Tesla Motors County Oak Way, Crawley Rh11 7St
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TESLA MOTORS COUNTY OAK WAY, CRAWLEY RH11 7ST SOUTH EAST CAR DEALERSHIP INVESTMENT OPPORTUNITY TESLA MOTORS, CRAWLEY 2 INVESTMENT SUMMARY • Crawley is an affluent commuter town, • Newly refurbished car dealership facility • Initial rent of £170,000 per annum We are instructed to seek offers in excess of approximately 32 miles south of arranged over ground and first floors, (£10.15 psf). The vendor will top up any £2,000,000 (Two Million Pounds), subject Central London totalling circa 16,737 sq ft (1,555 sq m) with unexpired rent free period to contract and exclusive of VAT. A purchase 50 forecourt display spaces and a further at this level will reflect aNet Initial Yield of • Prominently situated on County Oak Way • Uncapped RPI rental increases from after allowing for normal purchasers 25 secure compound spaces 8.03% in an established area of mixed use year 3 costs of 5.8%. commercial and retail warehousing, in • The entire property is let on a 7 year lease from • Tenant only break option at year 5 close proximity to County Oak Retail Park 8 August 2014 to Tesla Motors Limited (a wholly owned subsidiary of Tesla Motors, Inc.) • Freehold SLOUGH M4 M4 BRENTFORD BELVEDERE GRAYS HOUNSLOW RICHMOND DARTFORD TWICKENHAM GRAVESEND STAINES ON THAMES TEDDINGTON SIDCUP KINGSTON ASCOT UPON THAMES SUDBURY ON THAMES MITCHAM TESLA MOTORS, CRAWLEY 3 NEW MALDEN THORNTON BROMLEY M3 LONGFIELD SURBITON MORDEN HEATH CHERTSEY WALTON ON THAMES LOCATION M3 CROYDON ORPINGTON WEYBRIDGE ESHER M25 Crawley is an affluent commercial centre and the county CHESSINGTON SUTTON SAT NAV: RH11 7ST ASH town of West Sussex. It is located approximately 32 miles A3 NEW ADDINGTON A21 (56 km) south of Central London, 22 miles (35 km) north of EPSOM DOWNE LONDON SHOREHAM Brighton, 8.5 miles (13.5 km) north east of Horsham and A24 WOKING KNOCKHOLT A23 20 miles (32 km) south east of Guildford. Crawley is one of M26 LEATHERHEAD A22 the key economic centres in the East Sussex region. TADWORTH TATSFIELD M25 GREAT CATERHAM A3 BOOKHAM SEVENOAKS The property benefits from excellent road communication M25 links being situated approximately 2.2 miles (3.6 km) to OXTED A21 IDE HILL the south west of junctions 9 and 10 of the M23 motorway, REIGATE GUILDFORD DORKING which links to junction 7 of the M25 and the wider national A31 SHERE motorway network. Crawley is also well served by a number SIDLOW A22 of ancillary roads including the A23 and A2011. A3 EDENBRIDGE PEASLAKE TONBRIDGE GODALMING M23 LINGFIELD Located approximately 2.5 miles (4 km) to the north of HORLEY PENSHURST Crawley is London Gatwick Airport, the UK’s second largest EWHURST CHARLWOOD LONDON GATWICK airport after London Heathrow which caters for around OCKLEY COWDEN CRANLEIGH AIRPORT A246 ROYAL 35 million passengers a year. Crawley railway station TUNBRIDGE EAST GRINSTEAD RUSPER WELLS provides regular services to Gatwick Airport (8 minutes), DUNSFOLD A24 Brighton (27 minutes), London Bridge (40 minutes) and CRAWLEY HARTFIELD RUDGWICK A246 London Victoria (42 minutes). A26 LOXWOOD SHARPTHORNE Crawley is an established commercial centre and home to A22 HORSHAM BALCOMBE CROWBOROUGH a significant number of multi-national companies including HANDCROSS the Thales Group, Virgin Holidays, CGG, Nestlé, TUI Travel, KIRDFORD A24 Easyjet and many other airport related companies. NUTHURST LINDFIELD HAYWARDS BOLNEY HEATH DEMOGRAPHICS Crawley benefits from an extensive, affluent primary catchment area population of 499,000, above the regional average and ranking the town 45 out of the PROMIS centres on the PMA Affluence Indicator. The area is characterised by a high concentration of working adults categorised in the more affluent AB class groupings comprising those employed within higher and intermediate managerial, administrative and professional roles. Crawley’s population has grown significantly since 2001 and is forecast to see significantly above average growth over the period 2013-2018. The age profile includes a high proportion of adults of working age and includes a low proportion of young adults in the 15-24 years old category. Further demographic and economic indicators which demonstrate the strength of the catchment population include levels of car ownership occupation above the national average. TESLA MOTORS, CRAWLEY 4 DESCRIPTION The property, recently subject to a circa £1 million tenant refurbishment, comprises a car dealership facility with a modern car Manor Royal Business District showroom and workshop accommodation together with associated customer meeting and office facilities and parts department. The main dealership building comprises a double height showroom