drakes court - Alder King
DRAKES COURT
EAGLE WAY, LANGAGE BUSINESS PARK PLYMOUTH PL7 5JY
MULTI-LET INDUSTRIAL INVESTMENT FIND OUT MORE
unit 2 & 1
INVESTMENT CONSIDERATIONS •
Established industrial/warehouse location in Langage, with easy access to A38 trunk road
• Four modern, detached well specified trade/industrial units, completed in 2000 •
39,643 sq ft (3,682.9 sq m) GIA
•
Freehold
• Rental income of £230,050 per annum (£5.80 per sq ft overall) •
Long standing tenants with commitment to the location
•
AWULT of 6.1 years to lease expires
•
Seeking offers in excess of £3,100,000 (Three Million One Hundred Thousand Pounds), reflecting a net initial yield of 7% after standard purchaser’s costs of 5.8%.
INVESTMENT CONSIDERATIONS
LOCATION
unit 4
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
A39
Honiton
M5
A377
A386
A30
LOCATION
Okehampton A30 EXETER
A30
Sidmouth A376
A395
A386
Exmouth A380
A388
A39
A38
Tavistock Princetown
A39
Bodmin
A38
Yelverton
Torquay
A38 Newquay A392
A38
A390
A30
A38
A391
A30
Ivybridge
PLYMOUTH
St. Austell A390
A30
Modbury
Dartmouth
Plymouth’s mainline railway station has a direct journey time to London of just over 3 hours and to Bristol Temple Meads of approximately 2 hours. There are other direct services to the Midlands, the North, Scotland and South Wales. In addition, the city is an important continental and national sea port. Exeter Airport is 44 miles away.
Truro
A30
Redruth
A394
Penzance
A39
A386
Falmouth
PLYMOUTH AIRPORT
A38
DRAKES COURT
B3432
B3413
Plymouth is the largest city in the south west of England; located 220 miles south west of London, 112 miles south west of Bristol and 45 miles south west of Exeter. The City has excellent road communications with the A38 providing access to the national motorway network at Junction 31 of the M5 motorway at Exeter.
B3413
B3417
B3413
The city has a population of 262,000 and is ranked in the top 20 UK cities based on its retail catchment of some 354,000 persons. Plymouth University is home to 35,000 students and 3,000 staff with the main campus located a short walk north of the City Centre.
A3064 A386
PLYMOUTH TRAIN STATION
A374
A374
B3416
A38
B3416
A374
M5 A379
THE SOUND
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
SITUATION Drakes Court is situated on the Eastern side of Plymouth and forms part of Langage Business Park which is situated 4 miles from Plymouth city centre. Langage Business Park is one of Plymouth’s principal commercial locations. The property has easy access onto the A38 Devon Expressway situated only 0.6 miles to the south via the B3416. The A38 becomes the M5, at Exeter, approximately 44 miles to the east. Langage Business Park was developed in the 1980’s and is made up of industrial, distribution, manufacturing and trade counter uses as well as car dealerships and call centres. Nearby occupiers include an Orange Call Centre, Dixons, Jaguar, Toyota, and Audi Car Showrooms.
Map for indicative purposes only
unit 3
Running along the eastern boundary of Langage Business Park is the Langage Energy Park which totals 100 acres and is zoned for office, high tech and industrial uses.
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
DESCRIPTION Drakes Court comprises a four unit development built in 2000. Each of the units are of a high overall specification with steel portal frame construction with 6m minimum eaves and incorporate a two storey amenity block. Each unit includes demised parking and yard area. The property occupies a secure site of circa 1.14 acres (0.46 hectares), reflecting a site coverage of approx 42%.
