Investment Sale Renolit House, Caxton Road, Bedford, MK41 0ZW. Industrial Investment

Transcription

1 Investment Sale Renolit House, Caxton Road, Bedford, MK41 0ZW Industrial Investment

2 Investment Summary 1980 s detached warehouse on the established Elm Farm Industrial Estate, Bedford Situated less than 1.5 miles from A421 (Bedford Bypass) The building extends to a Gross Internal Area of 34,678 sq ft (including mezzanine) with secure yard Fully let to Ball & Young Ltd for a further 9.25 years Current income 90,000 per annum Freehold We are seeking offers in the region of 975,000 (nine hundred and seventy five thousand pounds), for the freehold interest, subject to contract. This reflects a Net Initial Yield of 8.72% assuming purchaser s costs of 5.8% and a capital value of per sq ft.

3 A Putnoe Ln Put Polhill Ave Goldington Rd A5140 Queens Dr N ewham Ave noe Ln Heylands Way Putnoe St Queens D r A4280 Barker s Ln Church Ln Norse Rd Edison Rd Goldington Rd Hudson Rd Caxton Rd A421 St Neots Rd A421 A4280 A421 Crown Copyright All rights reserved. Not to scale. Location Bedford is the county town of Bedfordshire and is the commercial and administrative centre of the county. It is located approximately 17 miles north east of Milton Keynes and 21 miles south east of Northampton. The town benefits from good communication links with the A6 running north to south through the town and the A428 running east to west. The A421 southern bypass circumnavigates the south eastern edge of the town and provides direct access to the M1 at Junction 13, approximately 10 miles to the south west. Luton Airport is located some 20 miles south via the A6. Rail services from Bedford to London St Pancras take approximately 40 minutes. Situation The property is situated within the Elm Farm Industrial Estate, one of Bedford s principal industrial locations being positioned to the east of the town. It forms good communication links being less than 1.5 miles west of the A421 (Bedford southern bypass) accessed via the A4280 (St Neots Road). The immediate area is dominated by similar aged buildings predominantly used for manufacturing and engineering, although in recent years the estate has experienced inward investment with a number of industrial buildings being refurbished to meet with current occupier trends. Other nearby occupiers include E.ON, BMW/Mini and Enterprise. Description The property comprises a steel portal frame industrial building dating from the late 1970 s / early 1980 s. There is a self-contained car park to the front of the building with 37 designated spaces. To the rear is a self contained secure yard accessed via Napier Road. Internally there are single storey offices and a canteen to the front of the building incorporated within the main warehouse. The warehouse affords a clear eaves height of approximately 5.2 metres having metal profile clad elevations and roof. Internally, the warehouse has a concrete floor, lighting, heating and 3 roller shutter doors. The canopy to the rear of the property has now been fully enclosed and this affords 2 roller shutter doors. There is also a significant mezzanine area over approximately ½ of the warehouse space which we understand is a landlord s fixture. The overall site extends to acres (0.57 ha) producing a site density of 38% (excluding the mezzanine area).

4 Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice and provides the following Gross Internal Area: Floor Use Sq M Sq Ft Ground Offices ,923 Ground Warehouse 1, ,368 Ground Loading Bay ,124 Ground Works Office SUB TOTAL 2,150 23,143 Tenure The property is held Freehold. Mezzanine 1, ,535 TOTAL 3, ,678 Tenant Covenant Ball & Young Ltd and Prima Foam (Bedford) Ltd are divisions of Vitafoam Ltd, which is the largest producer of Block Polyurethane Foam in the UK. Established in 1949, Vitafoam Ltd has expanded nationwide, now operating nine businesses in England and Wales, offering Converted Polyurethane Foam and processed Polyester Fibre into all the UK centres of production. Whilst predominantly involved in the furniture and bed markets, Vitafoam has diversified its business with acquisitions into other market sectors. This included the purchase of Ball & Young Ltd, a major manufacturer of underlay which complemented Vitaform s existing range of flooring products. Ball & Young Ltd supplies a number of luxury manufacturers including Aston Martin, Rolls Royce and Lotus. Ball & Young Ltd have a Graydon rating of 2A Excellent. Tenant Year End Turnover Pre Tax Profit Shareholders Funds Ball & Young Ltd ( ) 31/12/ ,724,000 2,165,000 25,863,000 31/12/ ,591,000 2,945,000 24,077,000 31/12/ ,630, ,000 21,233,000 Tenancy The property is let to Ball & Young Limited for a term expiring 31 December 2022 at a passing rent of 90,000 per annum. The lease is drafted on a Full Repairing and Insuring basis without further rent reviews, subject to a schedule of condition.

5 Proposal We are seeking offers in the region of 975,000 (nine hundred and seventy five thousand pounds), for the freehold interest, subject to contract. This reflects a Net Initial Yield of 8.72% assuming purchaser s costs of 5.8% and a capital value of per sq ft. VAT We understand the property is elected for VAT, but that the transaction will be treated as a TOGC. Contacts Lambert Smith Hampton Interchange Place, Edmund Street, Birmingham B3 2TA Lambert Smith Hampton 960 Capability Green Luton LU1 3PE Sam Mountford Dan Jackson smountford@lsh.co.uk djackson@lsh.co.uk Adam Ramshaw aramshaw@lsh.co.uk Further information on the property can be obtained from: Subject to Contract and Exclusive of VAT Lambert Smith Hampton August 2013 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.

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