MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY WOLLASTON INDUSTRIAL PARK | WOLLASTON | NN29 7RG INVESTMENT CONSIDERATIONS • Wollaston is conveniently located adjacent to the • The estate has recently been refurbished at a cost of • Approximately 74% of the income is secured to A509 which provides excellent transport links to over £1.3m. tenants with a ‘minimum’ risk or ‘Lower than the national motorway network. Home to Dr Martens • The property is fully let to thirteen tenants average’ risk of business failure. who continue to manufacture within the town and on generating a total rental income of £571,117 per • Offers sought in excess of£7,240,000 (Seven Wollaston Industrial Estate. annum, equating to a low average overall rent of Million, Two Hundred and Forty Thousand Pounds) • Wollaston Industrial Estate is situated to the south of £4.48 per sq ft. subject to contract and exclusive of VAT. This reflects the town centre and is the primary industrial offering • The property benefits from anAWULT of 4.67 years an attractive net initial yield of 7.40%, assuming for the town. to expiry and 2.17 years to break. purchaser’s costs of 6.65%, equating to a low capital value of £57 per sq ft. • The property comprises two adjoining industrial • The site extends to 10.01 acres (4.05 ha) providing a estates on William’s Way and Raymond Close low site coverage of 29%. providing a total of 127,542 sq ft (11,849.04 sq m) • Freehold. across 15 units.

WOLLASTON INDUSTRIAL PARK | WELLINGBOROUGH | WOLLASTON | NN29 7RG HA 9 R 0 DW To A45 D AT 5 A ER O L A R I A R NE R E C LOCATION T H S E E H S L T COBB’S LANE BE L C E R E Wollaston is located in , approximately D N I R A D R O 4.5 miles (7 km) south of Wellingborough, 12.5 miles (20 IRCH O ESTER R 69 A N R OA B5 D D

T km) east of and 16.5 miles (26 km) north T S MAI E

E H west of Bedford. T TR U S O

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N HIG 5 OK The town is strategically located adjacent to the A509 D O A H N D WOLLASTON A R M which provides strong transport links to the national R S O D A P D R motorway network with Junction 14 of the A45 2.8 miles A A TH W (5 km) to the north and the M1 motorway 14.7 miles (24 O HINW H ICK RD AD km) to the south. K RO H WIC IN HIN W ICK ROAD 9 H 0 IN Wellingborough main line railway station provides a WI 5 CK AD RO

9 A regular rail service to St Pancras International with a 6 5 fastest journey time of 51 minutes. B S H E P H A E R Airport and Birmingham International 5

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A S Airport can be easily accessed from Wollaston within 1 9 O

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hour and 20 minutes drive. N L O SUBJECT

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1 0 A145 Wollaston Industrial Estate is situated to the south of M6 19 B Thrapston A14 9 the town centre and is the primary industrial COVENToffering. RY Huntingdon The estate is accessed off Hinwick Road, which provides 18 A508 A43 A14 convenient access to the town centre and in turn the Crick A6 A45 St Ives A509 via Cobbs lane. M45 17 Wellingborough Rushden Kimbolton A14 The town has a historic link to Dr Martens Footwear and Earls Barton Scott Bader, a global chemical company, both of which Northampton SUBJECT have head offices located within the town. Dr Martens 14 Daventry PROPERTY A428 continue to manufacture from the subject property. 16 St Neots 13 A428 Cambridge 15a Clapham 12 15 A43 A428 11 Bedford M1 A509 M11 A5 A10 10 A508 Newport Biggleswade Silverstone Pagnell A421 A505 11 A43 14 A1 A422 Milton A6 Royston Keynes 13 A505 M40 To LONDON 10 Letchworth A43 Buckingham Bletchley 9 Leighton 12 Hitchin MULTI LET INDUSTRIAL FREEHOLDBuzzard INVESTMENT OPPORTUNITY A5 09

