UNIT B ROCKH VEN CABOT PARK BS11 0YW

PRIME DISTRIBUTION WAREHOUSE INVESTMENT IN BRISTOL INVESTMENT SUMMARY

Located in Bristol the 5th largest conurbation in the UK and the capital of the South West.

Avonmouth is the primary regional distribution location for Bristol, the South West and South Wales positioned at the intersection of the M4 / .

Rockhaven is located on Cabot Park, a 370 acre distribution warehouse estate in the centre of . SOLD LONG LEASEHOLD The property comprises a new distribution warehouse building totalling 25,388 sq ft.

The property has been constructed to a high specification comprising steel portal frame construction with profiled metal sheet cladding and roof.

Let on a new 15 year Full Repairing and Insuring lease to Arnold Laver & Company Limited.

Passing rent of £190,000 per annum reflecting £7.48 per sq ft.

6 years of income term certain.

Arnold Laver & Company Limited are the largest independent timber distribution business in the UK, with an excellent Creditsafe score of 87A representing Very Low Risk.

Freehold.

We are instructed to seek offers in excess of £3,245,000 (Three Million Two Hundred and Forty Five Thousand Pounds), reflecting a net initial yield of 5.50% and a capital value of £128 per sq ft.

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 1 M5 Crow ley Road A4

St An Royal Edward Docks J18 drew’ Access 18 s Road ne on La J18A West Kings

M e r e b a n k R o a d

Poplar Way East

IO Centre

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 2 LOCATION J14 J2 Located in Bristol the 5th largest conurbation in the UK and the capital of SEVERN BRIDGE the South West. Avonmouth is the primary regional distribution location J23 J1 J23A M48 for Bristol, the South West and South Wales positioned at the intersection M4 M4 J21 A38 of the M4 / M5 Motorway. J22 M5 New J20 Junction J15 Avonmouth is situated on Junction 18 of the M5 Motorway and the Smoke Lane 2020 M48 South Wales J16 intersection with the M49 Motorway. M49 M4 J17 Junction 22 of the to the north is accessed via the M49 AVONMOUTH DOCKS A403 A4174 J19 J18A Motorway link. Junction 20 of the M4 Motorway is accessed at Junction J1 J18 A38

16 M5 to the north. J19 M32 A369 A4 J2 M5 J3 Avonmouth benefits from an existing track connection to the Severn J20 B3130 B3129 B3128 Beach line, which in turn provides two rail access routes, via Filton or BRISTOL A420 B3133 A370 Bristol. The primary route via Filton provides direct routes to Wales, the A4 A38 A37 Midlands, the South East and the South West. The secondary route via Bristol provides a direct route to the South West, the Midlands and South East. Connecting routes further inland then provide direct links to the rest of the UK and the Channel Tunnel.

Avonmouth forms part of Network Rail Strategic Freight Network. handles 27% of UK aviation fuel imports, 6 million tonnes of There are plans to enhance the network to extend the W10 loading dry bulk goods, 25% of animal feed imports and 750,000 gauge network to the area. motor vehicles each year.

The comprises a 2,600 acre estate and is the UK’s most Bristol Airport is located 12 miles south of Avonmouth. centrally located deep sea port. The port was taken private in 1991 and The airport has experienced significant growth and has since had £500m of investment to create a full range of shipping, investment in the past decade. The airport employs 15,000 distribution and logistics services. people in the local area and contributes £15bn in gross value added to the UK economy. In 2019 it was ranked the The port is a cost effective logistics solution for business being able to UK’s eighth busiest airport handling 8.9 million passengers handle vessels up to 130,000 dwt and provides access to 67% of the to 120 destinations across 34 countries. UK population within a 155 mile radius. The port is a major economic driver for the South West. The company and the businesses on the estate contribute £1bn to UK GDP and employ 10,000 people. The port

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 3 Intercom GP IC ICIC Intercom 7.14 .29 Plant 7.16 77.15.15 7.29 77.29 .22 7.01 77.02.02 77.15.15 77.22

7 7 .25.25 G .30 7 .30 7 6.98 PlantPlant PlantingPlanting Intercom 77 IC .39 IC 7 .39 .27 .27cl27cl 77. IC ICIC GV .902mE.902mE 7.01cl 77.18cl.18cl S2S2 .163mN.163mN c .46 353838 a 77.46 353838 m 7.41.41 180114180114 r 7 .236m.236m 7.05 7.10 a 7.32.32 77 77.23.23 T 7 LPLP Conc

