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Units 1-10 Aerodrome Way Industrial Estate Heathrow

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Units 1-10 Aerodrome Way Industrial Estate Heathrow A WELL ESTABLISHED GREATER LONDON MULTI-LET INDUSTRIAL ESTATE AERODROME WAY INDUSTRIAL ESTATE UNITS 1-10 HEATHROW CRANFORD LANE • HESTON • TW5 9QB INVESTMENT SUMMARY PROPOSAL • A well established Greater London multi- • Freehold. • Two fully refurbished vacant units offered let industrial estate located north-east of with 18-month rent, rates and service charge We are instructed to seek offers in • Let to seven tenants providing attractive Heathrow Airport. guarantees. excess of £14,750,000 (Fourteen income diversity, with no tenant accounting Million, Seven Hundred and Fifty • Aerodrome Way Industrial Estate is well for more than 23% of the rent. • Strong occupational dynamics in the Heathrow Thousand Pounds) subject to positioned 1.4 miles to Junction 3 of the M4, and West London industrial market, with high • Total passing rent of £825,184 per annum contract and exclusive of VAT. A providing excellent access to Central London demand and low supply driving rental growth. (£10.48 per sq ft) including guarantees on purchase at this level would reflect and the national motorway network. Units 1 & 2. • The estate offers value accretive asset a Net Initial Yield of 5.25% and • The estate comprises 78,760 sq ft (7,317 sq management opportunities for a potential • Attractive WAULT of 5.82 years to expiries and a capital value of £187 per sq ft, m), arranged as two terraces with nine units purchaser through the letting of Units 1 & 2, 5.53 years to breaks. assuming purchaser’s costs of 6.73%. ranging from 2,789 sq ft (259.1 sq m) to 12,511 and a medium term refurbishment across sq ft (1,162 sq m), and a stand alone unit of the estate. 918 sq ft (85 sq m). AERODROME WAY INDUSTRIAL ESTATE, HESTON TW5 9QB 2 LOCATION PRIME RENTS IN HEATHROW A40 Watford PARK ROYAL GREENFORD KENSAL GREEN MARKET BEING ACHIEVED A 4 0 2 0 2 IN EXCESS OF 1 HAYES 3 W A E S M25 TW AY £13.50 PER SQ FT UX BR IDGE RO Y AD A A 402 0 W K WEST DRAYTON R A Central P E AERODROME WAY London H J4 T J15/J5 M4 M4 HAMMERSMITH J3 Osterley Park J1 Slough & J2 Maidenhead and House S HESTON OSTERLEY A4 AIR A4 Heston 4a B OAD ATH R Services ROAD WEST Heathrow Airport has a current GREAT J14 CRANFORD Royal Botanic capacity of 95 million passengers and Gardens Kew serves 194 destinations worldwide. Heathrow Airport ISLEWORTH In 2017 1.7 million metric tonnes of cargo freight passed through HOUNSLOW RICHMOND the terminal, making it one of the D ROA 16 NES A3 fastest growing major European hubs TAI S for cargo. Following longstanding D A O debate, construction of a third Staines R Y E TWICKENHAM FELTHAM S RT runway is under consultation with 30 E Richmond Park A CH plans to publish proposals in 2018. TRANSPORT URBAN AREAS Well positioned south of the M4 and north of the A4 Bath Road, Aerodrome Way is located 14 miles to the The estate sits amidst the large east of Central London and 7 miles to the west of the M25. The M25 (Junctions 14 & 15) provides follow on urban areas of Hayes, Brentford, access across Greater London and the national motorway network. Central London can be accessed via the Hounslow and Feltham, as well Piccadilly line from Hounslow West Underground station or via the Heathrow Express running from Heathrow as more residential areas such International Airport. as Heston, Osterley and Cranford, providing an attractive employment The estate is well served by local transport links with regular buses from Cranford Lane to locations and business catchment population. including Hounslow, Heathrow Central and Kingston upon Thames. AERODROME WAY INDUSTRIAL ESTATE, HESTON TW5 9QB 3 CO 2 N VE 1 N T W SITUATION HAYES 3 AY A Western The Estate is situated on Cranford Lane which provides Interational SOUTHALL Market NOR THH access to the M4 (Junction 3) to the north and Bath Road M4 YDE LAN (A4) to the south via the A312 The Parkway. The Property J3 E is located in the established Heathrow industrial market, M25 (Junction 5) adjacent to a major ASDA distribution hub and Phoenix and the West Central Industrial Estate. Nearby