MULTI-LET INDUSTRIAL INVESTMENT UNITS 55-65, NORWICH LIVESTOCK & COMMERCIAL CENTRE, HALL ROAD, NORWICH NR4 6EQ
Investment Summary Situated between the and Norwich's ring road (A146) 2.5 miles south of the city centre An estate comprising 11 units providing 3,893.57 sq m (41,910 sq ft) in a range of unit sizes on a site of 2.07 acres Multi let to 6 tenants producing a gross income of 205,455 pa ( 4.90 per sq ft overall) and a net income of 176,955 pa Asset management opportunities to increase the rent or sell to owner occupiers We are instructed to seek offers in excess of 1,667,000. A purchase at this level represents a Net Initial Yield of 10% assuming purchaser's costs of 6.17% and reflects a low capital value of 39.77 per sq ft 2
A1 Luton Peterborough A1 A14 Cambridge King s Lynn A17 A10 A11 Stansted A11 Newmarket A1067 A14 A140 A140 Felixstowe NORWICH Bury St. Edmunds Ipswich A12 DEREHAM ROAD COLMAN ROAD A1067 A140 NORWICH A147 A140 A147 A11 A140 A146 HALL ROAD A1151 A1242 M25 M1 A1M LONDON Heathrow M11 M25 A12 Harwich A11 B1113 A140 A146 Location Norwich is a major East Anglian centre situated approximately 60 miles north east of Cambridge, 40 miles north of Ipswich and 115 miles north east of London. The city has a resident population of 126,000 rising to 250,000 within the Greater Norwich area and suburbs. The A11 connects Norwich to Cambridge and the M11. The A140 provides a link to Ipswich and the links Norwich to the A1 and the Midlands. There are two mainline rail services per hour to London s Liverpool Street station with a fastest journey time of 1 hour 40 minutes. Norwich International Airport has flights available to destinations including Amsterdam, Aberdeen, Edinburgh and Manchester. The city has experienced significant development activity in recent years including the regeneration of the Riverside area, completion of the Millennium Library and Lendlease s major retail scheme at Chapelfield. Situation The property is situated on Hall Road, which links Norwich's ring road (A146) with Ipswich Road, and the trunk road approximately 2.5 miles south of the city centre. The ring road provides access onto the, A140 and A11. Norwich International Airport is located 6.5 miles north of the Estate, on the A140 Cromer Road. 15 18 White Lodge Business Estate 19 20to21 22to23 24 25 El Sub Sta 59 to 60 Depot 64 to 65 SP MP 112.5 3
THE PROPERTY White Lodge Business Estate HFD SIG City Centre To Development Land To London Norwich Livestock Market For indicative purposes only. 4
Description The Norwich Livestock and Commercial Market comprises an estate of 11 units totalling 41,910 sq ft, which have been designed to allow flexible combinations between office, workshop and industrial accommodation. The units are arranged in two terraces on a site of 2.07 acres (0.838 hectares). Each unit provides a roller shutter door, separate personnel access and demised front forecourt area. The buildings are of portal frame construction under pitched roofs with an internal eave height at the midpoint of between 4.97m (16.36 ft) and 5.3m (17 ft). 5
Norwich Industrial Market Norwich has a total industrial floor space of 10,785,000 sq ft and an availability rate of 4% (as at December 2016). Take up was around 516,000 sq ft with the second half of the year performing more strongly than the first 6 months. Take up represented a 74% increase on 2015 at 297,000 sq ft. Over the last 12 months the Norwich industrial market has seen a halving of supply and 2016 was the second biggest take-up in the last 10 years. The total supply of the units currently available on the market now stands at 431,417 sq ft. This represents a 50% fall in the figure of just over 870,000 sq ft in December 2015. (Source: Bidwells Research). Tenancy and EPC Rating The total gross internal area is 3,893.57 sq m (40,910 sq ft) in 11 units. The estate is let in accordance with the schedule of tenancies below and generates a gross total income of 205,455 per annum equating to 4.90 per sq ft overall. All leases are drawn on effective full repairing and insuring terms including provision for an estate service charge. Unit Tenant Size sq m Lease Start Lease End Break Date Rent (pa) Rent Comments EPC... (sq ft) ( psf ) Rating 55 Simon Anthony Morris, 481.23 03.06.14 03.06.24 03.06.19 24,798.05 4.79 Cold store & manufacturing B43... Gregory George Morris and (5,180) with offices.... Georgina Blake T/A There is a side letter personal...... George Morris & Sons Ltd to the current owner allowing for a 5% reduction in rent. 56 Simon Anthony Morris, 389.17 03.06.14 03.06.24 03.06.19 20,394.25 4.86 Warehouse and offices B43... Gregory George Morris and (4,189)...... Georgina Blake T/A...... George Morris & Sons Ltd 57 Simon Anthony Morris, 326.55 03.06.14 03.06.24 03.06.19 17,048 4.85 Warehouse and offices B43... Gregory George Morris and (3,515)... Georgina Blake T/A...... George Morris & Sons Ltd 58 Project Manager Solution Ltd 310.66 15.10.2016 13.10.2021 14.10.2019 16,500 4.93 Warehouse with office and E11... (trading as Diamond Logistics) (3,344) mezzanine. Schedule of condition.. Outside the Act. Rent deposit 4,125. Rent review 14.10.2019 59 GAP Group Ltd 375.98 31.05.13 31.05.23 31.05.18 19,250 4.76 7 months rent free if break not E108... (4,047) enforced. Office/operations room 60 Vacant 339.10 18,250 5.00 The vendor will provide a D90... (3,650) 2 year guarantee 61/62 Norfolk Liquid Feeds 691.66 23.07.2014 22.072019-37,225 5.00 Warehouse/ mezzanine E121... (7,445) 63 The British Broadcasting 354.61 25.11.03 25.11.18-19,000 5.00 Warehouse / mezzanine G161... Corporation (3,817) 64/65 Gnaw Chocolate Ltd 624.59 02.07.12 02.07.19-32,989.70 4.85 Warehouse and offices E109...... (6,723) Total 3,893.57 205,455 4.90... (41,910) 6
Further Information Should you have any queries or wish to make an inspection, please contact: Mike Fox DDI: 020 7297 6273 mike.fox@bidwells.co.uk Lucy Young DDI: 020 7297 6278 lucy.young@bidwells.co.uk Tenure The property is held on a long leasehold for a term of 96 years from 1 July 2004 with an annual ground rent of 28,500 per annum. The rent is reviewed on a 5 yearly upwards only basis on the assumption: The open market ground of the site The lease has an unexpired term of 99 years The land is cleared and available for immediate development Vacant possession No premium Other covenants of the lease VAT The property has been elected for VAT. It is anticipated that the sale will be structured as a TOGC. Proposal We are instructed to seek offers in excess of 1,667,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10% assuming purchaser's costs of 6.17%. This reflects a low capital value rate of 39.77 per sq ft. Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043 March 2017 7
Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043 bidwells.co.uk IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967 Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that: These particulars do not form part of any offer or contract and should not be relied upon as statements or representatives of fact. Bidwells LLP has no authority to make or give in writing or verbally any representation or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP have not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of Health & Safety, please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC344553). Registered head office is Bidwell House, Trumpington Road, Cambridge CB2 9LD, where a list of members is available for inspection