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
TENANCIES Drakes Court is let to four tenants and produces a total rent roll of £230,050 per annum. The property has an AWULT of 6.1 years to lease expires. Tenancy details are outlined below: Unit
Tenant
Area (sq ft)
Lease start
Lease expiry
Rent per annum (psf)
Comments -Current rent is £41,435 until July 2016 and rent topped up by vendor. -Lease guaranteed by David John Hildrew -22 car parking spaces
Unit 1
Dash Direct Ltd
8,439
28/07/2014
27/07/2021
£53,950 (£6.39)
Unit 2
Snowbee (UK) Ltd
6,222
01/12/2000
30/11/2020
£39,100 (£6.28)
-Lease guaranteed by Russell Watson -14 car parking spaces
Unit 3
Draeger Safety UK Ltd
10,451
25/03/2003
24/03/2023
£57,000 (£5.45)
-Lease guaranteed by Draeger Safety AG & Co. KGoA -22 car parking spaces
Unit 4
Skills to Group Ltd
14,531
19/10/2001
18/10/2021
£80,000 (£5.51)
-Lease guaranteed by Messrs Boulting, Boulting and Rowlands. -38 car parking spaces -Rent review outstanding from 24/06/2013
Substation
-
-
18/12/2000
-
-
-99 year lease at a peppercorn rent
Total
INVESTMENT CONSIDERATIONS
£230,050 (£5.80 overall)
39,643
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
COVENANT INFORMATION We have set out below further financial information on the tenants, where available:
Unit
1
2
3
4
Tenant
Dash Direct Ltd
Snowbee (UK) Ltd
Draeger Safety UK Ltd
Skills to Group Ltd
Business
Retail distribution
Produces and distributes fishing equipment
Medical and Safety technology
Training provider
Guarantor
David John Hildrew
Mr R A Watson
Draeger Safety AG & Co KGoA
Mr J W Bolting, Mr J W Rowland & Mr M J Bolting
Year to date
Turnover
Pre-tax profit
Shareholders Funds
31/12/2014
-
-
£90,000
31/12/2013
-
-
£172,000
31/12/2012
-
-
£74,000
31/12/2014
-
-
£1,158,000
31/12/2013
-
-
£1,100,000
31/12/2012
-
-
£1,023,000
31/12/2014
£97,805,000
£12,168,000
£34,241,000
31/12/2013
£93,909,000
£14,851,000
£36,774,000
31/12/2012
£90,209,000
£15,366,000
£37,139,000
31/07/2014
£10,633,000
£2,404,000
£5,029,000
31/07/2013
£7,685,000
£1,271,000
£3,686,000
31/07/2012
-
-
£2,819,000
VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price. We anticipate that the transaction will be treated as a Transfer of Going Concern (TOGC).
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
EPC EPC reports can be provided on request.
PROPOSAL Offers are sought in excess of £3,100,000 (Three Million One Hundred Thousand Pounds), reflecting a net initial yield of 7% after standard purchaser’s costs of 5.8%.
INSPECTION ARRANGEMENTS
unit 1
For further information, or to arrange an inspection please contact:
Oliver Stretton [email protected] 0117 317 1121
Simon Bennett [email protected] 0117 930 5717
Lucy Round [email protected] 0117 317 1108
Mark Stanton [email protected] 0117 930 5774
John Benson [email protected] 0117 317 1100
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues. MISREPRESENTATION ACT │COPYRIGHT │DISCLAIMER COPYRIGHT © JONES LANG LASALLE IP, INC. 2010. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. Subject to Contract and Exclusive of VAT November 2015 Designed and produced by www.kubiakcreative.com 11-15 151804
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
PDF
EAGLE WAY, LANGAGE BUSINESS PARK PLYMOUTH PL7 5JY
MULTI-LET INDUSTRIAL INVESTMENT FIND OUT MORE
unit 2 & 1
INVESTMENT CONSIDERATIONS •
Established industrial/warehouse location in Langage, with easy access to A38 trunk road
• Four modern, detached well specified trade/industrial units, completed in 2000 •
39,643 sq ft (3,682.9 sq m) GIA
•
Freehold
• Rental income of £230,050 per annum (£5.80 per sq ft overall) •
Long standing tenants with commitment to the location
•
AWULT of 6.1 years to lease expires
•
Seeking offers in excess of £3,100,000 (Three Million One Hundred Thousand Pounds), reflecting a net initial yield of 7% after standard purchaser’s costs of 5.8%.
INVESTMENT CONSIDERATIONS
LOCATION
unit 4
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
A39
Honiton
M5
A377
A386
A30
LOCATION
Okehampton A30 EXETER
A30
Sidmouth A376
A395
A386
Exmouth A380
A388
A39
A38
Tavistock Princetown
A39
Bodmin
A38
Yelverton
Torquay
A38 Newquay A392
A38
A390
A30
A38
A391
A30
Ivybridge
PLYMOUTH
St. Austell A390
A30
Modbury
Dartmouth
Plymouth’s mainline railway station has a direct journey time to London of just over 3 hours and to Bristol Temple Meads of approximately 2 hours. There are other direct services to the Midlands, the North, Scotland and South Wales. In addition, the city is an important continental and national sea port. Exeter Airport is 44 miles away.
Truro
A30
Redruth
A394
Penzance
A39
A386
Falmouth
PLYMOUTH AIRPORT
A38
DRAKES COURT
B3432
B3413
Plymouth is the largest city in the south west of England; located 220 miles south west of London, 112 miles south west of Bristol and 45 miles south west of Exeter. The City has excellent road communications with the A38 providing access to the national motorway network at Junction 31 of the M5 motorway at Exeter.
B3413
B3417
B3413
The city has a population of 262,000 and is ranked in the top 20 UK cities based on its retail catchment of some 354,000 persons. Plymouth University is home to 35,000 students and 3,000 staff with the main campus located a short walk north of the City Centre.
