N SCHNEIDER ELECTRIC SOUTHWAY DRIVE, PLYMOUTH PL6 6QT SECURE 11 YEAR + INCOME INDUSTRIAL WAREHOUSE INVESTMENT

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Irma Booth
5 years ago
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1 SECURE 11 YEAR + INCOME INDUSTRIAL WAREHOUSE INVESTMENT

N The warehouse comprises a Gross Internal Area of 12,648.71 sq m (136,150 sq ft), across the production area, warehouse, ancillary storage, offices and canteen.

2 Investment Summary N Freehold, secure income industrial investment. N The property is located in Plymouth, one of the largest commercial centres in the South West and is situated in the Southway area of the city, 8km (5 miles) north of Plymouth city centre. N The warehouse comprises a Gross Internal Area of 12, sq m (136,150 sq ft), across the production area, warehouse, ancillary storage, offices and canteen. N The property is situated on a site of approximately 7.61 acres (3.08 hectares), reflecting a low site cover of approximately 41%. N The property is let for a term of 35 years until 28th September 2027 to Invensys Limited on a Full Repairing and Insuring Lease, limited by way of a Schedule of Condition. There are no break options and therefore provides an unexpired term of 11.5 years. N The Tenant has been in occupation for over 50 years and has heavily invested in the warehouse which was originally purpose built for them. N The Lease is subject to 5 yearly rent reviews. N Invensys Limited has a Dun & Bradstreet rating of 5A1 and a Tangible Net Worth of over 2.4bn providing very strong income security. N Invensys Limited was acquired by the French multinational Schneider Electric in January 2014 for 3.4bn, and represents an excellent covenant with a European D&B rating of 5AA3, a turnover of 24.94bn and a net worth of 3.35bn. N The current passing rent is 570,000 per annum reflecting 4.19 per sq ft. N We are instructed to seek offers in excess of 7,634,000 (Seven Million Six Hundred and Thirty Four Thousand Pounds) subject to contract and exclusive of VAT. A Purchase at this level would reflect a Net Initial Yield of 7.00% assuming purchaser s costs of 6.66% and a low capital value of per sq ft.

3 SCHNEIDER ELECTRIC Ilfracombe M5 Lynmouth Minehead Barnstaple South Molton A361 Great Torrington Tiverton Okehampton Exeter Tavistock Exmouth A386 A38 A380 Torquay PLYMOUTH A38 9 Bridgewater Taunton M5 A35 Clittaford Road Pendeen Crescent Samuel Bassett Ave Southway Drive Lulworth Drive Southway Lane SCHNEIDER ELECTRIC Barndale Cres Plymouth x Morgan Road Tavistock z A386 Location Plymouth is one of the largest commercial centres in the South West of England and is located within the county of Devon, 80 km (50 miles) south west of Exeter, 193 km (120 miles) south west of Bristol and 345 km (215 miles) from Central London. The town has excellent communication links with the A38 Devon Expressway providing direct and easy access to Exeter and the M5 motorway. Driving time from London is approximately four and a half hours. Plymouth is served by First Great Western, providing direct rail access to London Paddington (3 hours 15 minutes), Bristol Temple Meads (2 hours) and other South West regional centres. Situation The property is situated within the residential suburb of Southway, 8 km (5 miles) north of Plymouth city centre. The property can be accessed off both Southway Drive and Clittaford Road, and lies approximately 0.5 km west from the A386 Tavistock Road, which in turn links with the A38 Devon Expressway. Occupiers in close proximity include Waycon Pre-Cast and UTC Aerospace Systems. The city is also served by Plymouth City Airport, which is located 5 km (3 miles) north of the city centre and offers four services daily from London Gatwick. The city is also classed as a major port offering both passenger and vehicle ferry services currently operated by Brittany Ferries.

Description The premises comprise a single storey factory and adjoining warehouse, office and canteen blocks, together with numerous outbuildings.

4 Description The premises comprise a single storey factory and adjoining warehouse, office and canteen blocks, together with numerous outbuildings. The warehouse was purpose built for the tenant in the 1960s who has therefore been in occupation for over 50 years. During their occupation the tenant has invested heavily in the warehouse, with the most recent improvements being the replacement of the roof and comprehensive refurbishment of the ground and first floor offices. The warehouse is the HQ for Invensys Limited. They employ approximately 250 staff on site, a large part of which are skilled workforce. The property is essential to the running of their UK operation where they manufacture and distribute household thermostats. R&D, marketing, finance and customer services departments are also based on site. The property totals a Gross Internal Area (GIA) of 12, sq m (136,150 sq ft) on a site of approximately 7.61 acres (3.08 hectares), reflecting a low site cover of approximately 41%. Externally, there are 259 marked car parking spaces. Illustration for indicative purposes only. ACCOMMODATION The building has been measured on a Gross Internal Area in accordance with the RICS Code of Measuring Practice (6th edition) as follows: Description Sq m Sq ft Production 6, ,289 Warehouse 2, ,163 Ancillary Storage 1, ,695 Canteen ,612 Ground Floor Offices 1, ,820 First Floor Offices ,885 Mezzanine Offices ,687 Total 12, ,150 Tenure The property is held Freehold.

