units 1-4 tilbrook ii bradbourne drive, milton keynes ... - King Sturge

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INVESTMENT SUMMARY Well located with close proximity to the M1. Freehold Average unexpired term of nearly 6 years. Current passing rent of £473,100 per annum, which equates to an average rent of only £5.48 per ft². Low site cover of 30%. Rent reviews in September 2009 to September 2010. Offers of £4.36m which reflects a Net Initial Yield of 10.25% after costs of 5.75%. LOCATION Milton Keynes, in Buckinghamshire, is situated 53 miles northwest of London and 64 miles southeast of Birmingham. The town benefits from a strategic location immediately to the west of the M1 motorway (Junctions 13 and 14) and east of the A5 (T), as well as its excellent grid pattern road network, many of which are dual carriageway. Rail services from Milton Keynes Central Station provide links to London (Euston) with a journey time of 35 minutes. Luton Airport is situated 20 miles to the south west. The excellent infrastructure has resulted in the town attracting major occupiers such as Royal Mail, Volkswagen, Skoda, Coca Cola, Christian Salvesen and John Lewis. SITUATION Bradbourne Drive is located within the Tilbrook industrial area, approximately 3 miles southeast of the town centre. The A4146 (H10) immediately to the north gives swift links to the A421 and thereon Junction 13 of the M1, approximately 4 miles to the east. The A5 (dual carriageway) is approximately 0.75 miles to the west. Major occupiers in the vicinity include New Wave Logistics, Pearl, Red Bull Racing, Rockwell Automation, Yamaha Kemble Music, Ideal Bathrooms and Geest Plc. DESCRIPTION The property comprises four industrial/warehouse <strong>units</strong> constructed in 1988 of steel portal frame and profile steel cladding with two storey office components fronting onto Bradbourne Drive. Eaves height is 5.25 m (17ft 4in). Each unit is served by two loading doors onto a yard area, with separate car parking to the front of each unit. We calculate the site area is 6.57 acres (2.66 ha) providing a site cover of 30%.
ACCOMMODATION The property provides the following gross internal floor areas: Description ft² m² Unit 1 26,955 2,504 Unit 2 19,605 1,821 Unit 3 14,639 1,360 Unit 4 25,109 2,333 TOTAL 86,308 8,018 TENURE Freehold. TENANCIES Unit Tenant Lease Lease Rent Rent Rent Comments Start Expiry Review ft 2 (Break) 1 C2P Automotive Ltd 29/09/89 28/09/14 29/09/09 £145,500 £5.40 2 <strong>King</strong>ston Foods Ltd 01/09/99 31/08/14 01/09/09 £110,000 £5.61 3 Calumet International Ltd 29/09/89 28/09/14 29/09/09 £82,000 £5.60 4 Avery Dennison Retail 29/09/90 28/09/15 29/09/10 £135,600 £5.40 Guarantor - Paxar Information Services UK Ltd Corporation. Sub-let to (formerly Paxar UK Ltd) TGI Logistics Ltd expiring 5 November 2012 at £135,600 pa. Total £473,100
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units 1-4 tilbrook ii bradbourne drive, milton keynes ... - King Sturge

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