Prime Heathrow Multi-let Industrial/Warehouse Development Opportunity. BedfontIndustrialEstate Bedfont Road, Heathrow

Transcription

1 Prime Heathrow Multi-let Industrial/Warehouse Development Opportunity Bedfont Road, Heathrow

2 Heathrow International Airport BA World Cargo Centre Terminal 4 Terminal 3 Terminal 2 Terminal 1 M4 Motorway M2 Motorway A30 Central London BEDFONT ROAD M3 Motorway

3 A unique opportunity to redevelop one of Heathrow s key strategic industrial/warehouse sites totalling a gross area of hectares (67.61 acres) with a net developable area of 6 hectares (14.83 acres) The estate has a current income of 1,69,800 per annum Outline planning permission has been granted for a comprehensive redevelopment of the site to provide 28,000 sq m (301,390 sq ft) of light industrial, general industrial and warehouse accommodation in nine units ranging in size from 1,00 -,00 sq m (11,300 sq ft - 4,360 sq ft) GEA Lease expiries/mutual break options from late 2012/mid 2013 Freehold Offers are sought in excess of 26,000,000 (Twenty Six Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of.71% after purchase costs of.8%, gross of Landlords discretionary expenditure in respect of estate management services which they are not obliged to provide. This equates to 1.7m per acre net developable.

4 Heathrow lies 24km (1 miles) west of Central London and is an internationally recognised destination, home to many major occupiers and blue chip companies. The area benefits from excellent road and rail links into Central London, the wider South East area and also the national motorway network. Heathrow lies only km (3 miles) from Junction 13 of the M2 motorway, 3km (2 miles) from Junction 3 of the M4 motorway and benefits from direct road links to Central London via the A30 Great South West Road, A4 or the M4 motorway. London Underground run Piccadilly Line services from Heathrow Terminal 4 railway station into Central London, whilst Heathrow Express Services can also be obtained into London Paddington, with a journey time of 1 minutes. Crossrail will serve Heathrow when completed, further enhancing the accessibility of the location. Regarded as the hub of the aviation world, Heathrow Airport has five terminals serving over 186 destinations in over 90 countries. British Airways World Cargo Centre at Heathrow Airport handles 1.3 million tonnes of cargo per year. At the heart of the Cargo Centre is Ascentis, BA s 890,000 sq ft freight handling centre shipping products to numerous destinations across the world. Situation Bedfont Industrial Estate is situated on Bedfont Road, approximately 2 km (1.3 miles) south of Heathrow Airport Terminal 4 and the BA World Cargo Centre. Bedfont Road connects to the A30 London Road/Great South West Road providing access to the Southern Perimeter Road, Heathrow Airport Terminal 4, the Cargo Centre and the M2 motorway. The well established Bedfont Lakes Business Park is situated close by, at the junction of Bedfont Road and the A30 London Road. Journey Distances & Times By Road Km Miles M2 Junction M3 Junction M4 Junction Central London 24 1 Heathrow Terminal BA World Cargo Centre By Train London Waterloo London Piccadilly Circus London Paddington By Plane Paris Frankfurt Rome Moscow New York Los Angeles Tokyo Hong Kong 30 minutes 40 minutes 1 minutes 1 hour 1. hours 2. hours 3.7 hours 7. hours 11 hours 12 hours 13.2 hours 1/3

