Instructions
TRAVIS PERKINS, PHOENIX MILL, KING STREET, BLACKBURN
UNDER OFFER
Disposal of a trade counter investment.
- Prime, town-centre, trade and warehouse location.
- Excellent road links to Manchester, Preston via the A666 and A667 to the M6, M61 and M65 motorways.
- Modern build trade warehouse with separate trade counter & builders merchant unit.
- Substantial secure yard and external racking.
- 11,830 sq ft of rentalised GIA.
- Site area of 1.77 acres and low 15.34% ‘footprint’ site coverage.
- Freehold.
- Tenant: Travis Perkins Trading Company Limited (Experian Score of 100 ‘Very Low Risk’).
- Lease: 15 years from November 2024, FRI, 5 yrly Rent Reviews to Market Rental (any increase capped at 21.67% ie 4% pa compound).
- Initial rental of £126,000 pa (£7.50 psf Market Rental and £0.75 psf on surplus yard area).
- Seeking offers over £2,026,000 (Two Million and Twenty-Six Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT, to show a net initial yield of 5.85% assuming standard Purchaser’s Costs of 6.28%.
MARSHALL NISSAN, DOWDING WAY, ROYAL TUNBRIDGE WELLS
SOLD
Disposal of a car dealership investment.
- The property is situated in the prime out of town retail and motor trade location in Royal Tunbridge Wells.
- Immediately surrounding the property are dealerships for Audi, Toyota, Lexus, Bentley, Lamborghini, Volkswagen, MG and Hyundai.
- Let to Marshall Motor Group Ltd, Experian rating score of 100 Very Low Risk.
- Unexpired lease term of 17 years, incorporating RPI based rent reviews between 1.5%pa and 4%pa.
- Passing rent of £267,405pa (£18.66psf), forecast to rise to £325,338pa in September 2026.
- Application to Alter received from the Tenant, to refit and rebrand the property to trade as Aston Martin.
- OIEO £4,100,000, subject to contract, to show a net initial yield of 6.12% rising to 7.45% in 2026.
TRAVIS PERKINS, ALBERT STREET, OFF HANSON LANE, HALIFAX
SOLD
Disposal of a trade counter investment.
- Prime, town-centre, trade and out of town retail location.
- Recently reclad warehouse with separate trade counter and plant hire unit.
- 11,294 sq ft of rentalised GIA.
- Gross site area of 1.26 acres and low 20.58% ‘footprint’ site coverage.
- Freehold.
- Tenant: Travis Perkins Trading Company Limited (Experian Score of 100 ‘Very Low Risk’).
- Term: 15 years from June 2024, FRI, 5 yrly Rent Reviews to Market Rental (any increase capped at 21.67% ie 4% pa compound).
- Initial rental of £93,000 pa (£7.00 psf Market Rental and £0.75 psf on surplus yard area).
- Offers in excess of £1,400,000, STC and excl of VAT, showing a NIY of 6.26%.
TRAVIS PERKINS, SCOTIA ROAD, TUNSTALL, STOKE ON TRENT
SOLD
Disposal of a trade counter investment.
- Prominent corner site fronting the A50, opposite a recently completed trade and warehouse development.
- Trade counter & builders’ merchant facility, with a substantial secure yard.
- Site area of 2.37 acres and a low 14.11% ‘footprint’ site coverage.
- Freehold.
- Tenant: Travis Perkins Trading Company Limited (Experian Score of 100 ‘Very low Risk’).
- Term: 15 years June 2024, FRI, 5 yrly Rent Reviews to Market Rental (any increase capped at 21.67% ie 4% pa compound).
- Initial rental of £158,000 pa (£7.00 psf Market Rental on Trade Counter and £0.75 psf on surplus yard area).
- Offers in excess of £2,375,000, STC and excl of VAT, showing a NIY of 6.25%.
TRAVIS PERKINS, STATION ROAD, EUSTON ROAD, MORECAMBE
UNDER OFFER
Disposal of a trade counter investment.
- Prime, town-centre location.
- Trade counter & builders merchant unit with an extensive secure yard with external storage and racking.
- Gross site area of 3.55 acres and net hardstanding of 3.06 acres, giving a low 11.62% ‘footprint’ site coverage.
- Freehold.
- Tenant: Travis Perkins Trading Company Limited (Experian Score of 100 ‘Very Low Risk’).
- Term: 15 years from June 2024, FRI, 5 yrly Rent Reviews to Market Rental (any increase capped at 21.67% ie 4% pa compound).
- Initial rental of £141,000 pa (£6.00 psf Market Rental and £0.75 psf on surplus yard area).
- Offers in excess of £2,120,000, STC and excl of VAT, showing a NIY of 6.26%.
TRAVIS PERKINS ATHOS PORTFOLIO
SOLD
Disposal of a portfolio of four, prime, South-East Trade Counter units.
- Dominant trading units within their catchments.
- Tenant – Travis Perkins Trading Company Ltd.
- Creditsafe rating: 98A – ‘Very low risk’
- Freehold
- Identical FRI leases for 15 years, expiring 23rd May 2038.
- Rent reviews 5 Yearly to Market Rental (increases capped at 21.67% i.e. 4%pa).
- Total Initial Rental: £1,048,000pa. Equates to £11.05 psf for the trade units, after rental allowance for additional yard (assumes 45% site cover for a building’s ‘footprint’).
- ESG – EPC ratings all A or B.
- Offers in excess of £18,100,000 exclusive of VAT.
- Net Initial Yield: 5.42%, exclusive of VAT and net of 6.74%Purchaser’s Costs.
NISSAN & SKODA, RENNIE DRIVE, DARTFORD
SOLD
Disposal of a two car dealership investment.
- Prime location adjoining the M25 and Dartford Crossing.
- Modern dealerships trading as Marshall Nissan and Skoda.
- Site area of 2.27 acres.
- Unexpired lease term of over 20 years.
- Low passing rent of £486,661 pa (£15.99 psf), assuming the imminent RPI based review.
- OIEO £8,295,000 to show a net initial yield of 5.5% off the November 2023 topped up rent.
THE SHREDQUARTERS, 57-61 HIGH STREET, WALTON ON THAMES
SOLD
Disposal of a leisure investment.
- Modern, Use Class ‘E’ gym and retail showroom investment, built 2016.
- Located in Walton-on-Thames, an affluent South- West London commuter hub and commercial centre.
- Prominent town centre, high street location.
- Modern FRI lease for 10 years, (without break), from 15th December 2021, to Kultivate Consulting Ltd (t/a ‘The Shredquarters’ gym franchise).
- Initial rental – £70,000 pa (£19.25psf), payable quarterly in advance.
- 6 month rent deposit and personal guarantees for duration of lease.
- Rent review to Market Rental in Year 5.
- Low initial rental with realistic prospects of uplift at review.
- Virtual Freehold – 250 years Leasehold from August 2016 at peppercorn rental.
- Price: OIEO £800,000, exclusive of VAT.
- Initial Yield – 8.30% (net of Purchaser’s Costs).
- Subject to Contract.
UNITS 20 & 21 WOODSIDE INDUSTRIAL PARK, WORKS ROAD, LETCHWORTH GARDEN CITY
SOLD
Disposal of an industrial trade counter investment.
- Unique opportunity to acquire a detached, high quality trade counter industrial unit.
- Situated on Woodside Industrial Park, the long established and dominant business location in Letchworth Garden City.
- Letchworth Garden City has excellent communication links, being just 1 mile (1.6 km) west of Junction 9 of the A1(M). Trains to Kings Cross take just 28 minutes.
- The property has been split to provide two refurbished industrial / trade counter units providing 13,724 sq ft (1,275 sq m).
- Fully let to two tenants; Toolstation Limited (D&B rating 5A1) and Eurocell Building Plastics Ltd (D&B rating 3A2). WAULT of 4.75 years to break and 7.36 years to expiries.
- Unit 20 was refurbished in 2020 and Unit 21 in 2015.
- Strong rental growth prospects due to high occupier demand and limited supply within Letchworth and the wider South East market.
- Current gross passing rent of £104,638 per annum, reflecting a low rent of £7.62 per sq ft.
- Long Leasehold, having c.900 years unexpired.
- Offers are sought in excess of £1,495,000 (One Million, Four Hundred and Ninety Five Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 5.85% and a low capital value of £109 per sq ft assuming purchasers’ costs of 6.10%. This increases to 6.50% assuming the rent review on Unit 21 is settled at £8.00 per sq ft.
