Heartbeat Distribution Redditch Modern Distribution Facility with 15 Years of Index-Linked Income
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MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME HEARTBEAT DISTRIBUTION UNIT 1, VELOCITY 42, REDDITCH, B98 7HN MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME 1 HEARTBEAT DISTRIBUTION REDDITCH MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME INVESTMENT SUMMARY A modern, strategically located distribution warehouse facility located on a new distribution park development. Located within an excellent logistics network, positioned with easy access to junctions 2 and 3 of the M42 motorway, which in turn provides access to the M40 interchange to the east and the M5 interchange to the west. Strong labour supply dynamics, with 42.4% of residents in Redditch working in manufacturing, transport & storage, and wholesale trade. Built in 2019, the unit extends to 45,810 sq ft (4,255.89 sq m) GIA. Freehold. The Property is let in its entirety to The Heartbeat Manufacturing Co (Redditch) Limited for a term of 15 years on full repairing and insuring terms. The passing rent is £312,000 per annum, equating to £6.81 per sq ft. The lease will incorporate 5-yearly, upwards only rent reviews to the compounded RPI pa (subject to a collar and cap of 1% pa - 4% pa). PROPOSAL We are instructed to seek offers in excess of £5,300,000, subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 5.50% assuming standard purchasers’ costs and a capital value of £115.70 per sq ft. 2 HEARTBEAT DISTRIBUTION REDDITCH MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME 12 T7 TO EAST MIDLANDS AIRORT TO SHREWSBURY TO MANCHESTER AND M1 MOTORWAY (NORTH) AND WALES AND THE NORTH T8 3 T6 A51 T5 M54 M6 2 1 T4 TAMWORTH 10A A34 A5 A461 M6 TOLL A444 LOCATION A41 10 A453 WOLVERHAMPTON M42 A454 10 Redditch is a major town in the West Midlands located approximately 15.2 WALSALL SUTTON ATHERSTONE A5 miles south of Birmingham, 27.9 miles west of Coventry and 116 miles north 9 COLDFIELD T3 8 west of London. There are approximately 6.8 million people located within 7 8 A452 A38 A4123 A47 a 60-minute drive time and over 57.4 million people within a 4.5-hour drive 8 9 time, accounting for 90% of the UK’s population. WEST M6 NUNEATON A491 DUDLEY BROMWICH 1 1 6 5 4A 8 Redditch benefits from an excellent logistics network, positioned only 4 A41 M38 miles south of junctions 2 and 3 of the M42 motorway (via the A441 and 2 A444 M69 7A A435) and 5 miles south-west of junction 3a (which connects to the M40). A4036 BIRMINGHAM 7 4 A458 A458 3A M6 The town is closely located to the M5 and M6, which forms the orbital A45 3 A442 BIRMINGHAM motorway network around Birmingham and provides easy access to the A458 INTERNATION AIRPORT 3 6 A45 whole of the West Midlands conurbation as well as the South West, South STOURBRIDGE 2 M6 A34 A41 A38 East and London. M42 COVENTRY A452 A456 M5 SOLIHULL Redditch Railway Station provides direct services every 30 minutes to 5 A46 A491 Birmingham New Street Station, which in turn provides services to all major A435 KIDDERMINSTER A444 A428 destinations across the country. The quickest journey time from Redditch 4 4 Station to Birmingham New Street Station is approximately A456 2 A448 A4141 1 M42 3 A34 35 minutes. 4A 3A KENILWORTH A46 BROMSGROVE M40 A445 1 18 Birmingham International is located approximately 13.6 miles north east. A4025 A435 A451 M5 Other nearby airports include Coventry, 26.9 miles to the north east and A442 A448 A4177 A423 Bristol, 71.9 miles to the south west. A4189 5 REDDITCH ROYAL LEAMINGTON SPA Traditionally, Redditch was renowned world wide for its high-quality DROITWICH SPA needle production and manufacturing of related light metal products. More A425 15 recently, it has become a centre of excellence in the automotive sector, with A3400 14 A441 retailers such as Halfords and engineering giant GKN both locating their 13 A443 headquarters in the town. As a result, the town has strong labour supply A46 TO BRISTOL AND dynamics, with 42.4% of