RSRS 77.51.51 77.44.44 7.40 .40 77.31.31

77.38.38 G GP .98 7.07 6 7.06 77.23.23 .44 77.44 GP 7.14 7.11 77.31.31 LP ICIC 3.2m 1.1m 3.2m 2.2m Metal 6.93 77.38 .43cl.43cl 3.3m 1.1m 3.3m 3.3m 1.1m 3.3m 3.2m 1.1m 3.2m 3m 1m 3m 1.3m 1.1m 1.4m 3.5m 0.2m 7.03 3m 4m 3m .38 77 .40.40 7 77 7.62 .01 .12 .83 7 FIRE7 BOUNDARY CONDITION 6 .04 FIRE BOUNDARY CONDITION .99 FIRE BOUNDARY CONDITION 7.12 .35 StudsStuds 7 6 7.24.24 7 7.38.38 ofof 7 DG-12 DG-11 DG-10 DG-09 DG-08 DG-07 WG-09 .46 .51.51 LineLine N180125 77 6.23 6.15 6.38 6.24 6.19 6.17 6.27 6.29 6.28 6.81 6.06 6.22 6 VERTICAL K BRACE 5.99 VERTICAL K BRACE VERTICAL K BRACE .27 5 7 600mm WIDE/30mm THICK 600mm WIDE/30mm THICK 600mm WIDE/30mm THICK 6.11 .87 7.32 1m .32 STYROZONE H350R PERIMETER INSULATION STYROZONE H350R PERIMETER INSULATION STYROZONE H350R PERIMETER INSULATION .20 .52.52 6 6 77 .91

SITUATION 7 7 .53 7 .53 7 .64 .10 6.23 77 7 7 .6 6 ng .59.59 .64 .64 .20 5 4 6 .99 TerminatedTerminated 4m DuctingDucti 6.11 .24 .22 6 WG-08 6x150¯6x150¯ 6 77.58.58 .91 ICIC .36 5 .94 6 5 .58cl 77.58cl 5.97 .66.66 .65 7 7 77.65 1m 5.97 .89 ICIC .393mE 5 .53 0m .53 .66cl A1 .67.67 77 77.66cl S3 .780mN 77 353722 .18 6.13 180180 6 77.68.68 6.05 .041m .60.60 6 .24 77 .48.48 6 WALLING 77

Rockhaven is located at the heart of Cabot Park the leading South 6 .73 .69 .73 .26 6.21 WG-07 77 .39 6

6 CURTAIN 7.47 7 7

4m planting .03 .14 .89.89 6 6 5.94 B1 A1 7.51 WG-06 77.52.52 UNIT A 77.67.67 6.34 5m 4m CURTAIN WALLING .18 .28 .98 6 6 5 .18 6 .44 West distribution and industrial location. Cabot Park is a 370 acre .36 BT 7 7 .89.89 6.30 7.29 77

LP 5.86 77.66.66 .47 77.79.79 6 .36 .97 7 .27 5 INSULATION 6 THICK .89 7 6 5 7.19 7.86.86 .61 7.28 .31 G BTBT distribution warehouse estate in the centre of Avonmouth. 7 77.98.98 .14 7 7.15 6 .98 .30 6.22 6.56 6 G PERIMETER 6.50 .12 .126mE 7 7.43 .513mN 77.91.91 WIDE/30mm 5 .57 S1 N180100 .95 7 353807 77.88.88

H350R 600mm WIDE/30mm THICK 7 .39 180102 UNIT B .30 STYROZONE H350R PERIMETER INSULATION .699m 88 6 7 .16.16 600mm 8 VERTICAL K BRACE 8.07.07 77.98.98 5.85 7 .22 .66 .73 88.11 7 7 7 8.00 .11 STYROZONE DG-05 DG-06 .23 .00

2m 4m 52m.82 2m 4m 2m 7 7.29 2 No. .34 8 6.29 1 8.19.19 7 7 .31 5 .24 .33 7 88 Ramp Ramp 6.02 .8 7.57 .17.17 6.67 Sheffield8 77 The property is 1.5 miles north of Junction 18 of the M5 Motorway .99.99 11 10 9 8 7 6 5 4 3 2 1 6.27 1:23 1:23 Style 6.92 6.12 Cycle

6 .65 5 Stands .92 IC 7.41 .89cl RSRS 6 6.62 1 No. Car Charging Point 6.00 .90 .93 7.47 6 6 .63 .83 6 W/m2K 7 BLBL .26 .43 7 7 7 and 2 miles south of Junction 1 of the M49 Motorway, which leads 0 .31 .10 = 6.03 LP

