Bowler Portfolio
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BOWLER PORTFOLIO SIX INDUSTRIAL PROPERTIES BOWLER PORTFOLIO SIX INDUSTRIAL PROPERTIES PORTFOLIO OVERVIEW The portfolio compromises 6 industrial properties of a single and multi-let nature throughout South Wales. The portfolio offers: • Asset management opportunities alongside secure income • Total floor area of 851,577 sq ft • Let at a passing rent of £1,937,289 pa equating to an average rent of £2.27 psf on let area • Potential for reversion through fixed increases and rental growth • Weighted average lease term of 9.35 years to expiry and 7.62 years to break • 37% of the portfolio let to covenants with a D&B rating of 5A1 Offers in excess of £20,000,000 (Twenty Million Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 9.10% and a potential reversionary yield of 9.93% after standard purchasers costs of 6.48% and reflects a low capital value of £23.48 per sq ft. Great A438 Malvern A4103 A470 Hereford A438 A483 A4172 A49 A449 A479 A40 Brecon A417 M50 A40 THE PROPERTIES A465 Ross-on-Wye A4137 A40 GLOUCESTER Brecon Beacons National Park A40 A483 Abergavenny Forest of Dean A465 A40 A48 A470 Merthyr A4042 3 Tydfil A48 A465 Pontypool A449 M4 Blackwood M5 Neath 4 wrn 5 Chepstow SWANSEA 6 Swansea 1 2 M48 Port Talbot Pontypridd A470 Caerphilly NEWPORT A433 A403 Chipping A48(M) M49 Sodbury A48 M4 Avonmouth M4 CARDIFF Pontshead M32 A4 A46 A4232 BRISTOL A420 Penarth M5 Cardiff A38 A4 Barry Bristol A37 BATH Weston-super-Mare A38 1 Trojan Electronics Limited, 2 Unit Superheater 3 Amnitec Limited, 4 Hawker Siddeley 5 Smurfitt Kappa UK Ltd, 6 Zodiac Seats UK Ltd Fabian Way, Kings Dock, Engineering Limited, Unit 4, Abercanaid, Switchgear Limited, Unit 22, Darren Drive, Henry Thomas House, Trojan Close, Elba Business Park, Merthyr Tydfil CCS McLays Limited, Prince of Wales Llantarnam, Cwmbran Crymlyn Burrows Elba Crescent, CF48 1UX Roydon Bottle Recycling Industrial Estate, NP44 3HB Swansea SA1 8QE Swansea SA1 8QE Limited, Blackwood Abercarn NP11 5AR Business Park, Pontllanfraith, Blackwood NP12 2XH PROPERTY SCHEDULE 1 2 3 Property Tenant Tenure Area sq ft Area Sq M Acres Total Rent £ psf ERV AWULT (certain) AWULT (expiry) 1 Fabian Way, Kings Dock, Trojan Close, Trojan Electronics Limited Virtual Freehold 182,318 16,937.76 8.19 £529,000 £2.90 £556,200 12.40 12.40 Crymlyn Burrows Swansea SA1 8QE 2 Elba Business Park, Unit Superheater Engineering Limited Virtual Freehold 85,336 7,927.91 3.79 £245,500 £2.87 £266,344 15.43 15.43 Elba Crescent, Swansea SA1 8QE 3 Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX Amnitec Limited Freehold 126,293 11,732.91 6.79 £252,500 £2.00 £252,500 5.40 5.40 4 Blackwood Business Park, Hawker Siddeley Switchgear Limited (1) Freehold 302,129 28,068.47 26.14 £577,789 £1.91 £627,489 4.28 9.48 Pontllanfraith, Blackwood NP12 2XH CCS McLays Limited Roydon Bottle Recycling Limited 5 Unit 22, Darren Drive, Prince of Wales Smurfit Kappa UK Limited (2) Freehold 131,228 12,191.38 13.90 £247,500 £1.89 £328,070 0.80 0.80 Industrial Estate, Abercarn NP11 5AR 6 Henry Thomas, Llantarnam, Zodiac Seats UK Limited Freehold 24,273 2,255.02 2.30 £85,000 £3.50 £85,000 3.61 8.61 Cwmbran NP44 3HB TOTAL 851,577 79,113.45 61.11 £1,937,289 £2.27 £2,115,603 7.62 9.35 (1) New lease in solicitor’s hands. (2) New lease in negotiations. 4 5 6 1 TROJAN ELECTRONICS LIMITED, FABIAN WAY, KINGS DOCK, TROJAN CLOSE, CRYMLYN BURROWS SWANSEA SA1 8QE SWANSEA d a Ro ew N 0 9 2 4 B ew Vi ill H A s hle igh Te rra ce Ffordd Am azon SWANSEA BAY GOLF CLUB 3 A48 azon d Am fordd Amazon ford F F in Dra A483 Kings Baldwins Cre A4 s 83 ce Dock n y t cent Wa Cres bian Elba Fa Building SWANSEA UNIVERSITY BAY CAMPUS SWANSEA BAY Investment Rationale • Located in Swansea, the second largest City in Wales • Benefit from fixed rental increases • Modern distribution unit close to the Amazon hub • Further development opportunities at the front of the site • Let to Trojan Electronics Limited for over 12 years unexpired © Crown Copyright, ES 100004106. For identification purposes only. LOCATION SITUATION DESCRIPTION TENURE The Property is located in the city of Swansea, South Wales, The Property is situated approximately 3 miles (4.8 km) west of The property comprises a large, modern warehouse with ancillary 999 year lease at a peppercorn. approximately 40 miles (63.4 km) west of Cardiff and 11 miles Swansea city centre, immediately north of Fabian Way (A483) office