KESTREL PARK BRAINTREE UNITS 1-27 KESTREL PARK FINCH DRIVE SPRINGWOOD INDUSTRIAL ESTATE BRAINTREE CM7 2SF

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1 UNITS 1-27 FINCH DRIVE SPRINGWOOD INDUSTRIAL ESTATE CM7 2SF PRIME SOUTH-EAST MULTI-LET INDUSTRIAL INVESTMENT

2 UNITS 1-27 FINCH DRIVE SPRINGWOOD INDUSTRIAL ESTATE CM7 2SF 2

3 UNITS 1-27 FINCH DRIVE SPRINGWOOD INDUSTRIAL ESTATE CM7 2SF INVESTMENT SUMMARY ~ ~ Prime south east multi-let industrial estate. ~ ~ Established industrial location to the north west of Braintree town centre. ~ ~ Excellent communications being in close proximity to the M11 motorway, the A12 and the A120. ~ ~ Comprises 13 industrial units totalling 4, sq m (50,699 sq ft). ~ ~ Site area of 1.33 hectares (3.29 acres), providing a low site cover of approximately 35% inclusive of the estate road. ~ ~ Freehold ~ ~ Multi-let to 9 tenants producing a total current passing rent of 280,671 per annum which equates to per sq m ( 5.54 per sq ft) overall, including top ups for rent incentives/rent guarantees. ~ ~ Attractive WAULT of approximately 5.7 years to expiries and 4.5 years to break clauses. ~ ~ Investment value underpinned by Freehold vacant possession value. ~ ~ Offers are sought in excess of 3,540,000 (Three Million, Five Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 7.50% assuming purchaser s costs of 5.80%. ~ ~ An acquisition at this level reflects a net capital value of approximately per sq ft. 3

4 LOCATION Braintree is located approximately 64km (40 miles) north east of Central London, 16km (10 miles) to the north of Chelmsford, 19.5km (12 miles) to the west of Colchester, and 30 km (18.5 miles) to the east of Bishops Stortford. The town enjoys excellent road communications being located adjacent to the A120 and A131 trunk roads, and close to the main A12 into Central London. The M11 motorway (Junction 8) is located approximately 27 km (17 miles) to the west at Bishops Stortford and provides a direct motorway route into London, and connections with the national motorway network via the M25 motorway to the south. To the north, the M11 provides access to Cambridge approximately 73km (45 miles) away and the A1(M) via the A14. The east coast ports of Harwich and Felixstowe are easily accessed via the A120 and the A12, and are approximately 52km (32 miles) and 63km (39 miles) away respectively. Stansted Airport is located approximately 22km (14 miles) to the west. Braintree is a popular commuter location with regular rail services to London (Liverpool Street Station) with a fastest journey time of approximately 60 minutes. M11 A120 A120 A12 A12 COLCHESTER M11 CHELMSFORD M25 SITUATION Kestrel Park is situated to the north side of the established Springwood Industrial Estate, which forms the main commercial and industrial location for the town. Access into Kestrel Park is obtained off Finch Drive from Springwood Drive, which in turn connects with the A120, from which Stansted Airport and the M11 motorway can be reached. Springwood Industrial Estate Braintree town centre is situated approximately 1.6km (1 mile) to the south east of Kestrel Park, via Springwood Drive, which in turn connects with the B1256 Rayne Road leading to the town centre. 4

5 DESCRIPTION The property comprises a good quality industrial estate constructed in 1987, consisting of 13 warehouse / industrial units arranged in four terraces and a single detached unit. The units are of steel portal frame construction with elevations comprising facing brickwork and corrugated metal sheet cladding, with eaves height of approximately 5.5 metres (18 ft) to the underside of the haunch. Internally, the accommodation is arranged to provide ground floor warehouse and office space, with additional offices at first floor. Access into the warehouse areas is obtained by way of a single up and over loading door to each unit. Car parking and loading areas are provided to the front of each unit. 5

6 TENURE The property is held Freehold. Finch Drive is not adopted and the Landlord recovers all costs of repair and maintenance via the estate service charge. ACCOMMODATION The property provides a total gross internal area of 4, sq m (50,699 sq ft) as set out in the tenancy schedule. SITE The estate occupies a site area of approximately 1.33 hectares (3.29 acres), excluding Unit 17 which has been sold on a Freehold basis, producing an overall site cover of approximately 35% inclusive of the estate road. TENANCY INFORMATION The property is multi-let to 9 tenants in accordance with the tenancy schedule, producing a total current income of 280,671 per annum inclusive of a vendor rent guarantee in respect of Unit 5 unless the unit is let prior to sale. The estate benefits from an attractive WAULT of 5.7 years to expiries and 4.5 years to break clauses (assuming the letting completes on Unit 5 and the lease renewal at Unit 11)

