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Dutch Properties C25,050,000:<br />
Property Sector Description, Age & Tenure<br />
Casablancaweg,<br />
Amsterdam, The<br />
Netherlands<br />
Lingewei 6 in Tiel,<br />
The Netherlands<br />
Logistics The subject property comprises a<br />
total of 9,199 sq m with<br />
approximately 8,049 sq m<br />
utilised as warehousing and<br />
350 sq m as office space. The<br />
remaining 800 sq m is in the<br />
form of a mezzanine floor.<br />
The building was constructed in<br />
2006 and is made of a steel<br />
construction under a flat roof<br />
with synthetic window frames<br />
with insulating glass. Fifteen<br />
loading docks are situated on the<br />
ground floor. A mezzanine is<br />
situated above the loading<br />
docks. The clear height of the<br />
warehouse is approximately<br />
10 metres. The building is<br />
provided with sprinkler systems.<br />
Outside the building is a buffer<br />
of steel which is responsible for<br />
the water supply.<br />
The extended building at the<br />
front of the subject property<br />
consists of two floors. The<br />
ground floor is in use as office<br />
space. The office rooms are<br />
equipped with an electrical<br />
installation and cable ducts to<br />
enable data and telephone<br />
wiring. The first floor is equipped<br />
with sanitary facilities, canteen,<br />
pantry and changing rooms.<br />
The area surrounding the<br />
building is paved with concrete<br />
clinkers and asphalt. Parking is<br />
available on the site behind and<br />
next to the property. There are<br />
ample of car-parking facilities on<br />
the site.<br />
The Property will be held<br />
leasehold.<br />
Logistics The Property comprises a single<br />
storey logistics warehouse with<br />
ancillary offices in the form of a<br />
first floor mezzanine annex. Both<br />
parts of the Property were<br />
constructed between mid 2005<br />
and mid 2006. The Property is of<br />
steel frame construction clad<br />
with prefabricated isolated<br />
sandwich elements covered with<br />
aluminium sheets. The property<br />
benefits from double glazing and<br />
aluminium windows frames and<br />
is set beneath a flat steel roof<br />
which has been covered with a<br />
PVC roofing membrane.<br />
The warehousing<br />
accommodation benefits from<br />
36 loading docks and has a clear<br />
eaves height of 10.8 metres. The<br />
Property provides a total of<br />
20,849 sq m of accommodation.<br />
The Property will be held<br />
freehold.<br />
Terms of Existing<br />
Tenancies<br />
The Property is let on a<br />
single lease to Christian<br />
Salvesen expiring in July<br />
2015. The lease contains<br />
a break option that is<br />
exercisable by the tenant<br />
in July 2009.<br />
The Property is let on a<br />
single lease to DHL<br />
Solutions (Netherlands)<br />
B.V. expiring in April<br />
2016. The lease contains<br />
a break option that is<br />
exercisable by the tenant<br />
in April 2011.<br />
77<br />
Estimated<br />
Net<br />
Annual<br />
Rent<br />
Net<br />
Annual<br />
Rent<br />
Net<br />
Initial<br />
Yield<br />
Market<br />
Value<br />
455,400 420,193 6.21% 6,250,000<br />
1,238,490 1,237,291 6.13% 18,800,000
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