Multi Let Industrial Estate Investment HARCOURT TRADING ESTATE, HALESFIELD 13, TELFORD TF7 4PL

Transcription

1 Multi Let Idustrial Estate Ivestmet HARCOURT TRADING ESTATE, HALESFIELD 13, TELFORD TF7 4PL

2 INVESTMENT SUMMARY Multi let idustrial estate comprisig two terraces of uits Te uits totallig 67,300 sqft Fully icome producig estate, let to seve teats o eight leases WAULT of 4.98 years to expiries & 3.09 years to breaks Total passig ret of 198,602 per aum (average of oly 2.95 per sqft) Asset maagemet agles with existig teats Price - 2,334,000 Net iitial yield of 8%. Reversioary yield of 9.5% Uderlyig capital value of oly per sqft LOCATION M54 J4 Telford is located 34 miles orth west of Birmigham ad 17 miles orth west of Wolverhampto. The tow is served by the M54 which liks to the M6 at Juctio 10a 17 miles to the east. The A5 rus east-west through the tow. Telford has a established ad diverse commercial base with a focus o high ed maufacturig ad automotive related busiesses. Halesfield is oe of Telford s three mai idustrial estates located just off the A442, two miles from Juctio 4 of the M54. To the orth of Wolverhampto, alogside the M54, Jaguar Lad Rover has built a 750,000 sqft advaced egie facility at i54. The 226 acre strategic developmet site will comprise approximately 2.5 millio sqft of commercial developmet oce complete. Other occupiers o the park iclude Moog ad ERA. This is already havig a sigificat boost to the regioal ecoomy ad Telford idustrial market. Halesfield 13 is located i the cetre of the wider Halesfield idustrial estate, leadig westwards from the juctio with Halesfield 8, 9 & 10. It is equidistat from two of the juctios likig oto the A442. A442 A442 Halesfield Idustrial Estate

3 DESCRIPTION The property comprises two terraces of idustrial uits with a cetral yard. There is overflow ad additioal parkig to the west side of the site ad there is further parkig ad yard areas to the south of Block B. Both terraces are of similar costructio with steel frame ad steel truss roofs. The elevatios are a mix of brickwork, profile claddig ad high level glazig. Each uit has a sigle roller shutter door ad loadig apro with desigated parkig to the frot. Uit A1 has additioal office accommodatio to the rear. The uits have a miimum eaves height of 4.25m. BLOCK A BLOCK B The estate has a sigle access poit from Halesfield 13 with a barrier cotrolled etry system. There is shared parkig to the wester side of the estate. To the rear of Block B there is a additioal parkig/yard area ad a separate compoud accessed directly from the rear of Uit B4. Part of the site s boudary is secured with pallisade fecig. ACCOMMODATION The property has bee measured o a gross iteral area basis ad provides a total of 6,252 sqm (67,300 sqft). Idividual uit sizes are detailed i the teacy schedule. The overall site is 2.00 hectares (4.95 acres) givig a site desity of oly 31%. TENURE Freehold.

