PONDERS END INVESTMENTS PLC BEATTY ROAD, , EN8 7UD

A PRIME M25 INDUSTRIAL SALE & LEASEBACK PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25 INDUSTRIAL SALE & LEASEBACK

INVESTMENT SUMMARY

• The property is located in Waltham Cross adjacent to the M25 • Freehold. We are instructed to seek offers in excess motorway, approximately 12 miles north of Central . of £14,660,000 (Fourteen Million Six • Upon completion the property will be let to Hundred and Sixty Thousand Pounds) • Situated within the well established industrial area Ponders End Investments Plc (D&B Rating 4A1) subject to contract and exclusive of VAT. and within walking distance of Waltham Cross railway station for a term of two years. The passing rent will and the Town Centre. be £1,105,888 per annum, reflecting alow A purchase at this level reflects an average rent of £6.82 per sq ft. attractive Net Initial Yield of 7.00% and a • Accessed via Britannia Road and the A121, leading onto low capital value of £90 per sq ft assuming the A10 and Junction 25 of the M25. • Numerous asset management opportunities standard purchaser’s costs for a sale upon lease expiry including undertaking a full • 7 Light industrial warehouses and one office building totaling and leaseback of approximately 7.71%. refurbishment programme or redevelopment. approximately 162,179 sq ft GIA. A505 DunstalePONDERS END INVESTMENTS PLC Stansted BEATTY ROAD, WALTHAMLuton CROSS, HERTFORDSHIRE EN8 7UD Bishop’s A120 A PRIME M25 INDUSTRIAL SALE & LEASEBACK A418 Stortford A5 A10 A1(M) A602 A44 A131 A130 A34 Aylesury LOCATION A40 A414 Waltham Cross is situated in the Hertfordshire Borough of A41 Hemel Harlow A12 St Alans Hatfield and the Urban Area. The town Thame Hempstead lies immediately to the north of the some A4142 M10 A414 A138 12 miles north of Central London and borders the London WALTHAM CROSS A414 Borough of Enfield to the south. A420 Chipping A4010 A404 Chesham Epping Ongar Waltham Cross is well served by its local transport network. M25 The area is in London Fare Zone 7 and benefits from both mainline and services. Waltham Cross M25 A1 Enfield High M1 M11 A130 Railway Station operates services to London Liverpool Wycome A355 A413 Billericay Street (fastest journey time 27 minutes) and to Stratford Harefield International (fastest journey time 21 minutes) on the M40 Greater Anglia line. London Overground services run from Harrow A10 A127 Theobalds Grove and Turkey Street. Brent A12 Basildon A404 Romford Wemley Cross By road, the area is particularly well served by its excellent A40 Henley-on-Thames Uxridge Southend-on-Sea links to Central London and the national motorway network. A34 Canvey Junction 25 of the M25 is less than 1 mile to the west of the A13 M25 Stanford-le-Hope Island Town Centre and the A10, which provides access to the City A404(M) Southall LONDONLondon to the south and to , the A1(M) and the M4 Fulham Windsor Hounslow A2 M11 to the north. READING Clapham Heathrow A316 Dartford ( ) ravesend Sheerness A329 M Egham Staines Bracknall A20 SITUATION

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Ascot o Bromley s

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l Swanley A23 y A309 r The property is situated on Beatty Road, just off Britannia A3 u M3 t

S wa illingham

l A322 Croydon i a Road. Waltham Cross Town Centre is less than 1 mile to the d d

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a P ar a k La P n ark L o e an o e d R R

A21 Walton-on-Thames A232 s north west and the mainline station is within 500 ft to the north a

Bagshot ’ k o M M2 r y

n a R o o W n e stone r n Y Bryan Road r M20 e a o e Sutton west. All rail stations (Waltham Cross, Theobalds Grove and

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Sandhurst a s E Sittingournee

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a E Turkey Street) are within a one mile radius of the subject a Raglan Avenue y Snodland e 0 r 1 A A217 Eleanor C property. Woking ross Road Biggin Hill

A339 A121 Road A22 M20h M26 St atio c The property is strategically located in one of the principal B n A Famorough p oa pr e

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k WALTHAM

t l r e e industrial areas of Greater London with the M25 passing CROSS L v u

Fleet y t y i a M25 W o ra r B d nd A331 o a BASINGSTOKE e lex A A r R n D Maidstone y B A3 i e ro C o k v d t g r t a less than 250 ft to the southern boundary of the site. e t a a y c rs S n s o

u R r n a W h y o H i A34 e a g e f r i s t Access to the M25 (Junction 25) is less than a 5 minute R H h C Aldershot A D Reigate A26 o r c i r v a a e GUILDFORD d drive via the A121 and the A10. on M