5 Tenancy The property is let to Invensys Limited (Reg No ) on a 35 year Full Repairing and Insuring Lease, limited by a Schedule of Condition, from 29th September 1992, expiring on 28th September 2027 (approximately 11.5 years unexpired). The current passing rent is 570,000 per annum, which equates to 4.19 per sq ft. The Lease is subject to 5 yearly upwards only rent reviews. The next review is due on 29th September The rent review clause within the Lease provides for an increase to the higher of the Open Market Rent or the Passing Rent or 455,500 multiplied by the Relevant Percentage, which is calculated as follows: Relevant Percentage is (b-a) x100 a Where: a = Notional Rent at the first review (agreed at 68,000 per annum). b = Notional Rent at the relevant review date. The Notional Rent is the best yearly rent at which the Hypothetical Premises could reasonably be let with vacant possession at the relevant review date for a term of 10 years. The Hypothetical Premises is defined as a purpose built industrial / warehouse unit of 20,000 sq ft GIA in the same location constructed to a good standard. At the last rent review in September 2012, the Notional Rent was agreed at 85,093 per annum, equating to a Relevant Percentage of 25.13%. In order to consider the full details of the rent review clause a copy of the Lease is available to interested parties on request. Covenant Information Invensys Limited (previously Invensys PLC) (Reg: ) is an engineering and information technology company formed in 1999 through the merger of BTR Plc and Siebe Plc. It has offices in more than 50 countries and its products are sold in 180 countries. Its lines of business include software, industrial automation, energy controls and appliances. Invensys Year Ending 31/12/2014 Year Ending 31/03/2014 Year Ending 31/03/2013 Turnover ,000,000 1,792,000,000 Pre Tax Profit 1,000,000 50,000,000 15,000,000 Net Tangible Assets 2,416,000,000 2,466,000, ,000,000 Shareholders Funds 2,382,000,000 2,412,000, ,000,000 Source: Fame Invensys Limited represents an excellent covenant with a D&B rating of 5A1. Invensys PLC was acquired by Schneider Electric SE in January 2014 for 3.4bn, and now acts as a wholly-owned holding company for its trading subsidiaries. Schneider Electric SE was established 180 years ago and employs 186,000 people worldwide. The company specialises in electricity distribution, automation management and produces installation components for energy management. It is headquartered in Rueil-Malmaison, France and is also based at the World Trade Centre of Grenoble. Schneider Electric SE represents an excellent covenant with a European D&B rating of 5AA3, a turnover of 24.94bn and a net worth of 3.35bn.

VAT The property is elected for VAT and it is envisaged that the property will be sold by way of a Transfer of a Going Concern (TOGC).

6 EPC The property has an energy performance rating of D-82. A copy of the Energy Performance Certificate can be provided on request. Capital Allowances There are no Capital allowances available. VAT The property is elected for VAT and it is envisaged that the property will be sold by way of a Transfer of a Going Concern (TOGC). Proposal We are instructed to seek offers in excess of 7,634,000 (Seven Million Six Hundred and Thirty Four Thousand Pounds) subject to contract and exclusive of VAT. A Purchase at this level would reflect a Net Initial Yield of 7.00% assuming purchaser s costs of 6.66% and a low capital value of per sq ft.

Further Information Please contact:- Nick Cripps Email: nick.cripps@knightfrank.com Tel: 0207 861 1532 Victoria Player Email: victoria.player@knightfrank.

7 Further Information Please contact:- Nick Cripps Tel: Victoria Player Tel: Nick Thurston Tel: Steve Oades Tel: Knight Frank LLP 55 Baker St London W1U 8AN Knight Frank LLP Tyndall House 17 Whiteladies Road Bristol, BS8 1PB Subject to Contract and Exclusive of VAT 1. Particulars: Any property particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ( information ) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. 5. Website: Information on the web-site about a property is liable to be changed at any time. All details are correct as of April Adrian Gates Photography & Design

UNIT G HUBERT ROAD BRENTWOOD ESSEX CM14 4JE FREEHOLD SOUTH EAST INDUSTRIAL WAREHOUSE WITH FUTURE RESIDENTIAL DEVELOPMENT POTENTIAL

UNIT G HUBERT ROAD BRENTWOOD ESSEX CM14 4JE FREEHOLD SOUTH EAST INDUSTRIAL WAREHOUSE WITH FUTURE RESIDENTIAL DEVELOPMENT POTENTIAL FREEHOLD SOUTH EAST INDUSTRIAL WAREHOUSE WITH FUTURE RESIDENTIAL DEVELOPMENT POTENTIAL INVESTMENT SUMMARY Well located industrial warehouse in Brentwood, a major commercial centre strategically located