The Storehouse & Units A, B ,C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

Well Let High Yielding Midlands Industrial Investment Opportunity 02 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > INVESTMENT SUMMARY

LOCATION • Banbury is strategically located at Junction 11 of • The site comprises 17.31 acres (7.005 hectares). • Units A, B, C & H are let to Magna Exteriors • Freehold. the M40, in the heartland of England in-between (Banbury) Limited at £1,065,735 p.a (£3.75 per • The property produces £1,790,735 p.a (£3.85 • We are seeking offers in excess of £24,000,000 SITUATION London and . sq ft) with a guarantee from Magna Exterior per sq ft) and has a WAULT of 9.25 years to (TWENTY FOUR MILLION POUNDS) subject Systems GmbH until 17th July 2027. There is • The Beaumont Industrial Estate is the traditional lease expiry and 8.06 years to break. to contract and exclusive of VAT. a tenant’s option to break at 18th July 2025. DESCRIPTION: 1 industrial/warehouse location in Banbury. It lies • The Storehouse is let to Keter UK Ltd at £725,000 • NIY of 6.99%. Capital value per less than 1.5 miles to the west of Junction 11 and • Magna Exteriors (Banbury) Limited (60% of the p.a (£4.00 per sq ft) until 1st July 2027. sq ft of only £51.60. DESCRIPTION: 2 is easily accessed via the A422 dual carriageway. income) has a Dun & Bradstreet rating of 4A1 • Keter UK Ltd (40% of the income) has a Dun and Magna Exterior Systems GMBH has a Dun • The property is made up of 3 industrial/warehouse & Bradstreet rating of 3A1. & Bradstreet rating of 4A1. DESCRIPTION: 3 premises which were constructed in the 1970’s and provide a total floor area of 465,134 sq ft (43,212 sqm). ACCOMMODATION

SITE

TENURE

WAULT

TENANCY

COVENANTS

ENVIRONMENTAL

EPC

VAT

PROPOSAL

CONTACT

< HOME > 03 The Storehouse & Units A, B, C and H BEAUMONTInverness INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > LOCATION

LOCATION Banbury is an attractive and prosperous market LOCATION DISTANCE The A43 is easily accessed via the A422 less than LOCATION DISTANCE town in North Oxfordshire, 77 miles north of London, 9 miles to the east, and that provides dual Coventry 28 miles Birmingham Airport 37 miles SITUATION and 44 miles south east of Birmingham. carriageway access to Northamptonshire, Milton 29 miles Keynes and the East Midlands Glasgowmarket. The A34 Heathrow Airport 64 miles Banbury is conveniently located just off Junction 11 Milton Keynes 31 miles is 16 miles to the south and provides access Luton Airport 64 miles DESCRIPTION: 1 of the M40, which provides a fast and direct route to Oxford and the South West. between the UK’s 2 largest cities; thus acting as a Northampton 31 miles East Midlands Airport 70 miles DESCRIPTION: 2 strategic conduit between the key distribution Swindon 45 miles markets of , the South East and the Bristol 80 miles DESCRIPTION: 3 West Midlands. 90 miles ACCOMMODATION HGV Drive Time: SITE Middlesborough 2hr

TENURE M6 3hr WAULT 4.5hr TENANCY M40 A423 COVENANTS Sheield Beaumont Rd A1 M1 M6 ENVIRONMENTAL A361 Stoke-on-Trent Southam Rd EPC A1 Leicester Norwich Birmingham VAT M6 Coventry A14 M5 Northampton J11 A422 PROPOSAL Milton Keynes M1

A422 BANBURY A1(M) CONTACT M11 A422 M25 Swindon M40 M4 Cardi London Bristol A361 M40 M3 M25 M20 HOME A4260 M5 Folkestone < > GRIMSBURY Southampton Exeter 04 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > SITUATION Ruscote Avenue LOCATION The property is situated on the Beaumont Industrial Estate, which is SITUATION the traditional industrial location of the town. The asset is strategically DESCRIPTION: 1 located less than 1.5 miles to the Southam Road north of Banbury town centre. DESCRIPTION: 2 Junction 11 of the M40 is 1.4 miles A422 to the east and is accessed via the A422 dual carriageway and Southam Beaumont Rd DESCRIPTION: 3 Road (A423). The locality’s reputation Ruscote Avenue has been reinforced by the ACCOMMODATION development of Banbury Cross, which is a distribution centre SITE less than half a mile to the north. Hennef THE It comprises more than 500,000 Way STOREHOUSE TENURE sq ft and the tenants include The Entertainer, Amazon and Charge Automotive. UNITS WAULT A, B & C Immediately to the south of the TENANCY subject property is Banbury Cross UNIT H Retail Park, and a Tesco Food Store. COVENANTS Banbury Railway Station is 1.5 miles to the south and provides a fastest A423 ENVIRONMENTAL journey time to London Marylebone of 57 mins, and to Birmingham Moor EPC Street of 44 mins. Beaumont Road