10 Famham A21 A10 Subect Property R The surrounding area comprises a variety of light industrial ew Ford oa A24 Beatty Road N d Longcroft D Cameron Drive s rive re t Tonridge C S warehouses and estates of various types and ages. The M23 J25 e A303 odalming Lodg h g M25 Horley i Holdbrook South area forms part of the wider Lea Valley H

Royal

Staplehurst industrial region, one of London’s largest and most established dale Gatwick Homes Tunridge

Alton s M25 Witley d n industrial locations including to the north, e a Cranleigh d A264r o Wells New Ford Road y a or Wa R llsmo Bu A229 Enfield to the West and Edmonton/Tottenham to the South.

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A31 a T oll o ga f d te Ro t Nearby occupiers of note include British Telecom, Reynolds a r Threeg Bridges d n e

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Catering Supplies UK, Vauxhall, Harris DAF, Northgate Vehicle A264 0

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0 Hire, Cemex, Biffa and Sifcon International.

1 Horsham A

Haywards A23 Heath PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25 INDUSTRIAL SALE & LEASEBACK

Key 5 10 1. SUBJECT SITE 6. SQ Professional 2. Reynolds 7. Monro Industrial Estate 3. Yodel 8. Stirling Business Park 6 4. Tesco 9. Northgate Vehicle Hire 4 5. Findel 10. Lidl 11. White & Company

M onarc h Way

3 7 M25

WALTHAM CROSS

8

11 1

2

Britannia Road

Site outline for indicative purposes only. 9 PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25A INDUSTRIAL PRIME M25 SHORT INDUSTRIAL TERM SALE & LEASEBACK

DESCRIPTION

The property comprises seven light industrial The principal access to the site is from Beatty warehouse buildings and Tradewinds House, an Road via Britannia Road. There are also two office building. The industrial buildings are all of additional access points onto Britannia Road via steel portal framed construction incorporating secured gates at the front two corners of Building X. corrugated metal sheet roofs and a mixture of The buildings onsite are served by two open area profile metal sheet and corrugated metal clad circulation yards towards the western end of the walls. The buildings have been constructed at site and to an area immediately to the north of the different stages over the past 20 years with varying access from Beatty Road. Each unit has a single eaves height and a number interconnected. The roller shutter door. primary use of the buildings is for storage and distribution save for Tradewinds House (which is clad with LPCB approved composite panelling) and a partial wholesale element within Building C. PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25 INDUSTRIAL SALE & LEASEBACK

ACCOMMODATION The property comprises a total area of approximately 162,179 sq ft GIA, measured in accordance with RICS Property Measurements (1st Edition). The accommodation schedule and plan has been colour coordinated to illustrate the layout of the site. LINK BUILDING ACCESS ROAD BUILDING D The individual building profiles are as follows:- BUILDING C

Building Use GIA (sq ft) Eaves (ft) Age BRITANNIA ROAD BUILDING X BUILDING A B8 33,569 26.2 – 32.8 2003 - 2006 BUILDING A

BUILDING B B8 16,110 14.8 1994 CAR PARK SERVICE YARD BUILDING C B8 8,638 22.3 1997 CAR PARK RAILWAY LINE RAILWAY

BUILDING D B8 10,782 19.7 1991 SITE ATE BEATTY ROAD BUILDING E B8 41,280 26.2 2001

BT YARD TRADEWINDS HOUSE B1 11,622 - 2002

BUILDING X B8 39,279 32.8 2004 - 2013 N BUILDING E HOUSE

LINK BUILDING B8 899 - 2004 TRADEWINDS BUILDING B TOTAL 162,179 BT YARD

PLANNING

The permitted use for the estate provides a mixture of B1, B2 and B8 uses under the Town and Country Planning (Use Classes) Act 1987.

The tenant has obtained planning permission to install 8 windows on the first floor to the eastern elevation of Tradewinds House and 4 roof lights (Planning ref; 07/16/1310/F). Works are due to commence in August.