5 Maps COLNBROOK BYPASS M2 (J1) / M4 (J4b) M4 HOLLOWAY LANE SIPSON ROAD J4 HIGH STREET J3 A312 THE PARKWAY M4 LONDON HEATHROW AIRPORT A30 LONDON RD. CLOCKHOUSE LANE STANWELL RD. NEW SQ. BEDFONT LAKES COUNTRY PARK SPINNER DRIVE. A30 GREAT SOUTH WEST RD. BEDFONT LAKES BUSINESS PARK BEDFONT GREEN CL. HATTON ROAD CHALLENGE ROAD ELM ROAD DUDLEY ROAD BEDFO NT ROAD A31 STAINES ROAD BEECH ROAD CHERTSEY RD. ASHFORD ROAD BEDFONT LANE RALEIGH ROAD A244 HIGH ST. J13 THE CAUSEWAY M2 STAINES BYPASS CHERTSEY LANE J14 M2 AIRPORT WAY COLNBROOK BYPASS A3044 STANWELL MOOR ROAD A3044 STANWELL MOOR ROAD A30 STAINES BYPASS ASHFORD STATION HEATHROW TERMINAL STATION BA WORLD CARGO CENTRE A30 LONDON ROAD LONDON HEATHROW AIRPORT HEATHROW TERMINALS 1,2 & 3 STATION S O UTHERN PERIMETER ROAD CLOCKHOUSE LANE KINGSTON ROAD HEATHROW TERMINAL 4 STATION A4 BATH ROAD BEDFONT ROAD BEDFONT LAKES BUSINESS PARK CAUSEWAY F AGG S RD. HARLINGTON ROAD A30 GREAT SOUTH-WEST ROAD A31 STAINES ROAD CADBURY ROAD A308 STAINES ROAD WEST M3 HATTON CROSS STATION J1 FELTHAM STATION BEDF O NT LANE A2 44 HI GH ST. GREEN LANE A316 COUNTRY WAY HOUNSLOW WEST STATION STAINES ROAD HAMPTON RD. WEST BATH ROAD A314 HANWORTH ROAD GREAT WEST ROAD HOUNSLOW CENTRAL STATION GREAT CHERTSEY ROAD A312 UXBRIDGE ROAD 2/3

6 Bedfont Lakes Business Park BA World Cargo Centre Heathrow International Airport M2 Motorway A30 3/3

7 Description The estate currently comprises 1 industrial/warehouse units constructed in the 190 s totalling 1,38 sq m (16,9 sq ft) together with numerous large yards and storage areas totalling a further 8,910 sq m (634,100 sq ft). The site in total comprises a gross area of hectares (67.60 acres) with a net developable area of 6 hectares (14.82 acres). The existing units range in size from 93 sq m to 274 sq m (1,001 sq ft to 2,948 sq ft) and are let on leases with either lease expiries or breaks ranging from late 2012 to May Current rents range from per sq m to 91.0 per sq m ( 1.21 per sq ft to 8.0 per sq ft).

8 FW 1 SANDY Def ELS MEA D WATER FF ELDR WO RTH CLO SE 7 1 ICK CO UR T URT CO 24 GRAF TON El Su b Sta Issues DR IVE Playground The red line boundary depicts the extent of the site demise to be sold totalling hectares (67.61 acres) Fairholme Primary School Playground D CO URT ON CRAM VE Posts Freehold Tenure 6 Ward Bdy Path The area shaded green denotes the extent of the developable area in accordance with the planning permission totalling 6 hectares (14.83 acres) Water Und Total Site Demise hectares (67.61 acres) Net Developable Demise 6 hectares (14.83 acres) 16.2m 16.2m El Sub Sta 16.2m Sinks Mast Bedfont Lake Drain Mast 1 Footbridge 16.2m 3 2 Pa th Footbridge 4 Pond 0 23 to 23 El Sub Sta 6 19 to RO AD Edward Pauling Primary School 18 6 to NT 1 19 BE DFO Silverdale Kennels 8 Wa 6 7 rd Bdy MP 1.7 CR 9 1to to 19 1.m Nursery 1 to 8 1 Stone Stone SP to m WB Stone Playground SP Stone 71 to Vineyard Nurseries FB 79 Stone Lyford Cottage MP Path 16 Raleigh Park Depot Shelter El Sub Sta to ne El Sub Sta BE DF ON T RO AD 1 The red line boundary is for identification purposes only and does not form part of the contract for sale. 200m 300m 17 Posts 11 Path Stone m 18 Stone 0m Thane Path to Playground t House Sto 29 Sout h View CR Path 38 The Glen Wa 16.8m 0 Stone rd Bdy 14 1.m Path P 16.2 Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - Description Tenure Tenancies 1:440 The Consented Scheme Data room Proposal & Contact to 46

