Little End Road Industrial Estate Eaton Socon, St Neots Huntingdon, Pe19 8Jh

LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH

MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

Outline for indicative purposes only.

INVESTMENT CONSIDERATIONS PROPOSAL

■■ Modern industrial estate located in the principal ■■ 4 Industrial/Trade Counter units let to Howden, ■■ We are instructed to seek offers in excess of industrial area of St Neots, a suburb of Huntingdon NDM Roofing & Cladding, Saint Flooring and Tsunami £3,150,000 (Three Million One Hundred and Fifty ■■ Excellent access to the A428, A1 and M1 Axis (Office Design) totalling 41,510 sq ft (3,856.4 sq m) Thousand Pounds), subject to contract and exclusive of VAT for the Freehold interest. This reflects an attractive ■■ Strong industrial area with national covenants ■■ WAULT of 7.15 years to expiry (5.20 years to break) Net Initial Yield of 6.40% and a low capital value including: Cath Kidston, Hotel Chocolat, B&Q, ■■ Numerous asset management opportunities with of £75.88 psf, after deductions for purchaser’s costs. B&M and Screwfix upcoming rent reviews in 2019, 2021 and 2023 ■■ The units occupy two prominent sites both with ■■ Freehold DATA ROOM excellent road frontage and accessibility ■■ Site area of approximately 2.17 Acres (0.87 Hectares), For access to the Allsop Marketing Data Room please use the ■■ Fully let with a total effective rent of £214,750 p.a. providing a site cover of 43% following link: https://datarooms.allsop.co.uk/register/neots LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH

MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

A1(M) YORK ● BLACKPOOL LEEDS ● M55 M56 HULL ● M62 M61 M1 M180 M18 MANCHESTER LIVERPOOL ● ● M56 SHEFFIELD ● LINCOLN ● LOCATION M1 St Neots is a market town in Cambridgeshire situated on the banks of the M6 NOTTINGHAM ● River Ouse, 15 miles (24 km) west of Cambridge, 25 miles (40 km) south of Peterborough and 50 miles (80 km) north of London. St Neots is the largest town in Cambridgeshire with a population of approximately 40,000. LOUGHBOROUGH ● St Neots lies adjacent to the A1 which connects the town to London in the south and Peterborough in the north, whilst the nearby A41 provides access NORWICH ● to the Midlands and East Anglia. St Neots benefits from access to the East M42 LEICESTER ● PETERBOROUGH Coast Mainline which provides half hourly journeys into London Kings Cross with a fastest journey time of 36 minutes. The town is situated within a 45 BIRMINGHAM A1(M) minute drive of Luton Airport and Stanstead Airport. M6 ST NEOTS NORTHAMPTON BURY ST M5 ● EDMUNDS CAMBRIDGE ● M1 ● CAMBRIDGE WORCESTER ● MILTON KEYNES INTERNATIONAL TRAVEL TIMES M6 M50 ● A1(M) STANSTEAD CAR MILES RAIL MINUTES LUTON CHELMSFORD Bedford 10.8 Huntingdon 7 OXFORD ● Cambridge 20.7 Peterborough 23 ● M25 SWANSEA M48 Peterborough 31.6 Stevenage 42 ● HEATHROW KINGS CROSS London Kings Cross/ 70 M4 M4 London 56.2 CARDIFF St Pancras International ● M32 LONDON BRISTOL ● BATH M2 AIR MINUTES ● M25 Cambridge International Airport 23.8 MAIDSTONE M20 M5 M3 ● M23 London Luton Airport 32.2 London Stanstead Airport 43.5 London Heathrow Airport 65.1 M27 ● SOUTHAMPTONA3(M) ● PORTSMOUTH EXTER ● LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH

MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

PETERBOROUGH

A43 A134

CORBY A10 A1(M) ECONOMY A605 A141 THETFORD Huntingdonshire features a network of market towns, including A1065 Huntingdon, St Ives, St Neots and Ramsey and key natural assets, A14 KETTERING including the The Great Ouse River. Huntingdon is the primary service centre and an important employment area. St Neots is the A14 A508 largest centre by population in the District and is also home to HUNTINGDON an established business base, many of which employ substantial WELLINGBOROUGH numbers and are focused on the manufacturing sector or are part of well- A14 A14 established supply chains. The quick recovery of the economy BURY ST NORTHAMPTON A6 NEWMARKET beyond pre-recession levels points to a resilience within the ST NEOTS EDMUNDS A428 CAMBRIDGE private sector and therefore the business base of Huntingdonshire. A428 Cambridge International Huntingdonshire’s population is larger than any other District in Cambridgeshire and is projected to grow to 209,000 by 2036. Its A421 A11 population is skilled, healthy and productive. The unemployment rate A134 and the proportion of the population claiming benefits is lower BEDFORD A1 M1 in Huntingdonshire than the UK average.

