26 NORTH ROAD, YATE, BRISTOL, BS37 7PA FREEHOLD INDUSTRIAL SALE & LEASEBACK OPPORTUNITY
26 North Road, Yate, Bristol, BS37 7PA 1 INVESTMENT SUMMARY t The property comprises a freehold industrial unit together with large adjoining t The property will be let to Yate Disposables Limited for an unbroken term of 10 service yard fronting North Road in Yate, East Bristol. years at a rent of £320,000 per annum with a fixed uplift after 5 years to £353,305 per annum. t Yate is an established industrial location approximately five miles north of Junction 18/19 of the M4 and within easy reach of Junction 14 of the M5. t Yate Disposables Ltd has been established for 35 years and has a D&B rating of 1A3. t Nearby occupiers include Travis Perkins, Malvern Tyres, Howdens, Screwfix and t Yate represents a strong industrial market with good levels of demand and low Kellaway Building Supplies. vacancy rate. t The unit extends to 4,408 sq m (47,460 sq ft) and is situated on a large site of t We are instructed to seek offers of £4,620,000 reflecting a net initial yield of approximately 1.22 hectares (3.10 acres) reflecting a low site density of 35%. 6.44% rising to 7.10% in 2025, assuming purchaser’s costs of 7.57%.
26 North Road, Yate, Bristol, BS37 7PA 2 BRISTOL (11 miles) z
EASTER COURT
SOUTH GLOUCESTERSHIRE COUNCIL WESTERLEIGH BUSINESS PARK BEECHES INDUSTRIAL ESTATE
STOVER TRADING ESTATE
YATE STATION
NORTH ROAD
BADMINTON ROAD (A432)
APOLLO PARK BIRMINGHAM B4059
M48
CARDIFF 21 A38 B4058 M4 22 M5 BIRMINGHAM 15 JCT 14 M5 A46 M49 16 20 A403 B4058 AZTEC A432 WEST YATE 17 CRIBBS CAUSEWAY M5 19 B4465 M4 AVONMOUTH A4174 1 18 M4 18 A4108 M32 LONDON A432 A38 B4465 2 EMERSONS 19 A4 GREEN A4174 A46 M5 A369 3 BRISTOL A420 EXETER A431 A420
A370 A431 A38 ASHTON VALE BRISTOL KEYNSHAM A4 BATH INTERNATIONAL A37 BIRMINGHAM B4059
M48 B4059
NORTH RO YATE RD APOLLO PARK 21 A38 B4058 CARDIFF M4 IRON ACTON WAY 22 M5 GREAT WESTERN BIRMINGHAM BUSINESS PARK
AD B4059 15 JCT 14 M5 YATE RD A46 BEECHES M49 16 20 INDUSTRIAL ESTATE A403 B4058 STOVER RD AZTEC A432 STOVER WEST YATE TRADING ESTATE 17 ROAD INTON CRIBBS DM BA CAUSEWAY M5 19 M4 AVONMOUTH B4465
A4174 YATE RAILWAY A432
1
18 M4 18 STATION YATE
M32 LONDON A4108
WESTERLEIGH A432 B4058 B4465
A38 BUSINESS PARK
A432 EMERSONS 2 A4 19 A4174 A46 GREEN
M5
A369 3
A420 19
BRISTOL
A420 EXETER A431 M32 A370 M4 A431 AD M4 J18 A38 ASHTON VALE M 4 AVON RING RO BRISTOL KEYNSHAM A4 1 A432 BATH INTERNATIONAL A37
LOCATION
Bristol is the 5th largestB4059 conurbation in the UK and the capital of the South West. The
NORTH RO city ranks amongst the mostYATE RD attractive, successful and APOLLOculturally PARK prestigious cities in IRON ACTON WAY the UK and enjoys a rising profile within EuropeGREAT WESTERN and beyond. This is due to the city’s BUSINESS PARK
AD B4059 world class knowledge economy basedYATE RD in Aerospace, Defence, Engineering, ICT and
BEECHES Electronics, Financial Services, Media andINDUSTRIAL the ESTATEglobal reach of its two universities. Bristol has been twice been voted the STOVERSunday RD Times Best UK City. STOVER TRADING ESTATE ROAD INTON Yate, as part of the Greater Bristol market, has DestablishedM a strong reputation in the BA
distribution and industrial market due to its strategic location. Major employers in
YATE RAILWAY A432
the town include Tata Steel, General Domestic SAppliances,TATION YA TESouth Gloucestershire
Council, and Jelf Group Plc. Large distribution WESTERLEIGH occupiers include TNT, Smurfit Kappa,
B4058
BUSINESS PARK
A432 Brake Brothers and David Hathaway Logistics.
19
SITUATION
TheM32 property is situated fronting North Road within close proximity to Beeches Industrial Estate andM4 Stover Trading Estate. Yate Railway Station is located a short AD M4 J18 M 4 walk from the propertyAVON RING and RO offers a connection to Bristol Parkway which in turn provides1 access to the rest ofA432 the UK.
26 North Road, Yate, Bristol, BS37 7PA 4 DESCRIPTION SITE The property comprises four interconnecting warehouse units constructed in the 1980’s. The property is outlined in red below and has a total site area of 1.24 hectares (3.10 The units are constructed around steel portal frames with steel clad elevations rising to acres) reflecting a low site density of 35%. profile metal clad roofs. Planning consent was granted in 2019 for the construction of a 10,699 sq ft unit
The units are served by eight roller shutter doors and internally the property benefits within the yard (PK18/3153/F).
from open plan offices on ground and first floor.
On part of the yard there is an overage provision in favour of the previous owner Excluding mezzanine storage the property provides the following gross internal area (GIA): requiring a payment of 25% of any enhanced value for the development of any other use than B1(c), B2 and B8. The end date of this provision is 22 December 2026. A new owner will also be bound by this provision and will enter into a deed of covenant. Description Area (Sq m) Area (Sq ft)
Warehouse 3,762 40,496 z Offices Ground 323 3,482 N Offices 1st Floor 323 3,482
Total 4,408 47,460
26 North Road, Yate, Bristol, BS37 7PA 5
TENANCY The property is owned by Yate Disposables Limited who will enter into a new ten year full repairing and insuring lease (qualified by a schedule of condition).
The initial rent will be £320,000 per annum reflecting £6.25 per sq ft and £23,000 for the yard overage. The rent will rise to £353,305 per annum in 2025 reflecting growth of 2.00% per annum compounded. COVENANT INFORMATION
Yate Disposables Limited is a privately owned, family run business established 35 years ago. The company is a supplier of janitorial and catering goods with a national client base and employing 120 people. The company is head quartered at the subject property and the latest financial information is as follows:
30/06/2019 30/06/2018 30/06/2017 Turnover £23,621,617 £22,115,066 £22,280,815 Profit £28,310 £149,468 £352,478 Net Assets £3,279,614 £3,327,290 £3,265,185 Shareholders Funds £1,392,995 £1,374,282 £1,248,845
The company is rated 1A3 by Dunn & Bradstreet.
EPC The property is rated D90.
VAT We understand that VAT will be payable upon the purchase price.
PROPOSAL We are instructed to seek offers of£4,620,000 for the freehold interest reflecting a net initial yield of 6.44% rising to 7.10% in 2025 assuming purchasers costs of 7.57%.
26 North Road, Yate, Bristol, BS37 7PA 6 FURTHER INFORMATION
Steve Oades Email: [email protected] Tel: 0117 917 4548
Nick Thurston Email: [email protected] Tel: 0117 917 4536
Knight Frank LLP Tyndall House 17 Whiteladies Road Bristol, BS8 1PB
www.knightfrank.com
Subject to Contract and Exclusive of VAT
1. Particulars: Any property particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. 5. Website: Information on the web-site about a property is liable to be changed at any time. All details are correct as of AUGUST 2020
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