Slough Units1-3 INTERCHANGE WHITTENHAM CLOSE, SLOUGH SL2 5EP PRIME THAMES VALLEY REVERSIONARY INDUSTRIAL INVESTMENT OPPORTUNITY
Investment Summary Forms part of a well established, multi-let industrial estate located in Slough town centre, a major commercial hub within the Thames Valley Slough is 20 miles west of Central London and 5 miles from the M25 motorway. The estate has convenient access to Junctions 5, 6 and 7 of the M4, via Bath Road (A4) The property forms part of the Slough Interchange Industrial Estate, an award winning scheme developed in 2005 The property comprises three industrial units arranged in a single terrace and extending to approximately 46,094 sq ft (GIA), with a minimum eaves height of 9.0 metres, roller shutter doors and air conditioned offices Prominent site of 1.44 acres Let in its entirety to AGI World Ltd on two co-terminus 10 year leases, with a headline rent of 414,825 per annum, reflecting a low average headline rent of 9.00 per sq ft. A guarantee is provided by AGI Media UK Ltd Leases include a break option in November 2018, resulting in an average weighted unexpired term certain of approximately 4.6 years Freehold Offers are sought in excess of 5,800,000 (Five Million Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 6.75%, assuming standard purchaser s costs of 5.80%
Location The property is located in Slough, a major commercial centre within the Thames Valley. The town is approximately 20 miles (32 km) west of Central London, 18 miles (29 km) north east of Reading and 7 miles (11 km) east of Maidenhead. Slough enjoys excellent connectivity to the national motorway network, with Junctions 5, 6 and 7 of the M4 conveniently accessed via the A355 and A4. Junction 15 of the M25 motorway is approximately 5 miles (8 km) to the east, which in turn provides access to the M40 and M3 motorways. The property is situated on Whittenham Close and forms part of an established commercial area within Slough town centre. The estate is conveniently located within easy walking distance of Slough train station. Regular train services run into London Paddington from Slough, with a fastest journey time of approximately 18 minutes. Other direct services include Reading (16 mins) and Oxford (42 mins). FARHHAM ROAD A4 Reading J6 A355 A355 BATH ROAD CH URCH S T Slough STOKE ROAD M4 SLOU G H ROAD WEX H A M ROAD UXBRIDGE ROAD UPTON COURT ROAD LONDON ROAD LANG L EY ROAD A4 Langley J5 LANGLEY PARK ROAD HORTON ROAD PARLAUNT ROAD M4 A4 M25 Iver J15 J4B J15 J4B Central London Heathrow Airport London Heathrow Airport is located approximately 7 miles (11 km) to the east, whilst Gatwick Airport is 46 miles (74 km) to the south east. The port of Southampton is easily accessible with a drive time of approximately 1 hour 15 minutes. STOKE POGES LANE ELLIMAN AVE STOKE ROAD SHAGGY CALF LANE GRAND UNION CANAL MIRADOR CRES BATH ROAD LEDGERS ROAD A4 WELLINGTON ST WINDSOR ROAD WILLIAM ST PETE R S FIELD AVENUE Slough WELLINGTON ST ROAD WEXHA M LON D O N RD UXBRIDGE ROAD N
Description The property forms part of the Slough Interchange Industrial Estate and comprises of three industrial units arranged in a single terrace. Internally the units have been inter-connected at both ground and first floor levels, to suit the tenant s occupational requirement. Unit 1 extends to 11,269 sq ft (GIA) whilst Units 2 and 3 together total 34,825 sq ft (GIA) respectively. The combined area of all three units totals 46,094 sq ft (GIA). The scheme was developed by Chancerygate and awarded Best Industrial Development in 2005. The units present very well and benefit from the following specification: Steel portal frame construction with fully fitted metal clad elevations and pitched roofs Eaves heights of 9.0 metres Surface level loading doors Floor loading 35 kn/sq m Three phase electricity supply Fully fitted, air conditioned offices Generous yard and parking areas to the front of each unit