VAT

PROPOSAL

CONTACT

< HOME > Southam Road 05 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > DESCRIPTION: 1

LOCATION The property comprises three industrial buildings built in the 1970’s, two let to Magna and one let to SITUATION Keter UK Limited on a 17.31 Acres (7.005 Hectares) site. The total built area is in the order of 465, 134 DESCRIPTION: 1 sq ft (43,212 sq m).

DESCRIPTION: 2

DESCRIPTION: 3

ACCOMMODATION

SITE

TENURE

WAULT

TENANCY

COVENANTS

ENVIRONMENTAL

EPC

VAT

PROPOSAL

CONTACT

< HOME > 06 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > DESCRIPTION: 2

LOCATION KETER UK LIMITED BUILDING THE STOREHOUSE SITUATION The building comprises 180,938 sq ft (16, 810 sq m) DESCRIPTION: 1 in a single building set out in four principal bays. Constructed originally as a bonded warehouse the DESCRIPTION: 2 property is of steel framed construction and clad externally with a mixture of concrete panelling and brickwork. A covered loading bay has been infilled DESCRIPTION: 3 to provide additional warehouse accommodation. There is a substantial secure yard area, nine loading ACCOMMODATION doors and the principal warehouses have an eaves height of 27ft 6in (8.4m). SITE The tenant has invested materially in the premises to include a new drainage supply, upgraded gas TENURE supply, silos, refurbished offices, and cranes.

WAULT

TENANCY

COVENANTS

ENVIRONMENTAL

EPC

VAT

PROPOSAL

CONTACT

< HOME > 07 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > DESCRIPTION: 3

LOCATION MAGNA BUILDING UNITS A, B, C and H SITUATION These premises comprise two detached industrial buildings, constructed at the same time as the adjacent premises, and comprises 284,196 sq ft (26,401.8 sq m). DESCRIPTION: 1 The buildings are the same style of construction as The Storehouse. They are of steel portal frame construction, and clad externally with a mixture of concrete DESCRIPTION: 2 panelling and brickwork. The premises are used for the manufacture, painting and assembly of external automated accessories for volume car producers DESCRIPTION: 3 including Honda, Jaguar Land Rover and Mini.

ACCOMMODATION There are two separate entrances Decoma have invested heavily in the from Beaumont Road serving this part premises to facilitate the sequenced of the site together with an estate delivery of component parts to their SITE road that facilitates circulation around clients. The building has a number of the buildings. There are twelve loading high tech paint lines, a high number TENURE doors to the premises and the of state of the art robotic functions, buildings have an eaves height moulding presses and heavy WAULT of 27ft 6in (8.4m). duty cranes.

TENANCY

COVENANTS

ENVIRONMENTAL

EPC

VAT

PROPOSAL

CONTACT

< HOME > 08 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > ACCOMMODATION > SITE > TENANCY

LOCATION The site comprises 17.31 acres (7.005 hectares). THE STOREHOUSE BLOCKS A, B, C & H Unit SQ FT SQ M The property was let to Stewart Group Holdings for The property is let to Magna Exteriors (Banbury) SITUATION > a 15 year term from 2nd July 2012. The current rent Limited with a guarantee from Magna Exterior TENURE is £725,000 pa (£4.00 per sq ft). The lease was Systems GmbH, for a 10 year term from 18th July DESCRIPTION: 1 The Storehouse 180,938 16,809.63 assigned to Curver UK Limited in December 2017, 2017. The current rent is £1,065,735 p.a (£3.75 per sq Freehold. and this Company changed their name to Keter UK ft). The lease is subject to an upwards only rent DESCRIPTION: 2 Limited in January 2018. The lease is subject to review on 18th July 2025. There is a tenant’s option Units A, B, C & H 284,196 26,001.82 > 5 yearly upward only rent reviews. The rent is to break on the 18th July 2025. The lease is drawn on DESCRIPTION: 3 WAULT reviewed to the higher of the passing rent, the open effectively Full Repairing and Insuring Terms save market rent, or uncapped RPI. The next rent review for the fact that Block A is subject to a schedule of TOTAL 465,134 43,212.36 The WAULT to expiry is 9.25 years and to break is 2nd July 2022. The lease is drawn on effectively condition, and the tenant’s yielding up obligation for ACCOMMODATION is 8.06 years. Full Repairing and Insuring terms. the entire premises is capped at £1,500,000 plus RPI. SITE

