FREEHOLD SINGLE LET INDUSTRIAL INVESTMENT AND DEVELOPMENT LAND 7 MARTIN AVENUE, MARCH, CAMBRIDGESHIRE PE5 0AY
Investment Summary 8,85 sq ft single let industrial unit (including landlord s mezzanine) Let to March Foods Limited on FR&I terms expiring 6/03/2024 giving 5.75 years unexpired Rental income of 400,000 per annum, reflecting 3.38 per sq ft overall Next rent review on 7th March 209 0.6 acre plot Low site coverage of 6.5% Potential future development plot of 4.37 acres, subject to planning We are instructed to seek unconditional offers in excess of 4,46,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.50% assuming purchaser s costs of 6.56%, reflecting a low capital value per sq ft of 37.37 including mezzanine and 49.03 excluding mezzanine 2
M M69 East Midlands Leicester Northampton A43 M A43 A4 A Peterborough A47 A605 Huntingdon A4 M40 M A4 M25 A(M) A(M) Luton Not to scale. For indicative purposes only. Location A47 M25 London Heathrow A4 A42 Cambridge M King's Lynn MARCH M25 A0 Stansted The property is located in March, an attractive market town in Cambridgeshire located 5 miles to the east of Peterborough and 28 miles to the north of Cambridge. March is the headquarters of Fenland District Council. A47 A2 A A4 Ipswich The main arterial road through the town is the A4 which provides access to the dual carriageway A47 4 miles to the north, providing connections between Peterborough and King s Lynn. The A4 connects March directly to Huntingdon 20 miles to the south which in turn provides easy access within a further 5 miles to the A and A(M) motorway and the A4 towards Cambridge and the South East. Norwich A40 Felixstowe March Railway Station provides direct links to Peterborough (6 minutes), Cambridge (34 minutes) and London Kings Cross ( hour 22 minutes). To A47 WISBECH ROAD A4 MARTIN AVE. ISLE OF ELY WAY Situation The property is situated on the March Trading Estate which is located.5 miles from the centre of the town. This is a 75 acre predominantly industrial park with some retail warehouse units. March Trading Estate is the main location for industrial occupiers around March. The subject property is situated at the northern end of Martin Avenue which joins Hostmoor Avenue via a round - about opposite the Tesco Superstore. This is the first junction after turning off the A4 making the site easily accessible. Other key occupiers in the vicinity include; Smurfit Kappa, PX Cables, International Procurement Logistics, DPD, Ridgeons Timber & Builders Merchants and B&M Bargains Store. WISBECH ROAD A4 March Industrial Estate River Nene To Huntingdon MARCH TOWN CENTRE March STATION ROAD 3
Description The property was purpose built for current occupier (in their previous guise as Budelpack) and was completed in 2000. The property is of steel portal frame construction with a concrete slab, the roof and elevations comprise of plastisol coated cladding panels. The property consists of two pitched roof warehouses featuring a lower eaves height 9.00m and an upper eaves height of.50m. These are joined in the middle via a flat roofed portion used as offices to create one seamless frontage. The offices have the following internal specification: Air conditioning Suspended ceilings with a mix of recessed CAT 2 and LED lighting High floor to ceiling height Perimeter trunking Lift serving ground and first floors The warehouse has the following specification: 4 docked loading bays and 2 additional ground level rolling shutter doors serving the warehouse LED lighting and gas heating The existing car parking / yard area is approximately 5,800 sq m (62,430sq ft) Clear eaves of approximately 9.00m and upper eaves height of approximately.50m The property s area comprises 8,85 sq ft broken down as follows: Floor sq ft (GIA) % Ground floor warehouse / ancillary 76,360 65% st floor office 3,70 % Mezzanine 28,5 24% Total 8,85 00% 4
SMURFIT KAPPA c. 228,00 sq ft THE PROPERTY NORMAN BUSINESS PARK c. 8,000 sq ft PX CABLES c. 20,000 sq ft G's FRESH BEETROOT c. 48,00 sq ft TESCO SUPERSTORE c. 66,000 sq ft A4 ARTHUR PARK - NEW BUILD MULTI LET BUSINESS UNITS c. 28,000 sq ft MARCH ENTERPRISE PARK c. 2,000 sq ft INTERNATIONAL PROCUREMENT LOGISTICS c. 70,00 sq ft B&M BARGAIN STORE c. 24,000 sq ft RIDGEONS TIMBER AND BUILDING MERCHANTS c. 36,000 sq ft 35
5 4 2 55 57 C5 33 C0 C 5 4 2 55 57 C5 33 C0 C MARCH FOODS CAMBRIDGESHIRE Sluice Sluice ED Bdy ED Bdy Site The total site area extends to approximately 4.30 hectares (0.6 acres). Norman Business Park Norman Business Park The warehouse facility has a GEA of 76,826 sq ft which equates to an extremely low site coverage of only 6.6% on the site today. Area: 4.295ha (0.6 ac) 7 5 Area:.77ha (4.37 ac) 7 5 El Sub Sta El Sub Sta Future Development Potential CHURCH GARDENS CHURCH GARDENS There is potential to split the site into two, subject to planning, through the separation of a.77ha (4.37 acre) development plot to the north. This would allow for the development of another 76,000 sq ft unit with a 40% site ratio whilst retaining a 28% site ratio on the remaining 6.24 acres and existing unit let to March Foods Limited. Westry Woodville Business Park 4 7 Westry Woodville Business Park 4 7 There is an existing access road in place running up the eastern side of the site that can be adapted to serve the new site to the north, subject to planning. 39 WOODVILLE DRIVE Truleighjoe 3 Shepherds Folly 37 MARTIN AVENUE 39 WOODVILLE DRIVE Truleighjoe 3 Shepherds Folly 37 MARTIN AVENUE Bourbon Bourbon WISBECH ROAD Papworth WISBECH ROAD Papworth Metres Metres Indicative title plan Potential development plot 6
Tenure Freehold Tenancy The facility is fully let to March Foods Limited on FR&I terms on a 5 year lease from 7/03/2009 expiring 6/03/2024 giving approximately 5.75 years unexpired. The current passing rent is 400,000 per annum ( 3.38 per sq ft overall). There is an upward only rent review to OMV on 7th March 209 for the purposes of which the mezzanine is to be rentalised at 33% of the rest of the property. On this basis the property would break back to a rent of 4.03 per sq ft today. The tenant did not serve notice to exercise their break option in March 208. Occupational Market There is currently a severe lack of supply in the Cambridgeshire area for large industrial units over 30,000 sq ft with no second-hand space available over 00,000 sq ft. Occupiers are being forced to design & build and land purchases for larger requirements. The Roxhills Gateway, Peterborough scheme has been the main beneficiary with units ranging from 95,000 sq ft upward achieving a rent of between 5.00-6.00 per sq ft (approximately 5 miles away). We are aware of the following comparable lettings: Property Date Size sq ft Lease Terms and Comments Rent (psf ) Unit 9, Tower Close, March 207 48,000 20 year old warehouse with 7m eaves and 40% site cover. 5.56 Huntingdon, Older building of lower spec but reasonably good location. Units A&B Orton October 207 99,000 Second hand units of c. 45,000 sq ft each. Central yard area and eaves height of 6m. 4.25 Southgate, Peterborough Lesko Modular Group took a 0 year lease without breaks. New Build Units Property Date Size sq ft Lease Terms and Comments Rent (psf ) Plot 0A, Roxhill, October 207 25,280 Pre-let to E-Leather Limited FRI terms, 25 years straight no break. 6.00 Peterborough Gateway, Five yearly compounded RPI reviews (.5% - 3.5% collar and cap). Peterborough Orton Southgate, July 207 47,000 Pre-let agreed at quoting rent on new unit with no rent free. 5.85 Peterborough Plot 0 B, Roxhill, Under Offer 49,000 Under offer to Coloplast for a 5 year lease with no rent free 6.00 Peterborough 37