9 Tenancies The estate is currently let to 2 tenants producing 1,69,800 per annum in accordance with the following tenancy schedule. Property Tenant Name Building Floor Areas (Sq Ft) Sites A-C Site 2 Unit 3 Unit Unit A (Unit 30 A) Site B Unit 6 Fowles Crushed Concrete Ltd Fowles Crushed Concrete Ltd Fowles Crushed Concrete Ltd SBA Air Freight Services Ltd Total Area of Yard (Sq Ft) Extra Lease Start yard at 4%cover Contracted Rent Next Rent Review Per Per Sq Ft Annum Lease Expiry Lease Break (T/L) 122,000 20/0/ , /0/ /0/ /0/2013 and 18/12/201 4,000 20/0/ , /0/ /0/ /0/2013 and 18/12//201 93,000 16/12/ , /12/2012 1/12/ /0/2013 and 18/12//201 2,948 33,637 27,086 01/11/ ,000 7/ /11/ /11/ /11/2012 and 01/11/201 Break Terms Comments Contracted out of 194 Act? LL has to give 12 months notice before the break date. If LL serves notice to determine the lease on first break date (20 May 2013) it must pay T 0,000. No payment due on second break date. T can break at any time if any of the permitted uses cease to be lawful provided that the T has taken all steps to apply for the required permissions. LL has to give 12 months notice before the break date. T can break at any time if any of the permitted uses cease to be lawful provided that the T has taken all steps to apply for the required permissions. LL has to give 12 months notice before the break date. T can break at any time if any of the permitted uses cease to be lawful provided that the T has taken all steps to apply for the required permissions. Mutual break: LL or T have to give 6 months notice before the break date. Review to RPI capped at 2% pa Review to RPI capped at 2% pa Review to RPI capped at 2% pa C. Thorpe 1,764 3,767 01/04/2010 1, /04/ /10/ /04/2012 Mutual break: LL or T have to give 3 months notice before the break date. 14/09/2010 Foot Print Fuels Ltd Fowles Crushed Concrete Ltd 08/01/09 23/09/ /12/ /10/2009 2,478 3,00 2/0/ , N/A 30/11/2012 N/A No break clause 2/0/2010,338 01/08/ , /08/ /07/ /0/2013 and 18/12/201 Unit 6A Transtex Ltd 33,348 16/08/ , N/A 16/08/ /02/2012 and monthly Unit 7 Unit 8 Unit 8A Unit 8B Unit 8C (Combined with Unit 10A) Unit 8D Unit 8E Perfect Parking Ltd Work 4 U Recruitment Ltd Three's Engineering and Transferring Station Ltd M and R Haulage Ltd Medallion Travel Ltd PT Chains and Slings Ltd J and A Recovery Ltd LL has to give 12 months notice before the break date. T can break at any time if any of the permitted uses cease to be lawful provided that the T has taken all steps to apply for the required permissions. A rolling mutual break option effective after the six month anniversary of the lease providing no less than one month s prior written notice is given. Review to RPI capped at 2% pa 30,000 17/11/2010 7, /11/ /11/201 17/11/2012 Mutual break - LL or T have to give 3 months notice before the break date. Right reserved to Perfect Parking to break following service of enforcement notice re use of the unit provided that the tenant appeals against notice. 2,30 3,62 2, N/A Monthly Mutual break - LL or T have to give 1 months notice. New lease agreed to expire on 31/10/12 1,400 7,960 01/08/ , / 2.0 N/A 01/08/2013 Mutual monthly break clause until 01/02/2012 Mutual break - LL or T have to give one months notice for first 6 months of lease. After 01/02/2012 LL or T have to give 3 months notice. 2,970 1/09/2010 7, N/A 14/09/2011 N/A No break clause New lease agreed to expire on 31/10/12 on the same terms (with a new lease start date and 194 Act date) 4,333 01/10/ , /10/ /10/ /10/2011 LL has to give 3 months notice before the break date. T has to give 6 months notice before the break date. Unless T has served notice, the break option has been missed. Rent being paid but lease not yet completed 13/0/ /08/2011 0/11/ At Completion 29/07/ /09/ At Completion 3,900 11/03/ , N/A 30/11/2012 N/A No break clause 11/04/2011 3,200 01/11/2010 8, N/A 31/10/2011 Monthly Mutual break - LL or T have to give 1 months notice. New lease agreed to expire on 31/10/12 on the same terms (with a new lease start date and 194 Act date) 26/10/10 1 /3

