Multi-Let Industrial Investment Opportunity. Progress way Business Park

Transcription

1 Multi-Let Industrial Investment Opportunity Progress way Business Park Progress Way Croydon CR0 4XD

2 Wandle Park John Lewis Purley Way Centre Currys Argos PC World Next Progress Way Business Park Sainsbury s Centre Croydon Energy Power Station Purley Way Decathalon Vauxhall

3 Investment Considerations South London multi-let industrial investment opportunity located in one of the most established commercial centres in Greater London. Situated in a prominent position off Purley Way (A23) Significant on-going regeneration of Croydon and the local area Freehold site extending to 1.80 acres (0.73 ha) The property comprises 31,002 sq ft (2,880 sq m) of light industrial accommodation arranged over 18 units Passing rent of 296,097 per annum, equating to 9.55 per sq ft. Offers are sought in excess of 4,665,0000 (Four Million Six Hundred and Sixty Five Thousand Pounds). Assuming usual purchaser s costs of 5.8%, a purchase at this level reflects a net initial yield of 6%, a Capital Value of 150 psf.

4 M10 J21 A414 ham Potters Bar J20 J23 J19 Borehamwood M25 Watford A1 Enfield Rickmansworth M1 A413 South Oxney Harefield Harrow A10 Ruislip Brent J16 Cross A40 Wembley Uxbridge LONDON lough Southall J15 M4 sor Fulham Hounslow Heathrow Richmond Clapham A316 Staines gham Ashford Kingston Upon Thames A23 J12 M3 A309 A3 Walton-on-Thames A232 M25 Epsom Sutton Woking J10 A217 A22 J9 A3 M25 J8 J7 J6 Reigate Dorking Redhill A24 LDFORD J25 CROYDON Epping M25 J27 London City A2 A20 Bromley A21 Biggin Hill Oxted M11 A12 J5 Romford A13 Dartford Swanley J3 M25 Shoreham Chipping Ongar J2 A21 J28 J29 M25 M20 M26 Sevenoaks A Brentw arm Road Progress Way don Road Commerce Way Miller Road A23 Purley Way Waddon Marsh Waddon Factory Lane PROGRESS BUSINESS PARK Stafford Road Wandle Park Waddon Road Epsom Road Roman Way A232 Duppas Hill Road Old Town Reeves Corner West Croydon West Croydon Tamworth Road Ruskin Road Centrale Church Street A232 Poplar Walk Church Street The Croydon High Street Flyover High Street George Street Low er Coombe Street Southbridge Road Wellesley Road W Location Progress Way Business Park is located in Croydon which is regarded as one of the principal commercial centres in south London and is currently undergoing significant regeneration set to further enhance the area. Croydon comprises extensive industrial/ warehouse, business park and retail accommodation focused around Purley Way (A23). Croydon is located approximately 10 miles south of Central London. The town benefits from excellent transport communications with the A23 providing access to the M25 (Junction 7) and the M23 (Junction 8) approximately 8 miles to the south. Furthermore, Croydon benefits from strong rail communications with East, West, and South Croydon railway stations serving the local area providing fastest journey times to London Bridge and London Victoria of 14 minutes and 16 minutes respectively. The town also benefits from the Croydon Tramlink. London Gatwick airport is directly accessible via the A23/M23, approximately 9 miles to the south while London Heathrow airport lies 17 miles to the north west. Situation The site is accessed from Progress Way, which runs parallel to Purley Way. Croydon Town Centre is located approximately 1.5 miles to the east and is accessed via the A232. The immediate area is the focus for a large number of major retailers, most notably Ikea, John Lewis, Sainsburys and Currys/PC World. Other surrounding occupiers include Vauxhall, HSS Hire, Wickes, Carpetright, and Sofaworks.

5 Site The property comprises a site area of 1.80 acres (0.73 hectares) which provides a site coverage of approximately 47.20%. Description The property comprises 5 terraces of light industrial/ warehouse accommodation totalling 31,002 sq ft (2,880 sq m) with individual units ranging from 958 sq ft (89 sq m) to 7,132 sq ft (660 sq m). Each terrace is of steel framed construction with brick and glazed elevations under steel pitched roofs. The units comprise open plan light industrial/ warehouse accommodation with mezzanine level office/storage accommodation. All units benefit from roller shutter door access, good minimum eaves heights, designated parking, painted concrete floors, and mezzanine level office/ storage accommodation. The property is well secured with palisade fencing to the perimeter, automated gated entrance-exit ways and CCTV throughout the site that is remote monitored. Crown Copyright, ES For identification purposes only.