area, finished to a high specification. The workshop has a minimum of 5.54m to eaves and at first floor there is an additional office and Fleming Way Thales Ibis Hotel store area. A23 A23 Externally, there is a display forecourt and customer parking for Gatwick Airport, A23 approximately 50 cars together with a secure yard/compound area 2.5 miles to the rear with a further 25 spaces. Betts Way County Oak Retail Park County Oak Way SITUATION The property is situated approximately 2.4 miles (3.8 km) north of A planning application has been submitted for Betts Way, a Crawley town centre at the western end of County Oak Way in a brownfield site located to the east of the property, for “three retail mixed use commercial, trade and retail area. County Oak Way is units and associated parking, landscaping and servicing areas.” We accessed from the A23 dual carriageway (London Road), which is understand M&S, Aldi and Smyth’s Toys have signed prelets and the main arterial route connecting the town in the south to the M23 the new development will be accessed off County Oak Way. motorway in the north. The property is located in close proximity to County Oak Retail Park and the Manor Royal Business District, benefitting from easy customer access and egress from County Oak Way. TESLA MOTORS, CRAWLEY 5 SITE FLOORPLAN FIRST FLOOR STORAGE 2.5 m2 27 sq. ft TOILET TOILET 4 m2 4 m2 38 sq. ft 38 sq. ft BREAK OFFICE OFFICE 27 m2 16 m2 72 m2 288 sq. ft 169 sq. ft 775 sq. ft HALLWAY OFFICE 10 m2 105 sq. ft ] IT RACK 610 [2'-0" 1220 [4'-0"] IT 6 m2 CCTV 60 sq. ft OFFICE 24 m2 255 sq. ft GROUND FLOOR S. Cart S. Cart S. Cart S. Cart ] ABL EU CHARGER [1'-8" ] STORAGE 500mm 5 m2 [1'-8" 500mm 56 sq. ft Plant Cart . Assumed S TOILET 2 m2 24 sq. ft STORAGE graphic HALLWAY 10 m2 4' 6'x LOCKERROOM 9 m2 103 sq. ft TOILET 20 m2 95 sq. ft TECHNICAL 3 m2 214 sq. ft 5 m2 33 sq. ft ] ] ] 53 sq. ft 7315 7315 7315 7315 7315 [24'-0" [24'-0" [24'-0" [24'-0" ] [24'-0" ] OFFICE dm=900 10 m2 107 sq. ft INTERIOR TBD WASHBAY 6'x 4' graphic HEIGHT CAMERA 3658 3658 3658 3658 3658 ][12'-0" [12'-0"] ][12'-0" [12'-0"] [12'-0"] SERVICE ADVISORS 2P LIFT 2P LIFT 2P LIFT 2P LIFT 2P LIFT DELIVERY 49 m2 132 m2 529 sq. ft 1420 sq. ft 500mm ][1'-8" CHARGER LOUNGE TV graphic 55 m2 EU 4' 6'x SERVICE 591 sq. ft ABL 641 m2 6895 sq. ft ][8'-2" 2500 MERCHANDISE WALL 12' DS WALL 12' 1577 4330 4328 1577 [5'-2"] [14'-2 1/2"] [14'-2 3/8"] [5'-2"] graphic 4' 6'x CONFIG COUNTER CONFERENCE dm=900 SALES graphic 4' 178 m2 6'x 1916 sq. ft ] ] BAY BAY CHARGER 3658 3658 [12'-0" [12'-0" CONFERENCE EU OPEN OPEN 13 m2 500mm][1'-8" ABL 140 sq. ft INTERIOR 6' CREZENZA TBD ] ][24'-0" ][24'-0" 500mm INTERIOR TBD CAMERA [1'-8" 7315 7315 HEIGHT CAMERAHEIGHT ABL EU CHARGER FENCE + ROLLING GATE ] 1/8" CABINET CHEM. CABINET INFLAM. 664mm [2'-2 ] ALIGNMENT 9' CONCIERGE DESK 1220 [4'-0" wayfair wayfair wayfair INTERIOR BENCH ZMN1127 ZMN1127 ZMN1127 CAMERA TBD INTERIOR HEIGHT CAMERA TBD HEIGHT CONFIG COUNTER BISHAMON 1830 LIFT TABLE RECEPTION [6'-0"] 44 m2 478 sq. ft 1220 [4'-0"] wayfair wayfair wayfair STACKER ZMN1127 ZMN1127 ZMN1127 BATTERY BOX STORAGE 167 m2 1797 sq. ft 1/4" 8007 [26'-3 ] CAMERA Gal HEIGHT 80 Compressor HP EXTERIOR BATTERY REPAIR ROOM 5 4000+ ] 45 m2 Evolution 2440 484 sq. ft [8'-0" SAFE SPRINKLERED ROOM BATTERY BOX BATTERY BOX BATTERY BOX KEY Air DROP-BOX Dryer Ref CAR 1 HOUR RATED WALL dm=900 4514 ][14'-9 3/4" RTA 4P LIFT RTA RTA S3 S3 S3 S3 S3 S3 S3 S3 LISTA WALL 552x4176 TESLA MOTORS, CRAWLEY 6 ACCOMMODATION The property provides the following approximate gross internal floor areas: sq m sq ft Showroom, Offices & 539.0 5,802 Reception Area Workshop 550.0 5,920 Parts Store & Office 294.0 3,165 First Floor Office & Store 171.9 1,850 Total Accommodation 1,554.9 16,737 The site extends to approximately 1.08 acres (0.43 hectares) with a 90m frontage to County Oak Way. Externally there are circa 50 forecourt display spaces and 25 secure compound spaces. TENURE Freehold. TENANCY The property is let in its entirety to Tesla Motors Limited on a full repairing and insuring lease for a term of 7 years from 8 August 2014. There is a tenant only break option at year 5, subject to a 6 month rent penalty. The rent will be reviewed at year 3 to uncapped RPI. The current passing rent is £170,000 per annum, which equates to £10.15 psf. There is a rent deposit guarantee of £100,000. COUNTY OAK WAY The vendor will top up any unexpired rent free period. TESLA MOTORS, CRAWLEY 7 OCCUPATIONAL MARKET Crawley is a strong dealership location with the majority There are a number of smaller brands without representation of brands including BMW, Audi, Ford, Land Rover and VW in the town itself and a lack of suitable opportunities in the represented in the town itself or nearby.