BLUE OAKS PORTFOLIO A PORTFOLIO OF SIX RETAIL AND FOUR INDUSTRIAL UNITS ACROSS THE UK - CAPITA REAL ESTATE
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Blue Oaks Portfolio A Portfolio oF six retail and fOUR industrial units across the uK
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
Investment Summary
n Unique opportunity to acquire a well secured and diverse Strong underlying income, with asset management
n
portfolio of high street retail and industrial assets. opportunities.
10 properties geographically spread throughout England
n All the retail properties occupy prominent, high street
n
and Wales, with approximately 50% of the income derived positions in busy and affluent towns.
from properties in the south of England.
n All the industrial properties are well positioned in
Portfolio comprises approximately 131,277 sq ft.
n established trading locations, let to tenants committed
to the area.
Fully let with no vacancies.
n
AWULT of 6.15 years (5.06 years to breaks).
n
Let on full repairing and insuring terms to a good mix of
n
strong covenants including Waterstones, Wilko, EE, Kuoni Total current rent of £1,123,410 per annum; 47%
n
Travel Ltd, BSS plc and Sealed Air Limited. from the retail and 53% from the industrial.
9 6.4% of current income is secured from tenants who are
n ffers in excess of £14,600,000 (Fourteen Million,
n O
classified by Dun & Bradstreet as having a ‘minimum’ or Six Hundred Thousand Pounds) subject to contract
‘lower than average’ risk of business failure. and exclusive of VAT.
Eight freehold, one virtual freehold and one long leasehold
n n Attractive net initial yield of 7.27%, assuming
(120 years unexpired). purchaser’s costs of 5.80%.
2
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
Property Locations
INCOME BY REGION High Street Retail
1. Bedford
2. Chester
3. Scarborough
NE 16% SE 19% 4. St Albans
5. Swansea
NW 10% 6. Taunton
WALES
7%
Industrial
SW 30% 7. Bristol
3
Midlands 8. Farnborough
18%
9. Kettering 10
10. Normanton
2
£1,123,410 131,277 sq ft 9
1
Total current rent per annum Total area
6.15 years 96.4% 5 4
7
8
Average weighted unexpired lease term to expiry Income from D&B ‘minimum’
or ‘low risk’ covenants 6
47% / 53%
Income from retail / industrial
3
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
Tenancy Schedule
Area sq ft Start Break Next Expiry Years Current Rent per
Property Address Postcode Tenant NIA/GIA Date Date Review Date Date Unexpired Rent Zone A / sq ft Comments
Waterstones
Bedford 11/13 Silver Street MK40 1SY 4,838 3-Jan-14 - - 2-Jan-19 3.78 £86,000 £71.56 Recent renewal - no rent free granted.
Booksellers Ltd
18 months rent free - vendor to top
Chester 8 Eastgate Street CH1 1LE Kuoni Travel Ltd 965 23-Oct-14 22-Oct-19 23-Oct-19 22-Oct-24 9.59 £70,000 £139.82 up. 6 months notice on break and
penalty of £35,000.
Under offer for 5 year term. See
Under offer to
6 Eastgate Row CH1 1LE 2,064 tbc - - £40,000 £69.85 property details. Vendor to top up to
Aslan Jewellery Ltd
£40,000 pa.
Waterstones Recent renewal - no rent free granted.
Scarborough 97/98 Westborough YO11 1LD 5,229 5-Feb-15 4-Feb-20 5-Feb-20 4-Feb-25 9.87 £92,500 £66.88
Booksellers Ltd 6 months notice on break - no penalty.
Lease on assignment from Phones 4U
St Albans 37 Market Place AL3 5DL EE Ltd 2,102 17-Sep-06 - - 16-Sep-16 1.48 £75,000 £135.36 Ltd. Landlord in negotiations for lease
extension.
Swansea 8 Union Street SA1 3EE Shoe Zone Ltd 1,817 25-Mar-06 25-Mar-16 25-Mar-16 24-Mar-21 6.00 £74,000 £120.72 6 months notice on break - no penalty.
Taunton 61 East Street TA1 3LX Wilko Retail Ltd 3,229 31-July-06 - 31-Oct-15 31-Oct-25 10.61 £92,250 £79.51
BSS Group,
Bristol BS2 0BS BSS Plc 39,527 1-Dec-95 - 1-Dec-15 30-Nov-20 5.69 £250,000 £6.32 Virtual freehold - see property details.
Albert Reach
21/21a Triumph Structures Long leasehold at peppercorn - see
Farnborough GU14 7QU 20,357 12-Oct-06 - - 11-Oct-16 1.55 £136,660 £6.71
Invincible Road Farnborough Ltd property details.
Sealed Air Unit,
Kettering NN16 8UN Sealed Air Ltd 30,506 19-Nov-03 - - 18-Nov-18 3.65 £119,000 £3.90
Telford Way
Unit D1 Acorn Web Offset Tenant paying half rent (£44,000 pa)
Normanton WF6 1TW 20,643 25-Oct-13 - 25-Oct-18 24-Oct-28 13.59 £88,000 £4.26
Loscoe Close Ltd until April 2016. Vendor to top up.
Total 131,277 £1,123,410
4
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
The Properties
1 2 3 4 5
11/13
11/13 Silver Street
Silver Street 8 Eastgate
8 Eastgate Street
Street &
&66 Eastgate
Eastgate Row
Row 97-98
97-98 Westborough
Westborough 37
37 Market
Market Place
Place 8
8 Union
Union Street
Street
Bedford, MK40 1SY Chester, CH1 1LE Scarborough, YO11 1LD St Albans, AL3 5DL Swansea, SA1 3EE
6 7 8 9 10
61 East Street BSS Group, Albert Road 21/21a Invincible Road Sealed Air Unit, Telford Way Normanton Industrial Estate
Taunton, TA1 3LX Bristol, BS2 0BS Farnborough, GU14 7QU KETTERING, NN16 8UN Normanton, WF6 1TW
5
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
1. W
aterstones
11/13 Silver Street, Bedford, MK40 1SY 1 of 4
Investment Summary
Prime retail investment opportunity.
n
Freehold.
n
Well configured retail accommodation,
n
arranged with sales at ground and
first floors.
Total area of 4,838 sq ft NIA.
n
n Let to Waterstones Booksellers Limited
from 3rd January 2014, expiring 2nd
January 2019 (3.75 years unexpired).