A3064 A386
PLYMOUTH TRAIN STATION
A374
A374
B3416
A38
B3416
A374
M5 A379
THE SOUND
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
SITUATION Drakes Court is situated on the Eastern side of Plymouth and forms part of Langage Business Park which is situated 4 miles from Plymouth city centre. Langage Business Park is one of Plymouth’s principal commercial locations. The property has easy access onto the A38 Devon Expressway situated only 0.6 miles to the south via the B3416. The A38 becomes the M5, at Exeter, approximately 44 miles to the east. Langage Business Park was developed in the 1980’s and is made up of industrial, distribution, manufacturing and trade counter uses as well as car dealerships and call centres. Nearby occupiers include an Orange Call Centre, Dixons, Jaguar, Toyota, and Audi Car Showrooms.
Map for indicative purposes only
unit 3
Running along the eastern boundary of Langage Business Park is the Langage Energy Park which totals 100 acres and is zoned for office, high tech and industrial uses.
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
DESCRIPTION Drakes Court comprises a four unit development built in 2000. Each of the units are of a high overall specification with steel portal frame construction with 6m minimum eaves and incorporate a two storey amenity block. Each unit includes demised parking and yard area. The property occupies a secure site of circa 1.14 acres (0.46 hectares), reflecting a site coverage of approx 42%.
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
TENANCIES Drakes Court is let to four tenants and produces a total rent roll of £230,050 per annum. The property has an AWULT of 6.1 years to lease expires. Tenancy details are outlined below: Unit
Tenant
Area (sq ft)
Lease start
Lease expiry
Rent per annum (psf)
Comments -Current rent is £41,435 until July 2016 and rent topped up by vendor. -Lease guaranteed by David John Hildrew -22 car parking spaces
Unit 1
Dash Direct Ltd
8,439
28/07/2014
27/07/2021
£53,950 (£6.39)
Unit 2
Snowbee (UK) Ltd
6,222
01/12/2000
30/11/2020
£39,100 (£6.28)
-Lease guaranteed by Russell Watson -14 car parking spaces
Unit 3
Draeger Safety UK Ltd
10,451
25/03/2003
24/03/2023
£57,000 (£5.45)
-Lease guaranteed by Draeger Safety AG & Co. KGoA -22 car parking spaces
Unit 4
Skills to Group Ltd
14,531
19/10/2001
18/10/2021
£80,000 (£5.51)
-Lease guaranteed by Messrs Boulting, Boulting and Rowlands. -38 car parking spaces -Rent review outstanding from 24/06/2013
Substation
-
-
18/12/2000
-
-
-99 year lease at a peppercorn rent
Total
INVESTMENT CONSIDERATIONS
£230,050 (£5.80 overall)
39,643
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
COVENANT INFORMATION We have set out below further financial information on the tenants, where available:
Unit
1
2
3
4
Tenant
Dash Direct Ltd
Snowbee (UK) Ltd
Draeger Safety UK Ltd
Skills to Group Ltd
Business
Retail distribution
Produces and distributes fishing equipment
Medical and Safety technology
Training provider
Guarantor
David John Hildrew
Mr R A Watson
Draeger Safety AG & Co KGoA
Mr J W Bolting, Mr J W Rowland & Mr M J Bolting
Year to date
Turnover
Pre-tax profit
Shareholders Funds
31/12/2014
-
-
£90,000
31/12/2013
-
-
£172,000
31/12/2012
-
-
£74,000
31/12/2014
-
-
£1,158,000
31/12/2013
-
-
£1,100,000
31/12/2012
-
-
£1,023,000
31/12/2014
£97,805,000
£12,168,000
£34,241,000
31/12/2013
£93,909,000
£14,851,000
£36,774,000
31/12/2012
£90,209,000
£15,366,000
£37,139,000
31/07/2014
£10,633,000
£2,404,000
£5,029,000
31/07/2013
£7,685,000
£1,271,000
£3,686,000
31/07/2012
-
-
£2,819,000
VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price. We anticipate that the transaction will be treated as a Transfer of Going Concern (TOGC).
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
EPC EPC reports can be provided on request.
PROPOSAL Offers are sought in excess of £3,100,000 (Three Million One Hundred Thousand Pounds), reflecting a net initial yield of 7% after standard purchaser’s costs of 5.8%.
INSPECTION ARRANGEMENTS
unit 1
For further information, or to arrange an inspection please contact:
Oliver Stretton [email protected] 0117 317 1121
Simon Bennett [email protected] 0117 930 5717
Lucy Round [email protected] 0117 317 1108
Mark Stanton [email protected] 0117 930 5774
John Benson [email protected] 0117 317 1100
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues. MISREPRESENTATION ACT │COPYRIGHT │DISCLAIMER COPYRIGHT © JONES LANG LASALLE IP, INC. 2010. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. Subject to Contract and Exclusive of VAT November 2015 Designed and produced by www.kubiakcreative.com 11-15 151804
INVESTMENT CONSIDERATIONS
LOCATION
SITUATION
DESCRIPTION
TENANCIES
COVENANT
CONTACT