occupiers include, TNT, ASDA, E N A London L BPost, Ligentia and Sovereign Car Hire. L L A Heston Sports H Cranford Park T Ground M4 U O Located adjacent to the Property is Heston Services. S Heston services provide local amenities including a HESTON SERVICES Travelodge and Petrol Station as well as food offerings P H O including Burger King and Costa Express. The nearby E N I X Bath Road offers a wide selection of hotels from Premier W D OA A R C N RA Y Inn to Hilton Hotel, positioned to serve the Airport. NFO TO RD ES Avenue Park L NEW H A N E T H E PA R K D W A ET AERODROME WAY E A O R Y R ST M H D R IG A A H O F R E L G L A E A 3 R W A 1 G C 2 N I I BA V TH R P RO S AD Y A Brentford W S N R U B B T AT H H RO A4 E AD D OA P A ST R A E 4 EAT W R GR K W A E 4 N Y A HOUNSLOW WEST A L D A N O A3006 A R O T T 3 S T E U 1 W S 2 H T U Staines O S T A E R G Beaverfield Park AERODROME WAY INDUSTRIAL ESTATE, HESTON TW5 9QB 4 DESCRIPTION Aerodrome Way Industrial Estate is a well presented multi- let industrial estate comprising 10 units, providing a terrace of seven units and three further units. Units 1-9 range from 2,789 to 12,511 sq ft, and are of steel portal frame construction with a half-height brick cavity wall and steel sheet profile clad elevations above. The units have pitched clad roofs, with eaves heights of 6.1m on Units 1 to 7 and 6.0m on Units 8 and 9. Unit 10 is a separate self-contained unit of 918 sq ft. In 2016, Units 1-3 were extensively refurbished and benefit from new automated roller shutter doors. Unit 8 underwent a more cosmetic refurbishment in 2015. More information on the refurbishment can be provided on request. The site extends to 1.36 hectares (3.36 acres) and provides a site coverage of 54.29%. AERODROME WAY INDUSTRIAL ESTATE, HESTON TW5 9QB 5 TENURE Freehold. Unit 10 is Grade II listed. The Property has a right of access over Aerodrome Way, indicated on the map by yellow hatching. There is an electricity substation on site let to SSE 6 Services Plc at a rent of £25 per annum. The tenant is currently holding over. Further information is available on request. 7 5 4 3 ACCOMMODATION 2 1 UNIT SQ M SQ FT 1 1,079.3 11,618 2 1,066.7 11,482 10 3 1,066.7 11,481 4 1,066.1 11,476 8 5* 1,162.3 12,511 6 & 7 1,160.2 12,488 9 8 259.1 2,789 9 371.3 3,997 10 85.3 918 TOTAL** 7,317 78,760 * Unit 5 areas are inclusive of a Landlord mezzanine floor of 1,029 sq ft ** The total area excludes a Caretaker’s office, measuring 215 sq ft TANK AERODROME WAY INDUSTRIAL ESTATE, HESTON TW5 9QB 6 SHELTER 0m 10m 20m 30m D LANE Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1500 Aerodrome Way Industrial Estate Cranford Lane, Heston, TW5 9QB TENANCY The Property is let to seven tenants and benefits from an attractive WAULT of 5.82 to expiries and 5.53 years to breaks excluding guarantees. The Property produces a passing rent of £825,184 per annum reflecting an average rent of £10.48 per sq ft. This includes an 18-month rent, rates and service charge guarantee on Units 1 & 2 which are vacant and benefit from having undergone a comprehensive refurbishment. AREA AREA TERM START EXPIRY BREAK REVIEW CURRENT RENT RENT INSIDE/OUTSIDE UNIT TENANT COMMENTS (SQ FT) (SQ M) (YRS) DATE DATE DATE DATE (PER ANNUM) (PER SQ FT) L&T ACT 1954 18-month rent, rates and service 1 RENT GUARANTEE 11,618 1,079.3 - - - - - £121,989 £10.50 - charge guarantee. 18-month rent, rates and service 2 RENT GUARANTEE 11,482 1,066.7 - - - - - £120,561 £10.50 - charge guarantee. Half-rent incentive for 12 months ORANGE equal to £60,406, expiring 02/01/2019. 3 11,481 1,066.6 10 03/01/2018 02/01/2028 - 03/01/2023 £120,813 £10.52 OUTSIDE TRANSGROUP LTD Vendor to top-up. Rent deposit of approximately £108,731.70. Tenant has served a break notice which has been rejected by the Seller. 2 month rent-free incentive from 4 COMPAC UK LIMITED 11,476 1,066.2 10 01/07/2013 30/06/2023 01/07/2018 01/07/2018 £116,330 £10.14 OUTSIDE 01/07/2018. Schedule of Condition included in the lease. Rent deposit of approximately £35,205.12. 15/11/2017 rent review outstanding. 5 MAX FOODS LIMITED 12,511 1,162.3 10 15/11/2012 14/11/2022 - 15/11/2017 £132,195 £10.57 OUTSIDE Two individual guarantors in place.
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