STUKELEY MEADOWS INDUSTRIAL ESTATE - ST. MARGARET'S WAY, STUKELEY MEADOWS INDUSTRIAL ESTATE, HUNTINGDON PE29 6EB - Allsop
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STUKELEY MEADOWS
INDUSTRIAL ESTATE
ST. MARGARET’S WAY, STUKELEY MEADOWS
INDUSTRIAL ESTATE, HUNTINGDON PE29 6EB
REVERSIONARY MULTI-LET INDUSTRIAL
INVESTMENT OPPORTUNITY
1
TOWER FIELD PARK
ONE LEISURE PARK
STUCKLEY ROAD
RETAIL PARK
STUKELEY
MEADOWS
INDUSTRIAL
ESTATE
2
INVESTMENT
CONSIDERATIONS
• Modern industrial estate located centrally within
Stukeley Meadows Industrial Estate, Huntingdon
• Excellent access to the A141, A1 and A14
• Strong trade occupier line up, with tenants
including; Howden Joinery, Eurocell Building
Plastics and Kent Blaxill & Co Limited
• The estate comprises 8 units arranged in 2
terraces, providing a total area of 29,125 sq ft
• Fully let to 7 tenants, with a total
passing rent of £186,395 per annum,
equating to £6.40 psf overall
• Units 5&6 under offer at £7 psf, demonstrating
the excellent reversionary potential
• WAULT of 5.2 years to expiries
and 4.4 years to breaks
• Site area of approximately 1.87 acres
providing a low site cover of 36%
PROPOSAL
We are instructed to seek offers in excess of
£3,000,000 (Three Million Pounds), subject to
contract and exclusive of VAT for the freehold
interest. A purchase at this level reflects a Net
Initial Yield of 5.83% and a Reversionary Yield
of 6.15%, assuming purchaser’s costs of 6.42%.
DATA ROOM
For further information, please access
the data room via the following link:
https://datarooms.allsop.co.uk/register/huntingdon
3
4
M1
Skegness
LOCATION
ER
MIN
41
Huntingdon is a market town in East Anglia west. The A14 also connects Huntingdon to the
ES
A1
Nottingham
T
RD
Trent
N
E
O
ST
situated on the River Ouse. The town is located A1(M), 3 miles (4.8km) to the west, which is a
K
AC
BL
A148 A1
18 miles (29 km) north west of Cambridge,
Grantham19 key north south arterial link.
4
Derby
1
A14
ST
ON
miles (31 km) south of Peterborough, 69 miles
EH
The town benefits from a quick and regular rail
ILL
A149
(111 km) north of London and 38 miles (61 km)
SA
B1
LO
service to London Kings Cross with a fastest
W
04
N
AY AY
EAST MIDLANDS
4
Y W
WA TS
AIRPORTeastM1
of Northampton. IM RE
HE GA
RT AR
King’sLuton
journey time of 45 minutes. Lynn and Stansted
WE
D
M
ST
ER
ST
UK
NC
EL
E
Huntingdon is situated on the A14 dual Airports are 41 miles (66 km) and 54 miles
E
OV
YR
PR
OA
HEIM WAY
STUKELEY MEADOWS INDUSTRIAL ESTATE | HUNTINGDON, PE29 6EB
D
carriageway which is the key link road between (87km) respectively to the south. N
W
AY
RT
TO
Felixstowe in the east and Birmingham to the
E
AN
W
ST
Leicester Norwich Great Yarmouth
4
A1
KINGFISHER WAY
W
Peterborough
ER
TH
A1 EI M
4 WAY
M1 OSP
REY A1
CL 4
A1(M)
Lowestoft
Birmingham M6 Thetford PO
ND
PAR
KW
AY
CL
CROMWE
LL
Coventry
DR
HUNTINGDON Bury St Edmunds
M1 Maps are not to scale - for identification purposes only
A1 A14
Northampton Cambridge
Newmarket
SITUATION
Bedford Ipswich
The property is situated approximately 1 mile (1.6 km) north of Huntingdon
Milton Keynes A1
town centre on the junction of St Margarets Way and Stonehill with access
being directly off Stukeley Road and the A141.
M40 A1(M)
Colchester
The property sits centrally within the wider Stukeley Meadows Industrial
Luton Stevenage Estate, approximately 500m north of Stukeley Retail Park and 1 mile south
Cheltenham Luton
Airport
Stansted of Towerfields Leisure Park. Stukeley Meadows forms the primary trade
Airport
M1
M11 location in Huntingdon attracting a large number of national occupiers
A1(M)
Oxford Aylesbury including: Howdens (subject property), Halfords, Screwfix, Wickes, Ford
M25 and Dunelm.
