Industrial. Investment Sale. Units 1-4 Wiston Business Park Ashington West Sussex RH20 3DJ

Transcription

1 Industrial Investment Sale Units 1-4 Wiston Business Park Ashington West Sussex RH20 3DJ

2 Wiston Business Park 1 Executive Summary Freehold 100,299 sq ft modern Industrial Estate built between 2000 and 2005 Let to two tenants on four separate leases Low site coverage of 31% Weighted average unexpired term of six years to break clauses and 12 years to expiry Potential to extend, subject to planning permission

3 Location Sat Nav Ref: RH20 3DJ Wiston Business Park is located south of the village of Ashington, which is equidistant between Horsham and Worthing. Gatwick Airport and Crawley are less than 20 miles to the north. The area has very good road links and the A24 provides direct access to the national motorway network at Junction 9 of the M25 at Leatherhead. The A27 trunk road (which is the principal arterial route along the south coast) is three miles south of the Business Park. The property benefits from a 270m frontage to the A24. Ordnance Survey Crown Copyright 2010 All rights reserved Ordnance Survey Crown Copyright 2010 All rights reserved Collins Bartholomew Limited 2010 All rights reserved 3

4 Description The Wiston Business Park comprises four detached industrial buildings on a rectangular site which were constructed to similar specifications between 2000 and Unit 2 was constructed on a design and build basis in 2005 as a pre-let to Kate s Cakes. The total site area is approximately 7.5 acres which represents a low site coverage of 31%. The elevations are of brick and block-work construction to a height of approximately 1.5m with profiled metal cladding above. The roofs are pitched metal profiled cladding with translucent panels, supported by a portal frame (with the exception of Unit 2 which was constructed with an A frame). The office element of each building is internal and is situated on ground and first floor. The office specification includes heating, double glazing and suspended ceilings with integral fluorescent lights. There are air-conditioning cassettes throughout the first floor offices. The specification of each warehouse differs slightly, but generally each is constructed with two roller shutter doors and an eaves height between 5.17m and 6.5m. Units 2 and 3 have been fitted out as bakeries. They operate 24 hours a day, seven days a week and the tenant has undertaken an extensive fit out comprising specialist plant and machinery. There is a three-phase power supply to each of these units with a capacity of 650 KVA per unit. Each unit has gas, water, electricity and mains drainage. To the rear of the site there is an extensive bund which was created when the site was levelled and it may be possible (subject to planning permission) to construct an additional warehouse building on this part of the site Accommodation Vail Williams have not measured all of the units and we have set out below our understanding of the gross internal areas of the buildings, which are a combination of our own areas and those which have been supplied by our client. Tenure Freehold Unit Sq Ft Sq M 1 21,323 1, ,443 2, ,861 1, ,672 3,314 Total 100,299 9,318 4

5 Tenancies Tenant Area Expiry Break date Rent Rental pa Comments (sq ft) (unexpired) (notice) Reviews (psf) Unit 1 April ,659 Kate s Cakes 21,323 May 2025 (six months) May 2014 ( 6.97) Unit 2 January ,975 Kate s Cakes 22,443 Oct 2024 (six months) Oct 2011 ( 6.37) Unit 3 April ,352 Kate s Cakes 20,861 Dec 2022 (six months) Dec 2014 ( 7.16) 5 yearly rent reviews 5 yearly rent reviews Unit 4 Spheric-Trafalgar Limited 35,672 Feb 2017 April ,000 The lease start date will (six months) 5 yearly ( 6.25) be the date of completion TOTAL 100, ,986 Units 1, 2 & 3 are all leased to Kate s Cakes on separate FRI leases with expiries ranging from 2022 to Each lease is subject to a tenant s option to determine in 2017 or 2018, subject to six months notice. Unit 4 will be leased back to Spheric-Trafalgar. This lease will be for a term of seven years with a tenant s break option in year 2. The lease will be drawn on full repairing and insuring terms. 5

6 Tenant s Covenants Kate s Cakes Limited Kate s Cakes Ltd (company number ) began making cakes in 1998 as a cottage industry based in a domestic kitchen in Sussex and are now a volume supplier of cakes, pastries and confectionery to some of the biggest names on the High Street. Kate s Cakes Ltd has a D&B rating of 2A1, which represents minimum risk of business failure. Further information on the company is available at The company has reported the following results: 31/12/08 31/03/08 31/03/07 Turnover 23,855,000 26,206,816 22,040,878 Pre-tax Profit 2,619,000 2,650,118 3,205,572 Shareholders Funds 6,269,000 4,343,690 4,343,816 Their ultimate holding company is CSM N.V. who are domiciled in the Netherlands and have reported a market capitalisation of 1,335,000,000. Spheric-Trafalgar Limited Spheric Trafalgar Ltd (company number ) is principally involved in the import, distribution and manufacture of steel balls and bearings. The company was founded in 1972 and their manufacturing bases are at Wiston and in Thailand with a main sales office in America. Further information on the company is available at Spheric-Trafalgar is owned by the individuals who are the vendors of Wiston Business Park. 6

7 Information i Town Planning On 18 January 2010, Kate s Cakes submitted a validated application to Horsham District Council for a change of use on Unit 1 from storage and distribution to a food production unit. This application is ongoing. A planning consent was granted in 2001 to extend to the rear of Unit 4 by a further 6,500 sq ft. The consent was not implemented and has now lapsed. VAT The property is registered for VAT and we anticipate that the sale will be treated as a TOGC. Website For access to the detailed information contained on our marketing website (including leases, plans, EPC and accounts), please contact Susan Petit spetit@vailwilliams.com Further information and viewing Mark Sherwood msherwood@vailwilliams.com David Thorogood dthorogood@vailwilliams.com 7

8 MISREPRESENTATION ACT Vail Williams LLP for themselves and for the vendors of this property whose agent they are give notice that: 1. The particulars produced are in good faith and set out as a general guide only and do not constitute, nor constitute any part of, an offer of contract. 2. No person in the employment of Vail Williams has any authority to make or give any representation or warranty whatever in relation to this property. 3. All statements contained within these particulars are made without responsibility on the part of Vail Williams or the vendor and nothing contained in these particulars is to be relied upon as statement or representation of fact. Vail Williams LLP 7/10 Chandos Street London W1G 9AJ Tel: Unless otherwise stated, all rents or prices quoted are exclusive of VAT which may be payable in addition. 5. Vail Williams have not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. A prospective purchaser must undertake their own investigations and satisfy themselves in this regard. February 2010