6 Tenancy Schedule Unit Ref Tenant Name Area sq m Area sq ft Rent p.a. Rent psf Lease Start Lease Expiry Comments PW.01/02 Vacant ,763 18, Vendor to provide 1 year rent guarantee PW.03/04 Cleansafe (UK) Ltd ,779 20, /10/ /09/2013 Holding over PW.05 Malden Renders& Finishes Ltd ,171 12, /12/ /12/2018 Break at 09/12/16 subject to 6 months notice PW.06 Vacant ,171 13, Vendor to provide 1 year rent guarantee PW.07 Emprise Services Plc ,171 15, /11/ /10/2015 Rolling break subject to 6 months notice PW.08 Barrington Byfield ,171 13, /12/ /12/2017 PW.09 Kenneth Douglas Kyriacou ,171 12, /10/ /10/2015 Contracted out of 1954 Act PW.10 Chic Shack Ltd ,171 12, /12/ /12/2016 Rolling break on anniversary of term subject to 3 months notice Contracted out of 1954 Act PW.11 TSJ Cash & Carry Ltd ,171 12, /11/ /11/2016 PW.12 Carpetright Plc ,171 11, /09/ /09/2017 PW.13 Progress Vehicle Management Ltd ,105 55, /06/ /06/2016 PW.14 International Food Service Equipment Ltd ,132 55, /06/ /06/2020 Next break 27/06/16 subject to 9 months notice Contracted out of 1954 Act Next RR 27/06/16 PW.15 Clever Joinery Ltd , /05/ /05/2017 Contracted out of 1954 Act PW.16 Kasias Karpets Ltd , /10/ /09/2015 Contracted out of 1954 Act PW.17/18 Verizon UK Ltd ,929 20, /08/ /08/2020 Next break 27/08/15 subject to 6 months notice Next RR 27/08/15 Total 2, , , Tenancies as at 02/02/2015. Covenant International Food Service Equipment Limited Experian Rating: 87 (Low Risk) D&B: Tbc Turnover 5,987,779 Pre-Tax Profit 308,774 Total Net Worth 637,50 Progress Vehicle Management Experian Rating: 96 (Very Low Risk) D&B: Tbc Turnover Pre-Tax Profit n/a n/a Total Net Worth 1,561,215 Service Charge The service charge budget for the current financial year ending 31/03/2015 is 60, equating to 1.96 per sq ft. Non Recoverables The current vacancy rate is 9.46% (2,934 sq ft) Service Charge 5,751 Rates 11,929 Total 17,680

7 Croydon Regeneration Over the next few years and looking forward to 2020 Croydon will transform significantly with extensive development of retail, leisure and commercial schemes. Croydon has received a 23 million support package from The Mayor of London s Regeneration Fund and 70 million has already been committed by the Croydon Council and other partners to the regeneration of the town. Croydon s 2020 vision has received 3.5 billion of commitment to consented and proposed development projects with more to come. The vision seeks to effect the urban planning of Central Croydon extensively and promote Croydon as a hub of living, retail, culture and business in South London and South East England. Hammerson and Westfield have entered into a 50/50 joint venture with approved plans for: n 1 billion regeneration of the Whitgift Centre n 1.5 million square feet of retail and leisure space including a major department store and a range of shops designed to attract a variety of occupiers n Over 5,000 permanent local job opportunities for Croydon n New leisure facilities, new public realm, new car parking provisions n Approximately 500 new homes. The development is due to begin in 2015 with a target date for opening in Ruskin Square (East Croydon Gateway), a 9 acre site, situated 200 metres from the subject property is undergoing a 500 million development by Stanhope and Schroders. The completed development will include five buildings with up to 625 homes, approximately 240,000 sq ft of offices, retail units and a car park.

8 Tenure Freehold EPC The property has been rated C to D on the EPC scale (57-109). EPC certificates available upon request. VAT The property is elected for VAT purposes and therefore VAT will be payable by the purchaser, unless the sale is structured as a TOGC. Proposal Offers are sought in excess of 4,665,0000 (Four Million Six Hundred and Sixty Five Thousand Pounds). Assuming usual purchaser s costs of 5.8%, a purchase at this level reflects a net initial yield of 6%, a Capital Value of 150 psf. For further information or to make arrangements for viewing please contact: Scott Tyler scott.tyler@allsop.co.uk Guy Scott Plummer guy.scott-plummer@allsop.co.uk James Salmon james.salmon@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD