Units 1-4, Highams Green, Hickman Avenue, Highams Park, Chingford, E4 9Jg

UNITS 1-4, HIGHAMS GREEN, HICKMAN AVENUE, HIGHAMS PARK, CHINGFORD, E4 9JG

GREATER LONDON FREEHOLD SINGLE-LET INDUSTRIAL ESTATE INVESTMENT Investment Description Tenure, Tenancy, Investment Comparables VAT, EPC, Location Situation Summary Accommodation Covenant Investment Rationale Proposal, Contact

Investment Summary

• Located in Highams Park 9 miles north east of • Lease to TSS (Total Security Services) Ltd for 10 central London. years with a break at fifth year producing a rent of £183,460 pa, reflecting a rent of £10 psf. • Situated in an area benefitting from significant regeneration. • We are instructed to seek offers in excess of £2.95m (two million nine hundred and fifty • Excellent road and rail communications with A406 thousand pounds), subject to contract and North Circular 1 mile to the south providing access exclusive of VAT. A purchase at this price reflects a to the M11 within 3 miles. net initial yield of 5.9% assuming purchaser’s costs • Freehold industrial estate totalling 18,346 sq ft let of 5.8% and equates to a capital value of £161 psf. to a single tenant.

UNITS 1-4, HIGHAMS GREEN, HICKMAN AVENUE, HIGHAMS PARK, CHINGFORD, E4 9JG Investment Description Tenure, Tenancy, Investment Comparables VAT, EPC, Location Situation Summary Accommodation Covenant Investment Rationale Proposal, Contact

Dunstable 11 A602 8 A120 10 Bishop's Location Welwyn A10 A130 LUTON Stortford A131 6 Garden 9 Witham A12 City Ware M11 Hemel 5 Hertford Highams Park is located in the Lower Lea Valley approximately St 4 A41 Hempstead Harlow 9 miles north east of Central London and 6 miles north of 8 Albans Hatfield Maldon 3 7 Berkhamsted 7 1 2 Chelmsford CHINGFORD A414 Stratford, in the London Borough of Waltham Forest. 22 20 Amersham 24 25 26 A12 A130 19 M25 Highams Park benefits from excellent road communications 5 18 Barnet 5 17 Watford 4 Enfield A10 Brentwood with the North Circular A406 situated 1 mile to the south and M11 Chigwell 28 Rayleigh M1 A12 Beaconsfield 2 A127 A406 4 providing direct access to junction 4 of the M11 3 miles to the 2 Harrow 29 A127 Basildon A40 1 A41 east and access to the M25 (J27) 10 miles to the north. The 1 Uxbridge A406 M25 A13 A10 is 5 miles to the west and provides access to the City of Maidenhead LONDON CITY A13 Canvey Island Slough 30 London 6 miles to the south and the M25 10 miles to the north. 7 6 Woolwich 4 3 2 1 31 Tilbury A4 Richmond Windsor14 HEATHROW A205 Dartford Gravesend The area is served by a direct line into London Liverpool Street 13 A20 A2 2 A2 Rochester Bracknell 1 Kingston station with a journey time of approximately 20 minutes. Staines Swanley 1 Gillingham upon Thames 2 The London Underground system can be accessed from 11 Sutton A232 Chatham Croydon 4 4 Walthamstow Central station 2.5 miles to the south which is M25 M20 3 5 Epsom M25 2 Woking 10 A22 3 4 A249 9 5 6 served by the Victoria Line. Woodford Underground Station is A24 A23 M26 7 9 5 7 M25 3 miles to the east and provides access to the Central Line. Leatherhead Sevenoaks Maidstone 8 A3

B E F E E A C E H AV L V M A LE ’S W T OU Y Distances S R O N O CA T E A K AVE H H D AR 1 ROLLS P UE B160 A D D J VE V 0 CKMAN AVE R R SUBJECT HI UBILE EN E AN V 9 BATEM ORTH A PROPERTY E A W E A S AVE D C miles TH HU V E R D BURNSIDE HAN C H R HIGHAMS PARK A THE CHA ER VE RT VE RD TUDOR M11 3 HIGHAM STATION A Tesco

GH RD M25 10 MARLBOROU H A L E

E NELSON RD N A10 5 D AVE SELWYN R

D 2

1 SH RD

Dartford Crossing 20 1 CAVENDI A

R L London City Airport 12 D IL R L H

L K A R A A E O 1 H T 1 S H Stansted Airport 27 E 9 N C H CI E 9 C E

N B RC I U W D L R A R R R D W T E ES D FOR N RD S D AL R PE Y O SK F D ER’S RD 9 FULL B17 A406 NORTH CIRCULAR RD O

O F

K O W DERBY RD B I T RD VIEW REST R

E END BRIDGE H B C GA O R A H 1 B ES 6 L E R E 0 E CHELMS N

NER FORD RD R F 2 E ORD R E T

R 1 S

R 1 R R

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AVE D D N A UNITS 1-4, HIGHAMS GREEN, HICKMAN AVENUE, HIGHAMS PARK, CHINGFORD, E4HY 9JG D PENR D Investment Description Tenure, Tenancy, Investment Comparables VAT, EPC, Location Situation Summary Accommodation Covenant Investment Rationale Proposal, Contact

Situation M11 The Estate forms part of Tesco’s £105m Highams Green mixed use scheme, including a 37,000 sq ft Tesco Superstore, 253 residential units around a public car park, 10 A406 independent shops and this Estate.

