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Eurotherm Unit, Faraday Close West Sussex, Bn13

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Eurotherm Unit, Faraday Close West Sussex, Bn13 EUROTHERM UNIT, FARADAY CLOSE WORTHING WEST SUSSEX, BN13 3PL FREEHOLD LABORATORY/OFFICE INVESTMENT WITH 10.76 YEARS TO EXPIRY (5.72 YEARS TO BREAK) TO GLOBAL BLUE-CHIP TENANT, WITH FUTURE DEVELOPMENT POTENTIAL EUROTHERM UNIT, FARADAY CLOSE WORTHING WEST SUSSEX, BN13 3PL INVESTMENT CONSIDERATIONS PROPOSAL • 4,757 sq m (51,205 sq ft) laboratory/office building • The tenant is undertaking a multi million pound Offers are invited in excess of£4,240,000 (Four Million Two located close to the A27 in Worthing, West Sussex refurbishment program illustrating commitment Hundred and Forty Thousand Pounds). A purchase at this level reflects an attractiveNet Initial Yield of 7.75% and Low Capital • Freehold to the property Value of £82.80 psf assuming standard purchasers costs of 6.55%, • AWULT of 10.76 years to expiry and 5.72 years • Let to Eurotherm Ltd with a guarantee from Invensys exclusive of VAT and subject to contract. Ltd (5A1) on a 30 year FRI lease from 7th February 2002. to break Schneider Electric (5A1) is the holding company of • Site area approximately of 3.9 acres providing DATA ROOM ACCESS Invensys and Eurotherm Ltd a low site cover of 31% • Low passing rent of £350,000 per annum (£6.85 psf) • Excellent alternative use potential (STP) For access to the Allsop Marketing Data Room, please click on the following link: https://datarooms.allsop.co.uk/register/eurotherm • Tenant has recently moved their 2022 break option to 2027 EUROTHERM UNIT, FARADAY CLOSE WORTHINGM3 WEST SUSSEX, BN13 3PL M20 M25 M26 LONDON A25 A3 LOCATION M25 A331 Worthing is an affluent seaside town in West Sussex on the South Coast, approx. 100 km (60 miles) GUILDFORD A26 Dorking Reigate 1 HR south of London. The town benefits from excellent east/west road links via A27, which links A31 23 MINS A21 M23 TUNBRIDGE Worthing to Brighton, Hove, Portsmouth and the M27. Worthing also sits at the end of the A24 which A24 Edenbridge runs north to the M23 and M25, approximately 48 km (29 miles) and 69 km (40 miles) respectively. GATWICK ROYAL TUNBRIDGE Direct rail services run from Worthing to London Victoria with a journey time of 80 minutes. East WELLS Rail services also run to Brighton and to Gatwick Airport which is 50 km (30 miles) to the north. Crawley Grinstead A264 A26 51 MINS Horsham Balcombe Crowborough A22 A229 Billingshurst Haywards Heath A272 Uckfield Burgess Hill A21 A24 A23 ROAD TRAIN AIR Hassocks A27 1.9 miles Brighton 25 mins London Gatwick 40 mins A22 A24 2.1 miles Chichester 28 mins Southampton 60 mins A283 LEWES 48 MINS Hailsham M25 40 miles Portsmouth 50 mins London Heathrow 75 mins A27 A27 Bexhill Central London 60 miles London Bridge 90 mins A259 Hove A26 A259 LITTLEHAMPTON WORTHING BRIGHTON Bognor Peacehaven Regis Seaford EASTBOURNE 0 8 2 A 2 A 4 SITUATION A27 ARUNDEL ROAD A27 A280 A 24 W A The property is accessed off Faraday Close and sits RR A EN NE 2 A W ROAD RO 2 H 0 7 SALVINGT A ON 3 R A 00 POND LANE OAD D 1 L D T PARK IT F O between the A27 and the A2032 Littlehampton Road, U N O F R R M F R O E O LANE I I N N N S L G G T 27 A A O T T N O with access to the A2032 via Romany Road and O N E ACK AVE LLB N U N F E L L L A A FARADAY CLOSE A N N N E E Yeoman Road. E DRIVE COLUMBIA ROAD TO N D AMP A TLEH LIT R O A2032 A R E 2 C 4 The site is located to the north of Worthing town centre Y B T N R A O M O R O LONGCROFT A Y R PARK D R W 2 D in a mixed use location predominantly residential in 3 A 20 A T E S R F R A TERRINGES AVENUE O nature. The Cignet Trading Estate is located to the rear R A M D T OA D R H NE ATI R AL E P O B S A O D of the property comprising seven mixed use units, two S U T L E T V A OAD A R R TON R P R of which are occupied by Eurotherm. Littlehampton EHAM D TL I LIT N 259 A G West Worthing Worthing Book Services are located adjacent to the property, S H A F D RING ROA A2031 T TAR E whilst The Pines Daycare Centre is located opposite Goring-by-Sea S Durrington-on-Sea B U R Y to the property at the Faraday Close entrance. A WORTHING Y V ORING WA G E D MILLROA N A259 U E NG ROAD A259 GORI EUROTHERM UNIT, FARADAY CLOSE WORTHING WEST SUSSEX, BN13 3PL REFURBISHMENT PROGRAMME The tenant