Investment Market We are aware of the following comparable investment transactions: Property Date Yield Price (psf ) Size sq ft Lease Terms and Comments Rent psf Purchaser Units A & B, May 208 7.00% 2.2m 29,052 Unit A let to Radford Group and Unit B let to Cambridge Nanotherm 5.68 Private Homefield Road, Haverhill ( 75.73) following a recent refurbishment Eastern Industrial Estate, July 207 8.64% 5.7m 8,996 Fully let to Walstead Investments Ltd with 4 years unexpired. 2.88 AEW UK REIT Storeys Bar Rd, Peterborough ( 3.32) 6 Hudson Road, Bedford April 208 7.80% 3.2m 44,97 Let to Price s Patent Candles Ltd, warehouse consists of two bays and 5.99 Private... ( 72.40) a trade counter. Flamingo Flowers Ltd, February 2086.25% 6.02m c.80,000 Industrial facility used to distribute cut flowers let to 3.7 Standard Life Investments Sandy, Bedfordshire (~ 33.00) Flamingo Flowers Ltd with an unexpired term of 9 years. Property Income Trust... Index linked increases every 5 years. 8
Covenant Information March Foods Limited are specialists with over 25 years experience in filling, packaging and bottling some of Britain s best loved food and drink brands. Their award-winning success is based on the utmost reliability and quality assurance from their custom-built facility with bespoke machines. Some of their accolades include; AA+ Certified BRC Global Standards for Food Safety. Their Mamia Baby Food Range has been crowned The Grocer Gold Awards Winner 206, Best Own Label Range and Best Organic Baby Food by Loved By Parents 206. Additionally, they produce and package high street brand products for top retailers such as ASDA, Morrisons, Sainsbury s, Tesco and Waitrose. March Foods Limited have a D&B rating of 2A3. Their financial accounts for the last 3 years are highlighted below. March Foods Limited 3/2/206 3/2/205 3/2/204 Sales Turnover 0,286,97 2,423,083 3,354,7 Profit / (Loss Before Taxes) 32,535 396,08 866,92 Tangible Net Worth 2,382,754 2,402,033,758,33 Net Current Assets (Liabilities),48,392,049,587,274,359 EPC Rating The property has an EPC rating of D 00. VAT The property is elected for VAT, it is assumed this transaction will be structured as a transfer of a going concern. Proposal We are instructed to seek unconditional offers in excess of 4,46,000 subject to contract and exclusive of VAT for our client s freehold interest. This reflects a net initial yield of 8.50% and a low capital value per sq ft of 37.37 including mezzanine and 49.03 excluding mezzanine, assuming purchaser s costs of 6.56%. Further Information Should you have any queries or wish to make a site inspection, please contact: Richard Walden DD: 020 376 3649 richard.walden@bidwells.co.uk Mike Fox DD: 020 7297 6273 mike.fox@bidwells.co.uk Bidwells 25 Old Burlington Street London WS 3AN Tel: 020 7493 3043 July 208 9
Bidwells 25 Old Burlington Street London WS 3AN Tel: 020 7493 3043 bidwells.co.uk IMPORTANT NOTICE Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that: Nothing contained in these particulars or their contents or actions, both verbally or in writing, by Bidwells LLP form any offer or contract, liability or implied obligation to any applicants, viewing parties or prospective purchasers of the property to the fullest extent permitted by law and should not be relied upon as statements or representative of fact. No person in the employment of Bidwells LLP or any joint agents has authority to make or give any representation or warranty whatever in relation to this property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only, may not be to scale and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP has not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. All rentals and prices are quoted exclusive of VAT unless otherwise stated. Prospective purchasers may be asked to produce identification of the intended Purchaser and other documentation in order to support any conditional offers submitted to the vendors. Bidwells LLP accepts no liability of any type arising from your delay or other lack of co-operation. We may hold your name on our database unless you instruct us otherwise. OS licence no. ES 0007734. Copyright Bidwells LLP 207. Bidwells LLP is a limited liability partnership registered in England and Wales (registered number OC 344553). Registered office is Bidwell House, Trumpington Road, Cambridge CB2 9LD where a list of members is available for inspection. Your statutory rights are not affected by this notice.