Strategically located on the southern edge of Park Royal, Europe s largest industrial area

Transcription

1 PRIME PARK ROYAL Investment Opportunity with Redevelopment Potential John Lewis

2 John Lewis Investment / Redevelopment Considerations Strategically located on the southern edge of Park Royal, Europe s largest industrial area The property is excellently situated off the Western Avenue and the 6 (North Circular Road) providing quick links to Central London and the national motorway network The property provides approximately 26,526.1 sq m (285,525 sq ft) of gross internal accommodation Site area 4.9 hectares (12.1 acres) Let to John Lewis until 31st March 2016 on a lease excluded from security of tenure provisions of 1954 Landlord & Tenant Act. The passing rent will be 1,500,000 per annum, 5.25 per sq ft Signifi cant redevelopment opportunity in a prime London location Alternative use potential subject to the necessary consents Offers are invited for our client s freehold interest, subject to contract, exclusive of VAT and on the proposed leaseback provisions , Park Royal, London,

3 WEMBLEY IKEA D-LINK THUNDER & LIGHTNING 6 PREMIER PARK DIAGEO FIRST CENTRAL ORIGIN BAKKAVOR TO M25 TO GREATER LONDON PARK ROYAL ROYALE LEISURE PARK AURA 40 PARCEL FORCE RENAULT PANALUX VISION CENTRAL LINE BBC WEST ACTON , Park Royal, London,

4 John Lewis Location Park Royal, Europe s largest industrial estate and most signifi cant industrial area in Inner London, is home to over 1,900 businesses, employing around 40,000 people, and extends over 650 hectares. It is situated 10 miles to the north-west of Central London and spans three London Boroughs; Ealing, Brent and Hammersmith & Fulham. Park Royal enjoys excellent road communication links, being located on two of London s major arterial roads, the 6 North Circular Road and the Western Avenue, both of which are less than 1 mile from the subject property. The 6 provides direct access to the M4 at Junction 1 (Chiswick roundabout) 3.5 miles to the south and to the M1 (Junction 1) which is 4 miles to the north. The provides direct access to the M40 (Junction 1), approximately 12 miles to the west. Park Royal benefi ts from an excellent public transport network. This includes: The Central Line (North Acton, West Acton and Hanger Lane tube stations) The Bakerloo Line (Willesden Junction, Harlesden and Stonebridge Park tube stations) The Piccadilly Line (Park Royal and Alperton tube stations) Acton Main Line (National Rail) station is within walking distance R 14 1 M25 8 WEST DRAYTON 15 4B A3040 HILLINGDON UXBRIDGE HEATHROW AIRPORT A A M4 ICKENHAM A30 20 HATTON CROSS 180 RUISLIP GARDENS SOUTH RUISLIP A312 HAYES & HARLINGTON 3 A315 NORTHHOLT A312 A314 GREENFORD SOUTH HARROW NORHHOLT PARK PERIVALE HANGER LANE 127 SOUTHALL HOUNSLOW CENTRAL HOUNSLOW EALING BROADWAY HANWELL 20 M4 TWICKENHAM A A315 Coronation Road 88 WEMBLEY CENTRAL ALPERTON 6 2 BRENTFORD KEW GARDENS KEW A307 GARDENS RICHMOND 00 A315 6 HARLESDEN PARK ROYAL 6 1 NORTH ACTON A318 A HAMMERSMITH A306 A219 WHITE CITY A5 4 A A3220 A3 Park Royal Road 1 A315 A308 A5 MARY A3220 A217 A minute drive time map Park Royal Alliance Ave Western Ave Kendal AveCentral London To West Acton Saxon Dr Saxon Dr Highfield Road Noel Road North Acton Playing Fields Noel Road Acton Main Line , Park Royal, London,