Re-based passing rent of £86,000 per
n
annum (£71.56 per sq ft Zone A).
Waterstones have been in occupation
n
since 1998.
6
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
A14 Cambridge
Location
Wellingbourne
Bedford is an attractive and affluent market Reflecting the demographic profile and spending
A 43
A6 A1 town, located approximately 50 miles north of habits of the catchment population, per capita retail
Northampton London and 10 miles east of Milton Keynes. spending levels are significantly above the PROMIS
A426
A421 It is strategically located 9 miles to the north average (Source: PROMIS/CACI - 2013).
Bedford
east of the M1 (Junction 13) and 7 miles to the west
A5 M1 of the A1. Estimated prime rents in Bedford are circa
A43
A10
A1
£75 per sq ft Zone A, approximately 30% below
By rail, Bedford has a regular service to London their pre-recession peak of £105 per sq ft Zone A.
A421
A1M (Blackfriars) and London (St Pancras). The fastest
Hitchin
journey time to St Pancras is approximately 34 minutes.
Leighton Luton
A41
Buzzard The total population within the Bedford primary
catchment area is 310,000, which is significantly above
M40 M11
the Average Town average and ranks the town 84th
A4010
out of the PROMIS Centres.
M25
London
7
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Situation
The property is situated on Silver Street, the prime retail
location, on the pedestrianised section between Primark
and Debenhams, and opposite Beales Department Store.
Other nearby tenants include Marks & Spencer, BHS,
Boots, Next and River Island.
Description
The subject property is a prominent, double-fronted
unit, arranged with sales at ground and first floors
(via a prominent customer staircase), and ancillary
accommodation on the second floor.
The property benefits from loading via the rear yard,
off Hawes Court, and a hoist lift from ground to
first floor. A reciprocal right of escape exists between
the subject property and 9 Silver Street (Thomas Cook)
at first floor level.
The property comprises the following net internal areas:
PR
N
IM A
RK
Floor Use Sq Ft Sq M
Ground Sales 1,891 175.7
Ground ITZA 1,035 96.2
Ground Ancillary 155 14.4
First Sales 1,426 132.5
First Ancillary 167 15.5
Second Ancillary 1,199 111.4
Total 4,838 449.5
8
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Tenure
Freehold.
Tenancy
The property is let to Waterstones Booksellers Limited,
on a full repairing and insuring lease, for a term of 5
years from 3rd January 2014, expiring 2nd January 2019
(3.75 years unexpired). This was achieved by way of a
lease renewal with no tenant incentives.
The current rent passing is £86,000 per annum which
equates to £71.56 per sq ft Zone A.
Covenant Strength
Waterstones was acquired by A&NN Capital Fund
Management (owned by Russian billionaire Alexander
Mamut) in June 2011, from HMV Group for £53 million.
Waterstones has recently commenced a programme of
refurbishment across its estate. Improvements include:
creating Wi-Fi hot spots, new cafés within stores and
establishing a new staff training programme.
The Dun & Bradstreet rating of N2, indicates a financial
strength which is ‘negative’ but a ‘lower than average’
risk of business failure.
Summary account information over the last 3 years
is shown below:
27 April 28 April 30 April
2013 2012 2011
Turnover (£’000’s) 398,464 410,354 477,424
Pre-Tax Profit (£’000’s) (23,046) (37,314) (20,597)
Net Worth (£’000’s) (14,179) 8,864 51,676
EPC
Rating: D(95)
9
Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2. Kuoni +‘Row Level’ Unit (Under Offer)
8 Eastgate Street and 6 Eastgate Row, Chester, CH1 1LE 1 of 4
Investment Summary
Prime retail investment opportunity.
n
Two retail units (Street and Row level)
n
in historic Chester City Centre, arranged
with sales at ground and first floors.
Total area of 3,029 sq ft NIA.
n
8 Eastgate Street is let to Kuoni Travel
n
Limited on a new 10 year lease from 23rd
October 2014, expiring 22nd October
2024 (9.5 years unexpired), subject to a
tenant break option in October 2019.
Re-based passing rent of £70,000 per
n
annum (£139.82 per sq ft Zone A).
6 Eastgate Row is under offer to Aslan
n
Jewellery Limited on a stepped rent at an
average of £40,000 per annum (£69.85
per sq ft Zone A).
Potential asset management on second
n
and third floors.
10Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
Blackpool
A14 Burnley Location
Preston
Blackburn A14
Chester is an affluent, historic Cathedral City, located in Chester City Centre is an important tourist destination
A14 M65 A14 the North West, approximately 40 miles south east of attracting over 8 million visitors per annum (2011),
Manchester and 25 miles south of Liverpool. Junction boosting spending within the city. In 2013, Cheshire
A14 M6 M56 12 of the M53 motorway is situated 3 miles to the east West and Chester attracted 29 million visitors with
Bolton M62 of the city centre and provides access to the M56 and an economic impact (visitor spend) of £1.5 billion.
A14
M58 wider motorway network. Specific attractions include; Chester Cathedral, Chester
M60
Racecourse and Chester Zoo, which was voted the most
Manchester
The City benefits from a direct rail service to London visited large attraction in England outside London in
St Helens
M62
(Euston) with a journey time of approximately 2 hours. 2013 and 2014 (1.4 million visitors). Source: Marketing
Liverpool WarringtonM6
M56
The total population within the Chester primary Cheshire.
M53
catchment area is 804,000, ranking it 15th out of the Prime rents are estimated at £220 per sq ft Zone A in
M56
A55 Kingsley Norwich
PROMIS Centres. Chester, approximately 5% above their pre-recession
A49
Per capita retail spending levels are comparable with peak of £210 per sq ft Zone A.
Cilcain Chester Winsford
A51
A494 A55 the PROMIS average, reflecting the demographic profile
Hope A483
A51 Crewe
and spending habits of the catchment population
A494 A453 (Source: PROMIS/CACI - 2013).
11Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Situation
The property is a highly prominent, prime unit situated
at ‘The Cross’, where Eastgate Street intersects with
Northgate Street, Bridge Street and Watergate Street.
The property has an Eastgate Street frontage and is
directly opposite Northgate Street. Other nearby tenants
include H Samuel, Cath Kidston, Jack Wills, Zara and Gap.
Description
The subject property is an attractive, Grade II listed,
building arranged as two units; Street and Row level.