10 Property Tenant Name Building Floor Areas (Sq Ft) Unit 8F Plot 9 G10 Concrete Ltd Elizabeth Joan Combes Total Area of Yard (Sq Ft) Extra yard at 4%cover Lease Start Contracted Rent Next Rent Review Per Per Sq Ft Annum Lease Expiry Lease Break (T/L) 6,32 27/09/2010 1, N/A 30/11/ /09/2011 T has to give 3 months notice before the break date. Unless T has served notice, the break option has been missed. Break Terms Comments Contracted out of 194 Act? 1,001 1,292 01/04/2011 2, N/A 31/03/2012 N/A No break clause New lease agreed to expire on 31/10/12 on the same terms (with a new lease start date and 194 Act date) Unit 10 TJS Transport Ltd 4,730 01/11/ , /11/ /11/ /11/2011 Mutual break - LL or T have to give 3 months notice before the break date. Unless T has served notice, the break option has been missed. Unit 10A (Combined with Unit 8C) Medallion Travel Ltd 4,333 01/10/ , /10/ /10/ /10/2011 LL has to give 3 months notice before the break date. T has to give 6 months notice before the break date. Unless T has served notice, the break option has been missed. Unit 11 Darren Lee Wiley 1,29 1,39 01/04/ , /04/ /10/ /04/2012 Mutual break - LL or T have to give 3 months notice before the break date. Unit 12 Paul Moss 1,399 4,39 1,430 01/04/ , /04/ /10/ /04/2012 Mutual break - LL or T have to give 3 months notice before the break date. Unit 13 Unit 14 Veolia (ES (UK) Ltd) Veolia (ES (UK) Ltd) 1,960 2,42 29/09/1997 1, Expired 29/09/2012 LL has option to break with 24 months notice if he acquires planning permission for "Development" Unit 1 Master Concrete 10,90 Tenancy at will 1,840 03/08/ , Expired 28/09/2012 LL has option to break with 24 months notice if he acquires planning permission for "Development" Unit 1A Plaspipes Ltd 20,10 18/11/2009 0, /11/ /11/ /11/ /11/201 Unit 1C Jan de Rijk Transport Ltd Rent being paid but lease not yet completed. Total area is 89,000 but not all useable. Sublet to Master Concrete at passing rent. Tenant not in occupation. 04/04/ /03/ /04/ At Completion 04/0/ /04/2010 No 4, Tenancy at Will Mutual break - LL or T have to give 6 months notice before the break date. 66,60 1/11/ , N/A 1/11/201 1/11/2012 Mutual break - LL or T have to give 6 months notice before the break date. In addition, the T (being Jan de Rijk Transport Ltd only) has a right to break with 1 months notice if planning enforcement is taken relating to the use of the unit provided the tenant appeals against such action and applies for the required permission. If the T has to break due to the planning enforcement, the LL has to pay the T a Break Sum calculated in accordance with a sliding scale defined in the lease, with a maximum payment of,000 reducing to 0. The T currently occupies Unit 1a under the term of his previous occupation of Unit 4. There will be two leases of Unit 1a (One lease relating to land owned by Chrisfys Properties and the other lease relating to land owned by Chrisfys Properties No. 2 are currently outstanding. Drafts with the Tenant's solicitor.) Unit 16 Timothy Foley 22/03/2011 None 0 N/A 22/03/2012 N/A No break clause Peppercorn Rent 17/06/2011 Mast 1 BT Cellnet/O2 27/03/2001 4,00 Expired 26/03/2011 Expired New lease negotiated 1 years with mutual breaks at any time on 12 months notice. 4,00 pa Outside LL and T Act Mast 2 Vodafone 0/02/1999 4,000 Expired 0/02/2009 Expired New lease negotiated 10 years with mutual breaks at any time on 12 months notice. 4,000 pa Outside LL and T Act Bedfont Lakes Boyer Leisure Ltd No 28/10/2009 1/11/ /01/ /01/ /07/ N/A 21/07/2016 Mutual break at anytime on 12 months notice 29/06/2011 TOTAL 634,108 1,69,800 2 /3

