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Multi-Let Industrial Investment MULTI-LET INDUSTRIAL INVESTMENT NURSTEED TRADING ESTATE, MILL ROAD, DEVIZES, WILTSHIRE, SN10 3EW INVESTMENT SUMMARY • Freehold multi-let industrial estate • Ten unit estate totalling 41,685 sq ft plus an open storage yard of 1.06 acres • Site area of approximately 3.86 acres (1.56 hectares) • Established industrial location with sustainable tenant demand • WAULT of 6.04 years to expiry and 4.39 years to next break options • Fully let to nine occupiers • Passing rent of £237,500 per annum equating to a low overall rent of £5.69 per sq ft • Offers sought in excess of£3,300,000 (Three Million Three Hundred Thousand Pounds) reflecting anet initial yield of 6.76% after purchaser’s costs of 6.5%. This reflects a capital value of £79 per sq ft LOCATION Devizes, an 11th Century market town of approximately 19,000 people, is well placed in the centre of the County of Wiltshire. It is approximately 10.5 miles south east of Chippenham, 11 miles east of Trowbridge and 7.5 miles to the east of Melksham. There is easy access to Swindon (north east), Marlborough (east), Salisbury (south east) and Westbury & Warminster (south west). Click maps to enlarge >> SITUATION Nursteed Trading Estate is situated towards the south eastern outskirts of Devizes, approximately one mile from the town centre and within easy reach of all local amenities. It has direct access to the main A342 Devizes to Andover Road and the town’s eastern bypass providing easy access to the A361 leading to Swindon and Marlborough. Other nearby businesses include Grist Environmental Ltd, DS Smith and T H White. The town also boasts a wealth of occupiers many of whom are located at Hopton Road Industrial Estate and include Smallbones, Latchways, Howdens and Screwfix. Plans are for illustrative purposes only. Ordnance Survey © Crown Copyright 2019. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:1500. Paper Size - A4 DESCRIPTION The estate is arranged in three blocks, comprising a terrace of six smaller units (The Enterprise Centre) at the front of the estate and two larger blocks of semi-detached units to the rear. Units 5-10: Situated at the entrance to the estate, the units are of steel portal frame construction under a double pitched insulated roof incorporating rooflights. The front elevations are finished in brick with pedestrian access doors leading to office and WC/kitchenette facilities. The rear elevations are fully clad incorporating up and over sectional loading doors measuring 3.5M wide by 4.6M high leading to the full height uninterrupted warehouse/workshop accommodation and an internal eaves height of 5.0M. There is a large communal access yard for the use of all the occupiers. Units 1-4: Comprising two semi-detached blocks with an eaves height of c.4.96M, these units are finished to the front with part brick and profiled metal cladding above. Units 1&2 have loading doors situated in the front elevation measuring 3.0M wide by 3.2M high and Units 3&4 benefit from loading doors of 3.0M wide by 4,5M high.Unit 1 benefits from customer parking and display area to the side elevation as well as a secure yard for further displays and sales to the rear. Unit 4 also benefits from additional office accommodation at first floor level and a secure yard area to the side. To the rear of Units 1-4 there is a large hardcore finished yard which is mainly rectangular in shape and is bounded by palisade fencing and secure gates. Planning permission has recently been obtained (1 April 2019) for the erection of 17 small Class B1/B8 industrial units on this area – Wiltshire Council Reference 18/11811/FUL. ACCOMMODATION The buildings have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provide the following approximate Gross Internal Floor Areas: UNIT SQ FT SQ M Unit 1 5,977 555 Unit 2 5,966 554 Unit 3 4,030 374 Unit 4 8,002 744 Unit 4 First Floor Office 1,068 99 Unit 4 Total 9,070 843 Unit 5 2,483 231 Unit 6 2,483 231 Unit 7 2,483 231 Unit 8 2,483 231 Unit 8 Mezzanine 460 43 Unit 8 Total 2,943 274 Unit 9 2,488 231 Unit 9 Mezzanine 622 58 Unit 9 Total 3,110 289 Unit 10 2,450 228 Unit 10 Mezzanine 690 64 Unit 10 Total 3,140 292 Yard 1.06 acres TOTAL 41,685 3,873 TENURE The Property is held Freehold. TENANCY Unit Tenant Area (sq ft) Lease Start Term