Chelmsford
M40
M1 Southend-on-Sea
Swindon
High Wycombe
Maidenhead
A4
London M25
M4
M25 Heathrow
Airport
Reading
M3
Basingstoke
M20
Guildford Maidstone
M23
M3
Maps are not to scale - for identification purposes only Royal Dover
Winchester Tunbridge Wells Folkestone
alisbury Crawley
5
Southampton
DESCRIPTION
The property comprises two high quality single storey terraces of four trade/
industrial units totalling 29,125 sq ft (2,705.80 sq m). The units are of steel
portal frame construction with full height brick and blockwork elevations
beneath pitched roofs with integrated roof lighting. The external elevations
are part brick, part steel clad. Each unit has a single overhead sectional roller
shutter door with separate pedestrian access and fire escape doors to the rear.
Internally the units benefit from concrete slab flooring, office and w/c
facilities to front elevations and minimum eaves of 4.75m. The individual
STUKELEY MEADOWS INDUSTRIAL ESTATE | HUNTINGDON, PE29 6EB
tenants have fitted out their units to suit their own requirements.
Externally, two concrete service yards are provided between the two terraces
and to the rear of units 5-8 with access from St Margarets Way. The yard areas
provide good circulation space as well as approximately 45 car parking spaces.
SITE
The property has a site area of 1.87 acres (0.76ha) providing a low site
coverage of approximately 36%.
TENURE
Freehold
2
9
Ph
2
oe
nix
1
Co
u
rt
LB
3
4
6
1
2
1
o8
5t
6
Maps are not to scale - for identification
AY purposes
12.8m only
W
T S
RE
0m 10m 20m 30m R GA
MA
ST
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1025
6TENANCY
The property comprises eight units let to seven tenants on FRI leases. Total passing income is £186,395 per annum, reflecting a low average rent of £6.40 psf.
The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides a Gross Internal Area (GIA) of 29,125 sq ft.
STUKELEY MEADOWS INDUSTRIAL ESTATE | HUNTINGDON, PE29 6EB
UNIT AREA LEASE LEASE NEXT RENT RENT ERV ERV WAULT WAULT
TENANT BREAK COMMENTS
NO. (SQ FT) START EXPIRY REVIEW (PA) (PSF) (PA) (PSF) (EXP) (BRK)
Kent Blaxill & Break option subject to 6 months notice.
1 3,038 07/04/2014 06/04/2024 06/04/2019 06/04/2019 £18,800 £6.19 £21,266 £7.00 5.9 0.8
Co Ltd Schedule of Condition.
Schedule of Condition.
Service Charge Cap of £2,031 p.a. subject
to increase in line with RPI.
Eurocell Building
2 3,197 13/11/2015 12/11/2020 £22,300 £6.98 £22,379 £7.00 2.5 2.5 Tenant can assign to Eurocell Group
Plastics Ltd
Limited without consent provided Eurocell
Group Limited is not of a lesser financial
standing and notice of assignment is given.
Break option subject to 6 months
3 RDR Aerospace Ltd 2,360 05/02/2018 04/02/2023 05/02/2020 £15,750 £6.67 £16,520 £7.00 4.7 1.7 notice - £3,750 penalty.
£3,750 rent deposit.
Area includes 1,424 sq ft mezzanine.
Unoccupied. Tenant vacating on expiry.
Blue Web
4 5,647 01/11/2013 31/10/2018 £30,870 £5.47 *£32,053 £7.00 0.4 0.4 Currently marketing at £7.25 psf for
Retail Ltd
warehouse with £1.80 psf (25% of rent) on
the mezzanine.
Guarantor: Howden Joinery Ltd. Renewal
Howden Joinery New 10 years from
5&6 8,944 5 yearly £62,700 £7.00 £62,700 £7.00 10.0 10.0 agreed at £62,700pa, initial 8m at half rent.
Properties Ltd lease tbc start date
Vendor to top up.
Schedule of Condition.
7 Decoris Furniture Ltd 2,966 17/11/2014 16/11/2019 £17,975 £6.06 £20,762 £7.00 1.5 1.5 Guarantor: Arthurs Services Ltd.
Rent Deposit £4,494.
Hire or Buy
8 2,973 05/12/2012 04/12/2021 05/12/2018 £18,000 £6.05 £20,811 £7.00 3.5 3.5
Group Ltd
29,125 £186,395 £6.40 £196,491 £6.75 5.2 4.4
*ERV assumes 0.25% on mezzanine.
