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court lane industrial estate, iver, buckinghamshire ... - Capita Symonds

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M25<br />

COURT LANE INDUSTRIAL ESTATE, IVER,<br />

BUCKINGHAMSHIRE SLO 9HL<br />

FREEHOLD INDUSTRIAL INVESTMENT/DEVELOPMENT<br />

FOR SALE


2<br />

Investment Summary<br />

Rare opportunity to acquire a multi-let <strong>industrial</strong><br />

and storage land <strong>estate</strong> in a strategic location<br />

adjacent to M25 and close to Heathrow Airport.<br />

Freehold.<br />

14 acres of mostly open storage land with<br />

approximately 37,426 sq ft of existing buildings.<br />

Currently let to 9 tenants on 12 leases at a passing rent<br />

of £1,112,358 per annum including a 1 year rent<br />

guarantee.<br />

Weighted average unexpired term of 8.7 years to lease<br />

expiries.<br />

Existing landlord and mutual breaks will enable<br />

vacant possession of approximately 3.7 acres by<br />

December 2013 for redevelopment.<br />

Entire site identified for future redevelopment<br />

subject to planning.<br />

Identified as potential data centre development site.<br />

Offers in excess of £13,200,000 subject to contract<br />

and exclusive of VAT. A purchase at this level reflects<br />

a Net Initial Yield of 8% and a reversionary yield of<br />

9.10% assuming purchasers costs of 5.7625%.<br />

Location<br />

Iver is in the south-east corner of South Buckinghamshire close<br />

to the borders of the London Borough of Hillingdon and<br />

Berkshire.<br />

The location is excellent being 17 miles west of Central London,<br />

3 miles west of Uxbridge and 5 miles north east of Slough.<br />

Junction 5 of the M4 motorway is less than 4 miles to the south<br />

giving access to the M25 at junction 15.<br />

Heathrow International Airport is 3 miles to the south east.<br />

Regular rail services are available to Central London and the West<br />

Country from Iver station.<br />

Situation<br />

COURT LANE INDUSTRIAL ESTATE, IVER, BUCKINGHAMSHIRE SLO 9HL<br />

Court Lane Industrial Estate is situated directly to the east of<br />

the M25 and within 0.5 miles of Iver Village. The site is<br />

bounded by the Slough Arm of the Grand Union Canal to the<br />

north and is highly visible from the M25.<br />

Access from Junction 5 of the M4 is via the B470 and Thorney<br />

Lane North. Alternatively, access is from either Junction 4 of the<br />

M4 or Junction 1 of the M40, and through Uxbridge to Thorney<br />

Lane North via the B470.<br />

The property is located within the Metropolitan Green Belt and<br />

is therefore in an area of limited availability for it’s current uses.<br />

Other <strong>industrial</strong> <strong>estate</strong>s in the immediate area include<br />