Highams Green is situated along Hickman Avenue which is accessed from Larkshall Road (B160) which connects to the A406 North Circular to the south.

highams park

B160

subject property SHURGARD Investment Description Tenure, Tenancy, Investment Comparables VAT, EPC, Location Situation Summary Accommodation Covenant Investment Rationale Proposal, Contact

Accommodation

We are advised the floor areas are as follows:

Unit Floor sq m sq ft Unit 1 Ground 283 2,362 First 167 1,793 Total 386 4,155 Unit 2 Ground 283 2,362 Description First 167 1,793 Total 386 4,155 The Estate comprises a terrace of four self-contained, light industrial units of Unit 3 Ground 283 2,362 steel portal frame construction, under a barrel vaulted roof. The ground floors First 167 1,793 provide light industrial/warehouse accommodation accessed via a full height roller shutter loading door with an eaves height of 5m. The first floor is suitable Total 386 4,155 for either office or storage space. The occupier is just beginning their fit-out. Unit 4 Ground 283 3,043 First 264 2,838 The units form part of a secure and gated site with 9 parking spaces in total Total 547 5,881 to the front of the units, with landscaping separating the units’ forecourts. The eaves height at ground floor is 5m. TOTAL 1,704 18,346

Tenure

The property is held freehold subject to the occupational leases below.

Tenancy Schedule

Area Lease Lease Expiry Rent Unit Tenant Rent Review Rent pa Comments sq ft Start (Break) psf T.S.S. (Total Security 22/10/25 Unit 1-3 12,465 23/10/15 23/10/20 £124,650 £10 7 months’ rent free followed by 12 months at half rent. Services) Ltd (23/10/20) T.S.S. (Total Security 22/10/15 Unit 4 5,881 23/10/15 23/10/20 £58,810 £10 7 months’ rent free followed by 12 months at half rent. Services) Ltd (23/10/20) TOTAL 18,346 £183,460

Covenant

T.S.S (Total Security Services) Ltd were established in 1989 and are the UK’s largest privately owned security company employing over 4000 licensed security personnel and aims to be the UK’s number one security supplier.

The company’s clients include Boots, Tesco, Waitrose, John Lewis, Signet Jewellers, Russell & Bromley. From 2000 the company has experienced strong growth which has led to the opening of offices in Bristol, Birmingham, Liverpool, Glasgow and Belfast. T.S.S (Total Security Services) Ltd is rated as 71 Below Average Risk by Experian and has reported the following financial results.

31/10/11 31/10/12 31/10/13 Turnover £52.68m £55.50m £63.47m Pre-Tax Profit £4.27m £3.944m £4.59m Net Worth £10.93m £12.31m £15.85m

Investment Comparables

Property Town Sq Ft Price NIY Date

70 White Hart Triangle London SE28 36,145 £4,620,000 5.20% Mar 2015

Brook Industrial Estate Hayes 42,853 £9,100,000 5.10% Jun 2015

Argonaut Park Colnbrook 60,728 £7,145,000 6.75% Jul 2015

Highams Park Industrial Estate London E4 57,598 £6,360,000 5.15% Aug 2015

Oxgate Centre London NW2 80,000 £15.03m 4.57% Aug 2015

Crossways Business Park Dartford 20,000 £2,400,000 6.16% Aug 2015

Occupational Market – Rental Evidence

Date Property Size (Sq Ft) Tenant Rent (psf) B1 Circular Point, March 2015 7,072 Screwfix £12.95 London, E4

B3 Circular Point, March 2015 3,950 HSS Hire £12.95 London, E4

B6-B7, Circular Point, June 2015 8,674 Quality Pet Care Ltd £13.50 London, E4

Investment Rationale

• Nearby occupiers include Howdens, Magnet, Hss and ScrewFix. • Current ERV of single units on the estate £11.50psf. • Low supply of units within the vicinity and regional market with future development catering for larger units. • Accessibility to A406 North Circular within 1 mile.

UNITS 1-4, HIGHAMS GREEN, HICKMAN AVENUE, HIGHAMS PARK, CHINGFORD, E4 9JG Investment Description Tenure Investment Comparables VAT, EPC, Location Situation Summary Accommodation Tenancy Schedule Investment Rationale Proposal, Contact

VAT Proposal

We understand the property has been We are instructed to seek offers in elected for VAT and it is therefore excess of £2.95m (two million nine envisaged that the transaction will be hundred and fifty thousand pounds), conducted as a Transfer of a Going subject to contract and exclusive of Concern (TOGC). VAT. A purchase at this price reflects a net initial yield of 5.9% assuming purchaser’s costs of 5.8% and equates to a capital value of £161 psf. EPC

Available upon request. Further Information

For more information or to Data Room arrange an inspection please contact: All relevant documentation is available via the Glenny Investment Data Room. Nick O’Leary Further information is available upon t: 020 3141 3546 request. m: 07956 367 198 e: [email protected]

James McFeely t: 020 3141 3520 m: 07768 070249 e: [email protected]

Misrepresentation Act 1967 Glenny LLP for themselves and for the Vendors or Lessors of this property whose agents they are give notice that: 1. All descriptions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 2. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. 3. These particulars are produced in good faith, and set out as a general guide only and do not constitute part of any offer or contract. 4. No person in the employment of Glenny LLP has any authority to make or give representation or warranty whatsoever in relation to this property. 5. All prices and rents are quoted exclusive of VAT unless otherwise stated. Designed and produced by Creativeworld. Tel 01282 858200. November 2015.