Instructions

HOTEL PORTFOLIO, ALL LET TO WHITBREAD GROUP PLC

UNDER OFFER

Details:

Four freehold Premier Inn hotel investments with combined restaurants. The locations are:

• Welwyn Garden City – Stanborough Road, AL8 6DQ
• Gravesend (Central) – Wrotham Road, DA11 7LF
• Liverpool (West Derby) – Queens Drive, L13 0DL
• Norwich (Airport) – Holt Road, Delft Way, NR6 6BB

  • Let to Whitbread Group Plc (D&B5A1).
  • Each is let for in excess of 20 years expiring on 18 December 2037 with 5 yearly reviews to CPI having a collar and cap of 0% and 4% pa.
  • The next review is December 2017 and we have projected the rents to the current March 2017 CPI levels.
  • 20 year CPI income.
  • The projected rents total £1,759,469 pa.
  • Offers are sought in excess of £34,693,000 for the four properties, either individually or as a package.
  • This produces a net initial yield of 4.75%, (assuming acquisition costs of 6.77%).
  • Individual lot sizes range from £6.9m to £11.7m.

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MONDI, PARKWAY, DEESIDE INDUSTRIAL PARK, DEESIDE CH5 2NS

UNDER OFFER

Details:

Long income single let industrial investment.

  • Extensive printing and distribution facility of 174,129 sq ft (16,177 sq m) GIA. Potential for sub-division.
  • Key attractions for tenant include 2.5 MVA power supply with access to nearby port and air freight facilities.
  • Let to a wholly owned subsidiary of FTSE 100 listed Mondi Plc.
  • 12.25 years to lease expiry.
  • Low Principal Rent of £3.59 per sq ft plus “Fit-out Rent” of £49,680 per annum.
  • Total current rental of £674,527 per annum with an estimated reversion to £720,000 per annum in July 2019.
  • Offers in excess of £8,700,000 subject to contract and exclusive of VAT.
  • Net initial yield of 7.27% with reversion to 7.76% in July 2019.

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AUDI VEHICLE REPAIR CENTRE, CHARTHAM, CANTERBURY

SOLD

Details:

South East Industrial investment.

  • Modern high specification industrial property.
  • Low site cover of 25%.
  • Affluent south-east location.
  • Over 8 year’s secure income.
  • 5A1 tenant covenant of Inchcape Estates Limited.
  • Offers in excess of £1.25 million / 6.42% Net Initial Yield.

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2 QUEEN’S SQUARE, ASCOT

SOLD

Details:

Prime South East office investment.

  • Modern Grade A south east office building.
  • Located in the affluent Berkshire town of Ascot.
  • Self contained building totalling 906.83 sq m (9,761 sq f).
  • Fully let producing a rental of £217,981 pa (£23 psf).
  • Proven reversion with an ERV of £246,800 pa (£26 psf).
  • Established rental growth of around 10% pa over the last 4 years.
  • AWULT to expiry 8.5 years (4.7 years to break).
  • Virtual freehold (999 years).
  • Price £3,400,000 which reflects NIY of 6.00%, a reversionary yield of 6.8%.

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DAKOTA PORTFOLIO

SOLD

Details:

Sale & Leaseback of 9 Freehold Retail Warehouse Investments

  • A sale & leaseback portfolio of 9 Wickes retail warehouse investments.
  • Let on new 15 years leases.
  • Wickes Building Supplies Ltd is a secure 5 A1 covenant.
  • Seven units newly developed or reconstructed.
  • Total GIA of 241,415 sq ft (excluding trading mezzanines of 29,552 sq ft).
  • Total initial rental £2,786,580 per annum.
  • Low initial average rent of £11.54 psf, indicating excellent prospects for future rental growth.
  • 5 yearly upward only rent reviews to Market Value.
  • Quoting £43,600,000, exclusive of VAT.
  • Net initial yield of 6%.
  • The preference is for the sale of the portfolio to a single purchaser. However, proposals for part of the portfolio or individual holdings will be considered.

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DW SPORTS FITNESS, NOTTINGHAM

SOLD

Details:

Prime leisure and retail investment.