A509

B A50 569 9

B569 A5 09

M1 B569

DON R LON OAD

SUBJECT PROPERTY

AD RO ICK NW HI

HOOKHAM’S PATH

SHEPHERD’S HILL WOLLASTON INDUSTRIAL PARK | WELLINGBOROUGH | WOLLASTON | NN29 7RG A5 09

A509

B A50 569 9

B569 A5 09 DESCRIPTION M1 The property comprises two adjoining industrial B56 9 estates on William’s Way and Raymond Close. The estate was developed in the 1980s and provides 15 DON R units with a total area of 127,542 sq ft (11,849 sq m). LON OAD

William’s Way comprises 7 units totalling 61,019 sq ft (5,669 sq m), with accommodation ranging from 2,192 - 24,181 sq ft (204 – 2,246 sq m). Unit 7 has SUBJECT PROPERTY been sold off on a long leasehold interest.

Raymond close comprises 7 units totalling 66,523, sq ft (6,180 sq m) with accommodation ranging from 5,028 – 14,336 sq ft (467 – 1,332 sq m). The units provide the following specification: • Steel portal frame construction • Eaves heights ranging from 4m (13ft) to 5.8m (19ft) • Access via either roller shutter or concertina loading doors.

• Integral office accommodation.

The landlord has spent c.£1.3m refurbishing existing units within the estate. These works included: • General internal and external repairs/decoration. • Replacement and repair of roof elements and roof lights. • Gutter lining and repair. • Cladding redecoration. • Remarking of parking bays.

The site extends to 10.01 acres (4.05 ha) providing a low site coverage of 29%. AD RO ICK NW HI

HOOKHAM’S PATH

SHEPHERD’S HILL MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY ACCOMMODATION The property was measured in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following gross internal floor areas:

Unit Tenant Sq Ft Sq M

1-3 Williams Way Salvation Army Trading Company 24,181 2,246.49

4-6 Williams Way O'Neill GmbH 18,147 1,685.91 7 Williams Way Sold off LLH - -

8 Williams Way DDC Automotive Engineering Ltd 2,192 203.64

9 Williams Way Peat & Sons Ltd 2,433 226.03 10 & 11 Williams Way Rotomech Engineering Ltd 4,755 441.75 12 & 13 Williams Way Charles Briggs Ltd 4,763 442.50 14 & 15 Williams Way Cooper Rason Ltd 4,548 422.52 1 & 2 Raymond Close Airwair International Ltd 14,336 1,331.86

3 & 4 Raymond Close Airwair International Ltd 10,858 1,008.74 Freehold Sold off long leasehold 5 & 6 Raymond Close Spicgem Ltd 10,692 993.32

Ainsworth and Woodcock 7 & 8 Raymond Close 10,281 955.14 Engineering Ltd 1+2 9 & 10 Raymond White Bird Logistics & 10,285 955.51 Close Warehousing Ltd 3+4 1-3 11 & 12 Raymond ANC Access Ltd 10,071 935.63 Close

5+6 Total 127,542 11,849.04

12+13 14+15

4+6 TENURE 7+8 12 The property is held freehold (edged red). The areas sold off long leasehold 10+11 are edged in blue. 9+10 11 SERVICE CHARGE 9 8 7 The service charge budget for the year ending March 2020 is estimated at £73,160.00 per annum equating to £0.57 per sq ft. Further details are available upon request.

WOLLASTON INDUSTRIAL PARK | WELLINGBOROUGH | WOLLASTON | NN29 7RG TENANCY DETAILS The property is fully let to thirteen tenants in accordance with the tenancy schedule below generating a total rental income of £571,117 per annum, equating to an average overall rent of £4.48 per sq ft. The property benefits from an AWULT of 4.67 years to expiry and 2.17 years to break.

Area Area Lease Next Rent Lease Break Rent Rent Unit Tenant Comments Sq Ft Sq M Start Review Expiry Option £p.a. £psf

Salvation Army Trading 8 months half rent granted (to be topped up 1-3 Williams Way 24,181 2,246.49 10/04/2019 10/04/2024 09/04/2029 09/04/2024 £100,000 £4.14 Company by vendor). Schedule of Condition applies.

