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For Sale Freehold Industrial Units of Interest to Investors and Owner Totalling 15,248 Sq Ft (1,416 Sq M) Approx Occupiers

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For Sale Freehold Industrial Units of Interest to Investors and Owner Totalling 15,248 Sq Ft (1,416 Sq M) Approx Occupiers A DEVELOPMENT OF PART INCOME PRODUCING MODERN HIGH TECH LIGHT FOR SALE FREEHOLD INDUSTRIAL UNITS OF INTEREST TO INVESTORS AND OWNER TOTALLING 15,248 SQ FT (1,416 SQ M) APPROX OCCUPIERS UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH 2 OPPORTUNITY SUMMARY A rare opportunity to acquire three high tech industrial units in a sought after inner M25 location. Located on the established Chessington Industrial Estate. Strategically situated approximately 1 mile from the A3 Kingston by-pass. Three self contained two storey units situated around a secure gated courtyard. Unit A let to Thales Properties until 24th June 2021 at £70,300 per annum. The lease is held inside the Landlord & Tenant Act. The Vendor will provide a 6 month rental guarantee reflecting a rent at £16.50 per sq ft for Units B & C, whilst Unit A rent is to be topped up for an equivalent period. Units B & C are available with full vacant possession. The asset provides 15,248 sq ft across the three units. Prime quoting rents in the area are now at £16.50 per sq ft. Site area 0.46 acres (0.186 ha). Freehold. We are instructed to seek offers in excess of £3,650,000 (Three million six hundred and fifty pounds) subject to contract and exclusive of VAT, reflecting a capital value at £239 per sq ft. UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH 3 LOCATION Chessington is an established industrial and warehouse centre within the south west quadrant of Greater London being located 12 miles south west of Central London, 3 miles south of Kingston upon Thames and 8 miles north of Leatherhead. The location benefits from excellent transport communications being adjacent to the A3 which connects to central London as well as the M25 motorway (Junctions 9 and 10) being 5 and 10 miles distance to the south west. There is a frequent rail service to London’s Waterloo from Chessington North and Tolworth railway stations, both within walking distance from the property, with an approximate journey time of 35 minutes. Heathrow International Airport is approximately 9 miles to the north west of the property whilst Gatwick Airport is approximately 24 miles to the south east. SITE PLAN The site extends to approximately 0.459 acres (0.186 ha) and split as follows: SITUATION The property is prominently located halfway along Oakcroft Road within 500 metres of the A3 Kingston By-Pass which can be accessed from either the Tolworth or Hook Roundabouts. There are excellent communications available to the M25 (J9 and J10) which offers access to the national motorway network and Heathrow and Gatwick airports. Tolworth Railway station is within walking distance offering a direct service to London Waterloo (approximate journey time 35 minutes). Tolworth To Central Tower London Tolworth A3 To J10 of M25 OAKCROFT Oliver Bonas BUSINESS Harro Selco CENTRE Foods Howdens Screwfix Prochem Buildbase Alliance Healthcare Artis Glass Chessington North UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH 5 DESCRIPTION The property comprises three 2 storey modern industrial units constructed in circa 1989 and situated around an enclosed gated courtyard which provides parking for up to 30 vehicles. The three buildings are of brick and block construction with part full glazed fenestration under pitched steel insulated roofs. Each unit has a dedicated roller shutter loading door and provides open plan workshop space to the ground floor with first floor comfort cooled offices above. There are male and female toilets on each floor and a shower in each unit. The three buildings are all currently partitioned to provide varying sized offices and workshop space with Units B & C currently linked at ground and first floor levels having been previously occupied by a single tenant. AMENITIES ACCOMMODATION • Gas fired central heating • Max eaves height - 3.52m (11’ 6”) - UNIT SQ FT SQ M Parking • Coded entry system Units B & C A First Floor 2,802 260.3 • Carpet tiles • Min eaves height to the underside of • Demountable partitions the suspended ceiling - 2.64m (8’ 8”) - Ground Floor 2,822 262.2 • Kitchenettes Units B & C Total 5,624 522.5 11 spaces • Male and female WCs on each floor • Raised