UNIT 1 RAILSIDE RETAIL PARK, SHRIPNEY ROAD, BOGNOR REGIS
SOLD
Disposal of a retail warehouse investment.
- Recently constructed prime south-east solus retail warehouse.
- Let to Wickes Building Supplies Ltd, a secure 5A2 covenant.
- FRI lease, expiring 9th Feb 2030 (8.66 years).
- Strong trading location and offering latest trading format.
- Total GIA of 25,786 sq ft (2,362 sq m).
- Low passing rental of £290,250 pa (£13.34 psf on specified area).
- Upward only rent review to Market Value (increase capped at 3% pa).
- OIEO £4,000,000, STC and exclusive of VAT.
- Net Initial Yield of 6.81%, after Purchaser’s Costs of 6.54%.
THE ALPHABET PORTFOLIO: ASHFORD, BARNSLEY, BLYTH, CHEDDAR & CINDERFORD
ALL SOLD
Disposal of a five virtual freehold trade counter investments.
- A portfolio of five Trade Counter units with extensive yards and low average footprint site coverage: 11.43%
- Total GIA 35,407 sq ft (3,289.3 sq m), incl. mezzanines/ first floors of 3,160 sq ft on a total site area of 6.47 acres
- Well established trading units within their catchments
- Tenant – Travis Perkins (Properties) Ltd – D&B 5A2
- Occupier – Either Travis Perkins Trading Company Ltd or Keyline Civils Specialist Ltd (Travis Perkins plc subsidiaries)
- Identical FRI leases for 11.25 years, expiring 30th November 2031 (subject to Schedules of Condition)
- Five Virtual Freeholds – 200-year leasehold interests from 2006 at a peppercorn rental
- Option to purchase Freeholds for £1 each
- Low total commencing rent of £311,774 pa, payable monthly (topped up by vendor to Dec 2021)
- Staggered upward only Rent Reviews throughout the lease term to the higher of two thirds of Market Rent or a minimum of 3% pa. (compound increase 15.93%)
- Aggregated estimated Market Rent: £372,000 pa
- Offers in excess of £5,500,000 exclusive of VAT
- Net initial yield: 5.32% assuming 6.61% Purchaser’s Costs
- Yield profile: assuming minimum rental increase
Income Yield
Net Initial Yield £311,774 pa 5.32%
Minimum Rev. Yield – 1st Dec 2022 £324,340 pa 5.53%
Minimum Rev. Yield – 1st Dec 2025 £349,395 pa 5.96%
Minimum Rev. Yield – 1st Dec 2026 £361,430 pa 6.16%
Minimum Rev. Yield – 1st Dec 2027 £375,999 pa 6.41%
Minimum Rev. Yield – 1st Dec 2030 £405,044 pa 6.91%
Net Equivalent Yield – 6.45%
THE ALPHABET PORTFOLIO
CITY PLUMBING SUPPLIES, 17-19 WINCHESTER ROAD, WALTON ON THAMES
SOLD
Disposal of a trade counter and showroom investment.
- Modern trade-counter and showroom investment, build 2016.
- Located in Walton-on-Thames, an affluent South West London commuter hub and commercial centre.
- Town centre location – 0.61 acre site.
- New FRI lease for 15 years, (without break), from 1st June 2020, to City Plumbing Supplies Holdings Ltd (a Travis Perkins plc subsidiary).
- Initial rental – £65,000 pa (£11.00psf), payable monthly in arrears.
- 5 yearly upward only rent reviews to Market Rental.
- Low initial rental with realistic prospects of uplift at review.
- Freehold.
- Price: OIEO £1,360,000, exclusive of VAT.
- Initial Yield – 4.50% (net of Purchaser’s Costs).
- Subject to Contract.
VDC HOUSE, 4 BRANDON ROAD, KING’S CROSS, LONDON
SOLD
Sale of King’s Cross Value Add Building.
- A freehold located at the northern gateway to King’s Cross Central, just a short walk to London’s vibrant new culture and innovation hub.
- Excellent connectivity within 15 minutes’ walk of Kings Cross St Pancras, one of London’s busiest stations with over 176 million people passing through annually.
- 24,600 sq ft GIA of office, workshop and storage accommodation over ground and 4 upper floors with rear yard space.