  • Located in the heart of a major retail cluster which receives in excess of 3 million visitors a year.
  • Modern purpose built leisure and retail unit.
  • Income secured against the national covenant of David Whelan Sports Ltd with a D&B rating of 5 A1.
  • Approximately 16.5 years remaining on the lease with 5 yearly fixed review equivalent to 2.5%.
  • Rental of £633,633 pa equating to £13.96 psf overall.
  • Low site cover of 25% providing opportunity for the creation of an additional unit.
  • Freehold.
  • Offers in excess of £9 million are sought which reflects a NIY of 6.60% rising to 7.47% in 2023 and 8.45% in 2028, assuming purchasers cost of 6.68%).

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COMMERCIAL ROAD – READING

SOLD

Details:

Sale of a prime South East single-let industrial investment

  • Prime South East single-let industrial investment.
  • GIA of 22,410 sq ft (2,081.95 sq m).
  • Let to ISS Facility Services Ltd with a D&B rating of 5A 1.
  • Passing rent of £206,090 pa (£9.20 psf).
  • New 8 year lease with a 3 year tenant only break option (Subject to a 3 month penalty).
  • Asset management opportunities.
  • Offers in excess of £2,870,000, reflecting a NIY of 6.75% (Costs 6.434%).

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TESLA MOTORS – STOCKPORT

SOLD

Details:

Sale of a car dealership investment

  • Prominently situated on the A6 midway between Manchester and Stockport.
  • Buildings of 15,641 sq ft on a site of 1.18 acres.
  • Let to Tesla Motors Ltd on a 15 year lease with 5 and 10 year TBO’s.
  • Five yearly rent reviews geared to RPI, in the range of 1% to 3%.
  • The rent of £140,000 pa reflects only £8.95 psf overall.
  • Offers in excess of £1,765,000, STC, reflecting a NIY of 7.5%.

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STANDBROOK HOUSE – LONDON

WITHDRAWN

Details:
Super prime freehold Central London retail, office and residential investment.

  • World renowned, retailing location of Old Bond Street in the heart of Mayfair.
  • Retail units let to luxury brands of Tods and Alexander McQueen for in excess of 12 years.
  • Current income of £3,472,309 pa.
  • Seeking offers in excess of £160,000,000.
  • Net initial yield of 2.05%.

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BARTLEY POINT – HOOK, RG27 9GX

SOLD

Details:

Sale of a prime multi-let industrial investment

  • Prime multi-let south east industrial investment, located just off J5 of the M3.
  • 8 modern units totalling 116,000 sf (GEA), on a site of 6.9 acres (37% site cover).
  • Total rental income of £824,255 pa, averaging £8.94 psf overall.
  • ERV £835,237 pa reflecting £9.06 psf overall.
  • OIEO £13m, reflecting a NIY of 6.00% (5.8% purchaser’s costs).
  • Disposal of an Industrial Investment.

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TESCO STORES LTD – 32/32A SOUTH STREET, BISHOPS STORTFORD

SOLD

Details

Sale of a freehold retail investment

  • A modern, well configured retail unit with a large yard and customer parking area to the rear.
  • Entirely let to Tesco Stores Ltd until December 2023.
  • The passing rent is subject to an uncapped RPI based rent review in December 2018.
  • Seeking offers in excess of £2,100,000, subject to contract and exclusive of VAT.
  • This price shows a net initial yield of 6.3% forecast to rise to 7.15% in 2018.
Download details - Bishop's Stortford Tesco - Feb16

FORD – OUTER CIRCLE ROAD, LINCOLN, LN2 4HZ

SOLD

Details

Sale of a freehold car dealership investment

  • Prominent corner position on Outer Circle Road, opposite Wickes
  • Ford car dealership totalling 36,306 sq ft on a site of 2.99 acres
  • Let until 30 September 2019 to Pendragon Plc
  • Price £2,480,000, 8% initial

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CIBO, 34 SOUTH STREET – BISHOP’S STORTFORD, CM23 3AZ

SOLD

Details
Sale of a freehold retail investment

  • Good location in the town’s central retailing area
  • Retail unit with residential potential on the upper floors, stpp
  • Low passing rent of £28,000 pa (£40.58 Zone A)
  • Price £334,000
  • Net initial yield of 8%

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FORD – VICARAGE LANE, BLACKPOOL FY4 4ES

