Unit 2, Langage Science Park Plymouth PL7 5BQ - Propex

Unit 2, Langage Science ParkPlymouth PL7 5BQPRIME SOUTH WEST INDUSTRIAL INVESTMENT LET FOR A FURTHER 12.6 YEARSUnit 2, Langage Science Park Plymouth PL7 5BQ

INVESTMENT SUMMARY• A single let headquarters industrial investmentlocated in the South West.• The property provides 60,187 sq ft (5,592 sq m) ofmanufacturing and warehouse accommodation.• Single let to Geocel Limited on a lease expiring 27December 2017 and a reversionary lease expiring 30May 2024, therefore having approximately 12.6 yearsunexpired.• Total rent passing of £257,500 per annum (£4.28 persq ft overall).• Freehold.• Fixed rental uplift in May 2020 to £280,000 perannum, providing a reversionary yield of 8.7%• Low capital value of £50.50 per sq ft• Offers are sought in excess of £3,040,000 (ThreeMillion and Forty Thousand Pounds) subject tocontract. A purchase at this level provides a netinitial yield of 8.0% after allowing for purchaser’scosts of 5.8%.Unit 2, Langage Science Park Plymouth PL7 5BQ

A483A3A5A34A61A6003A15A15A22LOCATIONPlymouth is a major commercial centre in the South West ofEngland and lies within the county of Devon, 50 miles (80 km)south west of Exeter, 120 miles (193 km) south west of Bristol and215 miles (346 km) from Central London.The town has excellent communication links with easy access toExeter and the M5 provided via the A38. The CELTIC National SEARail Stationat Plymouth is served by First Great Western, providing directaccess to London Paddington (3 hours), Bristol Temple Meads (1hour 59 minutes) and other South West regional centres.SITUATIONR E P U B L I C O FI R E L A N DThe property is located on the northern boundary of LangageScience Park, an established mixed use commercial estatelocated in Plympton, 6 miles (9.5 km) east of Plymouth towncentre. The Science Park is situated just off Holland Road, whichprovides access to the A38 via Sandy Road (B3416). Occupiers inthe vicinity include Princess Yachts, Atlantis Marine Power Ltd,Vortok International, Smiths News and Algram (Olympus Group).DUBLINDun LaoghaireRedruthA30HelstonPenzanceMount’sBay1243Blackpool3484 M55 13247Preston11104631aM65 8 9 Burnley BradfordSelbyKingston215 4538317643 4442upon HullM6227A632629302837Blackburn542 301a3 44129 9 2A56Dewsbury31 3236Humber Br28Halifax2533 M62 34403584024GooleSouthportA1523M6Rochdale M6239WakefieldPontefract1A1M61226M66A565 Skelmersdale619Barnsley 38 Bentley M180 2BuryScunthorpeImmingham213827 BoltonHuddersfield2 5 15Grimsb203Cleet51843 443717374M58 5319M60 OldhamHumbersideMaghull262116M1Airport1St Wigan2514Doncaster3636Bootle 72412MANCHESTER36 HelensA5802322311Ashton-under-Lyne35a5A630Liverpool924 1 335A1(M)M57M183228117Liverpool Wallasey21062513415M62M60 5 27 M6734Bay16 7 WarringtonRotherham2a 2213 333Stockport Sheffield32LlandudnoBirkenheadGainsborough35A4120 8 7 631HolyheadWidnes 941011WorksopConwyM53 Runcorn51219M569A6130A55A55MacclesfieldA110 14 NorthwichBuxtonA5511/15M6Chesterfield29aBangorQueensferry12CrownhillLincoln1829ChesterA55M117A46CongletonMansfieldCaernarfonMoldRuthinMatlockNewarkon-TrentCaernarfon BayA483CreweLeek Unit 2 Langage28Science Park,16Betwsy-CoedWrexhamNewcastle--Trent Western Wood Way, Plymouth SleafordNantwichStoke-on27under-LymeA1A1121LlynA3826PorthmadogAshbourneCelyn15NottinghamBosA50LlangollenWhitchurchBeaconDerbyA52 25M6 StoneGranthamY BalaParkA50LlynUttoxeterA50 24aA34TegidOswestryBurton241423aStaffordupon Trent E. MidlandsM1 LoughboroughA42A46MeltonDolgellauRugeleySpalding13A3823PlymouthPlymptonMowbrayA6A1CannockA57 622Welshpool5 12411A46StamfordWisbShrewsbury Telford11a T8 T7311T6 LichfieldM42LeicesterM54 2 1T510aT4 Tamworth21aOakhamPeterboroughBrownhills10M6 Toll21A113910MachynllethWolverhampton Walsall9T3HinckleyWigston8 7T2M6A38 9217CARDIGAN BAY /NuneatonW A L E ST11 6116BAE CEREDIGIONBridgnorth DudleyMarket5 