3 SCHOONER PARK • DA2 6NW

Prime South East Multi-let Industrial Investment Opportunity 02 SCHOONER PARK • DARTFORD • DA2 6NW Investment Summary

• Dartford is a highly strategic and prime location on the border of Greater London and . • The estate benefits from excellent access to the M25 and the National Motorway network. • A modern and well specified estate comprising 8 units totalling approximately 27,380 sq ft (GEA). • Freehold. • The property is let to 7 tenants with a WAULT to lease end of 4.96 years, and 2.63 years to break. • According to Experian, all of the covenants provide a risk rating of no less than below average risk. • Current rent passing of £331,560 p.a. equating to only £12.19psf on a GEA basis.

Offers are invited in excess of£5,200,000 (Five Million Two Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. The asking price shows a capital value per sq ft of £189.92 based on GEA. A purchase at this level would reflect a net initial yield of 6.00% after allowing for purchaser’s costs of 6.61% 03 SCHOONER PARK • DARTFORD • DA2 6NW

A12 A127 Location Romford Basildon M25 A1020 Southend- Dartford is a highly strategic, core South Dartford will directly benefit from one of Barking on-Sea East industrial location. Dartford lies just Europe’s largest infrastructure projects: A13 to the south of the Queen Elizabeth II the £6bn Lower Thames Crossing. A13 Bridge (The Dartford Crossing) and lies It is scheduled to open in 2027 and will LONDON London City Airport adjacent to Junction 1A of the M25. The create three new junctions on the M25 property benefits from excellent access between junctions 29 and 30; as well as A282 Proposed to Central London (via the A2), the M25, a new tunnel crossing under the River A205 3rd Thames SCHOONER PARK Crossing the M20, M2 and the North and South Thames east of and Tilbury, Circular roads. comprising 3 lanes in each direction. A2 Dartford River Thames A205 Gravesend 2 A2 A20 A23 Bromley 3 Croydon Chatham A232 M25

M20 M2

A23 A22 M26 M20 5

Proposed CGI of Lower Thames Crossing 04 SCHOONER PARK • DARTFORD • DA2 6NW

M25 SOUTH

A282

A206 A282 M25 NORTH

Anchor Blvd A206 1 3 Schooner Ct SCHOONER PARK 4 13 6 Anchor Blvd 11 10 8

OCCUPIERS 1 Welding Supplies Ltd 3 Jones FM Ltd 4 Licata Building Systems Ltd 6 Mazda Motors UK Ltd 8 Video Booth Systems Ltd 10 Speenghar (UK) Ltd 11 Media Share Ltd, t/a EP Productions Ltd 13 Media Share Ltd, t/a EP Productions Ltd 05 SCHOONER PARK • DARTFORD • DA2 6NW A206 Situation A282 A206 Schooner Park forms part of the Schooner Park lies at the south west River Thames Crossways Business Park, which is part of Crossways Business Park. A206 a well-established commercial park It benefits from excellent access to A2026 comprising 300 acres. Crossways the M25/A282 via the A206 and Anchor 1a Business Park lies immediately Boulevard, being less than one mile SCHOONER PARK adjacent to Junction 1A of the M25. from the junction. B2228 Greenhithe A226 Dartford A282 Stone A226 1b A225 A225 A296 2 A296

Questor

A2 A2

M25

Road Rail Dartford is served by the A282 Dartford railway station is which directly feeds into the M25. 2 miles west of the subject site The motorway connects the town and provides a direct connection to other Greater London to London Charing Cross Station, conurbations and benefits from taking 29 minutes. several arterial roads into central London. Schooner Park is situated Air less than one mile from junction Dartford is located 16 miles east of 1A of the M25 and has links London City Airport, 37 miles south south east to the M20 and M2. of Stansted Airport and 19 miles west of Rochester Airport. 06 SCHOONER PARK • DARTFORD • DA2 6NW Description Tenure

The estate is a modern, highly specified multi-let The units have steel portal frames and have Minimum eaves heights range between 5.52m Freehold. industrial estate. The development of Schooner facades comprising profiled metal sheeting and 6.54m across the units. Each unit has Park was completed by Frogmore in 2009. and full height facing brick work. The roofs are one electrically operated loading door and car Schooner Park comprises 24 units arranged in single pitched with 10% roof lighting. Internally parking ranging between 3 and 7 spaces per unit. 6 terraces, and one stand alone unit. The subject there is block work to a height of approximately 6 out of the 8 units have 1st floor open plan asset incorporates 8 of these units; with unit 2m and a solid concrete floor, finished with office accommodation with perimeter trunking, sizes ranging from approximately 1,700 sq ft a power float coating with a loading capacity double glazed aluminium windows, acoustic to 4,600 sq ft (GEA) and totals approximately of 30 kN/sqm. tiling, recessed lighting, suspended ceilings, 27,380 sq ft (GEA). carpeted floors, VRV heating/cooling, kitchenettes and WC.

