75 Paycocke Road Basildon, Essex Ss14 3Hh

75 PAYCOCKE ROAD BASILDON, ESSEX SS14 3HH

Long let industrial investment opportunity with annual RPI linked rent reviews INVESTMENT SUMMARY

• An opportunity to acquire a long let industrial / service site in the South East with annual inflation linked rent reviews

• Established industrial location with excellent access to Junctions 29 and 30 of the M25 motorway

• The property was built in 2012 and benefits from 8m eaves to apex and 1 surface level loading door within a self-contained secure yard area

• Freehold

• Gross internal area of 7,303 sq ft (678.5 sq m)

• Situated on a site of 1.381 acres providing a low site coverage of 12%

• To be let for a term of 15 years from completion, by way of a reversionary lease, to Advanté Limited on a Full Repairing and Insuring (FRI) lease.

• Rent passing of £172,029 per annum

• Annual rent reviews to the higher of Open Market or RPI Indexation

• We are instructed to seek offers in excess of £2,850,000 (Two Million Eight Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT

• A purchase at this level reflects a net initial yield of 5.67%, allowing for purchasers costs of 6.43%.

75 PAYCOCKE ROAD, BASILDON, ESSEX SS14 3HH Biggleswade Haverhill Ipswich Newport Pagnell Sudbury MILTON KEYNES Saffron Banbury Walden M1 Felixstowe Harwich Hitchin M40 Leighton Buzzard Braintree Luton A1(M) STANSTED Bicester Dunstable Colchester LUTON

Witham Clacton-on-Sea Kidlington St Harlow Hatﬁeld OXFORD Hemel Albans Chelmsford Thame Hempstead Maldon M11 M25 Abingdon High Barnet LOCATION CONNECTIVITY Wycombe Watford M1 Chigwell Brentwood Didcot Basildon is located in Essex within the South Vehicles M40 Harrow BASILDON East of England, and is one of the key industrial Uxbridge M25 Henley-on-Thames Maidenhead CITY locations in the eastern M25 region. Distances Miles Slough LONDON Canvey Island Woolwich M4 Tilbury M25 (J29) 9 READING Windsor Basildon is a major business centre in Essex, M4 Richmond Dartford Gravesend Sheerness HEATHROW with a population of circa 175,000 and the Margate Southend-On-Sea 12 Bracknell Kingston Swanley Newbury Gillingham Whitstable second largest economy along the eastern upon Thames Chatham Ramsgatesection of the river Thames after Canary Wharf. Chelmsford 14 M25 M20 Sittingbourne Epsom The town employs some 77,000 people. M3 Woking M25 M2 Central London 34 Sevenoaks Leatherhead Basildon is home to internationally renowned Basingstoke Maidstone Deal Sea Ports Dorking Oxted and highly successful advanced manufacturing Reigate Guildford Tonbridge M20 and engineering companies including: M23 Distances Miles Ashford Dover

GATWICK Tunbridge Wells Alton • Ford Motor Company Ltd London Gateway 10 Crawley Folkestone

P D • New Holland Agriculture N R

Haslemere I O P Hythe ED Port of Tilbury 15

P Crowborough EV S

N • Selex ES

Winchester H

I L Harwich 54 L • Honeywell/MK Electric

R L ROAD A127 Petersﬁeld O Uckﬁeld END ARTERIA TH A OU Eastleigh A127 S R MARTIN D CHRISTOPHE ROAD • Gardner Aerospace Felixstowe 64

O D

A H R G RO E • Konica Minolta T O L A N Dover 78 H A

I N R ER Y

D Hailsham Y

RT Lewes Hastings A W A I M SOUTHAMPTON N D

N O E Havant E PAYCOCKE ROAD PAYCOCKE ROAD T

S Chichester TH R Bexhill-on-SeaO The town also attracts a number of large U S A Hythe O D Airports

S E L Brighton Fawley Fareham Littlehampton R

Hove A distribution / multinational occupiers such as: O 7 N 2 Newhaven A 1 Worthing E RD A D LD Gosport U Seaford EastbourneS SUBJECT TA Distances Miles Lymington Bognor Regis O UR Portsmouth U PROPERTY CO • Argos T AD New Milton Cowes Ryde H ARM RO CRANES F Southend 10 • Amazon 1235 Newport A

OAD E • Yodel London City 28 FARM R N Sandown RANES Y C A

M 5 ITMO • NYSE 123 H R T A W E Stansted 38 AD ORE W W S O AY A A M R TM Y AR I E ES F H • Michelin Distribution RAN C W Gatwick 52 5 A123 • DB Schenker

• Kent Foods Ltd Heathrow 66

Y A W RE O E WHITM N

Y BASILDON A

Y M A T

W S E R A O E M SITUATION HIT S W LYN SH MAYNE BRO A BROAD ADMA YNE DMAYNE The subject property lies 1.5 miles to the north of Basildon town centre and is situated BROA in the south side of Paycocke Road, in the Cranes Farm industrial area, the principle

YNE S A E OADM O industrial area for the town. Paycocke Road provides easy access to the A127 arterial BR N S U O

T A H U E L R T road to the north, which in turn connects to the A13 and the M25 motorway. N

G H

A L

A Y R

Y E

N B

RO E U M NDA OUTHERNHAY I CRE S T Basildon

75 PAYCOCKE ROAD, BASILDON, ESSEX SS14 3HH ACCOMMODATION

The building has been measured on a Gross Internal Area basis in accordance with the RICS Code of Measuring Practice (6th Edition). The areas are as follows:

Floor Sq m Sq ft

Warehouse 483.3 5,203

Ground Floor Office 97.6 1,050

1st Floor Office 97.6 1,050

Total 678.5 7,303

SITE

The site extends to approximately 1.381 acres reflecting a site cover of 12%.