4a 8Newtown2M69 A5 Harborough7aCorbyA1(M)Stourbridge7 4M6 315320AberystwythCoventry6 A452BIRMINGHAMM6 M11519A14LlangurigKidderminsterRugby14Kettering442A14L4a 13 3aA4618M42 16M45Bromsgrove Plymstock17RoyalE N G L A N DHuntingdonRhayaderWellingboroughLeamingtonA14A449 5Warwick SpaA115Redditch14A45M513Llandrindod16Leominster615aWellsWorcesterNorthamptonCambridg1215Bedford7BuilthA46 Stratfordupon-AvonM40M1WellsCardiganA4103Evesham Not to Scale - For 11 Identification Purposes OnlyA4314A1Hereford8Banbury113A50510LlandoveryMiltonFishguard29KeynesBreconM50912M5 Stow-onthe-WoldLuton10A414684310M1LlandeiloA40Ross-on-WyeStevenag11CarmarthenCheltenham711LutonA40910aHaverfordwestSt ClearsDunstable 10 Airport A1(M)11aSt Brides BayA48AbergavennyGloucesterA34Hert69MerthyrAylesburyMonmouthHemel5MilfordTydfil12Oxford4A40HempsteadSt Albans A414HavenA10Pembroke498138a3A41 72 HatfieldDockM4A465Stroud488 7 2121a 22Carmarthen LlanelliCirencesterMM4020 6BayAmersham23 24 2547 46 451TenbyHigh19 544 Neath6A4495A14318 M142CwmbranWycombe174 Barnet14SwanseaWatford2A4194M25A4064125a4026 25M4824M53212PortHarrow39 2723a 23FinchleyA470138 Beaconsfield28A1Talbot22 2116 1M41a29A40363015SwanseaNewport16 20 16 SwindonA34Maidenhead3229aM49Slough LONDON373517M415Bay34 33 A487A48(M)61 199bAvonmouth1715M4 188 5 4b 418 18a 9 3 2 1M44aCARDIFF19M323 2 ChippenhamReadingHeathrow14 M4 1313Richmond1220 Bristol10 Bracknell1Penarth1112Marlborough2 StainesOA32211Cardiff-WalesNewburySuttonM3213 EsherAirportBathCroWeston-super-MareWoking4109Trowbridge4aA34A37FarnboroughM25 7 Basingstoke58 8 66 AldershotDorking22Bridgwater BayFromeAndoverWarminster7 Farnham GuildfordA303A24 ReigateM58A31M2323M39aGlastonbury9Shepton MalletGatwickBarnstaple10orBridgwaterCrawley10a EasBideford BayBarnstaple2411A3GrinstSalisbury9Horsham10A30311Taunton 25WinchesterBideford12 Eastleigh Petersfield26A3031314A24 A232 34 5M27 127YeovilSouthampton17 Horndean 2M5M2718 M279 Fareham 3 Havant28A31104A2711BudeA27WorthingBlandford512ForumRingwoodM275HonitonChichesterBrightonGosportLittlehamptonOkehamptonA388BognorNewA30A35 PoolePortsmouth29RydeRegisA3030ChristchurchLauncestonExeter31DorchesterBournemouthNewportPoole BayLyme BayA30A38ExmouthWeymouthA380TavistockWadebridgeBabbacombe BayNewquayBodminTorquayLiskeardA30PlymouthPaigntonS T. G E O R G E ’ S C H A N N E LA394A30TruroA39A392A39IRISH SEAA39R FalA4076A40FalmouthFalmouth BayA391A390A487R AllenR CamelA39StAustellA40A477A38A39A395A39R TamarA388A487WhitsandBayA487R LoughorA386A386A39R TorridgeAfonA386TywiA38A5BigburyBayA487Afon TeifiR TawA470A44A483A487A377R DartAfonConwyA385A470A489A361A494A470Afon DyfiA470A483A40A5R Wye / A GwyBRISTOLR ExeStart BayA470A470A470R TaffA470A376R DeeA458A44CHANNELA470R UskA4232A483A483A5A465R DeeA38A494R SevernA479A438A35A30A483A4458A4042A303R WyeA55A5A570A458A438A39A5983A4112A41A534A5A465A368A59A57A49A44A49A49A49A4137A49A53A38A361A37A35A49A54A37A51A677A48A37A403A37A533A458R SevernRA44A4A354RA666A530A41A556A449A500A379RA456A361A53SevernA40A51A41A46A36A58M56A54A458A442A354A34A518A449A4A350A646A537A536A454R AvonR StourR FromeA350A350A449A448A316033A417A433A354A350A35RAA38A51TrentA422A44A429A36A303A513A46A53A52A518A523A51A354A435A429A6A623A4628A515A40R AvonA338A515A44A346A338R AvonA616A52A429A346A338A36A642A6A452A4 177RorA420A629A6102A619A6A444ThamesIsisA44A64R AireENGLISH CHANNELA628A619AR Test511A423A6A438A635A38A610A37925A63A19A57A60A45A339A453R OuseA60The SolentA617A40A614A4421A614A31A63A6097A631A46A606A607A6A41A33A47A508A5A3(M)A508A614A46B3416A38A156A52A427A607A43A421AA329R Trent4010A57A606A428A509A413A272A159A631A418A17R WellandA616RNeneA43A5A355A164A45A421A46A15A52A47A6R ArunA6A605M4RA160A180A46A158WithamR LeaA16A316A283RA17Not to Scale - For Identification Purposes OnlyHumberA18A428A24A 272A52A47A16A16A16A151R NeneA602A16A141R GreA10A205A10Unit 2, Langage Science Park Plymouth PL7 5BQ

