For Sale Freehold Reversionary Industrial Investment ... - Fastly

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Reversionary Industrial Investment Opportunity. UNIT. Enfield Industrial Estate. Windsor Road. Redditch B97 6BH. • Fully let to Sports PLC with an unexpired term of 5 years. • Currently producing £129,692 per annum. • GIA: 4,786.8 sq. m (51,525 sq. ft.) • Offers in the order of £2,000,000 reflecting a net initial yield of 6.1% ...

2 UNIT

For Sale Freehold Reversionary Industrial Investment Opportunity

Enfield Industrial Estate Windsor Road Redditch B97 6BH

• • • •

Fully let to Sports PLC with an unexpired term of 5 years Currently producing £129,692 per annum GIA: 4,786.8 sq. m (51,525 sq. ft.) Offers in the order of £2,000,000 reflecting a net initial yield of 6.1%

2 UNIT

Location The property is situated on Enfield Industrial Estate, approximately 1 mile north west of Redditch Town Centre. The property is positioned on the south side of Windsor Road (B4184) which connects with Birmingham Road (A441), approximately 0.5 miles east of the property. Junction 2 of the M42 Motorway is approximately 4.5 miles north of the property. The M5 Motorway is approximately 9.5 miles north west of the property via the M42. Birmingham City Centre is approximately 14.5 miles north of the property.

Enfield Industrial Estate Windsor Road Redditch B97 6BH

Coleshill

M38(M) Smethwick

J2

Birmingham

M42

Stourbridge

J3

A45

Halesowen A435 A456

A34

A435

A38

M5

Hagley

A441

A491 A38

A448

Hollywood

M42 Knowle

A34

A435

Earlswood

A38

M42

Hockley Heath A435

Bromsgrove

M5 A448

Redditch

Hanbury Droitwich Spa

Studley Astwood Bank

2

A448

M40

B4184

A448

Bir

fie ld

B4497

Rd Stu dle

B4504

yR

Aston Cantlow

d

A46 A422

B4023

ch

Wootton Wawen

A435

B4491

Redditch

Feckenham Coughton

Beoley

d ve R sgro Brom

Henley-in-Arden Claverdon

Holt End

r ay D losw Hol

A435

Lapworth

Tamworth in Arden

UNIT

A441

Hampton Lovett

UNIT

Dorridge

A441

Cutnall Green

2

Solihull

Shirley

A441

B4497

Mappleborough Green

Investment summary • An opportunity to acquire a substantial freehold industrial property. • Enfield Industrial Estate is strategically located, approximately 4.5 miles south of Junction 2 of the M42, which links to the M6 & M5 Motorways. • A secure site extending to approximately 2.64 acres (1.07 ha). • Total rent passing of £129,692 and increasing to £172,923 in the final three years of the lease term. • Low capital value of £38 per sq. ft.

Description The property comprises a detached industrial warehouse of steel portal frame construction arranged in three interconnected bays with offices to the western elevation. There are four roller shutter doors leading to a concrete hardstanding yard. The reception area is adjacent to a suite of glazed cellular offices which surround an open plan central office area. There are male and female WC facilities. The specification of the warehouse comprises; • Approximately 4.3m eaves height • Suspended box lighting units throughout • Four roller shutter doors • Integrated electricity sub-station Externally, there is car parking for approximately 35 vehicles in the staff and visitor car park. Accommodation

Sq M

Sq Ft

Industrial



4,244.1

45,684

Offices



490.2

5,276

Ancillary



52.5

565



Total 4,786.8

51,525

Tenure

Covenant Status

The property is held freehold under Land Registry Title Number HW74635.

Sports PLC (Company Number: 06151896) sells sports and leisure goods on a retail and wholesale basis, predominantly via the internet.

The whole property is let to Sports PLC on a lease for a term of 10 years from 14th March 2013. The current passing rent is £129,692.48 per annum (£2.51 per sq. ft.) The lease is subject to a prescribed rent review pattern for the remainder of the term as follows:

£129,692.48 from 14 March 2018 until 13 March 2019. (£2.51 per sq. ft.)



30 September 2017

30 September 2016

30 September 2015

Sales Turnover

£7,990,000

£12,532,000

£13,674,000

Profit (Gross)

£2,634,000

£4,176,000

£4,346,000

Net Assets

£1,643,000

£2,086,000

£3,953,000

The Graydon rating of 4B shows a financial strength of £1,000,000 - £5,000,000 based on net worth plus net current assets / liabilities. The tenant company name was changed from Sports PLC to S247 PLC in October 2013.

£129,692.48 from 14 March 2019 until 13 March 2020. (£2.51 per sq. ft.) £172,923.30 from 14 March 2020 until 13 March 2021. (£3.35 per sq. ft.)

VAT

Planning

£172,923.30 from 14 March 2021 until 13 March 2022. (£3.35 per sq. ft.)

We understand that the property is elected for VAT. All prices are quoted exclusive of any VAT liability.

£172,923.30 from 14 March 2022 until 13 March 2023. (£3.35 per sq. ft.)

It is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).

We understand that the property has consent for B1 and B8 uses in accordance with the Town & Country Planning (Use Classes) Order 1987.

Legal Costs Each party is to be responsible for their own legal costs incurred in the transaction.

Business Rates

84

OR

RD

1 B4

Local Authority: Effective Date: Rateable Value:

S ND

Redditch 1st April 2017 £134,000

Services We understand that the property is connected to mains electricity, gas and water.

EPC The property has an EPC Rating of ‘D’ (89). A copy is available on request.

I

W

2

Terms We are instructed to seek offers in the order of £2,000,000 for the freehold interest, reflecting a net initial yield of 6.1% and reversionary yield of 8.5%, assuming purchaser’s costs of 6.28%.

UNIT

HE

WE

LL

RD

CONTACT DETAILS: RICHARD LINGEN

ANKUR CHADHA

M:   07701 314054 DD:  0121 237 2322  E: [email protected]

M: 07801 680583 DD: 0121 237 2367  E: [email protected]

Conditions under which particulars are issued: LSH for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of LHS has any authority to make or give any representation or warranty whatever in relation to this property.

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