5 Situation The property is prominently situated fronting onto, approximately 500 metres south from the Western Avenue which provides quick access to and from Central and Greater London. West Acton and Park Royal Tube Stations are both within 5 minute walking distances, providing access to London s West End in 20 minutes. Surrounding uses include the Royale Leisure Park with occupiers including Hooks Gym; Burger King; Nandos; and Pizza Hut. Other business space occupiers include BBC; Parcel Force; Renault; Adidas; Panalux; and Diageo. John Lewis Site The site ownership extends to approximately 4.9 hectares (12.1 acres). Description The property comprises a high bay detached distribution warehouse constructed in the late 1980 s and benefi ts from having loading doors on all four elevations. There is a separately accessed car park to the south, which provides approximately 175 parking spaces. The property is predominantly constructed with an in-situ concrete frame with fl at in-situ fl oor slabs surmounted by a metal profi led sheet roof. Internally the building comprises a warehouse with concrete integral and steel (non-integral) mezzanines on three fl oors in places, well specifi ed offi ces, canteen; separate vehicle maintenance building; and security hut. The property benefi ts from the following features: Secure site with gatehouse 103 loading doors on all four elevations Up to approximately 16.5 metres height Offi ces and canteen at upper fl oors Heating, lighting and sprinkler system throughout Separate vehicle maintenance building Commercial vehicle wash Weighbridge 24/7 access with limited restrictions , Park Royal, London,

6 Accommodation The property has been measured by Plowman & Craven on a Gross Internal basis (GIA) in accordance with the RICS Code of Measuring Practice (6th Edition) and provides a total of 26,526.1 m² (285,525 sq ft). The area has been broken down as follows: John Lewis Description Area sq m Area sq ft Ground Floor 12, ,045 First Floor 8, ,827 Second Floor 4, ,944 Ancillary Buildings 717 7,718 Total 26, ,525 Excluded from these area are the steel mezzanines, plant room and the vehicle wash facility. Tenure The property is held freehold , Park Royal, London,

7 John Lewis Tenancy On purchase of the property a lease, excluded from security of tenure provisions of 1954 Landlord & Tenant Act, will be granted to the John Lewis Partnership until the end of 31st March The lease will be fully repairing and insuring but subject to a schedule of condition. The property will provide an annual rent of 1,500,000, which equates to 5.25 per sq ft. Covenant Information The John Lewis Partnership (JLP) is one of the most well respected brands in the UK. It comprises 81,000 partners who are responsible for the ownership of the whole business that includes John Lewis and Waitrose. JLP operate 30 department stores, 9 John Lewis At Home stores and 285 Waitrose supermarkets. Set out below the last 3 years accounts: Date 28/01/ /01/ /01/2010 Sales Turnover 7,758,600,000 7,361,800,000 6,734,600,000 Pre-Tax Profi t / Loss 188,100, ,100, ,900,000 Shareholders Funds 2,008,900,000 2,072,500,000 1,704,200,000 Source: ICC Market Commentary Park Royal is seen by occupiers as one of London s key industrial locations due to its ability to serve Central, North and West London with ease and effi ciency. The area has proven resilient over recent years, consistently outperforming other London markets, with headline rents growing and incentives reducing in the last 12 months due to the strength of tenant demand. As a consequence of current market conditions, limited development opportunities and the extremely limited supply of Grade A stock in Park Royal, the case for speculative development, where possible, has been strengthened. Both SWIP/Goya Developments & SEGRO have recently completed speculative schemes, totalling c.196,000 sq ft, at Central Park and Tudor Gate respectively. Planning The property has consent for B8 use (storage and distribution). There is a restriction on vehicle movements along the western side outside the hours of 06:00 and 22:30 Monday-Friday and 06:00 and 17:30 on Saturdays and on the northern side outside 06:00-22:00 and 06:00-17:30 Saturdays with no operation on Sundays or Bank Holidays. There is unrestricted access to the southern and eastern elevations. The building can be operational at any time , Park Royal, London,

8 VAT VAT will be chargeable on the sale price. The transaction cannot be treated as a transfer of a going concern. Proposal Offers are invited for our client s freehold interest. Further Information Further details are available on our website: Login details are available on request. Contacts For further information and viewings, please contact: Joel Duncan Alex Kington Jones Lang LaSalle Aspect Property Consultants +44 (0) (0) joel.duncan@eu.jll.com alex.kington@aspectpc.co.uk Chris North John Pocock Jones Lang LaSalle Aspect Property Consultants +44 (0) (0) chris.north@eu.jll.com john.pocock@aspectpc.co.uk Crown Copyright All rights reserved. Promap licence number Jones Lang LaSalle licence number This plan is published for the convenience of identifi cation only and although believed to be correct is not guaranteed and it does not form any part of any contract. MISREPRESENTATIONS ACT 1967 & DECLARATION Neither Jones Lang LaSalle or Aspect Property Consultants for themselves and for the vendors of this property whose agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of either Jones Lang LaSalle or Aspect Property Consultants has any authority to make or give any representation or warranty whatever in relation to this property. Subject to Contract. Exclusive of VAT. June 2013