- Subject to a 3-year sale and leaseback, with tenant options to break after 18, 24 and 30 months, following 6 months notice, at a rent of £330,000 per annum.
- Opportunity to undertake a number of asset management initiatives, including a comprehensive refurbishment and extension of the existing building or a full redevelopment, subject to necessary consents.
- We are instructed to seek offers in excess of £14,000,000, subject to contract and exclusive of VAT, for 100% of the share capital in the SPV that holds the asset. This reflects a capital value of £569 per sq ft on the GIA.
SYTNER BMW, LENTON LANE, NOTTINGHAM
SOLD
Disposal of flagship car dealership investment.
- Nottingham is the dominant economic centre in the East Midlands region with Lenton Lane being one of the leading commercial locations.
- Lenton Lane and the surrounding area is recognised as the prime motor trade location in the City.
- Sytner Group are committed to the location, operating four other franchised dealerships and an accident repair centre in the immediate vicinity.
- The building is a flagship dealership for BMW totalling 41,786 sq ft on a site of 2.47 acres.
- The investment offers an unexpired term of 18 years to Sytner Group Ltd, the largest motor dealer in the UK.
- Sytner agreed a new 20 year lease in 2017 having been in occupation of the property since it was developed in 2003.
- The rebased rent of £584,250 pa (£13.98 psf) is an affordable overhead for a major BMW business in such an important market territory.
- The rent is subject to five yearly RPI linked rent reviews, capped at 2.5% pa.
- Offers sought in excess of £10,950,000, subject to contract and exclusive of VAT, for the long leasehold interest. This reflects a net initial yield of 5%.
THE MAPLE PORTFOLIO
SOLD
Disposal of 4 Trade Counter, Showroom and Warehouse Investments.
- Strong and long-established trading positions within their catchment areas (more than 20 years).
- Freehold.
- Let to City Plumbing Supplies Holdings Ltd, a wholly owned subsidiary of Travis Perkins plc.
- Total GIA: 27,153 sq ft.
- Let for 10 Years from 2nd August 2019 on FRI terms, incl. a T.O.B. @ Yr. 5.
- Upward only R.R. at Yr. 5 to Market Rental.
- Low Initial Rentals – £4 psf to £6.85 psf.
- Total Initial Rental: £141,250 pa (£5.20 psf).
- Realistic prospects of rental uplifts at review.
- Total Quoting Price: £2,007,000 excl. VAT.
- Low Cap Value – £74 psf.
- Initial Yield: 6.72% (Purchase Costs @ 4.71%).
- Priced individually or available as a portfolio.
- Subject to Contract
KEYLINE BUILDERS MERCHANTS – COUNTY PARK, SHRIVENHAM ROAD, SWINDON
SOLD
Disposal of a trade counter investment.
- Trade counter unit (1990’s) of 29,765 sq ft GIA, with extensive yard and low site coverage: 24%
- Tenant – Travis Perkins (Properties) Ltd – D&B 5A1
- Occupier – Keyline Builders Merchants Ltd (Travis Perkins plc subsidiary) – D&B 5A1
- FRI lease for 12.4 years, expiring 30th November 2031 (subject to a Schedule of Condition)
- Virtual Freehold – 200 year leasehold from 2006 at a peppercorn rental with an Option to purchase Freehold for £1
- Low commencing rent of £4.54 psf (payable monthly) for the trade unit; (assuming 45% site coverage, £1.50 psf for additional yard and mezzanines at 50%)
- Minimum fixed increases at rent review in Dec 2022 & Dec 2027 to the higher of two thirds of Market Rent or 3% pa (15.93%)
- Current estimated Market Rent: £195,000 pa (£6 psf GIA plus £1.50 psf for additional yard)
- Offers in excess of £2,615,000, exclusive of VAT (£88 psf Capital Value, incl. mezzanines)
CITY PLUMBING SUPPLIES, 159 STANLEY ROAD, TEDDINGTON, MIDDX, TW11 8UF
SOLD
Disposal of a trade counter and showroom investment.
- Located in Teddington, an affluent suburb in South West London.
- Prominent corner site on main thoroughfare.
- Freehold.
- New 15 year, FRI lease (without break), from June 2019, to City Plumbing Supplies Holdings Ltd (a Travis Perkins plc subsidiary).
- Initial rental – £12,000 pa.
