Grovelands Industrial Estate Longford Road, Coventry, Cv7 9Nd

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Grovelands Industrial Estate Longford Road, Coventry, Cv7 9Nd GROVELANDS INDUSTRIAL ESTATE LONGFORD ROAD, COVENTRY, CV7 9ND 10.65 6.1 8.50 958 MILLION YEARS PERCENT THOUSAND POUNDS WAULT N.I.Y £ RENT PA HIGH YIELDING FREEHOLD MULTI-LET INDUSTRIAL INVESTMENT INVESTMENT SUMMARY LOCATION Coventry is located within the county of Warwickshire > High yielding multi-let industrial estate A444 M1 and is one of the leading commercial centres within the 11 West Midlands region. The city lies approximately 100 Highly accessible from Junction 3 of the A5 > miles north of London, with Birmingham 21 miles to the M42 M6 motorway M54 TAMWORTH A444 LEICESTER west and Leicester 21 miles to the north east. M6 TOLL 21 10 A5 Coventry is excellently located within the core of the > Providing 276,119 sq ft of total accommodation M6 A5 national motorway network. The M6 motorway passes 9 M69 NUNEATON to the north of the city linking with the M1 motorway Freehold DUDLEY > M1 11 miles to the east and the M42 motorway 9.7 miles BIRMINGHAM 4 GROVELANDS INDUSTRIAL to the west. Junctions 2 & 3 of the M6 motorway offer > 100% occupied M6 3 ESTATE 2 direct access routes to Coventry, additionally Junction M5 A41 A34 2 also provides access to the M69 motorway. The A435 COVENTRY 1 M42 A14 A45 south of Coventry is bounded by both the A45 & A46 > 28% of the existing income benefits from A441 RUGBY A444 trunk roads, with the A46 providing access to the M40 fixed increases 1 2 3 3a A45 A4177 motorway at Junction 15, 13 miles to the south west. M40 A46 A426 Weighted average unexpired lease term of 6.4 A441 > Rail links from Coventry provide direct access to London M5 years to expiry and 6.1 years to breaks 15 & Birmingham with journey times of 65 minutes and 20 A435 minutes respectively. Coventry is located 10 miles east A429 A422 STRATFORD-UPON-AVON of Birmingham International Airport and Coventry Airport > 34% of the income is secured to the established A423 covenant of TA Savery & Co Ltd, with a term A46 is located 3.5 miles south east of Coventry city centre. certain in excess of 12 years > Total rent of £958,400 per annum SITUATION > Offers in excess of £10,657,000 E N L Grovelands Industrial Estate is situated approximately L A L A A444 H H C X 4 miles to the north of the city centre on the B4113 E Providing a Net Initial Yield of 8.50% R > U D RD H R S C C H O Y Longford Road within the immediate proximity to O T L L R AN T N E A N E Y Junction 3 of the M6 motorway. V R Rising to a minimum reversionary yield O B > C BAYTON RD of 8.95% through fixed increases The motorway junction is approximately 0.5 miles to M6 the west of the property with the B4113 Longford Road > Reflecting a capital value of £38.60 per sq ft 3 providing direct access to the M6 motorway. The nearby A444 provides access from the property to Coventry E AN BLA city centre 4 miles to the south and Nuneaton 6 miles Assuming purchase costs of 5.80% N L CK H > O D OR S S L R E I RD W D to the north. A444 R O F G N O L B4113 3.47 8.50 10.65 38.60 B4113 M6 £/SQ. FT PERCENT MILLION £/SQ. FT IB M6 L C S TOC K RD OVERALL N.I.Y POUNDS CAP. VAL. JUNCTION LONGFORD COVENTRY 3 ROAD CV7 9ND DESCRIPTION SITE A multi-let industrial estate of 276,119 sq ft, comprising 12 The site totals approximately 5.04 hectares (12.45 acres) providing units, ranging from 7,156 sq ft to 102,394 sq ft. Eaves heights a site cover of approximately 43%. range from 5.00 - 6.50 metres. Unit A comprises a manufacturing / industrial unit constructed BLACK HORSE ROAD in the 1950s/60s and latterly refurbished. The unit is of steel frame construction under a trussed roof. The roof and elevations are clad B with profile metal sheeting. Grovelands House, a two storey office building adjoining Unit A. A The unit is of steel frame construction with part profiled metal HOUSE C1 GROVELANDS sheet part glazed elevations. LONGFORD ROAD C2 Units B-H were developed in the mid-1960s and early 1970s E D2 and have subsequently been refurbished. The units are of steel D1 M6 portal frame construction with part brick and profile metal clad H2 F elevations beneath profile fibre cement sheet roofs. C1 Offices H1 adjoins unit C1 and provides cellular office accommodation with brick elevations beneath a flat roof. G NOTE: Plan is for the convenience of identification only. Any site boundaries are