A505 SITUATION MILTON KEYNES The property is situated on a prominent roadside position within the centre of the East Socon Industrial Area, an established industrial LETCHWORTH A10 area a mile north of the A1 dual carriageway. Immediately alongside A11 the subject property is a densely populated housing estate and A5 recently constructed care home, which is accessed via Nelson Road, immediately to the north. The property is located 2.3 miles from the centre of St Neots and 12.4 miles from Huntingdon. The area STEVENAGE London Stanstead LUTON BISHOP’S BRAINTREE has also attracted a number of warehouse operations for national A418 STORFORD A120 retailers including Cath Kidston, B&Q, Hotel Chocolat, Jewson and A12 Screwfix. M11 AYLESBURY LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH Little End Road, Eaton Socon, St. Neots, Huntingdon PE19 8JH

MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

2 5

N 1 ESS 9 E LS O N RO AD

25.2m 1

Nelson Lodge

23 21b b-c 23a

21a

D D ROA LE EN

RESIDENTIAL LITT

1 0

1 2

El Sub Sta 6 3

0m 10m 20m 30m 1

O CARE HOME S E

SITE AREA The property comprises a total site area of 2.17 acres (0.87 Hectares), split between the following demises: n UNITS 21A & 21B – 1.17 acres (0.47 Hectares) [Site Coverage: 43%] n UNITS 23A & 23B-C – 1.00 acres (0.40 Hectares) [Site Coverage: 45%]

TENURE Freehold.

DESCRIPTION The property comprises 4 units occupying two sites Units 23A and 23B-C are arranged over ground floor only fronting Little End Road. to provide two modern self-contained industrial trade Units 21A and 21B are arranged on ground floor only counter units totalling 19,402 sq ft (1,802 sq m). Both units to provide two modern industrial units totalling benefit from single storey office/staff accommodation 22,108 sq ft (2,054 sq m) together with an extensive to the front, with car parking for some 20 vehicles. Unit yard area and parking for some 32 vehicles. Unit 21A 23 B-C has an extensive yard area, whilst both units benefits from a Landlord mezzanine totalling 499 sq ft have an eaves height of 4.34m and 4.13m respectively (46.3 sq m) currently utilised as ancillary office/staff and 4 roller shutter doors. accommodation. Both units have an eaves height of 5.15m and 3 roller shutter doors. LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH

MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

ACCOMMODATION & TENANCIES

Unit Tenant Area Area Lease Lease Break Rent Effective Effective ERV ERV Comments (sq m) (sq ft) Start Expiry Review Rent Rent (£ pa) (£ psf) (£ pa) (£ psf) 21 A Tsunami Axis Limited 906.5 9,757 09/07/18 08/07/21 09/07/19 £51,250 £5.46* £51,250 £5.50* Current Rent: £32,500 p.a. Fixed increase to £51,250 p.a. on 09/07/2019, to be topped up by the Vendor Landlord Mezzanine of 499 sq ft (46.4 sq m) Rent deposit £15,375 incl VAT Tenant only break option, subject to 3 months notice period and penalty of £10,250 Service charge cap of £2,000 in Years 1 & 2, rising to £2,200 in Year 3 Lease outside 1954 Act Protection 21 B Saint Flooring South 1,147.4 12,351 06/07/18 05/07/28 06/07/23 06/07/23 £63,000 £5.10 £ 67,900 £5.50 Current Rent: £31,500 p.a. Limited Fixed increase to £63,000 on 06/07/2019, to be topped up by the Vendor Additional fixed increase to £64,843 p.a. on 06/07/2020. Rent deposit £18,900 incl VAT Tenant Only Break Option, subject to 6 month notice period Lease outside 1954 Act Protection

23 A NDM (Metal Roofing 803.6 8,650 27/10/16 27/10/26 27/10/19 £47,500 £5.50 £47,500 £5.49 Lease subject to additional rent reviews in 2022 & 2025 and Cladding) Rent deposit £14,250 Limited Lease subject to license to alter Lease outside 1954 Act Protection

23 B & C Howden Joinery 998.9 10,752 12/01/16 11/01/26 12/01/21 £53,000 £4.93 £59,100 £5.50 Lease subject to Schedule of Condition Properties Limited

Total 3,856.4 41,510 £214,750 £5.17 £222,650 £5.50 *Rent psf rates assumes 0.25% on mezzanine accommodation.