7 TENANCY SCHEDULE UNIT/ FLOOR AREA (SQ M) AREA (SQ FT) TENANT START DATE EXPIRY DATE BREAK CLAUSE NEXT RENT REVIEW RENT PASSING ( PER ANNUM) RENT PASSING ( PER SQ FT) 54 ACT PROTECTED COMMENTS Unit ,547 P&P Technology Ltd 19/08/ /11/2019 N/A N/A 15, Reversionary lease completed. Unit ,372 P&P Technology Ltd 07/11/ /11/2019 N/A N/A 13, Schedule of condition. Unit ,300 UNDER OFFER Vacant - rent guarantee N/A N/A 30, Unit ,879 PAFG Ltd 24/05/ /05/ /05/ /05/ , Unit ,861 Igloo Environmental Ltd 26/09/ /09/ /09/2016 N/A 20, Unit ,874 Glutz UK Ltd 08/04/ /04/2015 N/A N/A 22, Unit 13 1, ,893 WR Davies (Sharon Lee) Ltd 04/10/ /10/2024 N/A 04/10/ , Surety from Toby Pache. Unit ,028 Kemtron Ltd 21/07/ /07/2018 N/A N/A 21, Schedule of condition. Unit 17 SOLD - Norton Hydraulics Ltd Unit ,016 Kemtron Ltd 23/06/ /06/2015 N/A N/A 23, N/A Terms agreed for a 3 yr lease at 30,475 p.a.( 5.75 psf). 3 months rent free. Rent deposit of 7,618 +VAT Stepped rental: from 24/05/14 to 23/05/15 18,000 from 24/05/15 to 23/05/16 20,000 and from 24/05/16 to 23/05/17 22,500 per annum. Tenant break option on not less than 6 months notice. Stepped rent: Y2 = 18,000, Y3-5 = 20,000. Rent deposit of 2,500 +VAT Schedule of condition. Tenant break option on not less than 6 months notice. Lease renewal agreed for a 10 yr term with 5 yr break at 22,275 p.a. ( 5.75 psf). Solicitors instructed. Rent deposit of 9,000. Unit sold July 2009 for 190,000 plus VAT ( per sq ft excluding VAT). Tenant indicated they would be interested in taking a new 5 year lease. Unit ,851 Kemtron Ltd 07/12/ /12/2019 N/A N/A 16, Lease renewal completed. Unit , mezz Unit ,646 BMC Powder Coaters Ltd British Analytical Control Holdings Ltd 04/11/ /11/2019 N/A N/A 18, /03/ /03/2016 N/A N/A 10, Unit ,927 Irwin Instrumentation Ltd 19/04/ /04/ /04/ /04/ , TOTAL 4, , ,671 Rent deposit of 9,200 +VAT Mezzanine area of 625 sq ft valued at 3.00 psf. Sublet to Cyrano Ltd for a term from 20/05/2005 to 19/05/2010. Rent deposit of 6,074. Tenant break option on not less than 6 months notice. Rent deposit of 3,000 +VAT. DRAFT 7

8 EPC Copies of the EPC s are available upon request. VAT The property is elected for VAT and it is intended the sale will be treated as a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers in excess of 3,540,000 (Three Million, Five Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 7.50% assuming purchaser s costs of 5.80%. FURTHER INFORMATION For further information, or to arrange an inspection, please contact: Rob Tudor Tel: Mob: robtudor@tudortoone.com Lee Evans Tel: Mob: leeevans@tudortoone.com Hugh Faith Tel: Mob: hughfaith@tudortoone.com An acquisition at this level reflects a net capital value of approximately per sq ft. SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT MISREPRESENTATION ACT 1967 Tudor Toone Ltd, for itself and for the vendors of this property, hereby give notice that: These particulars do not constitute, nor constitute any part of, an offer or contract. Tudor Toone Ltd and its members accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued or any correspondence entered into by them and whether made in any antecedent present or subsequent enquiries or negotiations. Neither Tudor Toone Ltd nor their principals, members, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely upon the same unless he has satisfied himself accordingly. Unless otherwise stated all prices and rents are quoted exclusive of value added tax (VAT). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. Subject to contract & exclusive of VAT. Tudor Toone Ltd is a limited company registered in England and Wales (registered number ). Registered office: 41/43 Maddox Street London W1S 2PD. Details prepared January 2015.