STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH MULTI-LET INDUSTRIAL INVESTMENT WITH REVERSIONARY POTENTIAL

STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH MULTI-LET INDUSTRIAL INVESTMENT WITH REVERSIONARY POTENTIAL

STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH 2 INVESTMENT SUMMARY Freehold multi-let industrial estate comprising 16 business units with a total floor area of 40,59 sq ft (3,771.6 sq m). Strategic location just 3 miles north east of Junction 9 of the M5 motorway. Fully let to 11 tenants producing 207,560 per annum equating to a low overall rent of 5.11 per sq ft ( 55.00 per sq m). Recent letting activity demonstrating strong tenant demand and highly reversionary potential. Site area of 2.64 acres (1.07 hectares) providing a low site cover of 32%. Offers are sought in excess of 2,400,000 (Two Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects the following attractive yield profile, after deducting purchasers costs of 6.36%: Net initial yield.13%. Reversionary yield 9.47% based on ERV. Low capital value of 59.12 per sq ft.

Mythe Rd STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH 3 LOCATION Bredon is located 3 miles north east of Tewkesbury in Gloucestershire, 15 miles south of Worcester, 13 miles north of Cheltenham, 42 miles south west of Birmingham and 55 miles north east of Bristol. TRANSPORT KEY FACTS M5 (Junction 9) 3 Miles Road communications are excellent with Junction 9 of the M5 motorway being 3 miles to the south which connects with Birmingham to the north east and Exeter to the south west and provides access to the M50 just 4 miles to the north, the M40 and M4 motorways. Ashchurch Tewkesbury Railway Station M50 4 Miles 4 Miles Ashchurch mainline railway station, 4 miles to the south, is on the Bristol (c. 1 hr 15 mins) to Birmingham (c. 40 minutes) mainline and provides connections to London in approximately 2 hours 36 minutes. Birmingham Airport is 47 miles to the north east which provides domestic and international flights to over 140 destinations. SITUATION Station Drive industrial estate is strategically located 3 miles north of Junction 9 of the M5 motorway, which acts as a long established and important regional industrial/ distribution location. The two principal commercial locations around Junction 9 are the Ashchurch Industrial Estate and Tewkesbury Business Parks where occupiers include DHL, G4S Technology, GE Aviation, Duraflex, Jewsons and Screwfix. Surrounding nearby uses include Stanway Screens and residential uses. A449 A44 WORCESTER A4103 M50 A40 TEWKESBURY A3 GLOUCESTER M5 13 STROUD M5 A44 9 A419 REDDITCH CHELTENHAM A417 A435 A46 EVESHAM Ashchurch For Tewkesbury Railway Station A40 M40 CIRENCESTER M40 via M42 M4 via A414 & A419 A3 M50 SOUTH WALES A43 1 A3 M50 BREDON RD BIRMINGHAM M5 TEWKESBURY RD Tewkesbury Business Park 9 A43 TEWKESBURY BREDON B400 M5 Ashchurch Industrial Estate BRISTOL B400 STATION DRIVE MORETO N LN 3 Miles 46 Miles KEME RTON RD CHELTENHAM RD Ashchurch for Tewkesbury Railway Station A46 B4079 ASTON CROSS B4079

STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH 4 DESCRIPTION The property comprises an industrial estate of 16 units providing nine warehouse and seven business units which were constructed in the late 1970s. The estate is arranged in two terraces and one solus unit (unit 14). Generous parking areas and yard space is provided in front of the units. The nine warehouse units (Units 4-10 & 15-16) are of concrete and steel portal frame construction with brick elevations beneath corrugated roofs incorporating translucent panels. Access is provided by roller shutter doors. Each unit has a single storey amenity block to the front providing offices, WCs and staff facilities with Unit 6 also having further ancillary offices over a first floor. Units 5-10 and Units 15 & 16 have a minimum eaves height of 3.4 metres and 3.0 metres respectively. The seven business units (Units 1-3 & 11-14) provide flexible accommodation with offices and storage. They are single storey of brick construction. The vendor has recently refurbished Units 1, 5, 13, 15 & 16 and installed new air-conditioning in all the units, except in Units 4-6 which already had air conditioning. Externally, there are 3 parking spaces. ACCOMMODATION The property was measured in accordance with the RICS Code of Measuring Practice (6th Edition) and has a total area of 40,59 sq ft (3,771.6 sq m). The floor areas for each unit are summarised in the tenancy schedule. The property sits on a site of 2.64 acres (1.07 hectares) producing a low site coverage of 32%.

5 STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH INVESTMENT SUMMARY LOCATION DESCRIPTION GALLERY TENANCY TENURE INVESTMENT CONSIDERATIONS

STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH 6 TENANCY SCHEDULE Station Drive industrial estate is fully let to 11 tenants on 15 leases. The total current rent is 207,560 per annum, reflecting a low overall rate of 5.11 per sq ft ( 55.00 per sq m). UNIT TENANT Grd Sq ft Mezz/1st Sq ft Total Sq ft Lease Start Lease Expiry Rent Review Lease Break Rent pa Rent ( psf) ERV pa ERV ( psf) Comments 1 Bredon Hill Plumbing and Property Maintenance Limited 1,215 1,215 01/09/2017 31/0/2022 01/09/2020 10,500.64 10,500.64 Outside the Act. 2 T N Martin and A J Carr 1,033 1,033 19/05/2017 1/05/2020 19/05/201 & 19/05/2019 6,700 6.49 6,715 6.50 Outside the Act. Rent increases from 5,60 rising to 6,700 from 19/05/201. 3 Northway Communications Services (UK) Ltd 1,367 1,367 25/03/2015 24/03/2020 25/03/201 25/03/201 5,750 4.21,6 6.50 Outside the Act. Rolling 3 month break after 25/03/201. 4 DV Technology Limited 2,30 604 2,912 15/03/2013 14/03/2019 16,000 5.49 16,744 5.75 Outside the Act. Schedule of condition. Reversionary 1 year lease extension to 14 March 2019 agreed at 16,000 pa. Current rent of,715 pa. 5 Total Automotives Bredon Ltd 3,563 3,563 15/12/2016 14/12/2021 14/06/201 20,000 5.61 20,47 5.75 Outside the Act. Personal guarantee and rent deposit. Rent increases from 10,000 pa to 20,000 pa on 15/12/2017. 6 Solar Technology International Ltd 4,973 1,364 6,337 01/07/2015 30/06/2019 21,679 3.42 34,54 5.50 Outside the Act. 7-10 Geometric Manufacturing Ltd 12,925 1,170 14,095 21/06/2017 23/06/2020 3 mths rolling 73,50 5.24 1,046 5.75 4 leases. Inside the Act. 11, 12 & 14 Atlantic Coast Studios Limited 3,495 3,495 29/09/2015 2/09/2020 3 mths rolling 14,946 4.2 22,71 6.50 3 leases. Inside the Act. Schedule of condition. 13 M Handley 427 427 06/11/2017 05/05/201 4,400 10.30 4,400 10.30 Outside the Act. 15 Emotive Design Limited 3,51 3,51 0/05/2017 07/05/2022 21,200 5.51 22,143 5.75 Outside the Act. 16 Neil Rogers 2,303 2,303 14/11/2016 13/11/2020 14/05/201 12,535 5.44 13,242 5.75 Outside the Act. Total 40,59 207,560 241,734

2 15 1 STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH 7 MARKET COMMENTARY/ERV Tewkesbury is an important and rapidly growing regional industrial and distribution location. The towns strategic position adjacent to the M5 has attracted strong tenant demand from occupiers seeking to serve regional and national markets including Bristol to the south, Birmingham to the north and South Wales to the south west. This strong tenant demand coupled with constrained supply has resulted in strong growth in rental and capital values, particularly within estates bordering the M5 where VP values of in excess of 0 psf have been achieved. Occupier demand on Station Drive industrial estate is very strong as evidenced by the level of recent transactions. In the last 1 months the vendors have successfully completed 10 lease event transactions comprising 23,14 sq ft which reflects in excess of 50% of the estate. The transactions have involved individual units ranging from 427 sq ft to combinations of units totalling 14,095 sq ft. Based on the recent letting activity on the estate our opinion of the ERV of Station Drive is 241,734 pa, as detailed within the tenancy schedule. TENURE The property is held freehold. ge 30 29 39 40 Inn Cottage Diddington House Diddington Cottage 34 33 35 36 FB STATION DRIVE El Sub Sta 1 2 3 4 5 6 7 32.3m Telephone Exchange Cariad Ashboro 6 Portlands The Rowans Firethorn GRAVEL PITS Hillside View CLOSE EPCS The Energy Performance Certificates are available on request. 9 14 11 SERVICE CHARGE There is a service charge provision which is recoverable from the tenants. The service charge budget for the financial year ending 30th June 2017 was 5,294, reflecting 0.13 per sq ft. Further information is available on request. n 10 11 12 13 14 16 15 VAT The property is elected for VAT and it is therefore anticipated the transaction will be treated as a TOGC. 0m 10m 20m 30m 16 15 11 BRIC

STATION DRIVE INDUSTRIAL ESTATE BREDON TEWKESBURY GL20 7HH INVESTMENT CONSIDERATIONS Strategic location with excellent access to the M5 (Junction 9). The units provide the flexibility to be offered in a variety of size ranges. Excellent reversionary potential as evidenced by recent letting activity. Significant potential to release value through individual unit sales. Long term residential potential subject to necessary consents. Attractive initial and reversionary yield and low capital value per sq ft. PROPOSAL Offers are sought in excess of 2,400,000 (Two Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects the following attractive yield profile, after deducting purchasers costs of 6.36%: Net initial yield.13%. Reversionary yield 9.47% based on ERV. Low capital value of 59.12 per sq ft. FURTHER INFORMATION For further information or to arrange an inspection please contact: Tel: 020 7409 72 DISCLAIMER: Messrs Joiner Cummings (and their joint agents where applicable) for the vendors or lessors of this property whose agents they are give notice that: (i) The particulars are set out as a general outline for the guidance of the intending purchasers and do not constitute part of an offer or contract; (ii) All descriptions, dimension references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but are given without responsibility and any intending purchasers or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of them; (iii) All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of preparing these particulars, they have not however been tested and therefore we give absolutely no warranty as to their condition, operation or fitness for the purpose of an intending occupier or purchaser; (iv) No investigations have been undertaken by Joiner Cummings in respect of asbestos, issues concerning pollution and potential land, building, air or water contamination and any intending purchasers or tenant must satisfy themselves by inspection. (v) Unless otherwise stated, all prices rents and other charges are quoted exclusive of Value Added Tax (VAT) and any intending purchaser or tenant must satisfy themselves as to the incidence of VAT in respect of any transaction; (vi) No person in the employment of Joiner Cummings has any authority to make or give any representations or warranty whatever in relation to this property; (vii) No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties, which have been sold, let or withdrawn. NOVEMBER 2017 Designed and produced by www.kubiakcreative.com 11-17 172773