UNITS A-C PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB - Freehold trade COUNTER/INDUSTRIAL INVESTMENT OPPORTUNITY
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UNITS A-C
PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
Freehold trade COUNTER/INDUSTRIAL INVESTMENT OPPORTUNITY
INVESTMENT SUMMARY
t Located in Colchester, a prosperous town
in Essex with a population of approximately
200,000.
t Situated on Peartree Road, close to Tollgate
Centre, Peartree Retail Park and other trade &
leisure occupiers.
t Freehold trade counter and industrial property
providing 38,956 sq ft overall.
t Fully let to occupiers including Ford Retail,
Topps Tiles and Easy Bathrooms.
t Rent Passing of £348,818 per annum.
t Conservative ERV for the property of £359,198
pa.
t Low site cover of 34% with an excellent parking
provision
t WAULT of 9 years to expiry and 7.5 years to
breaks.
t Substantial car parking to front & rear of
property.
t Potential to develop to the rear of the property
subject to the relevant planning consents.
t We are seeking offers in excess of £5,450,000,
which reflects a net initial yield of 6.0%, after
allowance for purchaser’s costs of 6.6%.
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
2
Peartree Rd
Angora
Trade Park
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
3
LOCATION
Britain’s oldest recorded town, Colchester, is a popular commercial centre in Essex. It is
strategically located 60 miles north east of Central London; 62 miles south east of Cambridge
and 24 miles north east of Chelmsford.
The town benefits from excellent communications. By road, the A12 provides a dual carriageway
link from London to the East Coast, providing a fast, direct link to the M25. The M25 lies 38
miles to the south west providing easy access to the national motorway network.
The town is regarded as an important regional distribution centre with 17m population within
2.25 hours drive time and 38.4m population within 4.5 hours drive time. The key East Coast
Ports of Harwich (21 miles), Felixstowe (29 miles) and Tilbury (48 miles) are all within 1 hours drive
time. Stanstead Airport lies 32 miles to the west with London Heathrow International Airport 95
miles to the east. By rail: Colchester is located on the Great Eastern mainline. It benefits from a
frequent direct rail service to London Liverpool Street with a fastest journey time of 49 minutes.
Additionally, by air: Stansted Airport is located just 32 miles west of the town.
Colchester
Clacton
NOT TO SCALE
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
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UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
5
SITUATION
The premises are prominently located fronting Peartree Road which is a popular and well
established mixed-use retail and trade park area. It lies directly opposite Ridgeon’s Building
Merchants.
Other close by occupiers include Co-op & Subway, Hatfields Furniture Store, Anytime Fitness,
Jungle Adventure, Halfords Auto Centre, Screwfix, Toolstation and Anglia Tool Centre.
The A12 trunk road is just 1 mile away and Colchester Town Centre and the Mainline Railway
Station is approximately 3 miles to the east.
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Colchester
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NOT TO SCALE
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
6
DESCRIPTION TENURE
The premises consists of three terraced steel portal framed units constructed under a pitched Our client will be disposing of their Freehold interest.
roof with each unit being sub divided to produce three units to the front of Peartree Road and
three units to the rear.
OS Plan B&W
The property benefits from excellent car parking to both the front and the rear of the property
with the trade counter uses located to the front of the property fronting on Peartree Road. TENANCY
596000
596100
596200
The property is muti-let in accordance with the accommodation and tenancy schedule and
produces a total rent of £348,818 per annum, subject to the schedules of conditions noted in
the tenancy schedule.
We believe a conservative ERV for the property is £359,198 pa which is based on an ERV of £12
psf for the units that front Peartree Road and £7 psf for the units to the rear.
On Unit C2 there is an outstanding rent review which can be implemented immediately.
223700 223700
There are various rights included over the property to include the right of an adjoining owner
to park 30 motor cars in an area of the car park, nominated by the vendor from time to time. A
full list of these rights can be provided upon request.
223600 223600
Potential Development Site.
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
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223500 223500
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
8
ACCOMMODATION
The property totals an overall size of 3,619 sq m (38,956 sq ft) which is shown in the below accommodation & tenancy schedule.
The site is 2.6 acres including the development site, with an overall cover of 34%.
The tenancies have a WAULT of 9 years to expiry and 7.5 years to breaks.
Area Area Lease Lease Rent Rent Rent ERV ERV L&T
Unit Tenant Breaks Comments
(Sq m) (Sq ft) Start Expiry Review (£pa) (£pft) (£pa) (£psf) 1954
Ford Retail Group Ltd Schedule of condition. Tenant break on 6
A1 531 5,716 16/09/2019 15/09/2029 16/09/2024 16/09/2024 £66,965 £11.72 £68,592 £12.00 N
t/a Quick Lane months notice.
