Investment Sale. Modern Freehold Industrial Warehouse Investment. Aspect House Spencer Road Church Hill Industrial Estate Lancing West Sussex BN15 8UA

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Bennett Jordan
6 years ago
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1 Investment Sale Modern Freehold Industrial Warehouse Investment Aspect House Spencer Road Church Hill Industrial Estate Lancing West Sussex BN15 8UA

2 Executive Summary Located on the South Coast between Brighton and Worthing. Situated on the established Church Hill Industrial Estate. Let to Equiniti Limited for 5 years and 9 months from 24 June Modern freehold industrial warehouse comprising a gross internal area of 67,462 sq ft (6, sq m). Total income of 280,000 per annum, equating to a low base rent of 4.15 per sq ft. Low site cover of 40%. Excellent car parking ratio of 1:272 per sq ft. Low capital value of 39 per sq ft. Aspect House We are instructed to seek offers in the region of 2,650,000 (Two Million Six Hundred and Fifty Thousand Pounds) subject to contract, for the freehold interest in this property, which reflects an attractive net initial yield of 10.00% after allowing for the usual purchasers costs of 5.75%. Lambert Smith Hampton Investment

Location Lancing is located on the South coast approximately 60 miles (96.5 km) south of London, 2 miles (3.2 km) east of Worthing and 10 miles (16.1 km) west of Brighton.

Lancing benefits from excellent road communications and is accessed by the A259 Brighton Road together with the A27 East/West dual carriageway, which links with the A23/M23 and subsequently the M25.

London Gatwick airport is the closest airport and is situated approximately 33 miles (53km) to the north and is located just off the M23, which is accessed by the A23.

1 1 hour 25 minutes London Gatwick 33 45 minutes Situation The Church Hill Industrial Estate is a large established estate within Lancing and one of the principal industrial estates on the South

3 Location Lancing is located on the South coast approximately 60 miles (96.5 km) south of London, 2 miles (3.2 km) east of Worthing and 10 miles (16.1 km) west of Brighton. The county has a population of approximately 702,000 people and a resident population of around 18,600 (2001 census). Lancing benefits from excellent road communications and is accessed by the A259 Brighton Road together with the A27 East/West dual carriageway, which links with the A23/M23 and subsequently the M25. Rail communications are good with direct and frequent links to London Victoria within 1 hour and 16 minutes. London Gatwick airport is the closest airport and is situated approximately 33 miles (53km) to the north and is located just off the M23, which is accessed by the A23. Location Distance (Miles) Drive Time Worthing minutes Brighton minutes Portsmouth hour London hour 25 minutes London Gatwick minutes Situation The Church Hill Industrial Estate is a large established estate within Lancing and one of the principal industrial estates on the South coast between Brighton and Worthing. The estate is situated immediately to the north of the A259 Brighton Road, approximately 1.5 miles (2.5km) to the south of the A27. Spencer Road is situated north of the estate adjacent to the railway line and Chartswell Road, which leads traffic around the estate. There are numerous substantial buildings on the estate, which are occupied by major national companies such as Smiths News, Graham Wood Structural Ltd, the Vehicle Inspectorate, NTL and Connaught. Description The property comprises a modern single span warehouse unit arranged over ground and first floors with a mezzanine level. The property has a solid concrete floor and is constructed around a steel frame with a steel truss roof. The roof has an insulated covering, with approximately 15% roof lighting. Vehicular access to the unit is via three roller shutter doors to the front of the warehouse and a further three to the left hand elevation. The property has an excellent eaves height of approximately 9.15 metres (30 ft) which compares favourably to competing buildings in the vicinity. Lighting within the warehouse is provided by sodium units with heating via gas fired hot air blowers. The office accommodation is fully carpeted and provides suspended ceilings. The property is situated within a secure yard with separate delivery and car access. Car parking is laid out to the front of the property on a part block, part paved area. The property is served by approximately 248 car parking spaces providing an excellent car parking ratio of 1:272 per sq ft. Lambert Smith Hampton Investment

Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following gross internal area.