floors to offices B First Floor 2,391 222.2 • Roller shutter loading doors • Fully carpeted (Unit A offices) Ground Floor 2,421 225.0 • Comfort cooling to offices • Double glazed tinted windows • Shower in each unit • Three phase power Total 4,812 447.2 10 spaces • Suspended ceilings with recessed • New CCTV with remote monitoring C First Floor 2,391 222.2 fluorescent lighting system Ground Floor 2,421 225.0 • Total of 30 car spaces Total 4,812 447.2 9 spaces Overall Total 15,248 1,416.9 30 spaces UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH 6 OCCUPATIONAL MARKET This sector of the Greater London area continues to suffer from a distinct lack of industrial and warehouse stock whilst demand, despite the Covid-19 issues, remains active from a wide range of occupiers. New speculative developments have been scarce in recent years with a steady erosion of industrial land and these contributing factors should lead to rent levels further increasing. A summary of two storey industrial/warehouse and business space transactions that have occurred in the local market in recent years are outlined below. At nearby Barwell Business Park, two storey units are being marketed at £17.50 per sq ft. Size Rent Date Property Tenant Lease Sq Ft £psf Apr 20 Unit 15, Kingsmill Business Park, Kingston Fire Systems 2,502 5 yrs 22.27 Feb 20 Unit 19, Kingsmill Business Park, Kingston Enertechnos Holdings Limited 2,528 5 yrs 22.51 Jan 20 Unit B, Argent Court, Tolworth Pacifica Group Limited 2,102 5 yrs 18.91 Oct 19 Unit 5, The Forum, Chertsey Full House Restaurant Holdings 2,079 10 yrs 23.00 Oct 19 Unit 2, Kingsmill Business Park, Kingston Atlantamed Limited 1,556 5 yrs 23.46 Unit 15, Teddington Business Park, Aug 19 Wrap Architects 1,251 10 yrs 20.00 Teddington Jul 19 10-12a Glenville Mews, Southfields Home Ascent 6,248 10 yrs 20.61 UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH 7 TENANCY RENTAL ANALYSIS Unit A is let to Thales Properties Limited, a wholly owned subsidiary of Thales SA, a We estimate the breakdown of the rent to be as follows: French aerospace company that has been operating for over 100 years. The property Passing Rent ERV is held on a full repairing and insuring lease for a term to expire on 24th June 2021 at a Area Unit passing rent of £70,300 per annum exclusive. Sq Ft £pa £psf £pa £psf The lease is granted inside the security of tenure provisions of the Landlord and Unit A 5,624 70,300 12.50 92,796 16.50 Tenant Act and the Tenant has yet to indicate their intention to renew the lease. Unit B 4,812 - - 79,398 16.50 Unit C 4,812 - - 79,398 16.50 Total 15,248 £70,300 £251,592 COVENANT PROFILE Thales Properties Limited was incorporated in 1973 and is involved in providing properties for its parent company’s various Aerospace and Defence interests in the UK. Thales SA is a major French manufacturer with global sales so far in 2020 worth over 7.8 billion Euros. Financial Year Thales Properties Limited 2017 2018 2019 Turnover £19,306,000 £19,942,000 £18,278,000 Profit Before Taxes £(2,003,000) £(396,000) £(113,000) Net Worth £31,047,000 £20,651,000 £70,235,000 Net Current Assets £50,792,000 £92,570,000 £89,879,000 UNITS A, B & C OAKCROFT BUSINESS CENTRE, OAKCROFT ROAD, CHESSINGTON KT9 1RH 8 FLOOR PLANS - not to scale for indicative purposes only TENURE For sale freehold subject to the tenancy of Unit A. PRICE Offers in excess of £3,650,000 (three million six hundred and fifty pounds). BUSINESS RATES Units B&C Unit A Rateable Value £100,000 £64,500 Rates Payable (20/21) £51,200 £33,024 EPCs Unit A: D (91) Units B&C: E (103) VAT We are advised the buildings are elected for VAT which will therefore be payable on the purchase price unless the sale can be treated as a Transfer of a Going Concern (TOGC). VIEWINGS Strictly by appointment through sole agents: ANDY ARMIGER BOB CATTANEO [email protected] [email protected] 020 8481 4741 020 8481 4744 Cattaneo Commercial Ltd 19-23 High Street Kingston upon Thames Surrey KT1 1LL www.cattaneo-commercial.co.uk Consumer Protection from Unfair Trading Regulations 2008 Cattaneo Commercial for themselves and for the vendors of this property whose agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers/tenants and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser/tenant should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Cattaneo Commercial has any authority to make or give any representation or warranty whatever in relation to this property.
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