Development Opportunity Land and Buildings on Alfred’s Way and 227-247 Gascoigne Road, Barking, Essex IG11 7LN
Unique development opportunity fronting the A13 Sale on behalf of Jeremy Green and Julian Healey as Joint Fixed Charge Receivers
Land and Buildings on Alfred’s Way and 227-247 Gascoigne Road, Barking, Essex IG11 7LN Investment Summary • Short to medium term development opportunity • Excellently positioned in a prominent roadside location on the A13 within with close proximity to the City of London. • Multi-let industrial site comprising 81,959 sq ft warehouse and with a small element of office accommodation. • 68% site density. • Fully let investment producing a net income of £329,400 per annum. • Tenure split between Freehold (2.12 acres) and Long Leasehold (0.84 acres). • We are instructed to seek offers in excess of £3,000,000 (Three Million Pounds), subject to contract, for the benefit of the freehold and long leasehold interests.
www.lshinvestmentsales.co.uk
Land and Buildings on Alfred’s Way and 227-247 Gascoigne Road, Barking, Essex IG11 7LN
A13
Rd River
A282 A210
and
ay d’s W Alfre
Thames Rd
y Wa am wh Ne 0 A102
A206
am EH
e pl Rip
A13
A13
y d’s Wa Alfre
ass By-P ing Bark d n a E Ham
Rd River
M25
ass By-P king Bar
Rd
Ln
A125
A13
A102
A130
A127
A123
23 A1 M ov er s
Rd
A1306
A127 N Circular Rd
29
Rd
e Rd
s ard dw gE Kin
A127
A12
A130
Rip
A1400
A128
pl
d eR ign sco Ga
28
A1112
Upney
Ripple Rd
y Abbe
M25
M11
A406
A1
A12
e Rd ridg ighb 6H A40
A104
24
A130
d nR do Lon
ney Ln Up
27
Barking Rd London
A123
M25
A414 A12
A 124
A414 A414
d rd R rtfo He
M11
A2
Location
Situation
Description
Barking is located within Greater London, nine miles east of The City, within the M25 motorway. This East London suburb forms part of the London Borough of Barking & Dagenham with a population of approximately 185,900 residents and is one of 35 major centres within the London Plan.
The site has excellent frontage to the A13, approximately half a mile east of the A13/A406 (Beckton Roundabout) junction, thereby ensuring good access to the City, West End, Docklands, the M11, North Circular and M25.
The site comprises a series of primarily industrial/warehouse buildings totalling approximately 81,959 sq ft. The site area is approximately 2.96 acres in total giving a site coverage of approximately 63%
Barking is an established and popular commercial location with a strong industrial heritage; formerly one of the largest boat building centres within the UK. More recently, the local economy revolves around social services, health, education, retail and storage with its industrial sector now focused on chemical and paint manufacturing. The suburb has strong road communications to Central London as it lies directly east of the North Circular (A406) running north and south. Other nearby major roads include the A13, A12, M11 and M25.
Barking mainline rail station is within 15 minutes walking distance from the site and is served by London Underground (District, Hammersmith & City) and National Rail (c2c) services into London Fenchurch and London Liverpool Street. London City Airport is within 4.5 miles of the site.
The principal building, currently occupied by Millennium Cash & Carry, comprises approximately 51,959 sq ft. Constructed c. 1950s, this unit has a trussed roof supporting corrugated asbestos panels. The second largest unit totals approximately 12,994 sq ft and comprises a steel portal frame construction that has been split into two units. There are two additional warehouses that occupy the site along with a two storey office building (currently used as a college), all providing basic accommodation.
www.lshinvestmentsales.co.uk
Land and Buildings on Alfred’s Way and 227-247 Gascoigne Road, Barking, Essex IG11 7LN BARKING 2
51
Playground
63 to 71
59
19
to
73 to 81
37
27 25 to 33 31 to
44 to
AD ME
29
E
Play Area
52
Playground
to
90
30 28 to 36 34 to
82
91
to
to 97
96
5 10
19 to 24
6 to 10
1 11
Playground
AD RO
223
NE OIG SC
2.5m
Longreach Court
Depot
Warehouse ESS
Works 22
Mast
(Tele
mu com
ion) nicat
7 to 24 7
s Tank
S (EA rks Wo
2.3m
'S RED A LF
) ASS Y-P GB RKIN d BA M an A H T
Y WA
y d Bd War
El Sub Sta
t (T Mas
25m
50m
75m
mun om elec
Def
Ordnance Survey © Crown Copyright 2011. All rights reserved. Licence number 100020449. Plotted Scale -
1:1250
CR
Warehouse
io icat
3
0m
1 to 18
Shelter
Shelter
© Crown Copyright 2012. All rights reserved. Not to scale.
61
38 to 43
28
US HO
se
to 20
72
VE
ou
eH
4 17
DO
70
sp Cri
to 11
El Sub Sta
1 to
55
Playground
Tenure
Part freehold and part long leasehold. Refer to OS plan (freehold outlined in red, long leasehold outlined in green). Freehold title subject to restrictions and rights of way. The principal access into 57 King Edward Road is via a right of way from King Edward’s Road. This is subject to a vehicle width restriction of 2.35m. The freehold land also benefits from a right of way over the long leasehold land. The long leasehold ownership was held on a headlease from the London Borough of Barking for a term of 75 years from 24 January 1973. Subject to a deed of variation dated 12 February 1979 and licence dated 11 December 1984 which reduced the term from 75 years to 70 years, subject to a 10 yearly rent review pattern. The headlease now expires on 23 January 2043. The current ground rent is £24,000 per annum. The rent review effective from 23 January 2013 has not been activated by the Council.
www.lshinvestmentsales.co.uk
Land and Buildings on Alfred’s Way and 227-247 Gascoigne Road, Barking, Essex IG11 7LN Tenancies and Accommodation The property is multi let to seven tenants in accordance with the tenancy schedule below. The lease to Bestline Enterprises is on full repairing and insuring terms whereas all the other leases are on internal repairing terms. The total gross rent receivable from the estate is £353,400 per annum which reflects an overall rent of £4.31 per sq ft. Deducting the ground rent of £24,000 per annum results in a net income of £329,400 per annum for the estate. Floor Area
Lease
Lease
Annual
Rent
Unit
Tenant
SQ FT
Start
Expiry
Rent
psf
Notes
F
Warehouse
Bestline Enterprises Ltd t/a Millennium Cash & Carry
51,936
25-Dec-99
24-Dec-15
250,000
4.81
FRI terms
F
Brewery Workshop
N Tiwari t/a 1 Stop Services
6,853
1-Sep-12
24-Dec-15
19,200
2.80
IRI terms. Rent payable monthly
F
Brewery Tankroom
Rafal Lipski
2,700
1-Sep-12
24-Dec-15
10,200
3.78
IRI terms. Rent payable monthly
L
Office and part Warehouse
Saba and Imran Khan t/a East London College of Higher Education Ltd
6,836
1-Jan-12
24-Dec-15
25,000
3.66
IRI terms. Rent payable monthly
L
Warehouse
Prakash Shingani t/a PMP Drinks
6,497
1-Jun-13
24-Dec-15
20,000
3.08
IRI terms. Rent payable monthly
L
Warehouse
Sam Mohal t/a Free Trade Beers
6,497
1-Jun-13
24-Dec-15
20,000
3.08
IRI terms. Rent payable monthly
L
Office
Best Trading
F
640
-
Glow Outdoor
-
1-Jan-12
31-Dec-16
9,000
London Electricity Board
-
1-Dec-56
30-Nov-16
-
81,959
First floor occupied by Best Trading (the Headleaseholder) Landlord development break option after 01-03-14, on 3 months Notice Lease dated 16 Jan 1957
353,400
www.lshinvestmentsales.co.uk
Land and Buildings on Alfred’s Way and 227-247 Gascoigne Road, Barking, Essex IG11 7LN Planning The site currently has an established commercial use. The site has been included in the “Barking Town Centre Area Action Plan” which sets out site specific allocations for a number of sites within the plan area, which forms part of a larger site identified in the plan as BTCSSA 11’ ‘A13 frontage around Gascoigne Road and King Edward’. The area covered by the site allocation includes the commercial buildings on the site as well as the adjoining buildings. We recommend you make your own enquiries to the local authority regarding this allocation.