VALUE DG-17 FD30S/SC .16 INSULATED PARTTITION TO ACHIEVE U VALUE = 0.26 W/m2K 6 U

2m DG-19 FD30S/SC 2m Grass LP .04 MALE WC DG-16 6 .78

ACHIEVE 6 7 6.27 TEADIS POINT.WC DIS.WC .24 BL TO .77 6.63 6

RESISTANCE Concrete .61 TOW 6 D/W .15 Headwall

DG-15 FD30S FIRE 6

PARTTITION 6 .26 (Base .76 POINT Submerged) 6 6.26 550 .58 to the M4 Motorway. 4m 4m .31hwl 7 Tarmac TEA

WG-12 6 OFFICE OFFICE WG-05 IL MINUTES INSULATED .20 5.11 6 DG-14 30 .86 .34 6 6 I/R 6.16 5.07 6.29 .0m 6.17 1 600¯ 600mm WIDE/30mm THICK DG-13 FD30S/SC .10il DG-18 FD30S/SC .13 5 2m STYROZONE H350R PERIMETER INSULATION 2m 6 0 6.74 .9/ .84 7.00 5 12/ WG-01 WG-02 DG-01 DG-02 DG-03 DG-04 WG-03 WG-04 7 .96 6 5 .09 .14 .57 gate 6 6.85 .07 2m 4m 2m 2m 4m 2m 2m 4m 2m 2m 4m 2m 2m 4m 2m 2m 4m 2m 6.18 7 1m 3m 3m 3m 3m 1m Ramp Ramp The property is situated just off the main estate road Popular Way Ramp Ramp 6.16 .76

1:23 6

8 7 6 5 1:23 4 3 2 1

1:23 1:23 1 6.14

6.55 Overgrown 6.21 1 No. Car Charging Point 2 No. Sheffield Style 1 No. Car Charging Point 2 No. Sheffield Style Cycle Stands Cycle Stands East on Packgate Road. Major occupiers on the estate include Asda, 6.11

1

7 6.71 .06

9 6.04 6 .15 .76 6

6.13 6.27 BCA, Co Operative, John Lewis, Amazon, Yankee Candle, Elemis, 10 gates 6.16 .45 6 6.23

11 6.16

6.25 6.48 20 Ditch 6.09 Muller, Culina, PCL Transport and Accolade Wines. .21 12 6 7

.06 CONCRETE FORECOURT 6.00 19 Hole Bore 18 7.11 6.62 13

6.32 17

6 .35 .55 6 16 14 6.02 .33 6.44 6 15 6.08 fence .20 6 6.15 14 15 13 5.26 .22 12 .08 6.02 6 6

6

.87 16 37 36 35 5.26 6.43 34 6 .38 17 33 32 6.20 31 .18 30 MG 6 18 29

28 6 5.47 27 .20 26 6 .76 25 24 Fencing 6.15 DESCRIPTION 6.31 23 LANE Anti-Climb 6.30 0 22 .8/ High 6.18 21 Footpath 20/ 2.5m and 20 6 Track .23 19 MOORHOUSECycle Tarmac Unit B Demise 6.20

6 .56

.13 GP A new development of a high-quality warehouse/ industrial unit. 6 Unit A Demise 6.00

Stone Wall .2mh Unit B totals 25,388 sq ft (GIA), and benefits from the following 1 Common Parts specification as follows: New construction, greenfield site ACCOMMODATION

Steel portal frame construction The property has been measured in accordance with the RICS Code 7.5m minimum clear height to the underside of haunch of Measuring Practice Edition 6. Insulated metal cladding with 10% roof lights The Gross Internal floor areas are detailed in the table below: 37.5KN warehouse floor loading Floor Sq m Sq ft Ground level loading – 5m door heights Ground Floor Warehouse 2,160.20 23,252 Concrete forecourt, paved yards Ground Floor Office 99.21 1,068 The total site area is 1.22 acres reflecting a site coverage of 48%. First Floor Office 99.21 1,068 Total 2,358.62 25,388

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 4 TITLE COVENANT

The property is held freehold, subject to a 999 year lease of Unit A to Arnold Laver & Company Limited is one of the oldest and most established Coralarc Ltd at a peppercorn rent. timber distribution businesses in the UK.

The property is subject to a service charge which is currently estimated at In 2018 Arnold Laver merged with The National Timber Group to create £11,650 and includes a sum of £3,100 for the wider Cabot Park estate the largest independent timber distribution business in the UK. With charge. The service charge is apportioned between units A and B and is combined revenue approaching £250 million, the new enlarged Group fully recoverable from the tenants. has 52 distribution and processing sites extending from the north of Scotland to and the South West and over 1300 employees.