DESCRIPTIONThe property is a headquarters manufacturing and warehousefacility with ancillary offices, constructed in 1989 on a secure, selfcontained site. The building is of single span steel portal frameconstruction with profile steel cladding. The main warehousehas a clear internal eaves height of 7.1m, rising to 10.02m at theapex, and benefits from three level access loading doors. Singleand two storey integral office space is provided to the southernelevation, with a specification including double glazing, suspendedceilings and integral fluorescent lighting.FLOOR AREASThe property has been measured in accordance with the RICSCode of Measuring Practice (6th Edition) and provides thefollowing areas:Demise Area (sq ft) Area (sq m)Main Warehouse 53,698 4,989First Floor Office 6,489 603TOTAL 60,187 sq ft 5,592 sq mSITE1.626 hectares (4.017 acres) providing a low site coverage ofapproximately 34%.TENUREFreeholdAn electrical sub-station has been let on a 99 year leasehold toWestern Power Distribution (South West) Plc, commencing on 22July 2011, at a rent of £1 per annum.TENANCYThe building is let in its entirety on a FRI lease to Geocel Ltd.The original lease was for a term of 28 years commencing 28December 1989 expiring 27 December 2017.A reversionary lease has recently been signed, expiring 30 May2024. The contracted rent until 30 May 2016 is £235,000, when thelease benefits from a rental increase to £257,500. The vendor willprovide a ‘top up’ to £257,500, which equates to £4.28 per sq ft.The reversionary lease is subject to a fixed rental uplift on 31 May2020 to £280,000 per annum.COVENANT STRENGTHGeocel Limited manufacture high quality sealants, coatingsand associated chemicals for a diversified client base acrossthe construction and industrial sectors; key clients includeTravis Perkins, Screwfix Direct and B&Q. Geocel have been inoccupation of the property, through various company names,since 1989.The site includes an area of green land on the eastern side of thebuilding which is capable of future development. 93 car parkingExperian rating: Very low riskspaces are located to the south and west of the building withthe main yard to the north, accessed via two gated entrances offYearEndingTurnoverPre-TaxProfitTangibleNet WorthNetAssetsWestern Wood Way.31/12/2010£20,012,196£839,192£4,474,176£3,516,50231/12/2009£18,653,812£718,740£3,653,582£2,915,91031/12/2008£19,286,247£1,047,872£2,914,117£2,136,84731/12/2007£19,168,516£1,013,807£2,463,427£1,847,711Unit 2, Langage Science Park Plymouth PL7 5BQ

1-6Langage 1El Sub StaWESTERN WOOD WAYCrown Copyright - licence no. 100018190. Based on Ordnance Survey 2011.Not to Scale - For Identification Purposes Only.Ordnance Survey © Crown Copyright 2011. All rights reserved.Licence number 100020449. Plotted Scale - 1:1742Unit 2, Langage Science Park Plymouth PL7 5BQ

PROPOSALWe are instructed to seek offers in excess of £3,040,000 (ThreeMillion And Forty Thousand Pounds), subject to contract andexclusive of VAT. A purchase at this level reflects the followingyield profile, after allowing for purchaser’s costs at 5.80%:Net Initial Yield 8.0%Reversionary Yield (May 2020) 8.7%CONTACT DETAILSJames EmansT: 020 7409 8132E: jemans@savills.comAndrew MainT: 0117 910 2207E: amain@savills.comMatthew McGrailT: 020 7409 8765E: mmgrail@savills.comImportant NoticeSavills, their clients and any joint agents give notice that:1.They are not authorised to make or give any representations or warranties in relation to the property either hereor elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibilityfor any statement that may be made in these particulars. These particulars do not form part of any offer orcontract and must not be relied upon as statements or representations of fact.2.Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance onlyand are not necessarily comprehensive. It should not be assumed that the property has all necessary planning,building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasersmust satisfy themselves by inspection or otherwise.Designed and Produced by Savills Marketing: +44 (0) 20 7499 8644 October 2011Unit 2, Langage Science Park Plymouth PL7 5BQ