COVENANT INFORMATION

HOWDEN JOINERY NDM (METAL ROOFING SAINT FLOORING TSUNAMI AXIS PROPERTIES LIMITED & CLADDING) LIMITED SOUTH LIMITED LIMITED (Company Reg: 05656171) (Company Reg: 06252574) (Company Reg: 08430941) (Company Reg: 03752563) Rent: £53,000 per annum (25% of income) Rent: £47,500 per annum (22% of income) Rent: £31,500 per annum (29% of income) Rent: £32,500 per annum (24% of income) Risk Disk: 100 Risk Disk: 77 Risk Disk: 77 Risk Disk:- 88

December December December March March March January January January January January January 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Turnover £45,202,000 £47,882,000 £53,759,000 Turnover - - - Turnover - - - Turnover £27,399,592 £31,499,527 £31,547,694

Pre-Tax Pre-Tax Pre-Tax Pre-Tax £228,000 £501,000 £1,532,000 ------£778,433 £1,803,948 £1,209,437 Profit Profit Profit Profit Total Net Total Net Total Net Total Net £-312,000 £-381,000 £234,000 £193,315 £1,215,935 £1,154,518 £79,325 £145,787 £328,263 £991,548 £1,125,929 £981,654 Worth Worth Worth Worth LITTLE END ROAD INDUSTRIAL ESTATE EATON SOCON, ST NEOTS HUNTINGDON, PE19 8JH

MULTI LET INDUSTRIAL/TRADE COUNTER INVESTMENT OPPORTUNITY

ASSET MANAGEMENT INVESTMENT MARKET TRANSACTIONS The investment provides the purchaser with the opportunity to undertake a number of asset Date Address Area (sq ft) WAULT Price (£M) NIY Cap Val (£psf) management initiatives in order to enhance the rent and in turn create further value. September 18 Stukeley Meadows Industrial Estate, Huntingdon 29,125 5.2 £3.255M 5.46% £112

August 18 Units 10-15 Petersfield Business Park, Petersfield 26,718 7.3 £3.822M 5.00% £143

June 18 33 St Peters Road, Huntingdon 16,668 9.8 £2.65M 4.72% £159

April 18 Access 4:20, New Hythe Business Park, Aylesford 47,856 9.3 £7.96M 4.60% £166 LEASE REGEAR/RENEWALS April 18 Doranda Way Industrial Park, West Bromwich 152,311 3.4 £14.68M 5.18% £96 Unit 21A is subject to a tenant only break option in July 2019 providing the immediate opportunity April 18 Sky Business Park, Egham 27,960 3.7 £6.525M 4.55% £233 to extend the term certain by removing the break option or regearing the lease. April 18 Mill River, Enfield 93,786 2.3 £18M 4.00% £192

A1(M) A14 KETTERING A141

A11 A508 A14 HUNTINGDON A10 A134 RENTAL GROWTH A45 A14 HUNTINGDON A1 The current rents are let at modest levels having Prime Rents: £7.50 psf all commenced within the last 3 years. Over 45% BURY ST NORTHAMPTON A14 Availability: 440,000 of the income is subject to rent review in the next A14 A509 ST NEOTS EDMUNDS 2.5 years. The property is therefore well placed for A6 A428 future rental growth through the completion of CAMBRIDGE rent reviews in 2019, 2021 and 2023. BEDFORD A134 A11 Prime Rents: £7.75 psf A508 BEDFORD M1 A422 Availability: 773,000 A5 A421 A1 A505

MILTON KEYNES A6 MILTON KEYNES CAPITAL EXPENDITURE M11 A505 Prime Rents: £8.50 psf The investment provides the purchaser with the A421 Availability:A131 1,800,000 opportunity to further enhance rental value through A10 future refurbishment of the units. New build/ A5 refurbished industrial units in the wider Huntingdon market are achieving rents in the region of £7.50 psf. STEVENAGE STEVENAGE BRAINTREE COLCHESTER A12 A418 LUTON Prime Rents: £9.75 psf A120 A120 Availability: 50,000 AYLESBURY

A1(M) ESTATE BREAK-UP A414 A131 LUTONA12 Prime Rents: £9.75 psf The property provides the purchaser with the CHELMSFORD A10 opportunity to sell individual units to owner A414 Availability: 244,600

occupiers at a premium. M25 A12 M11 A130 BRENTWOOD M1 A406

A127 A12 ROMFORD BASILDON SOUTHENDONSEA A127

M25 M25 LONDON A13 THURROCK DARTFORD

A405 A2 GRAVESEND A20 A2 M3 M2 A232 M20

A249

M26 M2 M20 M25 A21 A228

A229 VAT The property has been elected for VAT and we would therefore expect the property to be treated as a Transfer of Going Concern (TOGC). EPC Please refer to the Allsop Marketing Data Room for further information.

PROPOSAL We are instructed to seek offers in excess of £3,150,000 (Three Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT for the Freehold interest. This reflects an attractive Net Initial Yield of 6.40% and a low capital value of £75.88 psf, after deductions for purchaser’s costs.

For further information or to make arrangements for viewing please contact: DATA ROOM For access to the Allsop Marketing Data Room Jeremy Hodgson James Salmon Tom Dales please use the following link: 020 7543 6709 020 7543 6880 020 7543 6866 https://datarooms.allsop.co.uk/register/neots [email protected] [email protected] [email protected] www.allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 09.18