They are experts in construction materials and import, distribute and TENANCY manufacture a wide range of timber and timber based materials, including panels, decorative surfaces and joinery products. Arnold Laver The property is let to Arnold Laver & Company Limited on a new Full employ over 760 personnel across the country, with an annual turnover is Repairing & Insuring lease for a term of 15 years, subject to tenant break in excess of £145 million. options at the end of the 5th and 10th years of the term based on six Arnold Laver & Company Limited have been awarded a Creditsafe score months written notice. of 87A representing Very Low Risk: If the option to determine is actioned in the fifth year of the term a break They have reported the following recent financial results: penalty equivalent to 12 months’ rent will be payable.

The rent is £190,000 per annum equating to £7.48 per sa ft, with 31/12/19 31/12/18 31/12/17 upward only rent reviews at the end of the 5th and 10th years of the term. Turnover £145,953,000 £139,231,000 £94,023,000

By way of incentive, the tenant pays a discounted rent of £126,666.67 Pre-tax Profit £1,988,000 £577,000 £1,679,000 in year 1, equivalent to 4 months rent free, which will be topped up by the vendor or deducted from the purchase price. Shareholder’s Funds £25,452,000 £23,982,000 £37,237,000

The company is a wholly owned subsidiary of National Timber Group Topco Limited, for further information please refer to www.laver.co.uk

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 5 BRISTOL INDUSTRIAL MARKET

The UK industrial occupational market continues to outperform and has There is limited availability of comparable space and very limited strengthened further post COVID. Occupier demand has increased take up development pipeline planned with most development land being in 2020, which far exceeded average. planned for big box.

Availability of new build space is extremely low with the majority of supply Quoting rents for competing space is now up to £8.50 per sq ft, being second hand space. Speculative development of big box space in with further rental growth forecast predicted over the next five years. Bristol has been limited in recent years with the majority of development being owner occupier or pre let stock. As such, availability of new build accommodation is extremely limited and second hand space availability low.

Date Property Size Rent Tenant Terms Comments

U/O Unit 10 More+ Avonmouth 32,200 £8.00 CVS Vets TBC Pre-let

Q1 2021 Unit 2 More+ Avonmouth 55,200 £8.50 Huboo 15 years New build

Q4 2020 Unit 6 Portside 20,965 £8.00 Effinor 10 years New build DT Rotary 10 years Q2 2020 Unit H1b Horizon 38 21,400 £8.00 New build Steerable 7 year break G Roofing Q2 2020 Unit 9 More+ Avonmouth 31,617 £7.75 10 years New build Supplies Q2 2020 Unit 1 More+ Avonmouth 41,827 £7.50 Network Rail 10 years New build

The UK industrial investment market has strengthened post COVID, and as result there has been a significant hardening of yields. Recent investment comparables in Bristol include:

Date Property Size Tenant WAULT yrs Price Yield CV Psf Purchaser

U/O Rockingham Gate, Avonmouth 104,118 Multi-let 3.89 c£15.75m c4.15% £151 TBC Yodel Delivery Q1 2021 Yodel, Almondsbury 53,194 2.9 £10.0m 4.41% £188 Kennedy Wilson Europe Network Q1 2021 Royal Mail, Filton 227,292 Royal Mail 6.4 £31.36m 4.70% £137 Exeter Property Group

Q1 2021 Junction One, Avonmouth 139,061 Barts Spicies 15 £22.50m 4.25% £161 ASI Part Multi-let Part Q4 2020 More+ Avonmouth 559,228 n/a £78.00m n/a £139 Tristan Capital Spec Funding

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 6 CONSTRUCTION WARRANTIES

A full suite of warranties will be available from the architect, main contractor and principal subcontractors with design responsibility.

EPC

The property has an EPC rating of B42.

VAT

We understand the transaction will be treated as a Transfer of a Going Concern for VAT purposes.

PROPOSAL

We are instructed to seek offers in excess of £3,245,000 (Three Million Two Hundred and Forty Five Thousand Pounds), reflecting a net initial yield of 5.50% and a capital value of £128 per sq ft assuming purchaser’s costs of 6.48%.

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 7 FURTHER INFORMATION

For further information please contact either joint agents:

Richard Howell 07984 962 968 [email protected]

avisonyoung.co.uk/110044

Oliver Stretton 07990 891024 [email protected]

Lucy Costain 07990 891019 [email protected]

Important Notice. These particulars do not constitute any offer or contract and although they are believed to be correct their accuracy cannot be guaranteed and they are expressly excluded from any contract. AY/AK/Hollister HD2457 05/2021

UNIT B ROCKHAVEN CABOT PARK BRISTOL BS11 0YW 8