is currently undertaking a multi- million pound refurbishment of the property as part of their strategy to concentrate Eurotherm’s UK operations within the subject property. The refurbishment programme is extremely comprehensive and budgeted to provide best in class technology and specification. Notable upgrades included within the refurbishment programme include; • New suspended ceilings and carpeting • Full independent LED light throughout • Upgrades to air-conditioning/ climate control • Upgraded glazing to part • Full roof over-clad • Resurfacing of the car park • New laboratory, design and testing areas • Upgrades to landscaping and courtyard area • New kitchen and restaurant/ canteen facilities • Upgrades to loading area The refurbishment programme clearly illustrates the tenants commitment to the unit and their intentions for continued occupation of the property. DESCRIPTION The property comprises a single storey facility with open There is a canteen with kitchen as well as shower facilities plan office totalling 51,205 sq ft (4,757 sq m). and locker rooms. A small landscaped courtyard is located The property, built in 1980, is of brick construction with in the centre of the building. Secured Very low 37% a pitched aluminium roof. Internally the accommodation The building sits on a landscaped and self-contained site of 51,205 sq ft 3.9 acre (1.6 ha) site site cover is predominantly open plan with a reception area, approximately 1.6 ha (3.9 acres) with 120 car parking spaces. of flexible accommodation meeting rooms and breakout areas along with some Visitor car parking is at the front of the site adjacent to the cellular offices and specialist testing/laboratory suites. reception area with staff car parking to the rear. Whilst the property is currently fitted out for office and laboratory use, it is capable of conversion to provide 120 2x Tenant either use solely. car parking spaces roller shutter doors heavily invested EUROTHERM UNIT, FARADAY CLOSE WORTHING WEST SUSSEX, BN13 3PL Cignet Trading Estate Drain 2 The Laurels First School 1 Path El Sub Sta 9 The Pines Stanhope Lodge 6 Works 1 0 A S H F B A 1 3 R 5 U 2 AD R A N Y 1 H C 4 LO A S M 2 E C L O DEERSWOOD CLOSE S E 8 E 5 7 OS L 4 C SITE 9 ACCOMMODATION 1 1 3.9 acres (1.6ha) site providing a low site cover of 31%. 4 1 to 12 4 GIA (sq m) GIA (sq ft) 1 Penhurst Court Ground floor 4,694.1 50,527 4 3 TENURE 1 WA External stores 63.0 678 LNUT TREE W AY E S The property is held freehold under title number: 5 O L C S D Total 4,757 51,205 3 2 E A 3 H O WSX37872. 0m 25m 50m 75m C R 2 1 R 3 I 1 to 9 Y 8 B N A 4 M 1 1 to 9 O R Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1406 © Crown Copyright, ES 100004106. For identification purposes only. TENANCY INVESTMENT RATIONALE The property is fully let to Eurotherm Limited 2027. In return, the tenant will benefit from a 12 Let to a highly secure and Attractive unexpired term (with a parent guarantee from Invensys Limited) month rent free period (to be topped-up by the fully committed tenant with of 10.76 years to expiry on a 30 year FRI lease from 7th February 2002. Vendor). An additional 9 month rent free period a blue-chip parent guarantee / 5.72 years to break will be provided if tenant does not exercise there The passing rent is £350,000 per annum reflecting 2027 break. only £6.85 psf. The lease is subject to rent reviews on 5th May 2022 and 6th February 2027. The next rent review date has moved to 5th May Low passing rent of Strategically located 3.9 acre site 2022 (i.e. the date the first rent free period ends). A deed of variation was recently signed moving £6.85 psf with the next providing excellent alternative The review on the 25th anniversary remains the tenants 2022 break option to the 6th February review on 5th May 2022 use potential including; trade, light unchanged. industrial and residential (STP) EUROTHERM UNIT, FARADAY CLOSE WORTHING WEST SUSSEX, BN13 3PL LIFE SCIENCE There is growing demand for flexible lab space suitable for the UK’s expanding life science sector. The lack of both “graduation space” between incubator units and full, fixed-term space is being picked up on by an increasing number of developers and landlords who are considering developing suitable space in order to attract life science occupiers.
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