indicative TENANCY SCHEDULE only and should be checked against title deeds. AREA LEASE INCOME UNIT TENANT GIA GIA Start Expiry Review RENT RENT EPC RATING COMMENTS (sq m) (sq ft) (Break) (pa) (psf) Grovelands House Ground Floor T.A. Savery & Co Ltd 462.8† 4,981† 17/10/2013 28/03/2026 29/03/2016 £16,000* £3.21 E105 Rent free until 28/03/16, to be topped up by the vendor. Grovelands House T.A. Savery & Co Ltd 9,512.7 102,394 29/09/2009 28/03/2026 29/03/2016 £314,000* £3.07 E105/ F129 Current rent of £314,000 pa. 5 year reversionary lease agreed from 29/03/21. Rent free until 31/10/14, to be topped 1st Floor & Unit A up by the vendor. Grovelands House 1st Floor (Offices) NIA: 4,455 sq ft. Unit A (Industrial) GIA: 97,070 sq ft. B Aerocom Metals Ltd 2,118.6 22,804 13/02/2012 28/09/2017 - £70,000 £3.07 F128 Rent increases to £80,000 pa on 28/09/14 and to £90,000 pa on 28/09/15. C1 - Offices & C1A Dunraven Finance Ltd 2,427.9 26,134 22/11/2013 21/11/2018 - £100,000* £4.02 F127 Rent free until 22/11/14, to be topped up by the vendor. C1 (Offices) NIA: 3,329 sq ft. C1A (Industrial) GIA: 21,466 sq ft. C2 Northgate Vehicle Hire Ltd 1,413.8 15,218 20/06/2006 19/06/2017 - £55,000 £3.61 F138 - (20/06/2015) D1 AMF Precision Engineering Ltd 877.2 9,442 25/12/2012 24/03/2023 24/03/2018 £28,800* £3.05 F135 Initial rent of £19,200 pa increases to £28,800 pa on 25/03/14, to be topped up by the vendor. There is a further (25/03/2018) increase to £38,400 pa on 25/03/15. 12 months half rent if break not exercised. D2 Fastenal Europe Ltd 877.2 9,442 06/01/2014 05/01/2017 - £37,500 £3.97 F135 Guarantor: Fastenal International Holdings Co. E Arco Ltd 664.8 7,156 23/01/2006 22/01/2016 - £33,000 £4.61 G163 - F E A Ellison & Co Ltd 2,307.6 24,839 12/09/2013 11/09/2016 - £93,200 £3.75 F143 - G Godiva Imaging Ltd 1,036.1 11,153 14/12/2009 13/12/2015 - £38,700 £3.47 F137 - H1 Luxury For Less Ltd 1,652.4 17,786 08/07/2011 07/07/2016 - £72,500* £4.08 E103 Current rent passing of £63,500 pa. Rent increases to £72,500 pa on 08/07/14, to be topped up by the vendor. There is a further increase to £81,500 pa on 08/07/15. H2 Luxury For Less Ltd 2,301.2 24,770 08/07/2011 07/07/2016 - £99,450* £4.01 E114 Current rent passing of £87,100 pa. Rent increases to £99,450 pa on 08/07/14, to be topped up by the vendor. There is a further increase to £111,800 pa on 08/07/15. Land Adjacent Unit A National Grid Gas Plc - - 16/12/1998 15/12/2018 16/12/2008 £250 - - - Substation Unit B Western Power Distribution - - 11/11/2011 10/11/2110 - £0 - - - (East Midlands) Plc TOTAL 25,652.3 276,119 £958,400 * Vendor to top up. † Net Internal Area TENURE PROPOSAL Freehold Offers are invited in excess of: £10,657,000 VAT (Ten Million, Six Hundred and Fifty Seven Thousand Pounds), subject to contract and exclusive of VAT. The property has been elected for VAT purposes. It is anticipated any sale will be treated as a Transfer of a Going Concern. A purchase at this level reflects a net initial yield of: EPC 8.50% Minimum reversionary yield through fixed A summary of the EPC rating for each unit is contained within increases of: the tenancy schedule, full EPCs available upon request. 8.95% COVENANTS and a capital value of: 58% of the income is secured to tenants rated ‘Minimum’ or ‘Lower than Average’ risk of business failure by Dun & Bradstreet. £38.60 per sq ft A summary of each tenant’s most recent accounts is provided assuming standard purchase costs of: below. Dun & Bradstreet reports are available upon request. 5.80% Tenant Accounts Date D&B Rating Turnover Pre-Tax Net Worth Profit / (Loss) T.A. Savery & Co Ltd 30/06/2012 2A2 £21,410,180 £900,666 £4,912,578 Aerocom Metals Ltd 30/06/2012 C3 - - £101,583 Dunraven Finance Ltd 31/03/2013 2A3 £63,124,000 (£4,511,000) £3,087,000 Northgate Vehicle Hire Ltd 30/04/2013 5A1 £295,868,000 £42,099,000 £79,176,000 AMF Precision Engineering Ltd 31/03/2013 A3 - - £515,041 Fastenal Europe Ltd 31/12/2012 N4 - - (£535,083) Arco Ltd 30/06/2012 5A1 £243,101,000 £10,459,000 £39,637,000 E A Ellison & Co Ltd 31/12/2012 2A2 £18,667,927 £599,767 £2,169,373 Godiva Imaging Ltd 03/10/2012 - - - £483,413 Luxury For Less Ltd 30/03/2013 O3 - - - CP JR TC CORTEX JONNIE TIM PARTNERS RAY CUZENS Further information Please contact the vendor’s sole selling agents; Jonnie Ray Tim Cuzens t 020 7534 0994 t 020 7534 0992 e [email protected] e [email protected] Misrepresentation Act 1967.
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