Ridgeway Distribution Centre, Ridgeway Iver SL0 9HX
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Ridgeway distribution centre, Ridgeway Iver SL0 9HX PRIME freehold multilet Distribution Centre On the instructions of HEATHROW AIRPORT LONDON M4 J15 READING J5 M4 M25 THORNEY LANE NORTH J1 M40 1F 1E 1D 1C 1G 1B 2C 1A 5A 5B 2A/B 5C 3B 5D 3A EXECUTIVE SUMMARY • An unbroken, core, Western Corridor multi-let industrial/ distribution park which is excellently located for access to the M4, M25, M40, Heathrow International Airport, London markets and the national motorway network. • The Property comprises of 14 warehouse/distribution units which provide a range of unit sizes from 12,338 sq ft to 48,362 sq ft and comprises a total area of 381,740 sq ft. • The units all benefit from separate parking and loading areas and are arranged in a combination of self-contained units with secured yards and more traditional terraced accommodation. • Freehold. • Ridgeway Distribution Centre extends to 7.66 hectares (18.92 acres) providing a site cover of 46%. • Ridgeway Distribution Centre is let to 9 tenants on 12 leases with a total passing rent, including rent top ups on Units 2A/B and 3B, of £3,153,646 per annum reflecting a low average rent of £8.26 per sq ft. • 65% of the contracted rent is secured against covenants with Credit Safe ratings of greater than 90/100. • The Estate benefits from an average weighted unexpired term to expiry, to include rent top ups of 5.90 years and 3.00 years to earliest termination. • We have been instructed to seek offers in excess of £39,000,000 (Thirty Nine Million Pounds), subject to contact and exclusive of VAT which reflects an attractive Net Initial Yield of approximately 7.65%, assuming standard purchaser’s costs of 5.80%. Ridgeway DISTRIBUTION CENTRE, Ridgeway, Iver SL0 9HX EXECUTIVE SUMMARY / LOCATION / Communications / SITUATION / SITE PLAN / TENANCY SCHEDULE / COVENANTS / SERVICE CHARGE / COMPARABLES / PROPOSAL 2 M40 M1 M25 DENHAM A406 A355 1A SOUTH 16 1A 1 HARROW COOKHAM SOUTH RUiSLIP A404 A40 WEMBLY STOKE POGES IVER UXBRIDGE HEATH RIDGEWAY A4007 SWALLOW ST DISTRIBUTION WOOD LN BURNHAM CENTRE GREENFORD IVER NORTH ACTON MAIDENHEAD SLOUGH HIGH ST LADBROKE GROVE A408 HAYES GRAND UNION LANGLEY 7 CANAL PARK RD 9A A412 M4 15 LONDON LONDON ROAD (A4) A404 DOMEY 6 B470 HIGH ST 8,9 LANGLEY (M) HAMMERSMITH 4 M4 4B M4 AND FULHAM A308 4B 3 9,8 ETON 5 2 1 CHISWICK A4 15 A312 CRANWORTH DATCHET WINDSOR COLNBROOK A3004 14 HEATHROW A30 ISLEWORTH A205 AIRPORT LOCATION M25 Ridgeway Distribution Centre is an 13 A3 established commercial area located adjacent to the M25 motorway 5.44 km STAINES-UPON- SUNBURY ON (3.4 miles) north of Junction 5 of the M4 THAMES EGHAM THAMES motorway at Langley and 8.53A332 km (5.3 A308 1 miles) toBRACKNELL the south of Junction 1 of the M40. M3 A329 Iver is located in the county of VIRGINIA WATER 12 Buckinghamshire, 30.27 km (18.8 miles) 2 SUNNINGDALE west of Central London, 8.86 km (5.5 miles) SHEPPERTON A3 east of SloughA322 and 4.83 km (3 miles) south of Uxbridge. M3 11 A309 ADDLESTONE WINDLESHAM BAGSHOT 3 A240 Ridgeway DISTRIBUTION CENTRE, Ridgeway, Iver SL0 9HX EXECUTIVE SUMMARY / LOCATION / Communications / SITUATION / SITE PLAN / TENANCY SCHEDULE / COVENANTS / SERVICE CHARGE / COMPARABLES / PROPOSAL COMMUNICATIONS Ridgeway Distribution Centre benefits from excellent Air communication links. London Heathrow International Airport is located Road 14.32 km (8.9 miles) to the south east via the M4 and is the UK’s busiest airport. London Gatwick Junction 5 of the M4 motorway is located 5.44 km International Airport is London’s second largest airport (3.4 miles) to the south at Langley and provides easy and is located 70 km (44 miles) to the south. access to Junction 15 of the M25 3.1 km (1.9 miles) to the east. Junction 1 of the M40 is located 8.9 km (5.5 miles) to the north. Destination Distance Time M4, Junction 5 5.44 km 10 min Rail M25, Junction 15 8.74 km 13 min Regular direct rail services are available to Central M40, Junction 1 8.8 km 12 min London and the west country from Iver Railway Station 0.8 km (0.5 miles) to the south. The fastest journey Slough 8.96 km 15 min time to London Paddington is approximately Heathrow International 14.5 km 20 min 25 minutes. Airport Central London 28 km 44 min Uxbridge Underground station is situated 6.4 km (4 miles) to the north and provides access to the Piccadilly and Metropolitan Lines. Iver Railway Station will be further improved with the new Crossrail service which is scheduled for completion in 2018 and will provide access to