- 5 yearly upward only rent reviews to Market Rental.
- Reversionary value for retail use
- Alternative use as residential with potential for a substantial increase in value on VP (subject to planning).
- Price: OIEO £235,000, exclusive of VAT
- Initial Yield – 4.98% (net of Purchaser’s Costs).
- Subject to Contract
CITY PLUMBING SUPPLIES, 1 PARK ROAD, HAMPTON HILL, HAMPTON, TW12 1HE
SOLD
Disposal of a trade counter investment.
- Located in Hampton Hill, an affluent suburb in South West London.
- Prominent site on main thoroughfare (A313), close to the High Street, adjoining a substantial residential property.
- Freehold.
- New 15 year, FRI lease (without break), from June 2019, to City Plumbing Supplies Holdings Ltd (a Travis Perkins plc subsidiary).
- Initial rental – £26,500 pa.
- 5 yearly upward only rent reviews to Market Rental.
- Possible alternative use with potential for a substantial increase in value on VP (subject to planning).
- Price: OIEO £510,000, exclusive of VAT
- Initial Yield – 4.96% (net of Purchaser’s Costs).
- Subject to Contract
LANCASTER VOLKSWAGEN & SKODA, GREYFRIARS COURT, KINGSTON, MILTON KEYNES
SOLD
Disposal of a prime freehold car dealership investment.
- Milton Keynes is recognised as one of the fastest growing towns in the UK.
- The property is located in the established commercial district of Kingston adjoining a cluster of other car dealerships.
- A modern dual franchise dealership of 35,583 sq ft with an excellent car parking provision of over 300 spaces.
- Volkswagen Group have their UK headquarters in Milton Keynes, hence the property is an integral part of their dealership network.
- A large site of 3.11 acres reflecting a 23% site cover.
- Let to the excellent covenant of Volkswagen Group United Kingdom Ltd until July 2025.
- A passing rent of £520,000 pa (£14.61 psf) offering the potential for a rental uplift on review in 2020.
- Offers sought in excess of £8,125,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 6.00%.
HOWDENS, 14-16 EASTHAMPSTEAD ROAD, BRACKNELL
SOLD
Disposal of freehold trade counter investment.
- Bracknell is a major Thames Valley commercial centre, benefitting from the recent town centre regeneration.
- The property occupies a strategic location in the town with excellent access to the motorway network.
- Easthampstead Road is recognised as one of the leading locations for trade counter occupiers.
- Entirely let to the strong covenant of Howden Joinery until September 2028.
- The rent of £108,000pa was recently agreed on review and reflects only £7.29psf.
- Offers sought in excess of £1,800,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 5.65% and a capital value of £122psf.
WICKES, SANDOWN ROAD, WISBECH
SOLD
Prime retail warehouse investment.
- Newly constructed retail warehouse.
- Commenced trading February 2018, offering Wickes’ latest trading format.
- Prime trading location, immediately adjoining the Wisbech and Belgrave Retail Parks.
- Wickes Building Supplies Ltd – FRI lease for 20 years from 1st October 2018 (T.O.B. Yr 10)
- Total GIA of 26,015 sq ft (2,417 sq m).
- Low commencing rent of £258,000 pa.
- Equates to £11.80 psf, on rentalised area.
- 5 yearly upward only rent reviews to Market Rent (increase capped at 3% pa).
- Offers in excess of £4,210,000, exclusive of VAT.
- Net Initial Yield of 5.75 %, assuming 6.55% Purchaser’s Costs.
4 GLASS WHARF, AVON STREET, TEMPLE QUARTER, BRISTOL
SOLD
Outstanding freehold development opportunity.
- A rare opportunity to buy a prime freehold site within Bristol’s enterprise zone, located amongst major corporate occupiers including PWC, Grant Thornton, Burges Salmon and the Government Property Unit’s (HMRC) new Bristol HQ.
- The site extends to circa 1.3 acres (0.53 ha) and benefits from a recently granted planning consent for 215,091 sq ft (IPMS 3) for a ground + 7 storey B1 office building.
- Only a short walk to Temple Meads Station and the recently announced £300 million University of Bristol Temple Quarter Enterprise Campus.
- The site previously benefitted from consent for a mixed use scheme incorporating residential, retail and workshop space.