Energy performance certificates
Contacts
Copies of the EPCs are attached. Full energy performance certificates are available on request.
Lambert Smith Hampton United Kingdom House, 180 Oxford Street, London W1D 1NN Steve Williams
020 7198 2296
VAT The property has not been elected for VAT.
[email protected] Matthew Jones
020 7198 2230
[email protected] Proposal We are instructed to seek offers in excess of £3,000,000 (Three Million Pounds), subject to contract, for the benefit of the Freehold and Long Leasehold interests.
Further information on the property can be obtained from:
www.lshinvestmentsales.co.uk
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton September 2013 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
Energy performance certificates
! "!# $ % &&!'
!!"#!
!!"!#"$% & '$ '$((")
!!"#$$
! "!#$ % &'# '#((!)
!"#
"
! "# $ %&" &"'' (
!"#"
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
%& & '& &( )*& & ( ( & & + , +
& ) %& - ' (&. & - ( / -- - '(
-- - 0 ( )%& , & ' -&
&1 ,2'(''') ) ,).3-()
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
##
%%
&$$
##
()
(*#
*+'
*,%
*+,'
+-$
)*&
)+#
+( ) 0 )$ , 3 4 )# ) )
- .
)$ ##) (#
)$(, ## )) 3#
* + 14--
+& - 5 6 +% + +
.!/
+& %%+ *%
+&*- %% ++ 4%
.+ , 03,,
,% / 4 5 #6 * ,$ , ,
0 1
,% $$, +$
,%+/ $$ ,, 5$
,) * 03,,
*$ - 4 5 6 *# * *
./
*$ ##* )#
*$)- ## ** 4#
)$ /)0 -1),). )$ ## -* 1 2 . # (5#
) & ' ) , % / -
+& 0+1 .2+-+/ +& %% ., !3!/ )
* ' ( * - & 0 .
,% 2,3 0,/,1
,% $$ 0- 4 1 (#
) & ' ) , % / -
*$ 0*1 .2*-*/
*$ ## .+ 23/ !(
) & ' ) , % / -
)
$5+'
#6,'
"*&
$%0&'+' % ($ ' % &%0-
, , %, *, 5(
%&1'(,( & )% ( & '&1.
- - &- +- $)
$%0&'+' % ($ ' % &%0-
, , %, *, 6(
$%0&'+' % ($ ' % &%0-
, , %, *,6(
! "# $ %&" &"'' (
!"#"
! ""#"$#%& ' ()% %**#
!"#"
!" # $%! !&&'
! "## " """
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
##
&&
%""
)*&
)+#
+,-
(,.&
()*
$)+"
,) * 03,,
*$ - 4 5 6 *# * *
./
*$ ##* )#
*$)- ## ** 4#
, - 03,,
(-' / 4 5 6 + -& - -
0"1
(-' &&- ,&
-',/ && -- 6&
) * 03,,
$*# , 4 5 # ( *" * *
-.
$*# ""* )"
*#), "" ** 3"
*$ 0*1 .2*-*/
*$ ## .+ 23/ !(
) & ' ) , % / -
(-' 2-3 04-/-1
(-' && 0. 4"5"1 "(66
) & ' ) , % / -
$*# /*0 -1*,*.
$*# "" -+ 12. (
) & ' ) , % / -
"*&
% -
!*
$%0&'+' % ($ ' % &%0-
, , %, *,6(
$%0&'+' % ($ ' % &%0-
, , %, *,6(
$%0&'+' % ($ ' % &%0-
, , %, *, ""7(