TENURE BEAUMONT ROAD

WAULT

TENANCY

COVENANTS THE ENVIRONMENTAL STOREHOUSE EPC UNITS A, B & C VAT UNIT H PROPOSAL

CONTACT

< HOME >

92.7 09 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > COVENANTS

LOCATION The property was originally let to Stewart Group Holdings Limited. Stewart MAGNA Group were purchased by the Keter Group in March 2017. In December 2017 Magna employ more than 168,000 people and are a leading global automotive supplier with 335 manufacturing operations SITUATION they assigned their lease to Curver UK Limited who are part of the Keter Group, and 96 product development, engineering and sales centres in 28 countries. and in January 2018 they underwent a change of name to Keter UK Limited. DESCRIPTION: 1 Magna has been a publicly listed company since 1962. It claims to be the most diversified automotive supplier in the world. Curver UK Limited It designs, develops and manufactures automotive systems, assemblies, modules and components. It engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, DESCRIPTION: 2 Curver was founded in 1949 in the Netherlands as a glass packaging production company. As plastic products underwent a period of significant growth the firm Asia and South America. decided to specialise in it. It soon became a household name in plastic. DESCRIPTION: 3 The latest accounts are for 2016, and showed Sales Growth of 13% up from $32,134M to $36,445M. In 1998 the US group, Rubbermaid Inc., bought out Curver and the brand became In March 2018 it was announced that Magna had entered into a multi-year collaboration with Lyft. Lyft is North America’s ACCOMMODATION internationally recognised in the manufacture and distribution of technical fastest growing rideshare company. The companies will jointly fund, develop, and manufacture self-driving systems. plastic moulded products. The products are sold by a wide variety of well In addition to this Magna will invest $200M in Lyft equity. established brands, including; Amazon, Tesco, B&Q and Pets at Home. SITE MAGNA EXTERIORS (BANBURY) LIMITED The Keter Group Magna Exteriors (Banbury) Limited has a Dun & Bradstreet Rating of 4A1 which represents a minimum risk of business failure. TENURE The Keter Group distributes to 25,000 retail outlets worldwide. This global enterprise has been active for over 60 years and employs over 4000 people, YEAR ENDED YEAR ENDED YEAR ENDED WAULT operates 18 factories and 2 distribution centres in nine countries. They currently DECEMBER 2016 JANUARY 2016 DECEMBER 2014 sell to over 100 countries around the world, maintaining sales offices in many Sales Turnover £121,247,000 £115,301,000 £98,237,000 TENANCY of these markets. Profit/(Loss) Before Taxes (£6,000,000) £2,493,000 £5,310,000 Keter Plastic is the world’s leading manufacturer of resin-based household COVENANTS and garden consumer products. In the fourth quarter of 2016, the private Tangible Net Worth £26,388,000 £33,120,000 £31,204,000 equity firm BC Partners purchased 80% of Keter Group for €1.4 billion. Net Current Assets (Liabilities) £4,930,000 £9,319,000 £16,257,000 ENVIRONMENTAL Keter UK Limited EPC Keter UK Limited has a Dun & Bradstreet rating of 3A1 and represents MAGNA EXTERIOR SYSTEMS GmbH a minimum risk of business failure. Magna Exterior Systems GmbH has a Dun & Bradstreet rating of 4A1 and represents a minimum risk of business failure. VAT YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED DECEMBER YEAR ENDED DECEMBER YEAR ENDED DECEMBER PROPOSAL SEPTEMBER 2014 SEPTEMBER 2015 SEPTEMBER 2016 2015 2014 2013 Turnover £17,757,249 £20,618,522 £21,902,443 Current Assets €103,792,167 €73,455,330 €74,060,100 CONTACT Equity Pre-Tax Profit £600,889 £2,173,124 £1,331,406 €34,026,000 €34,026,000 €34,026,000 (Capital and Reserves) Total Current Assets £7,312,180 £11,296,756 £14,272,667 Balance Sheet Total €160,759,980 €130,173,171 €134,720,234