The Street level unit is a self-contained retail unit at
lower ground floor level with staff and ancillary space to
the rear. The Row level unit provides sales space at first
floor with two upper floors of ancillary accommodation.
Reciprocal rights of emergency escape exist at Row Level
between the subject property and the neighbouring
units (4&8 Eastgate Row).
N
Better utilisation of the second and third floor could be
made in conjunction with the adjoining properties and
the incoming tenant.
The property comprises the following net internal areas:
Floor Use Sq Ft Sq M
Ground (8 Eastgate Street) Sales 832 77.3
Ground (8 Eastgate Street) Storage 133 12.4
Ground (8 Eastgate Street) ITZA 494 45.9
First (6 Eastgate Row) Sales 893 83.0
First (6 Eastgate Row) ITZA 533 49.5
Second (6 Eastgate Row) Ancillary 415 38.5
Third (6 Eastgate Row) Ancillary 756 70.2
Total 3,029 281.4
12Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Tenure
Freehold.
Tenancies
8 Eastgate Street is let to Kuoni Travel Limited, on an effective full repairing and insuring
lease, for a term of 10 years from 23rd October 2014, expiring 22nd October 2024 (9.5 years
unexpired). The tenant benefits from a break option on 23rd October 2019 on six months
notice and a penalty payment equivalent to six months rent.
The current rent passing is £70,000 per annum, which equates to £139.82 per sq ft Zone A.
The tenant was given 18 months rent free which the vendor will top up.
6 Eastgate Row is currently under offer to Aslan Jewellery Limited for a 5 year term (subject
to a mutual break option on the 4th anniversary). The agreed stepped rent is as follows:
Year 1 - £35,000 pa Year 3 - £40,000 pa Year 5 - £45,000 pa.
Year 2 - £37,500 pa Year 4 - £42,500 pa.
The vendor proposes to provide a rental top up to £40,000 per annum.
Covenant Strength
Kuoni Travel Limited is a UK based tourism company founded in Switzerland in 1906. In
2013, the Kuoni Group was named “World’s Leading Luxury Tour Operator” at the annual
World Travel Awards.
The Dun & Bradstreet rating of N1, indicates a financial strength which is ‘negative’
but a ‘minimum risk’ of business failure.
Summary account information over the last 3 years is shown below:
31 Dec 31 Dec 31 Dec
2013 2012 2011
Turnover (£’000’s) 293,125 287,062 300,032
Pre-Tax Profit (£’000’s) (3,847) (7,905) (6,378)
Net Worth (£’000’s) (16,643) (17,591) (18,354)
EPC
Rating: 8 Eastgate Street – C (74); 6 Eastgate Row – E (107).
13Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3. Waterstones
97-98 Westborough, Scarborough, YO11 1LD 1 of 4
Investment Summary
Prime freehold retail investment
n
opportunity.
Well configured retail accommodation,
n
arranged with sales at ground and first
floors and ancillary space at second floor.
n Total area of 5,229 sq ft NIA.
New 10 year lease to Waterstones
n
Booksellers Limited from 5th February
2015, expiring 4th February 2025, subject
to a tenant break in year 5.
Re-based passing rent of £92,500 per
n
annum (£66.88 per sq ft Zone A).
14Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
A688 Midlesborough
Location
A56
A1M
A171
Scarborough is an attractive seaside town, located Scarborough has a high quality of retail provisions
A66
Darlington Danby approximately 46 miles north of Hull and 45 miles compared to the size of the town, in part due to the
Richmond
A171 north-east of Leeds. It is located on the north Yorkshire significant tourist and visitor numbers attracted to the
Kirbymoorside
coast and is accessed by four A roads, including the A171 area.
A170 A170 Scarborough
Moor Road.
A64
Flamborough In 2012, it was estimated that 7.8 million tourist day and
Malton
Harrogate A1M York
Bridlington By rail, Scarborough is at the eastern end of the overnight trips were made to Scarborough, spending
A59
Pocklington
Transpennine Express with Liverpool at the western over £470 million, directly benefiting local business,
Hornsea
A614
A1035
end. There are intermediate stops at York, Leeds and cafes, shops and attractions in Scarborough. (Source:
M65
Leeds Beverley
Albrough Manchester, all with interconnecting train services to Discover Yorkshire Coast)
Bradford
M62
Hull London.
Per capita retail spending levels are comparable with
M62
M61 Huddersfield The total population within the Scarborough primary the PROMIS average, reflecting the demographic profile
M1 A1M
catchment area is 147,000, ranking the town 162 out of and spending habits of the catchment population
M60
Manchester
the PROMIS Centres. (Source: PROMIS/CACI - 2013).
M56 Sheffield
M1 Estimated prime rents in Scarborough are £65-£70 per
sq ft Zone A, approximately 35% below their pre-
recession peak of £100 per sq ft Zone A.
15Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Situation
The property is situated on the pedestrianised section
of Westborough, the towns prime retail location,
opposite the Brunswick Shopping Centre anchored by
Debenhams, Next and Poundland.
Other nearby tenants include Boots, WH Smith, Next,
Specsavers, Halifax and Poundland.
Description
The subject property is a prominent, double-fronted
unit, arranged with sales at ground and first floors,
via a prominent customer staircase, and ancillary
accommodation on the second floor.
The property benefits from a lift from ground to second
floor and the following net internal areas:
Floor Use Sq Ft Sq M
Ground Sales 2,209 205.3
Ground ITZA 1,198 111.3 N
First Ancillary (A/12) 1,880 174.7
Second Ancillary (A/40) 1,140 105.9
Total 5,229 485.9
16Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Tenure
Freehold.
Tenancy
The property is let to Waterstones Booksellers Limited, on a full repairing
and insuring lease, for a term of 10 years from 5th February 2015, expiring
4th February 2025. This was achieved by way of a lease renewal with
no tenant incentives. The tenant benefits from a break option on 4th
February 2020, on six months notice.
The current rent passing is £92,500 per annum which equates to £66.88
per sq ft Zone A.
We understand Waterstones have been in occupation since 1998.
Covenant Strength
Waterstones was acquired by A&NN Capital Fund Management (owned
by Russian billionaire Alexander Mamut) in June 2011, from HMV Group
for £53 million. Waterstones recently commenced a programme of
refurbishment across its estate. Improvements include: creating Wi-
Fi hot spots, new in-store cafés and establishing a new staff training
programme.