11 Unit and Plot Demise Service Charge/Provision of Site Services There is no service charge provision for the estate. The landlord is not obliged to provide any estate management services under the terms of the various leases. The Landlord currently chooses to provide the following services as good estate management practice which are non-recoverable from the tenants: Unit 13 Unit 3 (Part) Unit 3 (Part) General maintenance Road sweeping Bedfont Road Unit 1c Unit 14 Unit 13 Unit 16 Emptying septic tank Security Insurance Unit 1 Unit 1a Unit 7 Unit 6a Unit 6 Site A-c Water Non recoverable electricity on these items Expenditure on the above items for the 6 months to 30/06/2011 was 39,34. 3m Cycle Lane Unit 8f Unit 8a Unit 8a Unit 8Unit Plot 9 Unit a Unit 8b 8 Unit 8cUnit Unit a 8e Unit 8d Unit Site b Site b Wc Sub Station Unit 17 Unit 10 Unit 10a Unit 12 Unit 11 Unit Railway Site 2 3 /3

12 The Consented Scheme The estate is situated within a gross site of hectares (67.61 acres) and has a net developable area of 6 hectares (14.83 acres). Outline planning permission (reference 00096/B/P43) was granted subject to a variety of conditions on the 24/10/2008 to redevelop the site to create a mixed industrial/general industrial/warehouse development (re-branded Bedfont Park) totalling 28,000 sq m (301,390 sq ft) in nine units. An extension to this planning permission has been obtained which states that a material start to the development must be made before 26 August A detailed design brief was submitted in April 2011 to Hounslow Borough Council to discharge the various planning conditions and an update can be found in the data room. Proposed Specification The consented scheme has the following brief specification: High quality Zinc cladding to exteriors with terracotta tiles to front elevations High quality glazed (solar control) curtain walling to office elevations Floor loading 10KN/sq m Self levelling loading bays Clear internal heights ranging between 7.7m and 10m Security reception with access control Proposed view 1 1 /

13 Schedule of Areas Unit Planning use sq m sq ft Office content Internal Eaves Height 1 B8,00 4,360 8% 10m 2 B8 2,600 27,98 10% 10m Bedfont Lake 3 B8 1,0 16,68 1% 10m 4 B8 1,30 14,30 1% 10m B8 4,60 0,00 6% 10m 6 B8 4,30 46,82 9% 9m Bicycles B8 4,30 46,82 9% 9m 8 B1(C) B2 3,00 32,830 14% 7.7m 9 B1(C) B2 1,00 11,300 2% 7.7m Total 28, ,390 All areas are GEA double bays total Bicycles Bicycles Bicycles 4 Bicycles 3 2 Bicycles Bicycles Bicycles : Site map Barrier double bays 20 Total /

14 Proposed view 2 3/

15 Proposed view 3 4/

16 Proposed view 4 /

17 Data Room Information The following information is available in the Data Room: Title documentation Occupational leases Planning permission and conditions including S106 Agreement and S278 payment information Environmental reports General information Transactional documents (contract and transfer) London Heathrow Airport Access to the Data Room is via security password, which is available to interested parties upon request.

18 A unique opportunity to redevelop one of Heathrow s key strategic industrial/warehouse sites with a gross area of hectares (67.61 acres) with a net developable area of 6 hectares (14.83 acres) The estate has a current income of 1,69,800 per annum Outline planning permission has been granted for a comprehensive redevelopment of the site to provide 28,000 sq m (301,390 sq ft) of light industrial, general industrial and warehouse accommodation in nine units ranging in size from 1,00 -,00 sq m (11,300 sq ft - 4,360 sq ft) GEA Lease expiries/mutual break options from late 2012/May 2013 Freehold VAT It is proposed to undertake the transaction by way of a Transfer of a Going Concern (TOGC) Proposal Offers are sought in excess of 26,000,000 (Twenty Six Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of.71% after purchase costs of.8%, gross of Landlords discretionary expenditure in respect of estate management services which they are not obliged to provide. This equates to 1.7m per acre net developable. Contact For further information please contact the following: Rob Tudor robtudor@tudortoone.com Mike Toone miketoone@tudortoone.com Lee Evans leeevans@tudortoone.com DISCLAIMER: Tudor Toone Investment and Development on their behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Tudor Toone Investment and Development has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT. September 2011.