4 TENANCIES The property is let to seve teats o eight leases. The WAULT is 4.98 years to expiries ad 3.09 years to breaks. The total combied ret is curretly 198,602 per aum, a average of oly 2.95 per sqft. All the leases have Schedules of Coditio prepared over the last 2-3 years. The estate has a service charge with the curret year s budget at 0.32 per sqft. UNIT TENANT FLOOR AREA LEASE START LEASE EXPIRY (BREAK) A1 Alvic Plastics Ltd 5,779 10/07/ /11/2026 (14/11/2021) A2 CP (Telford) Ltd 5,107 01/04/ /03/2021 (31/03/2019) A3 Alliace Healthcare (Distributio) Ltd RENT REVIEW 14/11/ ,500 ( 3.02) RENT ERV COMMENTS EPC 15,261 ( 2.99) 5,098 02/04/ /04/ ,294 ( 3.00) A4&A5 Alvic Plastics Ltd 15,409 14/11/ /11/2026 (14/11/2021) B1&B2 The People s Dispesary For Sick Aimals (PDSA) 14/11/ ,158 ( 3.00) 20,572 21/07/ /07/ ,000 ( 2.43) B3 Palpar Ltd 5,112 08/07/ /07/2021 (08/07/2019) 08/07/ ,000 ( 2.54) B4 G&J Civils Ltd 5,095 20/09/ /09/ ,366 ( 3.02) B5 Mario s Volkswage Egieerig Ltd 5,128 27/01/ /01/ ,363 ( 2.79)* 18,780 16,600 16,570 50,080 66,860 16,615 16,560 17,700 * Car Park CP (Telford) Ltd 01/05/ /03/2021 4,680 4,680 Right to use 18 car spaces Car Park Mario s Volkswage Egieerig Ltd 01/05/ /01/2021 5,980 5,980 Right to use 23 car spaces Curret ret is 8,750 util 10/07/2018. Vedor will top up to 17,500. Ret deposit held - 5,250. Break requires 9 moths otice. Exc from 54 Act. Curret ret is 13,989 util stepped icrease o 01/04/2018. Vedor will top up to 15,261. If break ot exercised teat has 3 moths ret free. Iitial service charge cap of 1,271 pa with aual RPI icreases. D - 86 D - 77 Exc from 54 Act. D - 84 Ret free period eds 25/11/2017. Vedor will cover ay outstadig ret free. Ret deposit held - 13,847. Break requires 9 moths otice. Exc from 54 Act. D - 89 Iitial service charge cap of 7,133 pa with aual RPI icreases. Isurace cap of 3,000 C - 75 Ret deposit held - 2,601. Break requires 6 moths otice. Exc from 54 Act. D - 99 Ret deposit held - 4,610. Exc from 54 Act. C - 73 *Additioal ladlord mezzaie storage of 1,040 sqft. Ret deposit held - 3,072. Exc from 54 Act. Compoud G&J Civils Ltd 22/2/ /09/ ,000 Agreemet ca be termiated o 2 weeks otice by either party. TOTAL 67, , ,425 D - 96 TELFORD INDUSTRIAL MARKET There is over 30m sqft of idustrial accommodatio i Telford with the largest facilities beig ower occupied by iteratioal maufacturers such as Makita, Epso, GKN ad Ricoh. Sice 2014 the vacacy rate i the tow has decreased from 8% to uder 5%. The dimiishig supply of secod had space has resulted i a positive pressure o retal levels with a average ret across the tow of 3.40 per sqft. There are few ubroke multi let estates o Halesfield. Halesfield 9 has udergoe refurbishmet ad is achievig rets of upto 4.00 per sqft. New build uits o Cedar Court o Halesfield 17 are seeig rets approachig 6.00 per sqft. From a average ret of oly 2.95 per sqft there is scope for retal growth at Harcourt Tradig Estate as ad whe uits come available or lease evets occur. Our ERV for the estate is 3.25 per sqft which produces a overall retal of 235,425 per aum.

5 VAT The property is elected for VAT ad therefore VAT will be payable o the purchase. The itetio would be to sell as a TOGC. EPC The uits idividual EPC ratigs are set out i the teacy schedule. Further iformatio is available o request. PRICING We are istructed to seek offers i excess of 2,334,000 which provides a iitial yield of 8% ad a reversioary yield of 9.5%, allowig for purchaser s costs of 6.37%. This is a uderlyig capital value of oly per sqft. FURTHER INFORMATION To arrage a viewig or for further iformatio please cotact: ANDREW PRICE adrew.price@fspproperty.co.uk JAMES HEMSTOCK james.hemstock@fspproperty.co.uk Frack Steier Price Ltd Third Floor, Victoria House Colmore Row, Birmigham, B3 3BD Misrepresetatio Clause: The accuracy of ay descriptio, dimesios, refereces to coditio, ecessary permissios for use ad occupatio ad other details cotaied herei are ot guarateed ad are for geeral guidace oly ad prospective purchasers or teats must ot rely o them as statemets of fact or represetatios ad must satisfy themselves of their accuracy. Neither Frack-Steier Price Ltd or ay of their employees or represetatives has ay authority to make or give ay represetatio or warraty or eter ito ay cotract whatever i relatio to the property. Prices ad rets quoted i these particulars may be subject to VAT i additio. The referece to ay mechaical or electrical equipmet or other facilities at the property shall ot costitute a represetatio (uless otherwise stated) as to its state or coditio or that it is capable of fulfillig its iteded fuctio. Prospective teats/purchasers should satisfy themselves as to the coditio of such equipmet for their requiremets.