The Dun & Bradstreet rating of N2, indicates a financial strength which is
‘negative’ but a ‘lower than average’ risk of business failure.
Summary account information over the last 3 years is shown below:
27 April 28 April 30 April
2013 2012 2011
Turnover (£’000’s) 398,464 410,354 477,424
Pre-Tax Profit (£’000’s) (23,046) (37,314) (20,597)
Net Worth (£’000’s) (14,179) 8,864 51,676
EPC
Rating: D(80)
17Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4. EE
37 Market Place, St Albans, AL3 5DL 1 of 4
Investment Summary
Prime retail investment opportunity.
n
Freehold.
n
Prominent, well configured retail
n
accommodation, arranged with sales at
ground floor and ancillary accommodation
at first and second floors.
Total area of 2,102 sq ft NIA.
n
Let to the national covenant of EE Limited
n
by way of assignment on a lease expiring
17th September 2016 (1.5 years unexpired).
Passing rent of £75,000 per annum
n
(£135.56 per sq ft Zone A).
Discussions regarding a lease extension
n
with the tenant are in hand, further
information on request.
18Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
Location
St Albans is an attractive and affluent historic town, St Albans has a high level of retailer demand for a
with city status, located approximately 20 miles north town of its size and status. The city is ranked 17th of all
of London. It is strategically located 9 miles to the north PROMIS Centres throughout the UK by number of retail
east of the M1 (Junction 13) and 7 miles to the west of requirements (Source: PROMIS/EGI - Jan 2015).
the A1.
A1 At mid 2014, estimated prime rents in St Albans were
By rail, London (Blackfriars) can be accessed in £135 per sq ft Zone A. This is equal to the pre-recession
A6
A1M approximately 27 minutes, with stopping points of St peak which compares favourably to the PROMIS 200
Stevenage Pancras, Farringdon and City Thames Link, making St Towns average which remains 28.7% below the pre-
A 41 A5
Luton
Albans an extremely popular commuter town. recession peak.
Welwyn
Garden M11
M1 City
A10 The St Albans catchment population is one of the most
Hatfield
A 41
St Albans
Harlow
affluent of the PROMIS catchments, ranking 4th of the
A503
A4010 A413
PROMIS centres, with per capita retail spending levels
M25
Watford
Enfield significantly above the PROMIS average.
M25
M40 A1
A406 London
19Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Situation
The property is prominently situated on the corner of
Market Place and Spencer Street, at the start of St Peters
Street. In addition, it provides access to Christopher Place.
Market Place boast several boutique retail units,
including Champneys, Reiss, White Stuff and Jack Wills.
Further along St Peters Street are many large format
national brands including, Boots, H&M and Marks &
Spencer.
Description
The subject property is a prominent retail unit, arranged
with sales at ground floor with first and second floors
providing ancillary accommodation.
The property benefits from a return frontage to
Spencer Street.
The property comprises the following net internal areas:
N
Floor Use Sq Ft Sq M
Ground Sales 846 78.57
Ground ITZA 504 46.79
First Ancillary 730 67.83
Second Ancillary 526 48.83
Total 2,102 195.23
20Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Tenure
Freehold.
Tenancy
Let to EE Limited on assignment of a full repairing and
insuring lease, expiring 16th September 2016 at a rent of
£75,000 per annum (£135.56 per sq ft Zone A).
The property was previously occupied by Phones 4 U
Limited who went into administration in September 2014.
The landlord is in discussions with EE regarding a lease
extension for an additional 5 year term extending
the expiry to September 2021. Further information is
available on request.
Covenant Strength
EE Limited was launched in April 2010 following the
merger of T-Mobile and Orange, and boasts in excess
of 30 million customers, 16,500 staff and a turnover of
almost £6.5bn.
The Dun and Bradstreet rating of N1, indicates a financial
strength which is ‘negative’ but a ‘minimum’ risk of
business failure.
Summary account information over the last 3 years is
shown below:
31 Dec 31 Dec 31 Dec
2013 2012 2011
Turnover (£’000’s) 6,482,000 6,657,000 6,784,000
Pre-Tax Profit (£’000’s) (101,000) (249,000) (113,000)
Net Worth (£’000’s) (661,000) (179,000) 2,000
EPC
Rating: D(91)
21Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
5. Shoe Zone
8 Union Street, Swansea, SA1 3EE 1 of 4
Investment Summary
Well located retail investment
n
opportunity.
n Freehold.
Well configured retail accommodation,
n
arranged with sales at ground floor and
ancillary at first floor.
Total area of 1,817 sq ft NIA.
n
Let to Shoe Zone Retail Limited expiring
n
24th March 2021 (6 years unexpired),
subject to a tenant break option on
25th March 2016.
National covenant with a D&B rating
n
of 5A2.
Passing rent of £74,000 per annum
n
(£120.72 per sq ft Zone A).
22Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
M6
Location
A470 Swansea is the second largest city in Wales, situated in Swansea City Centre comprises approximately 1.65
A483
M5
Glamorgan on the south coast and lies approximately million sq ft of retail accommodation, of which the
35 miles west of Cardiff. Quadrant Shopping Centre accounts for circa 300,000
A49
sq ft, anchored by Debenhams, the only department
By road, Swansea is readily accessible from the M4 store in the city. In 2014, the Quadrant Shopping Centre
M50
A483 A40
A65 A429
motorway being located just a few miles south of attracted over 10.5m visitors.
A40 junctions 44 to 47. By rail, Swansea benefits from a
A48
M4
Pontardawe A465 regular service from Cardiff (55 minutes) and a direct Estimated prime rents in Swansea are £100 per sq ft
Blackwood
Chepstow M5
A429
service to London (Paddington) in approximately 3 Zone A, approximately 37.5% below their pre-recession
Swansea hours. peak of £160 ZA.
M4 Newport M4
Cardiff The total population within the Swansea primary
Barry
A38 catchment area is 542,000, significantly above the Sub
A350
Regional Centre average and ranking the town 31st out
M5 Warminster
Wells
A361 of the PROMIS Centres (Source: PROMIS/CACI - 2013).
A39
Glastonbury
A361
Yeovil
A303
A377 Dorchester
M5
Exeter
23Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Situation
The property is situated on the pedestrianised section
of Union Street at the western end of Oxford Street,
Swansea’s prime retail pitch.