- Potential for change of use to residential, PRS, hotel, student or mixed-use (subject to planning).
- Two plots on Avon Street are currently being developed by Legal & General for a new PRS scheme.
AXIOM, ORBITAL PARK, ASHFORD, KENT
SOLD
Freehold multi-let modern industrial investment.
- Well located less than 1 mile from Junction 10 of the M20.
- Strong tenant profile, namely Howdens Joinery, Meggitt and Hire Station.
- In close proximity to major national operators including Screwfix, Toolstation, Halfords and Topps Tiles.
- The current rents passing totals £528,323 pa, which equates to £9.50 psf.
- 5.56 years unexpired term with potential for rental uplift.
- Offers sought in excess of £10,063,295 subject to contract and exclusive of VAT. This equates to a capital value of £181 per sq ft. A purchase at level would provide an Initial Yield of 5.25% assuming purchasers costs of 6.69%.
NORWICH HOUSE, SAVILE STREET & 6 – 8 GEORGE STREET, HULL HU1 3ES
SOLD
Prime freehold multi let office and retail investment.
- Centrally Located in Hull City Centre with attractive views over Queens Garden.
- Multi let office and retail building with office suites arranged over four floors and three retail units on the ground floor totalling approximately 2,948 sm (31,733 sq ft) with 6 car spaces.
- Freehold.
- Currently produces a rental income of £199,884 pa, including the Regus fit out rent and assuming 12 months guarantee on the vacant office suite, which will provide the opportunity for a reversion going forward.
- Key tenants include: Regus, Scope and Newcross Healthcare Solutions.
- Total GIA of 37,869 sq ft (3,518 sq m).
- Potential for Permitted Development Conversion to residential.
- AWULT to expiry 6.09 years (4.9 years to the breaks).
- Offers sought in excess of £1,400,000 (One Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. This equates to a capital value of £36 per sq ft on the upper parts.
- A purchase at this level would provide an initial yield of 13.46% assuming purchasers costs of 6.05% and a revisionary yield of 20.27%.
EDDIE STOBART HQ, STRETTON GREEN DISTRIBUTION PARK, LANGFORD WAY, APPLETON, WARRINGTON WA4 4TZ
SOLD
Prime freehold distribution investment.
- Distribution HQ adjoining the M56.
- Established location in Warrington on the Stretton Green Distribution Park.
- Warehouse, office and distribution yard totalling 164,048 sq ft (GIA).
- Site of approximately 17.59 acres, providing a low site cover of just 20%.
- Includes land for future expansion.
- Freehold.
- Let to Eddie Stobart Ltd with a guarantee from the Stobart Group Ltd.
- 15 years unexpired term with fixed annual uplifts.
- The current rents passing totals £1,213,292 pa which equates to £4.55 psf on the warehouse element.
- Offers sought in excess of £21,650,000, subject to contract and exclusive of VAT.
- A purchase at this level would produce a net initial yield of 5.25%, assuming purchase costs of 6.75%.
HAMBRIDGE ROAD, NEWBURY RG14 5EA
SOLD
Prime retail warehouse investment.
- Newly constructed, retail warehouse and trade counter development.
- Unit 1: Wickes Building Supplies Ltd – FRI lease for 20 years from 25th May 2018 (T.O.B. Year 10)
- Unit 2: JP McDougall & Co (t/a DULUX Decorator Centre) – FRI lease for 10 years from 9th May 2018 (T.O.B Year 5).
- Unit 3: Benchmarx (Travis Perkins plc subsidiary) – FRI lease for 10 years from 25th May 2018.
- Prime trading location and offering Wickes’ latest trading format.
- Total GIA of 37,869 sq ft (3,518 sq m).
- Low aggregate commencing rent of £329,500 pa.
- Equates to £11.58 psf for Wickes and £7.61 psf for the Trade Counter accommodation (on rentalised areas).
- WAULT of 17.7 years (9.32 years after T.O.B.’s).
- 5 yearly upward only rent reviews to Market Rent (Wickes increase capped at 3% pa).
- Offers in excess of £5,620,000, exclusive of VAT.
- Net Initial Yield of 5.50 %, assuming 6.61% Purchaser’s Costs.
WICKES, LANGSTON ROAD, LOUGHTON IG10 3TQ
SOLD
Prime retail warehouse investment.