Central London. Although not confirmed, Iver Railway Station is also the potential site for the new Heathrow Hub Railway Station which would see the station greatly expanded with twelve extra platforms and serving as the main interchange between Heathrow Airport, Crossrail and High Speed 2. Ridgeway DISTRIBUTION CENTRE, Ridgeway, Iver SL0 9HX EXECUTIVE SUMMARY / LOCATION / Communications / SITUATION / SITE PLAN / TENANCY SCHEDULE / COVENANTS / SERVICE CHARGE / COMPARABLES / PROPOSAL swan road M40 B470 HIGH STREET ford lane B470 M25 grange way SITUATION thorney lane north thorney Ridgeway Distribution Centre is situated directly to the grand union canAl east of the M25 and 0.8 km (0.5 miles) to the south of ridgeway B470 ridge way Iver village. The Property is accessed off Thorney Lane Distribution COURT LANE Centre industrial estate North via Ridge Way, which is unadopted by the Local Authority and forms part of the Property. Access from Junction 5 of the M4 is off the A4 (London Road) via Sutton Lane, North Park, Thorney Lane South and Thorney Lane North. Alternatively, thorney lane north access can be gained from Junction 1 of the M40, via COURT LANE Uxbridge, to Thorney Lane North via the B470, 8.53 IVER STATION km (5.3 miles) to the north. LANGLEY BATHURST WALK DESCRIPTION thorney PARK GOLF GOURSE thorney lane SOUTH Ridgeway Distribution Centre comprises a substantial, unbroken industrial and warehouse park on the SOMERSET WAY outskirts of Greater London and on the edge of the M25 motorway. The estate has been developed on a phased basis although the majority of the buildings B470 M25 were developed in 2002, with many of the earlier units having recently been refurbished or reconfigured. RICHINGS WAY The Property comprises of 14 units which range in NORTH PARK ROAD size from 12,338 sq ft to 48,362 sq ft with a total area of 381,740 sq ft. The units are arranged around a one way, circular estate road with the newest element of J15 M4 the Property located within the estate road and the A4 older units arranged around the edge. J4B J5 The units are all of steel portal frame construction with either brick or steel clad elevations beneath pitched roofs with varying amounts of translucent roof lights. The eaves heights vary between the units, but they Route to RDC range from 5 metres to 7.25 metres at their lowest points. All of the units benefit from dedicated loading Satellite navigation ref: and parking areas and some of them benefit from SLO 9HX secured yards. Ridgeway DISTRIBUTION CENTRE, Ridgeway, Iver SL0 9HX EXECUTIVE SUMMARY / LOCATION / Communications / SITUATION / SITE PLAN / TENANCY SCHEDULE / COVENANTS / SERVICE CHARGE / COMPARABLES / PROPOSAL SITE The Property comprises of a total area of 7.66 hectares (18.92 acres) providing a site cover of 46%. The site is very secure with full perimeter fencing and one access point. TENURE The Property is held freehold. 2A/B 2C Ridge Way is not an adopted highway and is included within the Title of the Property. TENANCY SUMMARY 3B 3A ridge way • Ridgeway Distribution Centre is let to 9 tenants on 1G 12 leases. 1A • The passing rent, including rent top ups, is 5D 1F £3,153,646 per annum which provides a low 1E average passing rent of £8.26 per sq ft. 5C 1C 1D 1B • The average weighted unexpired term to expiry, to include rent top ups, is 5.90 years and 3.00 years to 5B earliest termination. 5A thorney lane north Ridgeway DISTRIBUTION CENTRE, Ridgeway, Iver SL0 9HX EXECUTIVE SUMMARY / LOCATION / Communications / SITUATION / SITE PLAN / TENANCY SCHEDULE / COVENANTS / SERVICE CHARGE / COMPARABLES / PROPOSAL TENANCY SCHEDULE Unit Tenant Size Lease Current Income Next % of Comment (Company Number) Sq M Sq Ft Start Date Expiry £ pa £ psf Rent estate (TBO) Review income CEVA Logistics Ltd The unit is underlet to TNT Post UK Ltd on a 5 year lease term to expire on 1A 3,730.3 40,153 06.04.99 05.04.24 £350,000 £8.72 06.04.14 11.1% (01291251) 05.09.18 at the Head rent with 3 months’ rent free. Schedule of Condition. Break notice on 3 months notice. If break is not served by TNT Post UK Ltd 01.09.18 1B 3,042.6 32,750 02.09.13 £294,750 £9.00 - 9.3% 01.12.13, tenant to benefit from 9 months’ rent i.e. 01.12.13 to 31.08.14. Lease (04417047) (01.03.14) excluded from the 1954 Act. TNT Post UK Ltd Schedule of Condition. Rent commencement date 09.03.14. Vendor rental top up. 1 C/ D 3,633.4 39,110 09.06.13 08.06.18 £342,250 £8.75 - 10.9% (04417047) Lease excluded from the 1954 Act. Café Connections 1E 2,037.2 21,928 06.11.07 05.11.17 £209,485 £9.55 06.11.12 6.6% Rent deposit of £128,196 held.