SOLD

Details

Sale of a freehold car dealership investment

  • The property occupies a prominent corner location opposite a retail park
  • Ford car dealership totalling 13,126 sq ft (1,219.4 sq m)
  • The site area is 1.87 acres giving a footprint site cover of only 14%
  • Let until 30 September 2019 to Pendragon Plc
  • Price £1,400,000, 8.03% initial

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LAKESIDE RETAIL PARK – SCUNTHORPE, LINCOLNSHIRE, DN16 3UA

Details

Sale of a retail park

  • The scheme comprises 4 well configured retail warehouse units totalling 45,407 sq ft (4,218.45 sq m)
  • Let to strong national retailers including DSG (Currys & PC World), Harveys and Pets at Home
  • AWULT of 11.2 to expiry and 8.9 to break(s)
  • The property produces a total passing rent of £852,340 pa equivalent to £18.77 psf overall
  • Our clients are seeking offers in excess of £12,400,000 to show a NIY of 6.50%

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HONDA MOTOR EUROPE LIMITED – 778-780 CHESTER ROAD, MANCHESTER M32 0QL

SOLD

Details

Sale of a car dealership

  • A recently developed Honda car dealership serving the Manchester conurbation.
  • The property occupies a prime arterial location fronting the A56.
  • The entire property is let to Honda Motor Europe Ltd until April 2031 (16.5 years unexpired).
  • All rent reviews incorporate a minimum uplift based on 2.5% per annum compounded.
  • OIEO £5.08m, stc, to show a NIY of 5.3% rising to 6% in April 2016

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14/16A KING STREET – READING

SOLD

Details

  • Reading is one of the leading retail centres in the UK
  • The ground floor offers 7,780 sq ft of excellently configured sales accommodation
  • The retail unit is let to Mothercare until 2025 at £150,000pa reflecting only £70 Zone A
  • The upper floors are let to The George Hotel until 2054 without break
  • Seeking a price of £3,040,000, subject to contract, to show a net initial yield of 7%

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SOUTH EAST DISTRIBUTION INVESTMENT – 1-3 FARADAY CLOSE, WORTHING, BN13 3RB

SOLD

Details

  • The property occupies a 9.76 acre site in Worthing, close to the A27 dual carriageway.
  • The vast majority of the property comprises a high bay distribution warehouse of 261,543 sq ft.
  • 97% of the total income is from Orion Publishing Group, a 4 A1 D&B rated company.
  • Offers in excess of £14,470,000, STC, to show a NIY of 9%

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UNIT G – ASCOT BUSINESS PARK, LYNDHURST ROAD ASCOT SL5 9FE

SOLD

Details

Prime warehouse investment

  • Modern South East Warehouse
  • New 15 year lease to Howden Joinery Properties Ltd
  • Virtual freehold (999 year lease at a peppercorn rent)
  • Current rent of £97,012 per annum (£12.50 psf)
  • Offers in excess of £1,410,000, reflecting 6.50% Net Initial Yield

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CLEMENTS ROAD – ILFORD ESSEX IG1 1AA

SOLD

Details

Prime Multi Storey Car Park Investment

  • Sale and Leaseback
  • 25 years on FRI terms
  • Long Leasehold from L.B. Redbridge
  • Net rental £165,400 pa, Annual RPI rent reviews
  • Offers invited

BATTELLE UK LIMITED – 29 SPRINGFIELD LYONS APPROACH, CHELMSFORD BUSINESS PARK CM2 5LB

SOLD

Details

Prime B1 & B8 Investment

  • Newly constructed, 20,526 sq. ft. GIA, high specification B1 and B8 laboratory facility
  • 26% site coverage
  • Let to Battelle UK Ltd for 15 years from 16th October 2012 at £164,208 per annum
  • Five yearly, upward only rent reviews geared to the higher of RPI or Open Market Rental
  • Offers in excess of £2.4m reflecting a NIY of 6.47% (assuming Purchaser’s Costs of 5.8%)

THE WESTHAMPNETT CENTRE – WESTHAMPNETT ROAD, CHICHESTER PO19 7HH

SOLD

Details

Freehold investment

  • Prominent location close to Chichester
  • Very well secured income from NHS Property Services Limited
  • Unexpired lease term of over 11 years
  • Major consented residential development site immediately to the rear
  • Offers in excess of £1,600,000 to show a net initial yield of 7.41%

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