- Comprehensively refurbished, south east solus retail warehouse.
- Excellent location within M25 and offering Wickes’ latest trading format.
- Close to recently opened Epping Forest Shopping Park.
- New letting to Wickes Building Supplies Ltd, a secure 5A1 covenant.
- 20 year FRI lease from 21st May 2018 (T.O.B. at Year 15).
- Total GIA of 27,065 sq ft (2,514 sq m).
- Low commencing rent of £335,000 pa (£14.02 psf on rentalised area).
- 5 yearly upward only rent reviews to Market Rent (capped at 3% pa).
- Offers in excess of £5,960,000, exclusive of VAT.
- Net Initial Yield of 5.25%, net of 6.62% Purchaser’s Costs.
GUNNEBO ENTRANCE CONTROL LTD, THE GATE HOUSE, ASHDOWN BUSINESS PARK, MARESFIELD, EAST SUSSEX TN22 2DU
SOLD
Brand new, prime B1, B2 & B8 investment.
- Well located and attractive south east business park setting.
- Newly constructed B1, B2 & B8 unit of 19,160 sq ft GIA.
- High standard of specification, design and fit-out.
- Adjoins John Lewis Partnership distribution unit.
- Securely let to Gunnebo Entrance Control Ltd (D&B – 1A1) for 15 years from March 2018 (T.O.B. March 2028).
- Initial rental – £177,000 pa (£9.23 psf).
- Five yearly upwards only rent reviews to higher of uncapped RPI or CPI.
- Parent Company Guarantee from Gunnebo AB (D&B- AA).
- Freehold
- Offers in excess of £3,200,000, exclusive of VAT.
- Initial yield of 5.2% (net of 6.47% Purchaser’s Costs)
VERNEY HOUSE, 248 FULHAM ROAD & 1B HOLLYWOOD ROAD, CHELSEA
SOLD
Prime London retail and office investment.
- Located in a prominent position in one of the most affluent Boroughs in the country.
- Multi let office and retail building with two frontages arranged over 4 floors totalling approximately 1,413 sq m (15,215 sq ft) with 13 basement car spaces.
- Freehold.
- Currently produces a rental income of £662,476 pa, assuming a guarantee on the vacant unit, which will provide the opportunity for a reversion going forward.
- The building is not listed or in a Conservation Area, providing the longer term possibility of converting the offices to residential and increasing the building size, subject to planning.
- AWULT to expiry 6.5 years (3.7 years to the breaks).
- Seeking offers in excess of £13,500,000 (Thirteen Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.
- Net Initial Yield of 4.60% rising to 4.93% assuming a reversion of £710,616 pa and purchasers costs of 6.72%.
- Capital value of £824 per sq ft on the upper levels.
3 QUEEN’S SQUARE, ASCOT BUSINESS PARK, ASCOT
SOLD
Prime south east office investment.
- Modern Grade A south east office building.
- Located in the affluent Berkshire town of Ascot.
- Self contained building totalling 194 sq m (2,089 sq ft).
- Single Let to KSF Aquisitions UK Ltd until Jan 2020.
- Rental income of £54,775 pa (£26.22 psf).
- Rack rented with future growth potential.
- Established rental growth of around 7.5% pa over the last 6 years.
- Virtual freehold (999 years).
- Offers in excess of £750,000 which reflects NIY of 6.93%, assuming standard purchaser’s costs of 5.40% and a capital value of £359.00 per sq ft
WICKES & SPIRE AUTOMOTIVE, OTTERSPOOL WAY, WATFORD WD25 8HL
SOLD
Details:
Prime retail warehouse investment.
- Newly constructed, south east, retail warehouse.
- New letting to Wickes Building Supplies Ltd, a secure 5A1 covenant.
- Wickes occupying under a 20 year FRI lease.
- Initial rent of £400,000 pa (£18.54 psf on rentalised area).
- Prime trading location and offering Wickes’ latest trading format.
- Additional, self contained B2/B8 unit let to Spire Automotive for 10 years (9.25 yrs unexpired) at £75,000 pa (£15 psf).
- WAULT of 18.3 years.
- Total GIA of 30,037 sq ft (2,545 sq m).
- Low aggregate commencing rent of £475,000 pa.
- 5 yearly upward only rent reviews to Market Rent (Wickes rental increase capped at 3% pa).