84 2,700 First Office/Ancillary 985.24 10,605 Total (GIA) 6,267.42 67,462 The site extends to an area of approximately 1.323 hectares (3.27 acres) providing a site cover of 40%.

provision of a raised floor, air conditioning to the office areas and installation of a lift together with provision of additional WC facilities.

4 Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following gross internal area. These areas do not include the tenants improvements. Floor Description Sq M (GIA) Sq Ft (GIA) Ground Mixed Industrial/Ancillary 5, ,157 Mezzanine Office/Ancillary ,700 First Office/Ancillary ,605 Total (GIA) 6, ,462 The site extends to an area of approximately hectares (3.27 acres) providing a site cover of 40%. Tenant s Improvements The tenant has carried out substantial additions and improvements to the property, including an extension of the mezzanine floors to provide office and storage accommodation, provision of a raised floor, air conditioning to the office areas and installation of a lift together with provision of additional WC facilities. The tenant s improvements have created approximately 7,000 sq ft (650 sq m) of well specified office floor space at first floor level and in addition, a large extension at mezzanine level. Tenancy The entire property is let to Equiniti Limited on Full Repairing and Insuring terms for a term of 5 years and 9 months, without review, commencing 24 June Covenant Information The tenant Equiniti Limited is a UK company (Registered Company No ). Equiniti is the UK s market leader in share registration services and employee share plan administration, with over 1,500 clients including 55% of the FTSE 100 and 38% of the FTSE 250. Equiniti serve over 13 million shareholders and 1.6 million employees. The business is comprised of four primary activities: 1. Share Registration 2. Employee Benefits 3. Investment Services 4. Business Process Outsourcing Headquartered in Aspect House, Equiniti employ over 1,800 staff in 12 offices across the world. For the year ending 31/12/2009 Equiniti reported a turnover of 109m and an operating profit of 29.6m, showing an increase of 30% from the previous year. Creditsafe has assigned Equiniti a credit rating of 89 out of 100, which is described as very good credit worthiness. Equiniti Limited, formally known as Lloyds TSB Registrars, were purchased by Advent International Corporation for 550 million in Advent International Corporation is now the majority shareholder in Equiniti and is one of the worlds leading global equity investors, with a market capitalisation in excess of $26 billion. The current rent passing is 280,000 per annum, reflecting a rate of 4.15 per sq ft.

reflects an attractive net initial yield of 10.00% after allowing for the usual purchasers costs of 5.75%. A purchase at this level would show a low capital value of 39.00 per sq ft.

5 Tenure The property is held freehold. VAT The property has been elected for VAT. Proposal We are instructed to seek offers in the region of 2,650,000 (Two Million Six Hundred and Fifty Thousand Pounds), subject to contract, for the freehold interest in this property, which reflects an attractive net initial yield of 10.00% after allowing for the usual purchasers costs of 5.75%. A purchase at this level would show a low capital value of per sq ft. Viewing and Further Information For further information or to arrange an inspection please contact: Lambert Smith Hampton Lambert Smith Hampton United Kingdom House 5 Town Quay 180 Oxford Street Southampton SO14 2HJ London W1D 1NN Ali Rana Jerry Vigus Tel: Tel: arana@lsh.co.uk jvigus@lsh.co.uk Rob Jackson Tel: rjackson@lsh.co.uk Additional information is available at: Subject to Contract and Exclusive of VAT Lambert Smith Hampton November 2010 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.

UNIT 10 SLOUGH INTERCHANGE

UNIT 10 SLOUGH INTERCHANGE WHITTENHAM CLOSE, SLOUGH, SL2 5EP FREEHOLD INVESTMENT SALE ON THE INSTRUCTIONS OF STEPHEN SKINNER AND CHRISTOPHER WAKEMAN ACTING AS LPA RECEIVERS Investment summary Fully let,