There is an outstanding planning application to extend Building X (Planning ref; 07/14/0744/F), however the tenant has decided not undertake this work during the leaseback period. PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25A INDUSTRIAL PRIME M25 SHORT INDUSTRIAL TERM SALE & LEASEBACK

TENURE COVENANT VAT The land outlined in red (excluding the area outlined in blue) is held Freehold. The property has been elected for VAT Ponders End Investments Plc (Company number 01461903) is a wholesaler/ however the proposed transaction The land outlined in blue is held freehold by Eastern Power Networks Plc. supplier of branded sports footwear, clothing and accessories. The cannot be treated as a transfer company holds contracts with multiple major brands and employs over of going concern (TOGC). 100 people throughout the with its’ HQ located within the SITE AREA subject property. The site has a total area of approximately 5 acres reflecting a site coverage The company has a Dun and Bradstreet rating of 4A1, representing of 66%. EPC minimal risk of business failure. The past three years’ financial performance EPCs are available upon request. is as follows: TENANCY 30/06/2016 30/06/2015 30/06/2014 Upon completion of the freehold sale, Ponders End Investments PLC will enter DATA ROOM Turnover (£000’s) £26,273 £23,212 £29,226 into a two year lease, contracted outside the 1954 Landlord and Tenant Act. Data room access is available The rent reserved will be fixed for the duration of the term at £1,105,888 per Profit (£000’s) £2,311 £2,239 £2,516 upon request. annum (£6.82 per sq ft). The lease will be subject to a Photographic Schedule of Condition. Net Current Assets (£000’s) £10,105 £9,292 £8,215 PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25 INDUSTRIAL SALE & LEASEBACK

LOCAL MARKET OVERVIEW The Lea Valley and nearby Enfield industrial markets are well located to service Greater London and the wider South East area being second only in size to Park Royal. Significant recent developments reflect their strategic importance and accordingly there is a great level of market demand for new industrial properties in the region which has driven rental performance.

New developments include SEGRO’s Navigation Park and Aberdeen’s Enfield Distribution Park demonstrate noteworthy recent leasing activity. We understand the final unit of 68,000 sq ft at Navigation Park has now transacted with UK Mail at a headline rent of £10.75 per sq ft GEA.

Other examples of recent transactions include:

Address Size (sq ft) Rent (per sq ft) Tenant

Enfield Distribution Park 44,000 £9.25 Cooks Delight

Enfield Distribution Park 42,500 £9.75 DFS

Navigation Park 50,090 £9.95 Camden Brewery

Navigation Park 41,890 £10.50 Ceaserstone

Future development includes The Grid off Mollison Avenue, forward sold by Chancerygate where a range of units from 6,000 sq ft to 39,000 sq ft are proposed off indicated rents at £12.75 per sq ft.

ASSET MANAGEMENT Recent deals for good quality secondary units in Lea Valley include: INITIATIVES Address Size (sq ft) Rent (per sq ft) Tenant The investment offers significant asset management opportunities to increase 9, View 406, Advent Way 2,400 £12.82 Johnston Paints value upon lease expiry including; 10, IO Centre, 5,800 £11.50 Bambo n Re-letting the buildings in their Waltham Cross current condition. 3 – 4, 2 Adra Way, 28,200 £9.40 Premier Moves n Undertaking a full or part refurbishment BestWay Park programme to improve the rental 2&3 Trafalgar Trading Estate, 13,000 £9.25 RA Trading tone across the estate. Jefferys Road n Part or full redevelopment of the site (subject to planning). Consents The most recent secondary freehold comparable is the purchase of 55,000 sq ft could be sought during the off Mollison Avenue previously owned and occupied by Coca Cola in 2016 unexpired lease term. at a figure reflecting around £155 per sq ft. n Break up and sell individual buildings to owner occupiers. PROPOSAL We are instructed to seek offers in excess of £14,660,000 (Fourteen Million Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT for our client’s freehold interest. A purchase at this level reflects anattractive Net Initial Yield of 7.00% and a low capital value of £90 per sq ft assuming standard purchaser’s costs for a sale and leaseback of approximately 7.71%.

CONTACT

INVESTMENT OCCUPATIONAL To inspect the property or if you require additional information, If you require further information on the local please contact either: occupational market please contact:

NICK ROBERTS ALEX GRINDROD SAM VYAS Direct Line: 020 7911 2178 Direct Line: 020 7911 2297 Direct Line: 020 7911 2267 [email protected] [email protected] [email protected] www.gva.co.uk/12079

65 Gresham Street, London EC2V 7NQ

GVA is the trading name of GVA Grimley Ltd an Apleona company. ©2017 GVA. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.

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