Union Street is Swansea’s second major shopping street,
linking Oxford Street with the Quadrant Shopping
Centre. The Queens Arcade (north) entrance to the
Quadrant has the highest footfall of the four entrances.
Union Street also benefits from an entrance to the
popular covered market, which is currently under
refurbishment.
Other nearby tenants includes NatWest, Waterstones,
F Hinds Jewellers, Vodafone, Virgin Media and
Burger King.
Description
The subject property is arranged with ground floor
sales and first floor storage accommodation. There is an
outside structure at the rear of the ground floor which
is used as additional storage.
A reciprocal right of escape exists between the subject
property and 7 Union Street (adjacent) at ground floor
level.
The property comprises the following net internal areas:
Floor Use Sq Ft Sq M
N
Ground Sales 1,217 113.06
Ground ITZA 583 54.16
Ground External rear store 184 17.09
First* Ancillary 600 55.74
Total 1,817 168.80
*Following tenant works in 2006 the tenant has extended the first floor
by a further 520 sq ft.
24Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Tenure
Freehold.
Tenancy
The property is let to Shoe Zone Limited on a full
repairing and insuring lease, for a term of 15 years
from 25th March 2006, expiring 24th March 2021 (6 years
unexpired).
The current rent passing is £74,000 per annum,
reflecting £120 per sq ft Zone A.
There is a tenant break option on 25th March 2016 on six
months notice.
Covenant Strength
Shoe Zone has over 500 stores within the UK
and Republic of Ireland, employing approximately
4,000 staff.
Shoe Zone Retail Ltd has a Dun & Bradstreet rating of
5A2. Summary account information over the last 3 years
is shown below:
05 Oct 29 Sep 01 Oct
2013 2012 2011
Turnover (£’000’s) 193,882 189,423 119,898
Pre-Tax Profit (£’000’s) 9,529 8,488 (7,627)
Net Worth (£’000’s) 45,666 36,609 33,600
EPC
Rating: D(90)
25Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
6. W
ilko
61 East Street, Taunton TA1 3LX 1 of 4
Investment Summary
Prime retail investment opportunity.
n
Freehold.
n
Well configured retail accommodation,
n
arranged with sales at ground floor and
ancillary accommodation at first floor
level.
The store has been combined with the
n
adjacent units also occupied by Wilko.
Total area of 3,229 sq ft NIA.
n
Let to Wilko Retail Limited expiring 31st
n
October 2025 (10.5 years unexpired).
Next rent review 31th October 2015.
n
National covenant, with a D&B rating
n
of 5A1 and an annual turnover of over
£1.4bn.
Passing rent of £92,250 per annum
n
(£79.51 per sq ft Zone A).
26Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
M6
2 of 4
A470
A483
M5 Location
Taunton is an attractive, affluent County Town, The per capita retail spending levels are comparable
A49
approximately 50 miles south of Bristol, 36 miles north with the PROMIS average, reflective of the demographic
A40
M50 west of Exeter, and lies just 4 miles west of Junction 25 profile and spending habits of the catchment
A483
A65 A429 off the M5 Motorway. population (Source: PROMIS/CACI - 2013).
A40
A48
M4
Pontardawe A465 Taunton railway station is a junction station, with direct The town benefits from limited competition within its
Chepstow
Blackwood
M5
A429 routes to Bristol, Exeter and London. It benefits from a catchment being 45 minutes drive from Exeter and 60
regular service to London (Paddington) with a fastest minutes from Bristol.
M4 Newport M4 journey time of approximately 1 hour 43 minutes.
Cardiff The most recent open market letting to Joules Clothing,
Barry
A38 The total population within Taunton’s primary at 45-46 East Street (June 2014), achieved a headline
A350
catchment area is 206,000, similar to the Sub Regional rate of £90 per sq ft Zone A – a short distance from the
M5 Wells Warminster
A361 Centre average and ranking the town 72nd out of the subject unit.
A39
Taunton PROMIS Centres.
Glastonbury
A361
Yeovil
The Taunton catchment population is moderately
A303
A377 Dorchester
affluent, ranking 65th of the PROMIS centres on the
M5
PMA Affluence Indicator at 2011.
Exeter
27Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Situation
The property is situated on East Street, which forms part
of the town’s prime retail location.
Other nearby tenants include Marks & Spencer, Primark,
TK Maxx, WH Smith, Waterstones and Sainbury’s.
AM
ING
PLI
H
TOA
LOT
Description
C
VAC
LES
NTA
JOU
The subject property is a prominent, double-fronted
unit, which has been amalgamated with 62-64 East
W USE
HO
ILK
O
Street (adjacent), also occupied by Wilko on a
HO
LD
GO
co-terminus lease, producing an overall store totalling
O DS
approximately 25,000 sq ft GIA.
The subject property comprises ground floor sales
accommodation and first floor ancillary space, and
benefits from a rear access service yard. It comprises the
following net internal areas:
Floor Use Sq Ft Sq M
Ground Sales 1,644 152.73
Ground ITZA 1,081 100.39 N
First Ancillary 1,585 147.25
Total 3,229 299.98
28Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Tenure
Freehold
Tenancy
The property is let to Wilko Retail Limited, on a full
repairing and insuring lease, for a term of 19 years from
31st July 2006, expiring 31th October 2025 (10.5 years
remaining). The next rent review is at 31st October 2015.
The current rent passing is £92,250 per annum, which
equates to £79.51 per sq ft Zone A.
Wilko occupy the adjacent retail unit on a co-terminus
lease, and fully utilise the combined ground floor spaces.
The subject lease benefits from full reinstatement
provisions.
Covenant Strength
Wilkinson Hardware Stores Limited changed their
corporate name in June 2014 to Wilko Retail Limited.
Established in the 1930’s, Wilko now has over 370
stores. The Dun & Bradstreet rating of 5A1 indicates a
‘minimum’ risk of business failure.
Summary account information over the last 3 years is
shown below:
27 April 28 April 30 April
2013 2012 2011
Turnover (£’000’s) 1,462,84 1,529,668 1,565,400
Pre-Tax Profit (£’000’s) 27,612 27,512 22,736
Net Worth (£’000’s) 248,295 230,431 230,479
EPC
Rating:E (112)
29Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
7. BSS Group
BSS Unit, Albert Road, Bristol, BS2 0BS 1 of 4
Investment Summary
n Established commercial location to the east
of Bristol City Centre.
n Warehouse unit extending to 39,527 sq ft
GIA benefiting from good road frontage.
n Virtual freehold at a peppercorn rent
(999 years from 12th April 2002).
n Let to BSS Group Ltd for a term expiring
30th November 2020 (approximately
5.7 years unexpired).
n National covenant with a D&B rating of 5A1.
n Total passing rent of £250,000 per annum,
equating to an overall rent of £6.32 per sq ft.
30Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
Location
M6
Bristol is the principal commercial centre in the west
A470
M5
Barton Hill of England. The city is located approximately 118 miles
A483
west of London, 88 miles south west of Birmingham and
A49 78 miles north east of Exeter.
ST
Bristol
PH
Temple
IL
LI
Meads The property is well located on Albert Road, an
PS
M50 Saint Phillips
A483 A40
CA
A65 A429
US
established industrial and trade counter area, located
EW
A40
AY
A48
Pontardawe St Philip’s Marsh
approximately one mile east of Temple Meads Station
A465
M4
Chepstow M5
and Bristol city centre.
Blackwood A429
The location benefits from good accessibility to the
Newport
M4 M4
A4 Bath Road, which runs to the south of the site and
A4
Cardiff
Barry Bristol is just under 2 miles from the southern end of the
A38
A350 M32 motorway which provides direct access to the M4
M5 Wells
A361
Warminster A4 A4 motorway.
Totterdown
A39
A361
Glastonbury
Situation
A4
Yeovil Armo’s Vale
A377
A303
The unit is situated in the St Philip’s Marsh Industrial
Dorchester
M5
area, on the south side of Albert Road. The area
Exeter comprises predominantly industrial and trade counter
occupiers, with the likes of Travis Perkins being located
immediately adjacent to the subject property.
The area surrounding St Philip’s Marsh caters for out-
of-town retail, with Avonmeads Retail Park located just
beyond the eastern end of Albert Road and a large
Sainsbury’s supermarket just across the River Avon.
31Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Description Site Tenancy
The unit comprises an ‘L’ shaped, detached warehouse A site of approximately 2.22 acres, The unit is let in its entirety to BSS Group Limited
extending to 39,527 sq ft. equating to a low site coverage of 36.2%. (formerly BSS Plc) on a full repairing and insuring
lease for a term of 25 years from 1st December 1995
The property was built in the mid 90’s and is of a steel (approximately 5.7 years unexpired). The lease is subject
portal frame construction, with part brick and part Tenure to 5 yearly open market rent reviews with the next
profiled steel clad exteriors. The site is held on a 999 year lease from 12th April 2002 review due on 1st December 2015.
at a rent of £1 per annum if demanded.
The warehouse is currently trading under two separate The passing rent of £250,000 per annum, reflects
brands, BSS and PTS (both part of the BSS Group) with £6.32 per sq ft.
the unit benefiting from a central customer reception/
trade counter, ancillary offices and warehouse
accommodation.
The unit benefits from 6m eaves height, 3 roller shutter
doors and a large loading area/car park to the front of
the unit. The site is secured by steel palisade and wire/
post fencing.
The property comprises the following gross internal
areas:
Floor Use Sq ft Sq m
Ground Warehouse 28,709 2,667
Ground Office/reception 6,386 593
First Offices 4,432 412
Total 39,527 3,672
32Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Covenant Strength
BSS Group Limited is a UK based company specialising
in the supply and sale of heating, pipes and ventilation
equipment. The company was acquired by Travis Perkins
Plc in 2010.
The Dun and Bradstreet rating of 5A1 indicates a
‘minimum’ risk of business failure.
The latest available accounts for the past 3 years are as
follows:
31 Dec 31 Dec 31 Dec
2013 2012 2011
Turnover (£’000’s) - - -
Pre-Tax Profit (£’000’s) - 300 (18,700)
Net Worth (£’000’s) 97,200 97,200 96,900
EPC
Rating: C (62).
33Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
8. Triumph Structures
21/21a Invincible Road, Farnborough, GU14 7QU 1 of 4
Investment Summary
n Located just under one mile west of
Farnborough town centre.
n An industrial unit, extending to 20,357 sq ft
GIA with a site coverage of 46.5%.
n Long leasehold interest expiring 19th March
2135 at a nominal rent.
n Let to Triumph Structures – Farnborough
Limited on a lease expiring 11th October
2016 (approximately 1.5 years unexpired).
n D&B rating of 2A1, and turnover of
approximately £38m (2012/2013).
n Passing rent of £136,660 per annum,
equating to £6.71 per sq ft.
n Well established tenant occupying seven
units along Invincible Road (at least four
owner-occupied).
34Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
M40 M1
J1
Location
A404 Farnborough
J16/1A J1
Wembley A41 Farnborough is located along the M3 corridor,
Uxbridge
Maidenhead
A40 approximately 36 miles south west of London and 46
J9B Slough A312
J8/9
J7
J6
J4 J2 J1
miles north east of Southampton.
J5 J15/4B J3
Windsor London
The town benefits from excellent access to both
J14
Heathrow
Airport A3
Junctions 4 and 4a of the M3. The subject property is
J13
Kingston
J10
0 A208 J1 Upon
A329(M)
J12/2
Thames
A23 located on Invincible Road, within Farnborough’s main
A309
A322
J11 industrial area, which is bounded by Marrowbrook Lane
J3
M25 to the north and the A327 (Elles Road) to the south.
A243
J10
J4 Woking
J9
J9
MEUDON AVE
Farnborough Airport is located just to the south of
J4A A217
M3 Farnborough J7
Invincible Road with numerous local occupiers involved
A331 A3 J7/8
Aldershot
J8
Farnborough within the aerospace sector.
Guildford
M23
27
A31
Godalming
London
A3
Situation
Gatwick J9A J9
Airport The subject site is located at the western end of
J10
A3
A24
Crawley Invincible Road. To the north of Invincible Road is
A325
J11
predominantly residential with much of Farnborough’s
Horsham
Farnborough Air commercial space being located to the south.
