Perrys Motor Sales Limited, Skimpot Road, Luton Lu4 0Dn
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Car Showroom Investment Perrys Motor Sales Limited, Skimpot Road, Luton Lu4 0Dn Freehold Car Dealership Investment Opportunity Perrys Motor Sales Limited, Skimpot Road, Luton Lu4 0Dn Investment Considerations ■ Busy location within 0.5 miles of junction 11 of the M1 ■ Luton has an estimated primary catchment population of 258,000 people ■ Directly opposite a Tesco Extra Superstore ■ Let to Perrys Motor Sales Ltd (D&B 5A1) ■ In excess of 10 years unexpired ■ We are seeking £4,000,000 (Four Million Pounds) ■ Net initial yield of 7.3% after usual purchaser’s costs A6 Huntingdon M45 ■ Wellingborough ■ ■ A43 A45 ■ Royal Location Daventry A508 A45 Rushden Leamington ■ Spa NORTHAMPTON A1 Luton is a major conurbation located 32 miles north of London and 14 ■ A509 miles south of Milton Keynes. The area has good road communications A6 A423 A428 being served by junctions 10 and 11 of the M1 motorway, which links Le A5 ag M1 rav with the M25 approximately 10 miles to the south. A43 e H igh St BEDFORD reet Luton benefits from regular train services to Central London with Towcester ■ Lewsey M40 ■ Newport A508 d a quickest journey time of 35 minutes. It also benefits from an a o ad Pagnell R S o h R ■ ld Road International airport which offers both scheduled and chartered flights. A5 ra a Roa te A1 e ulay k a m e g E s y Banbury MILTON A421 Maca B d e S p n yr o Luton is a densely populated area with the district population ■ A43 h e t A422 a S W e o KEYNES r l l n e ■ or e estimated to be 203,000 in 2009 and a population in excess of Brackley y R R ds o ■ R o A5130 B a r wo o a o d d 280,000 within 6 miles of the town centre. The town is synonymous Poynters w a n r d Buckingham in t A6 g h ■ R with the motor industry being home to the head office of Vauxhall ■ o R Letchworth Road a ■ d o Du A43 Bletchley a ns Motors who still produce commercial vehicles in the town. d d tab Chipping A5 Hitchin stable Roa le R 05 Dun oad Norton A4146 Leighton ■ A5 ■ M1 Buzzard Bicester ■ STEVENAGE Situation ■ ■ THE PROPERTY A505 ■ LUTON M ■ A1(M) A44 Luton The subject property is situated 3 miles west of Luton town centre and A418 Dunstable ■ d 1 A41 Roa Knebworth ton S 2 miles east of Dunstable. The property occupies a prominent cornerOxford Lu k i A5 m A34 Aylesbury Welwyn p location on the junction of Skimpot Road (A5065) and Cradock Road, o ■ t Garden City M40 R within 0.5 miles to the west of junction 11 of the WitneyM1. ■ o Hemel a ■ A40 A41 d Way Luton-Dunsta Directly opposite the property on Skimpot Road is a Tesco Extra Hempstead Klin ble Busway OXFORD Thame ■ St. Albans ■ ■ ■ superstore whilst adjoining the property to the rear is a leisure park ■ Hatfield H H A4142 A413 A505 atters W 5 atters Way comprising Mecca Bingo, Pure Gym and Genting Casino. M10 ay A50 A4010 Chesham ■ M25 Potters Bar A34 ■ LONDON M25 2 1 C o C o n s t , U A & C P B d y El Sub Sta TESCO SUPERSTORE 144.2m B S K I M P O T Factory R O A D Works D e f Works © Crown Copyright, ES 100004106. For identification purposes only. Description The subject property was built in 1999 and comprises a purpose built car dealership with prominent, glazed elevations onto Skimpot Road. The ground floor is double height and comprises the showroom area with adjoining offices. The lower ground floor comprises an 8 bay workshop and parts department, together with further ancillary offices and staff accommodation. The mezzanine level provides offices overlooking the ground floor showroom, together with plant accommodation. The property has an extensive forecourt area providing display car parking for approximately 45 vehicles. Additionally, to the side and rear of the property there is customer and service parking for 37 Accommodation vehicles, with a further 21 spaces in a secure compound at the rear The property provides the following approximate gross internal areas: of the workshop. Within the car display area is a small electricity Display Parking 45 spaces sub-station. Floor Sq Ft Sq M Customer/Service/Compound Parking 58 spaces In an undercroft area opposite the workshop there was originally car Ground floor Showroom/Offices 4,335 402.73 Total 103 spaces parking for approximately 16 vehicles. The tenant has enclosed this Mezzanine Level Offices/Plant 1,271 118.08 area and it is now used for storage and occasional parking. The property has a site area of 0.97 acres (0.39 hectares) Lower Ground Floor Workshop/Parts/Staff/Ancillary 11,044 1,026.01 Total GIA 16,650 1,546.82 Perrys Motor Sales Limited, Skimpot Road, Luton Lu4 0Dn Tenure Covenant Freehold. Perrys are a top 25 dealer group who have over 100 years of trading history. The company trade from over 50 dealerships around the UK and represent There is a covenant in favour of Jewson that whilst they have a store within ten miles 13 major manufacturers including Ford, Land Rover, Peugeot and Vauxhall. of the property, the subject premises shall not be used as a timber and/or builders merchants, nor as a DIY store. Perrys Motor Sales Limited has a Dun & Bradstreet (D&B) rating of 5A1 which represents a minimum risk of business failure: please find below their recent accounts: Tenancy Year Ended December 2013 December 2012 December 2011 The property is let to Perrys Motor Sales Limited for a term of 25 years from Turnover £491.5m £439.6m £429.0m 29 September 1999 (10 years unexpired) on full repairing and insuring terms at Pre-tax Profit £6.8m £4.0m £1.8m a current rent of £308,225 per annum. Total Net Worth £49.5m £45.2m £42.3m The lease is subject to 5 yearly upward only rent reviews with the next review due in September 2019 to the higher of: i) Market rental value of the premises VAT EPC ii) 140% of the market rental value of a B2 and/or B8 building of between 10,000 sq ft The property is elected for VAT but it is intended An EPC certificate is available and 20,000 sq ft within 10 miles of Luton Town Centre. that the sale will be treated as a TOGC. on request. Proposal We are instructed to seek £4,000,000 (Four Million Pounds), subject to contract and exclusive of VAT, for the freehold interest which reflects a net initial yield of 7.3% after deduction of purchasers costs of 5.8%. Should you require any additional information or wish to carry out an inspection of the property, please do not hesitate to contact: Alex Butler Lottie Hayward Henry Leighton Barron Randall 020 7543 6722 020 7543 6890 020 7747 0126 020 7747 0127 [email protected] [email protected] www.allsop.co.uk [email protected] [email protected] www.levyllp.co.uk Misrepresentation Act: 1. Allsop LLP and Levy LLP on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Levy LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Levy LLP nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP and Levy LLP is the trading name of Levy Real Estate LLP. Design: CommandD www.commandHQ.co.uk 08.14.