff. Cardiff Abergavenny Newport M4 M5 Hereford Bristol M50 M5 M5 M4 Swindon

3 N Town Centre Situation Mill Street Industrial Estate is an established industrial estate located approximately 0.5 miles south of Abergavenny Town Centre.

CASTLE WALKS PEGASUS COURT A40 Local occupiers on Monmouth Road (A40) include ATS Euromaster and a new Aldi foodstore. Description MILL STREET The estate comprises four terraces of industrial units.

4 3 N Town Centre Situation Mill Street Industrial Estate is an established industrial estate located approximately 0.5 miles south of Abergavenny Town Centre. The estate is accessed from the A40 trunk road (Monmouth Road), which runs through the town and to the north of the estate. CASTLE WALKS PEGASUS COURT A40 Local occupiers on Monmouth Road (A40) include ATS Euromaster and a new Aldi foodstore. Description MILL STREET The estate comprises four terraces of industrial units. All units are of steel portal frame construction with concrete floors, brick elevations to approximately 2.1m (7ft) and profile steel cladding above and to the roofs which incorporate roof lights. Access is provided by personnel doors and steel roller shutter loading doors. There are car parking and loading areas to the front of each unit. Tenure A 8B 9A 9B B 3A 2 1 The property is held freehold. 6B 6A Site The site extends to approximately 1.9 acres (0.77 hectares). 0m 10m 20m 30m

4 Accommodation The property has been measured on a Gross Internal Area (GIA) basis in accordance with the 6th edition of the RICS Code of Measuring

Service Charge The units are let on Full Repairing & Insuring (FRI) leases.

5 4 Accommodation The property has been measured on a Gross Internal Area (GIA) basis in accordance with the 6th edition of the RICS Code of Measuring Practice. The total area extends to 39,648 sq ft (3,683 sq m). A breakdown of the areas can be found in the Tenancy Schedule overleaf. Service Charge The units are let on Full Repairing & Insuring (FRI) leases. The common areas of the estate are maintained by the Landlord, the costs of which are recovered through the service charge. The current budget for the 2013/2014 service charge year is approximately 0.40 per sq ft. Further information upon request.

6 5 Tenancy The property is let to 17 tenants. The units are let on Full Repairing and Insuring (FRI) leases and a comprehensive service charge is in place. The property currently produces 249,086 per annum, reflecting a rental range of between 5.50 per sq ft and 8.23 per sq ft. Unit Tenant Area (Sq Ft) Area (Sq m) Lease Start End Date Lease Break Annual Rent ( ) Rent PSF ( ) Rent Review Comment Unit 1, 2, 3A & 3B Motorcare Motor Factors Ltd 6, /06/ /06/ /06/ , /06/2017 Break option is mutual to both parties and subject to 6 months notice. Exc. L&T Act Unit 4 Neil Morgan (t/a B & N Printers) 1, /06/ /06/ , Unit 5 Mr A Jenkins (t/a Graff City) 1, /09/ /09/ /09/ , /09/2014 Tenant break option subject to 6 months notice Unit 6A Matthew Thomas 1, /03/ /03/ , * Stepped Rent: Year 1-10,660, Year 2-11,970, Year 3-12,660, Year 4-13,660, Year 5-13,660. Exc. L&T Act Unit 6B Millenium Tyres Ltd 2, /12/ /11/ , Unit 7 Wolseley UK Ltd 1, /11/ /10/ , Unit 8A Linzi Jenkins (t/a Kobra Paint UK) /06/ /06/ /06/2015 7, * Stepped Rent: Year 1-5,800, Year 2 onwards - 7,000. Tenant break option subject to 3 months notice. Exc. L&T Act Unit 8B Flo-Screed UK Ltd /05/ /05/ /05/2014 7, Tenant break option subject to 6 months notice. Exc. L&T Act Unit 9A Gwent Gardens Designs /03/ /03/ /03/2016 7, /03/2016 Tenant break option subject to 6 months notice Unit 9B Torques Products Ltd /10/ /10/ /10/2014 6, /10/2014 Tenant break option subject to 6 months notice Unit 10 & 11 Vacant 3, Unit 12 Motorcare Motor Factors Ltd 1, /10/ /06/ /06/ , Lease in solicitors hands. Tenant option to break on 6 months notice. 6 months rent free from completion. Unit 13A & 13B Countryside Council For Wales 1, /06/ /06/ , Unit 14 Mr Geff Neal (t/a Quantum Leisure Amusment Machines) 1, /10/ /10/ , Unit 15 Worcester Electrical Distributors Ltd 1, /10/ /09/ , Unit 16 Ms JL Barrell & Mr CH Owers 1, /10/ /09/ , /10/2012 Unit 17 UK Max International Ltd 1, /07/ /07/ /07/ , Tenant break option subject to 6 months notice and a penalty payment of 3,750. Unit 18 Room Service UK Ltd 2, /03/ /03/ /09/ , Tenant rolling break option at anytime after 26/09/14 subject to 3 months notice. Exc. L&T Act Unit 19 & 20 James Lister & Sons Ltd 3, /09/ /08/ , TOTAL 39,648 3, ,086 * Vendor to top-up stepped rents as well as rent free periods to headline rentals.

6 EPCs Energy Performance Certificates available upon request. VAT We understand the property is elected for VAT. We envisage that the sale can be treated as a transfer of a going concern (TOGC).

7 6 EPCs Energy Performance Certificates available upon request. VAT We understand the property is elected for VAT. We envisage that the sale can be treated as a transfer of a going concern (TOGC). Asset Management Opportunities Let vacant unit (3,715 sq ft) providing an immediate reversion - there is potential to divide the vacant double unit Sell the units individually - either to local investors or owner occupiers Re-gear current leases Proposal We are instructed to seek offers in excess of 2,615,000 (two million six hundred and fifteen thousand pounds) subject to contract and exclusive of VAT for our client s freehold interest. A purchase at this level reflects a net initial yield of 9% after allowing for purchaser s costs at 5.8%.

8 For further information or to arrange an inspection, please do not hesitate to contact: Sophia House, 28 Cathedral Road, Cardiff, CF11 9LJ James Sanders +44 (0) (0) Daniel Evans +44 (0) (0) Misrepresentation Clause Ltd acting for themselves and for the vendors or lessors of this property whose sole agents they are give notice that: (i) The particulars are set out as a general outline for the guidance of the purchasers and do not constitute part of an offer or contract; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of Ltd has any authority to make or give any representation or warranty whatever in relation to this property. (iv) All rentals and prices are quoted exclusive of VAT. (v) All plans and maps provided with the particulars are for identification purposes only.

Aberystwyth - Glan yr Afon Enterprise Park, SY23 3JQ Multi-let Industrial Estate

Aberystwyth - Glan yr Afon Enterprise Park, SY23 3JQ Multi-let Industrial Estate , SY23 3JQ 1 Investment Summary Multi-let industrial estate comprising 10 units, providing a total of 10,559 sq ft (989 sq m) Unit sizes ranging from 746 sq ft to 1,520 sq ft Glan yr Afon is the dominant