Sciences Trust Museum
Farnborough Airport
35Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Description Site Tenancy
The unit comprises a detached manufacturing unit The unit is situated on a rectangular site, extending to The property is let in its entirety on a full repairing
extending to 20,357 sq ft. The building is of a steel approximately 0.87 acres, with a site coverage of 46.5%. and insuring lease (subject to limitations with regard
portal frame construction, with part brick and part to the roof and cladding) to Triumph Structures –
profiled steel clad exteriors. The 2 storey office content Farnborough, Limited (formerly St Bernard Composites
is located to the front (eastern) elevation and is of full Tenure Limited), at a passing rent of £136,660 per annum,
brick build construction. The property is held on a leasehold basis from reflecting £6.71 per sq ft.
Rushmoor Borough Council, due to expire 19 March
Triumph are well established within Farnborough, 2135 (120 years unexpired) at a rent of £100 per annum. The lease is due to expire on 11th October 2016
occupying a total of seven units along Invincible Road. (c.1.5 years unexpired).
Of these seven, we understand that Triumph own the
long leasehold interests in four of the units.
The property comprises the following gross internal
areas:
Floor Use Sq ft Sq m
Ground Warehouse 14,953 1,389
Ground Office 2,702 251
First Office 2,702 251
Total 20,357 1,891
36Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Covenant Strength
The tenant is a subsidiary of the Triumph Group
Inc, which is headquartered in Pennsylvania. The
group consists of 47 specialised manufacturing
companies, which concentrate on one of three sectors;
Aerostructures, Aerospace Systems and After Market
Services.
Triumph are well established and committed to
Farnborough, occupying a further six units within close
proximity to the subject property, four of which they
own on a long leasehold basis.
Triumph Structures – Farnborough, Limited (formerly
St Bernard Composites Limited) has a Dun & Bradstreet
rating of 2A1 indicating a ‘minimum’ risk of business
failure. The past three years results as follows:
31 Mar 01 April 31 Dec
2013 2012 2010
Turnover (£’000’s) 37,963 31,400 22,635
Pre-Tax Profit (£’000’s) 7,232 (10,795) (2,024)
Net Worth (£’000’s) 6,058 569 7,156
EPC
Rating: C (62)
Asset Management
Immediate opportunity to negotiate a regear with the
current tenant.
37Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
9. Sealed Air
Telford Way, Kettering, NN16 8UN 1 of 4
Investment Summary
n Well located East Midlands industrial
investment.
n 30,506 sq ft GIA warehouse unit on a site
of 1.85 acres with a low site cover of 36%.
n Freehold.
n Let to Sealed Air Limited on a lease
expiring 18th November 2018 (approximately
3.65 years unexpired).
n International covenant with a D&B rating of
5A1 and a Turnover of £180m (2012/2013).
n Current income of £119,000 per annum
reflecting £3.90 per sq ft.
n Excellent opportunity to regear the lease,
given tenant’s commitment to the location.
n The building is connected to two adjoining
properties at each end, owner occupied by
Sealed Air and forming a significant estate
for the tenant.
38Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
Mansfield Lincoln
Location
Kettering is an established industrial centre in the East Midlands,
A617
approximately 75 miles north of London, 15 miles north east of
A52 3
Northampton and 26 miles south east of Leicester.
A4
A50 Derby
A15 7
The town has excellent road communications, with the A43 and A14
M1
dual carriageways immediately to the west of the town, providing
A1175 Telford Way
Melton
Mowbray Kings Lynn Industrial
links to the M1/M6 (junction 19) approximately 22 miles to the west.
A6003 Estate The A14 also links with the A1(M) at Huntingdon, 22 miles to the
M69 A6 A43
Peterborough
east. Over 85% of the UK population is within 4 hours drive-time.
Market 7
M6 Harborough M11
Coventry A14 A14
H As part of the Milton Keynes and South Midlands Growth Area,
Kettering
M1 A43 Kettering is expected to see significant growth by 2021 in terms of
A14
Kettering
Northampton A6 population, new homes and new jobs.
Bedford
Newmarket
Stratford
upon
Avon
M40 The town has a regular rail service to London (St Pancras) with a
A421
journey time of less than one hour and is within an hour’s drive
Buckingham
M11 Kettering of Birmingham International, Stansted, East Midlands and Luton
Leighton A1M
Buzzard Airports.
M40
Kettering
M25 Conference
Oxford A43 Centre
Situation
The property is situated in the heart of the Telford Way Industrial
Estate, which is considered to be the main industrial area for
Kettering. The estate benefits from good communications, lying
within half a mile of the junction of A14 and A43, which is accessed
via the A4300 at junction 7.
The tenant occupies both adjoining buildings with the subject
property central and forming the link between the three buildings.
Sealed Air Limited own and occupy a number of properties on the
estate. They own the freehold of the connecting properties and are
committed to the location.
Telford Way Industrial Estate is home to a wide range of industrial
and trade counter occupiers including Travis Perkins, Snap On Tools,
Hi-Q Tyres, Euroseal Plastics Ltd and Sealed Air Ltd.
39Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Description Site Tenancy
The unit comprises a single detached industrial The site area totals approximately 1.85 acres, Let to Sealed Air Limited, on a full repairing and
warehouse, with ancillary office accommodation, with a low site cover of approximately 36%. insuring lease, for a term of 15 years expiring 18 th
constructed in the 1980’s. November 2018 (approximately 3.65 years unexpired).
The unit benefits from a minimum eaves height of Tenure The current passing rent is £119,000 per annum,
4.8 metres. There are 2 loading doors and one dock Freehold. reflecting £3.90 per sq ft.
leveller to the front. There is a yard to the front of
the unit which has the benefit of 2 access points from
Telford Way.
The unit is currently connected to the two adjoining
units which are both operated by the tenant.
The property comprises the following gross internal
areas:
Floor Use Sq ft Sq m
Ground Warehouse 29,919 2,779.5
Ground Ancillary Office 587 54.5
Total 30,506 2,834
40Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Covenant Strength
Founded in 1960, Sealed Air Corporation is a world
leading packaging company known for the following
brands: Cryovac food packaging, Bubble Wrap
Cushioning and Diversey cleaning and hygiene.
Sealed Air Limited has a Dun & Bradstreet rating of 5A1,
indicating a ‘mimimum’ risk of business failure.
Summary account information for the last 3 years is as
follows:
31 Dec 31 Dec 31 Dec
2013 2012 2011
Turnover (£’000’s) 180,120 195,840 176,211
Pre-Tax Profit (£’000’s) 5,543 42,350 14,802
Net Worth (£’000’s) 62,821 53,375 3,792
EPC
Rating: 94(D)
Asset Management
n Regear lease with existing tenant.
n Potential future use as a trade counter
given good road frontage.
41Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
10. Acorn Web Offset
Unit D1, Loscoe Close, Normanton Industrial Estate, Normanton WF6 1TW 1 of 4
Investment Summary
n Normanton is one of the most sought after
distribution and manufacturing locations
in the north of England and is located 10
miles south east of Leeds.
n The subject unit is located just 0.5 miles
south of the M62 motorway.
n Freehold.
n 20,643 sq ft two bay warehouse unit on a
site of 1.19 acres.
n Let to Acorn Web Offset Limited for 15
years from 25th October 2013, expiring 24th
October 2028 (13.6 years unexpired).
n Recent regear agreed at a rent passing of
£44,000 per annum, increasing to £88,000
per annum in April 2016, equating to £4.26
per sq ft - the vendor will top up.
n Acorn Web Offset owner-occupies the
adjacent unit, forming a significant holding
for the tenant.
42Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
2 of 4
Location
A170
Normanton is considered to be one of Yorkshire’s main
distribution and industrial locations.
A19 M62 The unit benefits from excellent road links at the heart
A64
Harrogate J31
A1M of the UK road network. The M62 ‘Trans-Pennine’
J31
A59
York Motorway is located immediately to the north and links
Wetherby A614
A6068
with the A1(M) 5 miles to the east and the M1, 6 miles
A19
M65
Leeds
Selby
to the west.
Bradford
M50
Leeds is approximately 10 miles to the north west and
A59 Normanton
M62
A1 Hopetown
Wakefield is 6 miles to the south west. Normanton is
M180 approximately 180 miles north of London.
A6
Huddersfield Barnsley
A1M
55
M1 Doncaster Normanton
A628
M60 Industrial Estate
Sheffield
A483
Situation
M18
A614
The property is on Loscoe Close within Normanton
Industrial Estate accessed directly off Fox Bridge Way.
The estate is 0.5 miles from junction 31 of the M62
which is accessed via the A655, Pontefract Road.
Nottingham
Normanton Industrial Estate is an established location
with numerous national companies located there
including; ASDA, Haribo, Poundland and DHL.
43Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
3 of 4
Description Site Tenancy
The subject property is a detached industrial warehouse The unit is on a site of 1.19 acres, with a site cover of
The property is let in its entirety to Acorn Web Offset
of two bays constructed in the late 1980’s. 38%.
Limited, on a full repairing and insuring lease (subject
The unit is of steel portal frame construction with a to a schedule of condition), for a term of 15 years from
minimum eaves height of 5.5 metres. There are two Tenure 25th October 2013, expiring 24th October 2028 (13.6 years
loading doors to the front, along with ancillary office unexpired). The lease is subject to 5 yearly upward only
Freehold.
accommodation within the unit. open market rent reviews, with the next review being
on 25th October 2018.
The unit benefits from a yard to the front along with
car parking for 17 cars to the side. Following the letting The tenant is currently benefiting from a rent incentive
to the current tenant, the fencing separating the unit period and is paying £44,000 per annum until 24th
from the adjoining property was removed and a ramp April 2016, at which point the rent rises to £88,000 per
added by the tenant to combine the yard with the annum (£4.26 per sq ft).
neighbouring unit, which is owned, freehold, by the
The vendor will top up the rent to £88,000 per annum.
tenant.
The property comprises the following gross internal
areas:
Floor Use Sq ft Sq m
Ground Warehouse 19,554 1,816.61
First Office 1,089 101.14
Total 20,643 1,917.75
44Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
4 of 4
Covenant Strength
Acorn Web Offset Limited is a specialist magazine
printer, with their HQ based in Normanton. Acorn Web
Offset Limited has a Dun & Bradstreet rating of 2A2,
indicating a ‘lower than average’ risk of business failure.
Summary account information over the last 3 years is
shown below:
30 Sep 30 Sep 30 Sep
2013 2012 2011
Turnover (£’000’s) 15,930 15,817 15,829
Pre-Tax Profit (£’000’s) 506 191 451
Net Worth (£’000’s) 4,776 4,472 4,344
EPC
Rating: 59 (C)
45Investment Summary Property Locations Tenancy Schedule The Properties PROPOSAL & Contacts
VAT Proposal
The properties are elected for VAT and it is envisaged We are instructed to seek offers in excess of £14,600,000,
that the sale will be structured as a TOGC. (Fourteen Million, Six Hundred Thousand Pounds) subject to
contract and exclusive of VAT. An offer at this level would reflect a
net initial yield of 7.27%, assuming purchaser’s costs of 5.80%.
Contact
Further information is available to view at:
www.thinkcapitarealestate.uk/blueoaks
Ross Hewes Andrew Mitchell John Shaw
T: 020 7544 2198 T: 020 7544 2242 T: 020 7544 2038
M: 07887 853191 M: 07901 518749 M: 07808 479289
ross.hewes@capita.co.uk andrew.mitchell3@capita.co.uk john.shaw2@capita.co.uk
65 Gresham Street, London EC2V 7NQ
+44 (0)20 7709 4500
www.thinkcapitarealestate.uk
Capita Property & infrastructure Ltd (“CPI”), trading as Capita, for itself and as agent for the vendors or lessors (the “Seller”) of this property, gives notice that (1) These particulars do not constitute any part of an offer or a contract (2) Whilst
every attempt has been made to ensure accuracy, this cannot be guaranteed and, therefore (save as set out at (6) below), (a) all statements and descriptions in these particulars as to this property are made without responsibility or liability on
the part of CPI or the Seller, (b) no such statements or descriptions are to be relied on as statements or representations of fact (c) all measurements are approximate and no responsibility is taken for any error, omission or misstatement and
(d) any intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements, particulars (3) The Seller does not make or give, and neither CPI nor any of its employees or agents
makes or gives nor has any authority to make or give, any representation or warranty whatsoever in relation to this property. (4) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and no statement is made as to the
incidence of VAT. (5) No liability is accepted and no representation is made by either CPI or the Seller in respect of the presence, condition, adequacy or usability of any telecommunications or computer systems or equipment at the property,
any software loaded thereon, or any related cabling or infrastructure. (6) Nothing herein shall exclude any liability which either the Seller or CPI would otherwise have for any fraudulent concealment or for any statements made fraudulently
by it, its employees or agents. Capita: March 2015.
Capita: April 2015
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