Lease Expiry Break Rent Review Rent pa Rent psf Comments 1 Mole Valley Farmers Limited 5,977 18/10/2012 15 years 17/10/2027 18/10/2023 5 yearly £36,000 £6.02 - 2 City Plumbing Supplies Holdings Limited 5,966 23/03/2016 10 years 24/03/2026 24/03/2022 5 yearly £33,000 £5.53 - Rent rises to £23,000 pa 3 Varivane Industries Limited 4,030 01/04/2018 10 years 31/03/2028 - 5 yearly £21,000 £5.21 01/04/2020- 31/03/2023 Rent rises to £50,000 pa 4 Varivane Industries Limited 9,070 01/04/2018 10 years 31/03/2028 - 5 yearly £46,000 £5.07 01/04/2020- 31/03/2023 5 Salisbury Tile Store Limited 2,483 23/12/2014 10 years 22/12/2024 - 5 yearly £12,500 £5.03 - 6 Car & Commercial Servicing Ltd 2,483 25/03/2019 10 years 24/03/2029 25/03/2024 5 yearly £13,500 £5.44 - 7 Fussell Wadman Limited 2,483 25/03/2014 7 years 24/03/2021 - 3 yearly £13,000 £5.24 - Tenant wishes to 8 Mitch Griffiths Limited 2,943 22/08/2014 5 years 21/08/2019 - - £12,000 £4.08 take a new 5 year lease 9 Deep Blue Pool Management Limited 3,110 30/11/2010 10 years 29/11/2020 - 3 yearly £12,250 £3.94 - 10 Varivane Industries Limited 3,140 30/10/2016 5 years 30/10/2021 - No £14,000 £4.46 - 28/04/2020 Yard Grist Group Limited 1.06 acres 28/04/2019 3 years 27/04/2022 & - £24,250 - Outside of Act 28/04/2021 Total 41,685 £237,500 COVENANT INFORMATION UNIT 1 – MOLE VALLEY FARMERS LIMITED UNIT 5 – SALISBURY TILE STORE LIMITED UNIT 8 – MITCH GRIFFITHS LIMITED Mole Valley Farmers, established nearly 70 years ago, are a UK- Devizes Tile Store, part of Salisbury Tile Store, sell a large range of Mitch Griffiths Ltd is an arts and crafts company based in Devizes, wide agricultural supply business. tiles, as well as stone care, to both retailers and trade customers. operating a retail unit in the town and a studio at Nursteed Road. Year To Pre-Tax Shareholder’s Year To Shareholder’s Year To Shareholder’s Turnover Turnover Pre-Tax Profit Turnover Pre-Tax Profit Date Profit Funds Date Funds Date Funds 30/09/18 £488,477,000 £1,415,000 £45,732,000 30/09/18 - - £46,813 31/03/18 - - £136,900 30/09/17 £461,815,000 £1,402,000 £45,096,000 30/09/17 - - £46,574 31/03/17 - - £233,267 30/09/16 £425,591,000 £1,615,000 £44,300,000 30/09/16 - - £33,131 31/03/16 - - £222,265 UNIT 2 – CITY PLUMBING SUPPLIES HOLDINGS LIMITED UNIT 6 – CAR & COMMERCIAL SERVICING LTD UNIT 9 – DEEP BLUE POOL MANAGEMENT LIMITED City Plumbing Supplies, a subsidiary of Travis Perkins, provide Car & Commercial offer MOT, servicing and repairs on cars and Deep Blue supply and install high quality swimming heating, plumbing and bathroom supplies. light commercial vehicles. pools, saunas, spas and steam rooms. They also offer pool maintenance. Year To Pre-Tax Shareholder’s Year To Shareholder’s Year To Shareholder’s Turnover Turnover Pre-Tax Profit Turnover Pre-Tax Profit Date Profit Funds Date Funds Date Funds 31/12/18 £637,000,000 £2,700,000 £195,400,000 31/03/18 - - £36,321 31/03/18 - - £64,959 31/12/17 £586,600,000 £1,600,000 £192,000,000 31/03/17 - - £38,639 31/03/17 - - £31,531 31/12/16 £568,500,000 £3,700,000 £190,800,000 31/03/16 - - £6,296 31/03/16 - - £300 UNIT 3,4 AND 10 – VARIVANE INDUSTRIES LIMITED UNIT 7 – FUSSELL WADMAN LIMITED UNIT 11 – GRIST GROUP LIMITED Varivane Industries are the UK market leader in specialised Wiltshire’s oldest Peugeot Main Dealer, also offering Isuzu sales. Grist Group Limited are waste management experts with a design and manufacture of metal furniture for the marine The unit at Nursteed Road acts as a body shop for the retailer “Zero to Landfill” policy. industry. whose local showroom is on Hopton Road Industrial Estate. Year To Pre-Tax Shareholder’s Year To Shareholder’s Year To Shareholder’s Turnover Turnover Pre-Tax Profit Turnover Pre-Tax Profit Date Profit Funds Date Funds Date Funds 31/05/18 - - £247,931 31/03/18 - - £1,009,716 30/04/18 £16,509,213 £425,268 £7,920,878 31/05/17 - - £222,643 31/03/17 - - £976,100 30/04/17 £14,894,545 £598,537 £7,460,094 31/05/16 - - £203,398 31/03/16 - - £957,632 30/04/16 £11,913,270 £981,386 £6,611,136 FURTHER INFORMATION & INSPECTION ARRANGEMENTS Service Charge For further information and access arrangements to the Dataroom or to arrange A service charge is in place for the maintenance an inspection, please contact the joint agents: and upkeep of the common parts.
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