- Offers in excess of £8,480,000, exclusive of VAT.
- Net Initial Yield of 5.25%, after Purchaser’s Costs of 6.68%.
WICKES & TAPI CARPETS, LONGFIELD ROAD, TUNBRIDGE WELLS TN2 3HL
SOLD
Details:
Prime retail warehouse investment.
- Two, recently constructed, south east retail warehouses.
- New letting to Wickes Building Supplies Ltd, a secure 5A1 covenant.
- Wickes occupying under a 20 year FRI lease.
- Initial rent of £397,800 pa (£18.19 psf on rentalised area).
- Separate 10 year lease to Tapi Carpets £159,477 pa i.e. at £26.15 psf (8.5 years unexpired).
- WAULT of 16.7 years.
- Prime trading location, offering Wickes’ and Tapi’s latest trading formats.
- Aggregate GIA of 31,520 sq ft (2,928 sq m).
- Low aggregate initial rental of £557,277 pa.
- 5 yearly upward only rent reviews to Market Rent (Wickes review capped at 3% pa).
- Offers in excess of £9,950,000, exclusive of VAT.
- Net Initial Yield of 5.25%, after Purchaser’s Costs of 6.69%.
WICKES, BETTS WAY, CRAWLEY
SOLD
Details:
Prime retail warehouse investment.
- Newly constructed, south east solus retail warehouse.
- New letting to Wickes Building Supplies Ltd, a secure 5A1 covenant.
- Wickes to take a 20 year FRI lease.
- Prime trading location and offering Wickes’ latest trading format.
- Total GIA of 27,400 sq ft (2,545 sq m).
- Low commencing rent of £500,000 pa (£22 psf on rentalised area).
- 5 yearly upward only rent reviews to Market Rent (capped at 3% pa).
- Offers in excess of £9,370,000, exclusive of VAT.
- Net Initial Yield of 5.00%, after Purchaser’s Costs of 6.75%.
31 EASTGATE STREET & 25 EASTGATE ROW NORTH, CHESTER CH1 1LG
WITHDRAWN
Details:
Prime retail investment.
- Chester is an affluent and historic Cathedral City with over 8 million visitors a year.
- Situated on the 100% prime pedestrianised thoroughfare of Eastgate Street.
- Let to Moss Bros Group Plc. until September 2021.
- Passing rent of £157,000 pa, reflecting £200 ZA.
- Historic Zone A rental levels reached £255 ZA.
- Freehold.
- Seeking offers in excess of £2,950,000, subject to contact and exclusive of VAT, reflecting a net initial yield of 5%, allowing for purchasers’ costs of 6.44%.
FROSTS (CARS) LIMITED, CHICHESTER BY-PASS (A27), CHICHESTER
SOLD
Details:
Freehold motor trade investment.
- Chichester is an affluent commercial centre with excellent road communications being situated immediately north of the A27 dual carriageway.
- The property has excellent prominence fronting the A27, the prime location for out of town retailers.
- Let to Frosts (Cars) Limited, a long established Sussex motor retailer.
- Unexpired lease term of 9.25 years without break.
- The passing rent of £156,151pa (£12.81psf) is subject to a minimum uplift in 2021 to £174,526pa.
- Freehold.
- Seeking offers in excess of £2,250,000.
- Attractive net initial yield of 6.53% rising to a minimum 7.3% in 2021.
WALLIS, 20 NORTH STREET, CHICHESTER
SOLD
Details:
Prime retail investment.
- Chichester is an affluent cathedral city providing an attractive and popular retail environment.
- Situated in a prime pitch on pedestrianised North Street.
- The property adjoins Marks & Spencer.
- Trading as Wallis, the multiple ladies fashion retailer, on a lease to 2021 (subject to a break option in 2019).
- Low passing rent of £97,000pa reflecting only £124.50psf Zone A.
- Freehold.
- Offers in excess of £1,950,000 reflecting a net initial yield of 4.68%.
HOTEL PORTFOLIO, ALL LET TO WHITBREAD GROUP PLC
SOLD
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.
MONDI, PARKWAY, DEESIDE INDUSTRIAL PARK, DEESIDE CH5 2NS
SOLD
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.
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.
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%.
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.
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%).
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%).
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%.
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.
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.
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
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%
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
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%
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
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%
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%
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
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%