Outside the Act. S/C at £7,566.88 + RPI. 4-6 Williams Way O'Neill GmbH 18,147 1,685.91 13/10/2017 13/10/2022 12/10/2027 13/10/2022 £72,172 £3.98 Schedule of Condition.

NB Potter (Potter 7 Williams Way N/A 24/06/1971 - 23/06/2070 - £1,100 - Sold off on long lease. Haulage) Schedule of Condition applies. Outside the DDC Automotive 8 Williams Way 2,192 203.64 29/03/2018 - 28/03/2023 28/03/2021 £12,500 £5.70 Act. 6 months notice on break. Rent deposit of Engineering Ltd £3,750. Side letter to pay monthly. Outside the Act. Tenant has right to have 5 storage containers in yard. 6 months notice 9 Williams Way Peat & Sons Ltd 2,433 226.03 11/08/2017 - 10/08/2022 10/08/2020 £14,500 £5.96 on break. Rent deposit of £4,350 (inclusive of VAT). Rotomech Engineering 10 & 11 Williams Way 4,755 441.75 16/12/2016 - 15/12/2021 16/12/2019 £23,845 £5.01 Outside the Act. Schedule of Condition applies. Ltd 12 & 13 Williams Way Charles Briggs Ltd 4,763 442.50 01/03/2019 - 29/02/2024 28/02/2022 £21,500 £4.51 Outside the Act. Schedule of Condition applies. Outside the Act. £6,450 rent deposit. Schedule 14 & 15 Williams Way Cooper Rason Ltd 4,548 422.52 31/05/2018 - 30/05/2023 31/05/2021 £21,500 £4.73 of Condition applies. Side letter to pay monthly. Outside the Act. One month rent penalty on break. Schedule of Condition applies. Rent free 1 & 2 Raymond Close Airwair International Ltd 14,336 1,331.86 28/03/2019 28/03/2024 27/03/2029 28/03/2024 £64,500 £4.50 granted at completion (to be topped up by vendor). 3 & 4 Raymond Airwair International Ltd 10,858 1,008.74 18/04/2011 - 17/04/2021 - £42,000 £3.87 Outside the Act. Schedule of Condition applies. Close 5 & 6 Raymond Schedule of Condition applies. 6 months notice Spicgem Ltd 10,692 993.32 14/12/2018 14/12/2023 13/12/2028 13/12/2023 £47,500 £4.44 Close on break. Outside the Act. 7 & 8 Raymond Ainsworth and Woodcock Schedule of Condition applies. S/C at £4,163 10,281 955.14 03/10/2016 03/10/2021 02/10/2026 03/10/2021 £43,000 £4.18 Close Engineering Ltd + RPI. 9 & 10 Raymond White Bird Logistics & 10,285 955.51 28/03/2018 28/03/2023 27/03/2028 28/03/2023 £41,500 £4.04 Outside the Act. Rent deposit of £16,599.60. Close Warehousing Ltd Schedule of Condition applies. £19,650 rent 11 & 12 Raymond ANC Access Ltd 10,071 935.63 22/03/2019 22/03/2024 21/03/2029 21/03/2024 £65,500 £6.50 deposit (inclusive of VAT). Rent free granted Close + Yard (to be topped up by vendor). Large yard. East Midlands Electricity Sub station 26/11/1986 - 25/11/2026 - Board Total 127,542 11,849.04 £571,117

MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY OCCUPATIONAL MARKET COVENANT INFORMATION As is common for a number of towns in the East Midlands, both The property is let to a diverse mix of national, regional and local occupiers. Approximately 74% of the Wellingborough and Northampton are suffering from a shortage income is securedWOLLASTON to tenants with a PARK ‘minimum’ COVENANT risk or ‘Lower than RISK average’ PROFILE risk of business failure, with of available stock, largely due to a lack of land available for 40% of this attributed to ‘minimum risk’ covenants. speculative development. Restraint on supply has led to positive rental growth, however, much of the existing supply in the market was built in the 1980s/1990s and has now been through at least one refurbishment cycle. Minimum Risk 13% Prime quoting rents for new speculative development of sub 20,000 sq ft in both Wellingborough and Northampton are Lower than between £8.50 psf and £9.50 psf. Prime rents achieved on good Average Risk 13% 40% quality refurbished second hand space are currently at £7.50 psf. Higher than The subject property offers good quality refurbished Average Risk accommodation at a discount to the wider Northamptonshire market. This has attracted strong occupational interest resulting Undetermined in eight new lettings in the last 18 months alone. With an average Risk passing rent of £4.48 per sq ft, the estate looks inexpensive compared to Northampton and Wellingborough and going forward, offers excellent scope for future rental growth. 34% Listed below are some recent transactions showing evidence of current rents:

Address Date Size (Sq Ft) Rent (Per annum) Rent (Per Sq Ft) Lease Length (Break) 2 Spinney View, Round Spinney, Northampton April-19 7,696 £40,500 (Y1) £5.26 (Y1) 5 £54,000 (Y2-5) £7.00 (Y2-5) 7 Scotia Close, Brackmills Industrial Estate, Northampton April-19 4,902 £36,750 £7.50 10 (5) 7 Everitt Close, Dennington Industrial Estate, Wellingborough Nov-18 12,018 £72,108 £6.00 10 (5) 1 Scotia Close, Brackmills Industrial Estate, Northampton Oct-18 19,288 £120,000 £6.22 10 (5) Unit 9 Fleming Close, Park Farm, Wellingborough May-18 4,424 £26,550 £6.00 3

11 Scotia Close, Brackmills Industrial Estate, Northampton May-18 4,915 £33,176 £6.75 10 (5)

WOLLASTON INDUSTRIAL PARK | WELLINGBOROUGH | WOLLASTON | NN29 7RG INVESTMENT MARKET COMMENTARY The industrial investment market continues to experience strong levels of investor demand with buyers attracted to the compelling fundamentals of strong occupational demand, restricted supply and tangible rental growth. The outlook for the sector is positive as investor appetite is expected to remain for prime and good quality secondary stock. Multi-let assets continue to be sought after in the current market as investors target well priced opportunities that provide an opportunity to increase returns and drive value through asset management. Currently the supply/demand imbalance favours Landlords and provides excellent future rental growth prospects, particularly with the lack of development in recent years. Listed below are some recent transactions showing evidence of current pricing levels::

Location Date Tenants Area (sq ft) Term Certain Price Yield (NIY) Cap Val (psf)

Bamfurlong Industrial Park, Cheltenham U/O 27 201,936 10.3 c.£7m c.4.81% £35

Ketley Business Park, Telford Nov 18 37 108,135 7.7 (7.4) £8.25m 6.76% £76

Pinnacle Point, Wolverhampton Jul 18 6 155,889 2.3 £11.775m 6.79% £76

Kirkstall Industrial Park, Leeds Jun 18 10 111,081 5.4 (4.1) £8.10m 6.75% £73

Pinnacle Point, Wolverhampton Jul 18 6 155,889 2.3 £11.775m 6.79% £76

Kirkstall Industrial Park, Leeds Jun 18 10 111,081 5.4 £17.1m 5.20% £92

VAT The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC).

ENERGY PERFORMANCE CERTIFICATES The property has an EPC rating ranging between 61 (Band C) and 108 (Band E). A copy of the EPC’s are available on the Lewis Ellis website.

DATA ROOM There is a dataroom for the property with key tenancy information, title documents and the EPC. Access to it can be obtained via the current sales page on the Lewis Ellis website: www.lewisellis.co.uk

MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY PROPOSAL FURTHER INFORMATION We are seeking offers in excess of£7,240,000 (Seven Million, Should you require further information or wish to view the property, please contact either: Two Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT. Simon Lewis David Kos Fred Daeche-Marshall Tel: 020 7493 3330 Tel: 020 7493 3330 Tel: 020 7493 3330 This reflects anattractive net initial yield of 7.40%, assuming Mob: 07831 527 960 Mob: 07709 813 267 Mob: 07785 741 700 purchaser’s costs of 6.65%, equating to a low capital value of Email: [email protected] Email: [email protected] Email: [email protected] £57 per sq ft.

Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not constitute part of an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. June 2019.