Ridgeway Trading Estate, Iver and Thorney Lane Business Park.<br />

The site benefits from being close to Iver Railway Station,<br />

which is scheduled to benefit from Crossrail and in the longer<br />

term, may be adjacent to the Heathrow Hub if this project<br />

were to become a reality.<br />

ylesbury<br />

M40<br />

ading<br />

M4<br />

M3<br />

A418<br />

Hemel 10<br />

Hempstead<br />

A413<br />

A41<br />

IVER<br />

3<br />

Woking<br />

M1<br />

16<br />

15<br />

12<br />

A3<br />

Guildford<br />

Luton<br />

A1(M)<br />

21<br />

M25<br />

A24<br />

9<br />

Cra le<br />

23<br />

M25<br />

LONDON<br />

7/8<br />

M23<br />

27<br />

M11<br />

M25<br />

8<br />

A21<br />

A414<br />

2<br />

A26<br />

M25<br />

M20<br />

M26<br />

A120<br />

A1<br />

A<br />

A13<br />

Sevenoak<br />

Description<br />

Court Lane Industrial Estate is a site regular in shape extending to<br />

approximately 14 acres.<br />

The property provides over 10 acres of open storage with ancillary<br />

buildings mainly let to airport paking and recycling operators.<br />

The remaining area comprises <strong>industrial</strong> units with yards.<br />

Court Garages incorporates a workshop, a terrace of units,<br />

additional yardage, advertising hoarding and a listed farmhouse.<br />

The tenant redeveloped a former stable block to form the terrace<br />

of small units and operates the farmhouse as a serviced office<br />

centre.<br />

Tenure<br />

Freehold.<br />

IVER


CG<br />

Photo taken 2007/8<br />

1<br />

17/18<br />

1a<br />

5/7a<br />

7<br />

8<br />

19<br />

11/12<br />

6<br />

13<br />

15<br />

10<br />

16<br />

Estate Occupiers<br />

1 Multiforce Engineering Ltd<br />

1a Ayto Transport Ltd<br />

CG Euromade Management Ltd<br />

5/7a Ontime Specialist<br />

Automotive Services Ltd<br />

6 Iver Recycling Ltd<br />

7 Iver Recycling Ltd<br />

8 PA Malik<br />

10 Ontime Specialist<br />

Automotive Services Ltd<br />

11/12 Q-Park Ltd<br />

13 Iver Recycling Ltd<br />

15 Vacant<br />

16 Q-Park Ltd<br />

17/18 AFI-Uplift Ltd<br />

19 Vacant<br />

COURT LANE INDUSTRIAL ESTATE, IVER, BUCKINGHAMSHIRE SLO 9HL<br />

3


4<br />

Accommodation and Tenancies<br />

COURT LANE INDUSTRIAL ESTATE, IVER, BUCKINGHAMSHIRE SLO 9HL


Court Garages – Schedule of sub-lettings:<br />

Euromade Management Ltd sublets Courts Garages as follows:<br />

Demise Rent (£) per annum Tenants / Comments<br />

Farmhouse £9,600 13 office suites. 4 vacant suites. Total ERV £22,800<br />

Workshop Terrace Unit 2-5 £36,000 Tracked Access Limited (tenancy at will)<br />

Workshop Terrace Unit 6 £24,000 Matbros (tenancy at will)<br />

Workshop Unit £45,000 Kimberley Access Ltd (stepped rent)<br />

Workshop Unit £0 Vacant (ERV £14,500 per annum)<br />

Advertising Hoarding £60,000 C.B Advertising Ltd<br />

Advertising Hoarding £18,000 Academy Marques Ltd<br />

Total £192,600<br />

Estate Service Charge<br />

The Service Charge Budget (excluding the management fee) for 2010/2011 is £41,480. Approximately 93% of the service charge is recoverable.<br />

The Estate Management Fee for 2010/11 is £24,000. Approximately 86% is recoverable.<br />

Court Lane is a private road owned by the neighbouring occupier. Maintenance and repair is the responsibility of the owner of Court<br />

Lane Industrial Estate. Maintenance costs are recoverable through the service charge.<br />

Occupier Information<br />

Company Comment<br />

Multiforce Limited In occupation since 1996. Private company trading as Multiforce Engineering Services.<br />

Ayto Transport Limited<br />

In occupation since 1985.Private company formed in 1978 currently trading as Systems<br />

Transport Services.<br />

Euromade Management Limited In occupation since before 1970. Foreign Registered Company. HQ located in USA.<br />

Ontime Automotive Limited<br />

In occupaton since 1997. Private limited company with a D&B Rating of 2A2. Ultimate<br />

parent company is The Bidvest Group Ltd.<br />

Iver Recycling Limited In occupation since 1997. Private limited company with a D&B Rating of 1A2.<br />

P A Malik Private operator in occupation since 1995. Trading as A M A Engineering.<br />

Q-Park Limited<br />

In occupation since 2000. Private Limited company. Ultimate parent company is Q Park<br />

NV a Dutch owned multi-national car park operator.<br />

AFI-Uplift Limited<br />

In occupation since 2006. One of the UK's leading powered access rental companies.<br />