WAULT SERVICE CHARGE
The WAULT to break is 5.2 years to expiries and 4.4 years to breaks. The service charge budget is £18,265 per annum which
equates to a rate of £0.63 psf. Further details are available
in the data room.
7ASSET MANAGEMENT INITIATIVES
he current income profile provides the opportunity to renew up to 57% of the income within a 24 month period. Given the
T
STUKELEY MEADOWS INDUSTRIAL ESTATE | HUNTINGDON, PE29 6EB
under-rented nature of the investment, this will provide the ability to significantly enhance the rent roll in the short term.
wo of the tenants have break options within the next 24 month period providing the purchaser with the opportunity to extend
T
the term certain and add value through removal of these break options.
nit 4 is unoccupied which provides the purchaser with the opportunity to increase the rental tone through a new letting.
U
This will enhance total income whilst adding value through increasing the overall term certain.
INVESTMENT MARKET TRANSACTIONS
CAP VAL
DATE ADDRESS AREA (SQ FT) WAULT PRICE (£M) NIY
£PSF
Under Offer Units 10-15 Petersfield Business Park, Petersfield 26,718 7.3 £3.822m 5.00% £143
Apr-18 Access 4:20, New Hythe Business Park, Aylesford 47,856 9.3 £7.96m 4.60% £166
Apr-18 Doranda Way Industrial Park, West Bromwich 152,311 3.4 £14.68m 5.18% £96
Apr-18 Sky Business Park, Egham 27,960 3.7 £6.525m 4.55% £233
Apr-18 Mill River, Enfield 93,786 2.3 £18m 4.00% £192
Jan-18 Quarry Wood Portfolio 191,216 5.8 £26.5m 5.05% £139
Dec-17 Boundary Way, Hemel Hempstead 61,776 3.8 £13.2m 4.40% £226
8ADDITIONAL CONTACT DETAILS
INFORMATION For further information, or to arrange inspections, please contact:
VAT
The property is VAT elected. It is therefore assumed the
purchase will be treated as a Transfer of a Going Concern.
EPC
Available upon request.
GUY SCOTT PLUMMER SANDRA NWACHUKWU
+44 (0) 20 7543 6726 +44 (0) 207 409 8074
+44 (0) 7815 960 990 +44 (0)7807 999 941
guy.scott-plummer@allsop.co.uk snwachukwu@savills.com
PROPOSAL
SCOTT TYLER PETER COOPER-PARRY
We are instructed to seek offers in excess of £3,000,000 +44 (0) 20 7543 6719 +44 (0) 207 409 8820
(Three Million Pounds), subject to contract and exclusive +44 (0) 7787 501 732 +44 (0) 7785 114 782
of VAT for the freehold interest. A purchase at this level scott.tyler@allsop.co.uk pcooperparry@savills.com
reflects a Net Initial Yield of 5.83% and a Reversionary
Yield of 6.15%, assuming purchaser’s costs of 6.42%. JAMES SALMON CHRISTOPHER BROGAN
+44 (0) 20 7543 6880 +44 (0) 207 409 8805
+44 (0) 7720 400 306 +44 (0) 7870 555 966
DATA ROOM james.salmon@allsop.co.uk cbrogan@savills.com
For further information, please access the
data room via the following link:
https://datarooms.allsop.co.uk/register/huntingdon
Important Notice
The information contained in this document has been compiled by Savills (UK) Limited and Allsop LLP from various sources and includes material which may have been provided by
various sources but which has not been verified or audited. This document also contains confidential material proprietary to Savills (UK) Limited and Allsop LLP. Whilst every care has
been made to ensure the information contained within is accurate, no representation is made or warranty given in respect of such information. No reliance may be placed for any pur-
poses whatsoever on the contents of this document or its completeness. No representation or warranty, express or implied, is given and no responsibility, liability is or will be accepted
by or on behalf of Savills (UK) Limited and Allsop LLP or by any of its directors or employees or any other person as to the accuracy, completeness or correctness of the information
contained in this document or any other oral information made available and any such liability is expressly disclaimed.
In this document references to Savills are references to Savills (UK) Limited. Savills (UK) Limited is a UK private limited company registered in England with Company No. 2605138 and
registered office at 33 Margaret Street, London W1G 0JD, UK. Savills (UK) Limited is a member of the Savills plc group of companies.
© 2018 Savills (UK) Limited. All rights reserved. Designed by Savills Marketing: 020 7409 8834 | June 2018
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