1

Schooner Ct 3 4 6 8

13 11 10

FOR INDICATIVE PURPOSES

OCCUPIERS 4 Licata Building Systems Ltd 10 Speenghar (UK) Ltd 1 Eltham Welding Supplies Ltd 6 Mazda Motors UK Ltd 11 Media Share Ltd, t/a EP Productions Ltd 3 Jones FM Ltd 8 Video Booth Systems Ltd 13 Media Share Ltd, t/a EP Productions Ltd 07 SCHOONER PARK • DARTFORD • DA2 6NW Tenancy Service Charge Covenant Information

The property is let to 7 tenants on 8 leases. The Schooner Park has a service charge which leases are effectively drawn on FR & I terms, the covers the cost of maintaining the external areas Unit Tenant Name % Income Experian Rating maintenance of the allocated car parking spaces including: the landscaping, the estate roads, the 1 Eltham Welding Supplies Ltd 15.94% Very Low Risk and loading yards are dealt with through the pathways, the car parking areas, and the yards. 3 Jones FM Ltd 16.74% Below Average Risk service charge. The service charge is run through a Management 4 Licata Building Systems Ltd 15.60% Low Risk All of the leases are outside the 1954 L & T Act. Company: Schooner Park Crossways Limited. The vendor has a 40% share holding in this company. 6 Mazda Motors UK Ltd 6.26% Low Risk The WAULT to lease end is 4.96 years and 2.63 years to break. The estate is managed by Caxtons and the service 8 Video Booth Systems Ltd 7.05% Below Average Risk charge budget for the current year is £52,800 which 10 Speenghar (UK) Ltd 12.68% Below Average Risk equates to 59p per sq ft. The cost of the service 11 & 13 Media Share Ltd, t/a EP Productions Ltd 25.73% Low Risk charge is fully recoverable through the tenants.

Area Passing Rent Unexp Lease WAULT Unit Tenant Name GEA Rent GEA GEA Break Rent Review to Comments Expiry to exp (SQ FT) (PA) (PSF) break Rent deposit £12,978. 6 months notice 1 Eltham Welding Supplies Ltd 4,365 £43,260 £9.91 17/09/2025 18/09/2020 18/09/2020 0.65 5.65 required for break. 7 parking spaces. Schedule of condition. Tenant must provide 6 months notice to exercise their 3 Jones FM Ltd 4,582 £57,500 £12.55 07/01/2024 07/01/2022 08/01/2022 1.96 3.96 break option. Unit taken with extended G/F offices and mezzanine in place. Rent deposit of £17,250. 7 parking spaces. Stepped rent: Yr 1 £51k, Yr 2, £53k, Yr 3 £54k, 4 Licata Building Systems Ltd 4,271 £51,000 £11.94 20/06/2029 21/06/2024 21/06/2024 4.41 9.41 Yr 4 £56k, Yr 5 £57k. 3 month rent free period granted. 6 months notice required for break. 7 parking spaces. Break clause: 6 months notice to be served. In 26/04/2022 26/04/2022 6 Mazda Motors UK Ltd 1,713 £22,500 £13.13 25/04/2030 10.26 10.26 the event that the 2027 break is not exercised the tenant shall receive 26/04/2027 26/04/2027 3 months rent free. 7 parking spaces. Rent deposit £7,920. Tenant did not exercise 8 Video Booth Systems Ltd 1,930 £22,000 £11.40 19/01/2022 1.99 1.99 their 2017 break option. 3 parking spaces.

Rent deposit: £22,380. 3 months rent as penalty 10 Speenghar (UK) Ltd 3,471 £37,300 £10.75 08/06/2026 09/06/2021 09/06/2021 1.38 6.38 for break and 12 months notice. 3 parking spaces.

Media Share Ltd, t/a EP 11 3,510 £53,000 £15.10 26/08/2020 0.59 0.59 1 year term. No rent free. 3 parking spaces. Productions Ltd

Media Share Ltd, t/a EP Rent deposit of £13,500. 13 3,535 £45,000 £12.73 21/05/2023 22/05/2023 3.33 3.33 Productions Ltd Schedule of condition. 3 parking spaces.

TOTAL 27,377 £331,560 £12.19 2.63 4.96 08 SCHOONER PARK • DARTFORD • DA2 6NW Environmental EPC Rating VAT Data Site Access

A Phase I Environmental Assessment Report was undertaken All units have an EPC rating of We understand the property will be treated as Please contact one of the investment sales team by Delta-Simons in July 2019. The site is considered to be of C or better. The certificates can a Transfer of a Going Concern for VAT purposes. on the details below to arrange data site access. a low to moderate environmental sensitivity. A copy of the be found in the data room. environmental report is available in the data room.

Proposal

Offers are invited in excess of £5,200,000 (Five Million Two Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. The asking price shows a capital value per sq ft of £189.92 based on GEA. A purchase at this level would reflect a net initial yield of 6.00% after allowing for purchaser’s costs of 6.61%.

www.kimmre.com

MISREPRESENTATION ACT 1967. Kimmeridge Real Estate Ltd on their Contact Details own behalf and for vendors or lessors of this property, whose agent it is, gives notice that: 1. The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. 2. No person in the employment of the agent(s) has any authority to For further information, or to arrange an inspection of the property, please contact: make or give any representation or warranty whatsoever in relation to this property. 3. The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 4. Nothing in these Peter Winfield Theo Quarendon particulars should be deemed a statement that the property is in good T: +44 (0) 207 952 6101 T: +44 (0) 207 952 6299 condition, or that any services or facilities are in working order. 5. Unless otherwise stated, no investigations have been made regarding pollution, M: +44 (0) 7778 159 402 M: +44 (0) 7741 633 338 or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. E: [email protected] E: [email protected] Publication Date: January 2020. 14190/4 carve-design.co.uk