D&B Rating of 2A1.<br />

Listed Farmhouse<br />

COURT LANE INDUSTRIAL ESTATE, IVER, BUCKINGHAMSHIRE SLO 9HL<br />

5


6<br />

Planning<br />

The site is termed as an “opportunity area” in the latest Draft<br />

Framework and there is potential to redevelop the <strong>estate</strong>.<br />

The Draft Framework encourages redevelopment for commercial<br />

use of the sort that will reduce HGV movement in the<br />

surrounding area, especially the villages of Richling Park and Iver.<br />

Court Lane Industrial Estate has been in continuous commercial<br />

use for over 30 years.<br />

The Farmhouse is Grade II listed.<br />

Rental Comment<br />

The landlord break in 2013 on Court Lane Garages offers the<br />

opportunity to increase rental income subject to a landlord<br />

payment of £250,000.<br />

At the current ERV’s this will increase the achievable rent to in<br />

excess of £1,270,000 per annum.<br />

Redevelopment Potential<br />

Court Lane Industrial Estate has an overall site coverage of only<br />

6.2% and has the potential to be redeveloped to provide a<br />

greater density of built accommodation subject to planning.<br />

Identified options include:<br />

Vacant possession of approximately 3.7 acres at the front of<br />

the <strong>estate</strong> could be obtained by December 2013. This area<br />

could be suitable for a development of <strong>industrial</strong> starter<br />

units.<br />

The entire site has significant potential for a Data Centre<br />

development. Initial enquiries have been made particularly<br />

in relation to power supply and connectivity. Further<br />

information available on request.<br />

Unit 17/18<br />

Unit 1<br />

COURT LANE INDUSTRIAL ESTATE, IVER, BUCKINGHAMSHIRE SLO 9HL<br />

VAT<br />

The property is elected for VAT and therefore VAT will be payable<br />

on the purchase price. It is envisaged that the transaction will be<br />

dealt with as a Transfer of a Going Concern (TOGC).<br />

Proposal<br />

We are instructed to seek offers in excess of £13,200,000,<br />

subject to contract and exclusive of VAT. A purchase at this level<br />

will reflect a net initial yield of 8%, a reversionary yield of 9.10%<br />

and an equivalent yield of 8.60%.<br />

Purchasers costs calculated at 5.7625%.


Lease demises for identification purposes only.<br />

Unit 11/12 Court Garages Unit 5/7a<br />

Unit 6<br />

Unit 1a<br />

COURT LANE INDUSTRIAL ESTATE, IVER, BUCKINGHAMSHIRE SLO 9HL


Units 6, 15 & 16<br />

Unit 13<br />

Further Information<br />

Andrew Mitchell<br />

Tel: 020 7544 2242<br />

amitchell@nbreal<strong>estate</strong>.co.uk<br />

James Keys<br />

Tel: 020 7544 2045<br />

jkeys@nbreal<strong>estate</strong>.co.uk<br />

Part of The <strong>Capita</strong> Group Plc<br />

25 Sackville Street<br />

London<br />

W1S 3HQ<br />

www.nbreal<strong>estate</strong>.co.uk<br />

Further information is available at:<br />

sales.nbreal<strong>estate</strong>.co.uk/<strong>iver</strong><br />

Please read these important notes:<br />

NB Real Estate Markets Ltd ("NB") for itself and as agent for the vendors or lessors (the "Seller") of this property, gives notice that (1) These particulars do not constitute any part of an offer or a contract<br />

(2) Whilst every attempt has been made to ensure accuracy, this cannot be guaranteed and, therefore (save as set out at (6) below), (a) all statements and descriptions in these particulars as to this property<br />

are made without responsibility or liability on the part of NB or the Seller, (b) no such statements or descriptions are to be relied on as statements or representations of fact (c) all measurements are<br />

approximate and no responsibility is taken for any error, omission or misstatement and (d) any intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness<br />

of each of the statements, descriptions and measurements contained in these particulars (3) The Seller does not make or give, and neither NB nor any of its employees or agents makes or gives nor has<br />

any authority to make or give, any representation or warranty whatsoever in relation to this property. (4) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and no statement is made<br />

as to the incidence of VAT. (5) No liability is accepted and no representation is made by either NB or the Seller in respect of the presence, condition, adequacy or usability of any telecommunications or<br />

computer systems or equipment at the property, any software loaded thereon, or any related cabling or infrastructure. (6) Nothing herein shall exclude any liability which either the Seller or NB would<br />

otherwise have for any fraudulent concealment or for any statements made fraudulently by it, its employees or agents.<br />

Adrian Gates Photography & Design 07710 316 991

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