< HOME > Total Net Worth £4,648,613 £8,397,737 £9,587,143 Net Sales €427,841,837 €372,614,614 €387,945,792 10 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > ENVIRONMENTAL

LOCATION The subject site was farmland until the 1970’s when it was developed in its current form. SITUATION The Storehouse is occupied by Keter UK Limited and they use it for the manufacture of plastic extrusions for a variety of domestic uses, and the storage and the distribution of this product. DESCRIPTION: 1 Magna Exterior Systems occupy units A,B,C This strategy is clearly set out in the and H; they manufacture mouldings for the current lease. DESCRIPTION: 2 automotive industry. The Landlord has been instrumental in DESCRIPTION: 3 In 1998 a pollution incident was recorded by agreeing and signing off the remediation Thames Water in a nearby storm drain. It was strategy. Magna are obliged to submit a established that lubrication oil had leaked Remediation Validation Report to the ACCOMMODATION from the moulding machines in Block H. Environmental Regulator for approval upon Magna Exterior Systems accepted full completion of the long term remediation SITE responsibility for the pollution. The works. The Landlord is entitled to make Environment Agency was made aware representations. TENURE of the position. The remediation strategy has been designed In 2013 the vendor commissioned Pam with the following clear objectives: WAULT Brown Associates to advise them on the i) Rendering the site suitable for a contamination issue, and engaged with commercial/industrial use such that TENANCY Magna to negotiate a remediation strategy. the site would not be designated as In order to provide a platform to agree that Contaminated Land under Part 2A remediation strategy, Magna instructed the COVENANTS of the Environmental Protection Environmental Consultants Golders to agree Act 1990. ENVIRONMENTAL a “Remediation Strategy” with Pam Brown Associates. ii) Achieving sub surface conditions such that sorbed and dissolved contamination It was agreed that a phased approach to EPC does not pose an unacceptable risk to remediation would be undertaken as follows: Controlled Waters or human health for VAT 1. Short/Medium term remediation works a commercial/industrial setting. undertaken whilst the site is operational. iii) Complying with applicable statutory/ PROPOSAL 2.  A longer term site exit scenario where the regulatory framework current at the time restrictions resulting from site operations the decommissioning works commence. CONTACT no longer apply.

< HOME > 11 The Storehouse & Units A, B, C and H BEAUMONT INDUSTRIAL ESTATE • BANBURY • OX16 1TR

INVESTMENT SUMMARY > CONTACT LOCATION For further information, to arrange inspections, and to gain access to the Data Room please contact: SITUATION

DESCRIPTION: 1 Peter Winfield DESCRIPTION: 2 T: 0207 952 6101 M: 0777 815 9402 DESCRIPTION: 3 E: [email protected]

ACCOMMODATION Charlie Moulton T: 0207 952 6298 SITE M: 0743 521 2323 E: [email protected] TENURE

WAULT

TENANCY

COVENANTS Tom Scott ENVIRONMENTAL T: 0207 075 2819 M: 0782 553 1034 E: [email protected] EPC Charlie Foster VAT T: 0207 409 8883 > EPC > VAT > PROPOSAL M: 0797 799 8837 PROPOSAL E: [email protected] The premises have the following It is anticipated that the sale will We are seeking offers in excess of £24,000,000 (TWENTY FOUR MILLION CONTACT MISREPRESENTATION ACT 1967 EPC ratings: be structured as the Transfer of POUNDS), exclusive of VAT and subject to contract. A purchase at this price Kimmre, Savills, and their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property a Going Concern. will show a NIY of 6.99% and reflects a capital value per sq ft of only £51.60. either here or elsewhere, either on their own behalf or on behalf of their client or The Storehouse: C61 otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be Units A, B, C & H: C69 relied upon as statements or representations of fact. 2. Any areas, measurements or HOME distances are approximate. The text, photographs and plans are for guidance only and < > are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Publication Date: April 2018 carve-design.co.uk 13452