6 months rent deposit. 50% of rent deposit
Town Carpets Ltd
returnable 17.10.2024 provided no arrears/late
A2 t/a The Carpet 671 7,223 17/10/2019 16/10/2034 17/10/2024 £49,000 £6.78 £50,561 £7.00 N
payments.
Superstore
Schedule of condition. 5 yearly rent reviews.
Cubico UK Ltd t/a Stepped rent Y1 £55,800 (£10psf) Y2 £61,400
B1 Easy Bathrooms & 519 5,582 31/01/2020 30/01/2030 31/01/2025 £67,000 £12.00 £67,000 £12.00 Y (£11psf) Y3 £67,000 (£12psf)
Tiles Vendor to top up rent to Yr3.
6 months rent deposit. S/C capped at £2,880 pa
Colchester Fitness for first year of term only. Stepped rent - £25,200
B2 669 7,200 25/09/2020 24/09/2030 25/09/2025 £50,400 £7.00 £50,400 £7.00 N
Centre Ltd pa until 24th March 2021 - Vendor top up.
Monthly payments in Y1.
Multi Tile Ltd Schedule of condition. S/C capped at £3,925 pa
C1 557 6,000 17/03/2016 16/03/2026 17/03/2021 £70,453 £11.74 £72,000 £12.00 Y
t/a Topps Tiles plus annual RPI uplifts.
Schedule of condition. Tenant break on 6
months notice. Landlord responsible for keeping
Its Bedtime roof wind and water tight. S/C cap at £2,500
C2 672 7,235 16/12/2014 15/01/2029 16/12/2019 16/12/2024 £45,000 £6.22 £50,645 £7.00 Y
(Colchester) Ltd subject to annual RPI increases. 5 yearly rent
reviews. 2019 review outstanding. Monthly rent
payments.
Total 3,619 38,956 £348,818 £359,198
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
9
COVENANT INFORMATION Development
Multi-Tile Limited There is a c.0.2 acres parcel of land to the rear of the car park with potential for development
Multi Tile are involved in retail and wholesale distribution of ceramic tiles, wood flooring and subject to planning. Our clients have had two proposals drawn up by architects, which are
related products. For the year ending 28th September 2019, the company reported pre-tax highlighted below.
profits of £9,080,000 and for the same period the company reported shareholder’s funds of
£197,213,000. Further information can be provided upon request.
Cubico (UK) Limited
Cubico are involved in the wholesale of hardware, plumbing and heating equipment and
supplies. For the year ending 30th November 2019, the company reported a turnover of
£33,349,234 and pre-tax profits of £2,569,749. For the same period the company reported
shareholder’s funds of £5,158,902.
Ford Retail Group Limited
Ford Retail are deal in the Provision of vehicle servicing and repair under the brand name Quick
Lane. For the year ending 31st December 2019, the company reported a turnover of £244,168.
For the same period the company reported shareholder’s funds of £31,941,808.
EPC
Unit A1 D-81
Unit A2 C-59
Unit B1 C-61
Unit B2 C-60
Unit C1 C-56
Unit C2 C-52
Proposed Site Plan - Option 1 Proposed Site Plan - Option 2
UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
10UNITS A-C, PEARTREE ROAD TRADE PARK
COLCHESTER CO3 0AB
11VAT PROPOSAL
Value added tax will be applicable on the sale of this property. We are seeking offers in excess of £5,450,000 (Five Million Four Hundred and Fifty Thousand
Pounds) subject to contract and exclusive of VAT for our client’s freehold interest in the above.
A purchase at this level shows a net initial yield of 6.0% after allowance for purchaser’s costs
of 6.6%.
CONTACT
For further information contact sale agents: 15/19 Cavendish Place,
London
W1G 0QE
Stephen Raingold
M: 07775 647 499 Tel: 020 7580 4333
stephenraingold@lewisandpartners.com
www.lewisandpartners.com
Ben Lewis
M: 07887 553 674
benlewis@lewisandpartners.com
SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT
Joseph Rantor
M: 07976 599 374
josephrantor@lewisandpartners.com
LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-
1. These particulars do not constitute any part of the offer for sale or contract for sale. 7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the
2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to
vendors or lessors. inspect the property and neighbouring areas.
3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. 8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no
4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.
these particulars. 9. All terms quoted are exclusive of value added tax unless otherwise stated.
5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. 10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this
The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings property.
are for identification purposes only. 11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale. 12. These details were prepared as of NOVEMBER 2020
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