Parcelforce Worldwide Distribution Unit, 160 North Lane, Aldershot, GU12 4QR Freehold South East Warehouse Investment
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Parcelforce Worldwide Distribution Unit, 160 North Lane, Aldershot, GU12 4QR
Freehold South East Warehouse Investment
Investment Summary
• Located in established industrial/distribution • Let to Royal Mail Group Limited for 15 years • We are instructed to seek offers of £2,250,000
location within Aldershot approximately 0.5 miles from 28th September 2011 subject to tenant (two million two hundred and fifty thousand
from the A331 (Blackwater Valley Relief Road) option to break on 28th September 2021. pounds) subject to contract and exclusive of VAT
linking Junction 4 of the M3 to the north and the for our clients’ freehold interest reflecting a net
• Royal Mail Group Limited is a wholly owned
A31 to the south. initial yield of 9% after allowing for purchaser’s
subsidiary of Royal Mail Holdings Plc which is
• Warehouse unit of 3,354.33 sq.m. (36,106 sq.ft.) costs of 5.8%.
directly owned by HM Government.
(GIA) built in 1972 and subsequently extended by
• Rent passing of £213,922 pa (5.92 psf) which
the tenant to provide an additional 461.31 sq.m.
is subject to upwards only review on 28th
(4,966 sq.ft.)(GIA).
September 2016 and 2021.
• Site area of 1.7 acres
Location Aldershot is situated approximately 33 miles south west of London, 7 miles south of Camberley and 9 miles west of Guildford. Communications are good with the town located on the A331 Blackwater Valley Relief Road linking Junction 4 of the M3 to the north and the A31 to the south. Rail services to London Waterloo are excellent with a fastest journey time of 45 minutes. The subject property is located in an established industrial/distribution location on North Lane approximately 0.5 miles from the A331 (Blackwater Valley Relief Road). The adjacent site on North Lane comprises a 2,415 sq.m. (26,000 sq.ft.) retail warehouse unit occupied by The Range whilst we understand that the adjoining site to the north fronting onto Eastern Road is to be developed, subject to planning, for trade counter uses.
1
TCB
Description
45
El Sub Sta
Hall
The property was originally constructed in 1972 and comprises a two
5
bay warehouse unit of steel portal frame construction with cavity brick
1
AD
walls under corrugated asbestos sheet roofing and an eaves height of
RO Fairfax
approximately 5.7m (18ft 8ins). The office accommodation is incorporated
3
E RN Industrial
ST
EA Estate
into the main warehouse at ground and first floor.
3
Site to be redeveloped
for trade counter uses
subject to planning
1
9 11
178
Accommodation
The property comprises a gross internal area of 3,354.33 sq.m. (36,106
Parcelforce Worldwide
sq.ft.) on a site of 1.7 acres. We understand the unit was subsequently
extended by the original tenant in the late 1970’s to provide an additional
Headway House El
Sub Sta
single storey extension of 265.23 sq.m. (2,855 sq.ft.) and first floor offices of
196.08 sq.m. (2,111 sq.ft.).
Please note that under the terms of the 2011 lease any licenced improvements
164
carried out by the tenant or its predecessors in title after 1972 are to be
162
disregarded at review.
The accommodation is arranged as follows:
Christy
119
Estate
The Range Floor Use sq.m. sq.ft.
NOR
TH L
Original Building Ground Warehouse
and Office 3,354.33 36,106
ANE
AD
RO
Y
IV
Post 1972 Improvements
Ground Warehouse 265.23 2,855
First Office 196.08 2,111
El Sub Sta 1a
461.31 4,966
107
1
Total 3,815.64 41,072
1b
148
2
rch
rish Chu e
tin
St Augus
144
TCB 7
LB
ance Survey, (c) Crown Copyright 2012. All rights reserved. Licence number 100020449
Tenure The Tenant
Freehold. Royal Mail Group Limited is a wholly owned subsidiary of Royal Mail
Holdings Plc which is directly owned by HM Government.
The core business of the Royal Mail Group Limited, UK Parcels,
International & Letters (UKPIL), comprises the activities of Royal
Mail, Parcelforce Worldwide and Market Reach. Royal Mail delivered
around 58 million items every working day last year whilst the parcels
business and Parcelforce Worldwide services handled 673 million
Tenancy parcels for the year ending September 2012 - an annual increase
of 4.2% across the Group driven by the growth of online retailing.
The property is let to Royal Mail Group Limited on a full repairing and insuring lease Together they employ over 151,000 people.
for 15 years from 28th September 2011 subject to a tenant’s option to break on 28th
September 2021 subject to 6 months’ notice. Parcel revenue in UKPIL increased by 13% in 6 months to 23rd
September 2012 and represents almost 50% of all group revenue.
The current rent is £213,922 pa (5.92 psf) which is subject to upwards only review on Further growth of the express parcel business, a market worth an
28th September 2016 and 2021. Including post 1972 alterations the rent reflects £5.21 psf. estimated £5.8 billion annually in the UK, is expected following the
proposed £75m four year expansion programme in Parcelforce
The unit has been occupied by Royal Mail for over 20 years and the letting from 2011 Worldwide which was announced in October.
followed a surrender of their existing lease which was subject to expiry in May 2015.
The rent passing compares favourably with the letting of Grosvenor House, 36 North Lane, Financial highlights for the half year ended 23rd September 2012 for
a 17,275 sq.ft. unit, at £7.25 psf on a new 10 year lease subject to a tenant break at the 5th Royal Mail Group Limited are as follows:
year and a 6 month rent free.
Half Year Ended Half Year Ended
23.09.12 23.09.11
Revenue £4,355m £4,216m
perating profit after
O £144m £12m
transformation costs
Free cash inflow £218m £237m
argin after transformation
M 3.3% 0.3%
costs (liabilities)
The interim accounts are available at:
www.royalmailgroup.com/interim-report-half-year-ended-23-september-2012
VAT Further information Misrepresentation Act:
Messrs John Miles & Company
(Investments Surveyors) Ltd for
For further information or to arrange an themselves and for the vendors
The property is elected for VAT. inspection then please contact either: or lessors of this property whose
agents they are give notice that (i) the
Lawrence Gluckstein particulars are set out as a general
Proposal Direct Line: 020 7659 9742
outline for the guidance of the intending
purchasers and do not constitute part of
an offer or contract; (ii) all descriptions,
We are instructed to seek offers of: email: lg@johnmilesco.com dimensions, references to condition
and necessary permissions for use
Neil Edwards and occupation and other details are
£2,250,000
given without responsibility and any
Direct Line: 020 7659 9741 intending purchasers should not rely on
them as statements or representations
email: neil@johnmilesco.com of fact but must satisfy themselves
(two million two hundred and fifty thousand pounds) by inspection or otherwise as to the
correctness of each of them; (iii) no
subject to contract and exclusive of VAT for our Chartered Surveyors person in the employment of John Miles
& Company (Investment Surveyors) Ltd
clients’ freehold interest reflecting a net initial yield
76 New Bond Street has any authority to make or give any
London W1S 1RX representation or warranty whatever in
of 9% after allowing for purchaser’s costs of 5.8%. relation to this property. November 2012.
You can also read