DESCRIPTION

The property, completed in 2012, is a modern self-contained distribution warehouse used as mission critical premise for the UK operation.

The building is of steel portal frame construction with offices and welfare accommodation within both the ground and first floor level.

Warehouse Specification Office Accommodation • 8m eaves height to the apex • Air conditioning within office space • Sodium lighting • Suspended ceilings • 1 level access sliding loading doors • Dedicated kitchen and staff welfare • Secure concreted yard over accommodation approximately 0.90 acres to rear • DDA compliant passenger lift of warehouse building • 11 car parking spaces on site

75 PAYCOCKE ROAD, BASILDON, ESSEX SS14 3HH TENURE COVENANT

Freehold. Advanté are one of the leading suppliers of instant start welfare solutions to the UK construction industry, with the Oasis instant start welfare range being pioneered by Advanté in 1998 and has since become the household name commonly used to refer to welfare units in the UK.

The subject site is a mission critical for the business with construction, refurbishment and storage of welfare units TENANCY undertaken on site. The property is to be let for a term of 15 years from completion, by way of a We highlight, below, the previous 3 year’s financial performance of the tenant: reversionary lease, to Advanté Limited on a Full Repairing and Insuring (FRI) lease. Advanté Limited FY Ending FY Ending FY Ending (00653012) 30th Sep 2016 30th Sep 2017 30th Sep 2018 The current passing rent is £172,029 per annum and benefits from annual rent Turnover £11.843m £11.909m £11.638m reviews (every October) to the higher of Open Market or unrestricted RPI Pre Tax Profit £2.175m £2.206m £2.226m Indexation. Total Net Worth £8.673m £9.814m £11.345m

Further information on Advanté can be found on their website: www.advante.co.uk

75 PAYCOCKE ROAD, BASILDON, ESSEX SS14 3HH INDUSTRIAL INVESTMENT MARKET

The industrial investment sector has performed extremely well despite the political and economic headwinds faced over the past year, with £7.06bn worth of transactions in 2019.

This sustained demand for industrial stock is driven by the strong occupational market and the weight of capital seeking to take advantage of anticipated rental growth and total returns. Despite a lack of available stock transactional yields remain at record lows.

A schedule of comparable industrial transactions is outlined below:

Address Town Size Income Tenant Rent Achieved NIY RR Date (Sq ft / Acres) Length (pa) Price Basis Sold (to break)

Walthamstow Bus Depot Walthamstow 1.3 acres 25.00 HCT Group £335,000 £6,650,000 4.70% RPI 2%-4% Dec-19

Crabtree Manorway North Belvedere 13,447 10.00 Tuffnells £245,083 £4,800,000 4.80% RPI 1%-4% Nov-19

South Central Orpington 53,500 10.00 CSM £749,000 £15,280,000 4.60% RPI 1%-4% Oct-19

Hambridge Lane Newbury 50,394 6.62 DPD Group £351,260 £6,275,000 5.20% OMV Sep-19

44-52 River Road Barking 82,296 10.50 Restore Plc £600,000 £11,900,000 4.70% OMV Aug-19

Supernova, North Crescent Canning Town 9,902 10.00 The Hireman £200,000 £4,500,000 4.17% OMV Jun-19

Units A1 and A2, Napier Way Crawley 11,823 15.00 Rentokil Initial Plc £165,312 £3,470,000 4.47% RPI 2%-4% Jun-19

106 & 108 Roebuck Road Chessington 31,763 15.00 Mollart Engineering £309,689 £5,100,000 5.65% RPI 2%-4% May-19

97 Cray Avenue Orpington 24,880 15.00 Selco Trade Centres £318,620 £7,800,000 3.83% CPI 2%-3% Oct-18

Unit 2, Juniper Way Basildon 34,082 20.00 WCM Europe £300,000 £6,325,000 4.41% RPI 1.5%-4.5% Oct-18

75 PAYCOCKE ROAD, BASILDON, ESSEX SS14 3HH VAT

We understand the property has been elected for VAT and hence anticipate the sale will be undertaken as a transfer of a going concern (TOGC).

EPC

The property has an Energy Performance Certificate rating of B (46). Further information is available upon request

MONEY LAUNDERING REGULATIONS

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source funding will be required from the successful purchaser.

PROPOSAL

We are instructed to seek offers in excess of £2,850,000 (Two Million Eight Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of5.67% , allowing for purchasers costs of 6.43%.

CONTACT

For further information or to arrange an inspection please contact:

Philip Colman E: [email protected] T: 020 3141 3520 M: 07768 070 249

Misrepresentation Act 1967 Glenny LLP for themselves and for the Vendors or Lessors of this property whose agents they are give notice that: 1. All descriptions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 2. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. 3. These particulars are produced in good faith, and set out as a general guide only and do not constitute part of any offer or contract. 4. No person in the employment of Glenny LLP has any authority to make or give representation or warranty whatsoever in relation to this property. 5. All prices and rents are quoted exclusive of VAT unless otherwise stated. January 2020. Designed and produced by Creativeworld. Tel 01282 858200.

75 PAYCOCKE ROAD, BASILDON, ESSEX SS14 3HH