accommodation totalling 182,318 sq ft. The unit is of steel (17.7 km) east of Llanelli. Swansea is Wales’s second largest city with which forms the main arterial route from the city centre to the M4. portal frame construction with steel clad elevations beneath a steel COVENANT INFORMATION a population of approximately 240,000 (Census 2011). Swansea Surrounding occupiers include Amazon who occupy a 900,000 clad double pitched roof. The unit benefits from a minimum eaves is a regional commercial centre and as such has attracted a sq ft distribution unit directly east of the subject property, NPT height of 7.5m, 4 roller shutter doors and 6 dock level loading Trojan Electronics Limited (04125912) number of multi-national occupiers including; HSBC, Admiral Homes Limited, Neath Port Talbot Council and Intertissue Limited. doors. The offices are located along the western elevation of the 31 March 31 March 31 March Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard To the south of Fabian Way, is the recently developed campus for warehouse and provide modern office accommodation with W/C 2013 2014 2015 and DVLA. The City has undergone significant regeneration. Swansea University which includes student accommodation. and kitchen facilities. Swansea benefits from excellent transport communications having The property benefits from a large car park to the west of the site. Turnover £8,773,341 £9,651,090 £10,740,772 access to four junctions off the M4. The A48 dual carriageway links Furthermore, there is a large yard to the south of the property Pre Tax Profit £107,335 £572,679 £56,360 the city with Carmarthen, whilst the A465 provides direct links to providing the main loading facilities. Net Worth £297,305 £616,107 £153,097 Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times SITE of 50 mins and 2 hrs and 50 mins respectively. EPC The property has a total site area of 8.19 acres (3.31 ha) A copy of the EPC is available on request. providing a site coverage of 50%. TENANCY SCHEDULE Unit Use Tenant Sq Ft Start Expiry Rent Review Break Rent Rent ERV ERV Comments (£psf) (£psf) Unit 2.1 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 156,000 17/03/2015 16/03/2030 17/03/2020 n/a £453,000 £2.90 £476,400 £3.05 Rent year 5-10 £476,400 p.a. Year 10-15 £500,970 p.a. Schedule of condition. Unit 2.2 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 26,318 17/03/2015 16/03/2030 17/03/2020 n/a £76,000 £2.89 £79,800 £3.03 Rent year 5-10 £79,800 p.a., Years 10-15 £83,790 p.a. Schedule of condition. Total 182,318 £529,000 £2.90 £556,200 £3.05 2 UNIT SUPERHEATER ENGINEERING LIMITED, NEW SWANSEA UNIVERSITY CAMPUS ELBA BUSINESS PARK, ELBA CRESCENT, SWANSEA SA1 8QE SWANSEA d a Ro ew N 0 9 2 4 B ew Vi ill H A s hle igh Te rra ce Ffordd Am azon SWANSEA BAY GOLF CLUB 483 on A maz dd A Ffor A483 Baldwins Cre A4 s 83 ce n t t ay cen ian W Elba Cres Fab SWANSEA UNIVERSITY BAY CAMPUS Works SWANSEA BAY Investment Rationale • Located in Swansea, the second largest • Let to Unit Superheater Engineering Limited City in Wales for over 15 years unexpired cent Cres • Large site with 2 high bay warehouses • Low rent average rent of £2.83 psf Elba © Crown Copyright, ES 100004106. For identification purposes only. LOCATION SITUATION DESCRIPTION SITE The Property is located in the city of Swansea, South Wales, The Property is situated approximately 3 miles (4.8 km) west of The property comprises two modern industrial units located to the The property has a total site area of 3.79 acres (1.53 ha) providing approximately 40 miles (63.4 km) west of Cardiff and 11 miles Swansea city centre, immediately north of Fabian Way (A483) South East of the former Visteon complex. Both units are of steel a site coverage of 44%. (17.7 km) east of Llanelli. Swansea is Wales’s second largest city with which forms the main arterial route from the city centre to the M4 portal framed construction with steel clad elevations and pitched a population of approximately 240,000 (Census 2011). Swansea (Junction 42). Surrounding occupiers include Amazon who occupy steel clad roofs which are separated by a large yard. COVENANT INFORMATION is a regional commercial centre and as such has attracted a a 900,000 sq ft distribution unit directly east of the subject site, NPT The larger of the two units, located to the south of the site, number of multi-national occupiers including; HSBC, Admiral Homes Limited, Neath Port Talbot Council and Intertissue Limited.