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

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