W 4 Units 1-3, Slough Interchange, Whittenham Close, Slough SL2 5EP 15 Mast Site & Title The site is broadly rectangular in shape with a total area of 1.44 acres (0.58 hectares). 14 12 1 2 Albion House Planning 3 Planning use is flexible with B1(c), B2 and B8 uses permitted. Slough Interchange Industrail Estate El Sub Sta 11 For indicative purposes only
Tenancy The property is let in its entirety on FRI leases to AGI World Ltd, a global packaging and printing business, with facilities throughout the world. A guarantee is provided by AGI Media UK Ltd. The tenant re-geared their two leases in November 2013, in accordance with the tenancy schedule below. The two new leases included a three month rent free incentive. The property provides an average weighted unexpired of approximately 4.6 years to break options. Both leases benefit from security of tenure and upwards only rent reviews in year 5. The next rent review is on 1st November 2018. The original rents prior to the re-gears suggests a reversionary rental profile. Unit Tenant Area (GIA) Lease Next Rent Break Lease Headline Rent Headline Rent Tenancy Comments (Guarantor) (sq ft) Start Review Option Expiry (per annum) (per sq ft) 1 AGI World Ltd 11,269 01/11/2013 01/11/2018 01/11/2018 31/10/2023 101,400 9.00 Tenant break option subject to six months notice. (AGI Media UK Ltd) Additional 3 months' rent free if tenant does not exercise break. 2 & 3 AGI World Ltd 34,825 01/11/2013 01/11/2018 01/11/2018 31/10/2023 313,425 9.00 Tenant break option subject to six months notice. (AGI Media UK Ltd) Additional 3 months' rent free if tenant does not exercise break. TOTAL 46,094 414,825 9.00
Covenants The tenant produces specialist printing and packaging products, with facilities throughout the world. The business was recently shortlisted for the prestigious UK Packaging Awards 2013, with its key clients including Paramount, Superdrug, Boots and Disney. Service Charge The service charge on the park is approximately 0.20 per sq ft. Additional information is available on request. Units 2 & 3 have been fitted out with multi million pound manufacturing equipment, while Unit 1 is used for distribution. The tenant and its guarantor have reported the following accounts: Tenant Company No. Website Dun & Bradstreet Accounting Turnover Profit/(Loss) Before Taxes Tangible Net Worth Rating Date (000 s) (000 s) (000 s) AGI World Ltd 948696 www.agimedia.com 5A 1 Dec-12 54,574-13,476 71,612 Minimum Risk Dec-11 57,765 396 88,135 Dec-10 52,690 3,290 88,104 Guarantor Company No. Website Dun & Bradstreet Accounting Turnover Profit/(Loss) Before Taxes Tangible Net Worth Rating Date (000 s) (000 s) (000 s) AGI Media UK Ltd 7389527 www.asg-worldwide.com 5A 3 Dec-12 Not provided 5,907 41,708 Greater than Dec-11-497 5,561 Average Risk Dec-10-465 6,058
Investment Comparables Date Property AWULTC Price NIY March 2014 Aylesford Logistics Centre, 10.00 c. 7.00M U/O 5.90% Bellingham Way, Aylesford March 2014 Park Royal Industrial Centre, 2.83 5.53M 6.50% London Dec 2013 Everything Everywhere Ltd, 15.00 4.40M 6.00% The Royals, Park Royal Nov 2013 Units 3 & 4, Northpoint 13.60 6.30M 6.63% Business Centre, West Drayton May 2012 Riverside Cargo Centre, Poyle 5.60 6.15M 6.08% Tenure The property is held Freehold. VAT The property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).
Proposal Offers are sought in excess of 5,800,000 (Five Million Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 6.75%, assuming standard purchaser s costs of 5.80%. Further Information Further information to include Energy Performance Certificates can be obtained on request. To arrange an inspection please contact: John Adcock john.adcock@dtre.eu 0203 328 9088 Henry Bunting henry.bunting@dtre.eu 0203 328 9093 Tom Homan tom.homan@dtre.eu 0203 328 9095
Dowley Turner Real Estate LLP on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Dowley Turner Real Estate LLP has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT. March 2014. Designed & Produced by CORMACK 020 7620 1205 www.cormackadvertising.com