residents in working in manufacturing, transport & THE WEST COUNTRY 6 A44 storage, and wholesale trade. WORCESTER A422 12 A46 STRATFORD-UPON-AVON A423 TO LONDON 7 A4189 A4440 3 HEARTBEAT DISTRIBUTION REDDITCH MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME B IR M N IN Y L B41 0 G LE B H I O R A E SITUATION M M B I R N D G AGNEL H A D L EN B4101 A 4 D RD RCH HILL 4 CHU M 1 B4 Velocity 42 is situated at the northern end of 101 R D Park Farm Industrial Estate, one of the principle A 4 3 industrial areas within the town. 5 P A P The park is accessed via a new access road E R CHURCH HILL M A4184 I directly off Old Forge Drive, which in turn leads to LL RD R D O S A R the A435 Birmingham Road, leading directly into D L RIVERSIDE V IN E W C B H 4497 Birmingham and the wider motorway network. U 23 W R A40 ARW C HWY ICK H VENTRY HWY A ENTRY HW H CO 4023 COV Y AY WY Junctions 2 and 3 of the M42 motorway are GW IN TOWN 5 R 3 1 4 H CENTRE in close proximity to the north, which in turn C 4 A B T A A DI T D TE provide access to the M40 interchange 3 miles D RE Y R N W H D M A east, the M5 Interchange 7.5 miles west, and the H R WINYATES C H REDDITCH R LAKESIDE G U N M6 interchange 14 miles north east. H I C E RM V I L B A HWY ICK WARWICK H Redditch Railway Station is 2.8 miles north west, RW WY A41 LEY RD SOUTHCREST WA 89 HEN A4189 within a 10-minute drive time. Y W 89 H 41 5 B A 3 RO H THE PROPERTY 4 M C Y A S W G R R H O I U VE K C MATCHBOROUGH Key Links H HW C K D C N R Y ST E I E M V ARWI U L A A L 4 W D 4 A D H 8 L G J2 M42 7.0 miles E S O N Y T I L R R M D D E R F I E J3 M42 6.4 miles HEADLESS O B T W RG GREENLANDS D I CROSS N A E R D L DR Birmingham 15.2 miles M C E I B L S 4 L T 49 E Birmingham Airport 13.6 miles DR R 7 H 35 W 4 B WOODROW A 4 Y Coventry 27.9 miles 5 0 A 4 4 1 D OAKENSHAW WOO R Bristol 81 miles DROW M DR A H CRABBS R G R E L D D Manchester 101 miles CROSS IL D H IT H C H UG BIRMIN RO RD London 116 miles T H E The subject property is situated directly off S 092 LO B4 1 U 4 G D Old Forge Drive, at front of the Velocity 42 4 H R A A N 448 IO AT A T L development, with good prominence and S C D E R STUDLEY ST M NO A D visibility from the roadside. Nearby occupiers E E H H R S I E LL R V DA include Avon Freight, Transmec, DPD, Ceva E A 92 44 410 8 Logistics and Pilkington Automotive. A 43 N L 5 LL JI 4 HEARTBEAT DISTRIBUTION REDDITCH MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME DESCRIPTION The subject property comprises a modern, distribution facility constructed in 2019, extending to a gross Internally, the office accommodation is fitted to Category A standard including; comfort cooling, raised access internal area of 45,810 sq ft (4,255.89 sq m). floors, LED lighting and toilet facilities. The building is of steel portal frame construction with profiled metal sheet cladding to the elevations and Externally, the property benefits from a secure, 40-metre-deep service yard to the rear of the building with roof. The warehouse is arranged in two bays with two-storey office accommodation to the front of the unit, two vehicle access points at the front and rear of the unit. Car parking is located to the front of the building incorporating a double height atrium to the reception area with glass facade. providing approximately 38 visitor spaces, 3 disabled spaces and 2 electric vehicle charging points. The warehouse area benefits from a specification including; 10 metre eaves height (to underside of the The subject property benefits from a BREEAM ‘Very Good’ rating. haunch), 50 kN/m2 floor loading capacity, 10% roof light provision and 160 KVA 3 phase power supply. The building is accessed via 2 level access and 3 dock level loading doors. 5 HEARTBEAT DISTRIBUTION REDDITCH MODERN DISTRIBUTION FACILITY WITH 15 YEARS OF INDEX-LINKED INCOME ACCOMMODATION The building has been measured in accordance with RICS Code of Measuring Practice (6th Edition) and provides a gross internal area of 45,810 sq ft (4,255.89 sq m). Accommodation Schedule: Warehouse: 43,495 sq ft First floor offices: 2,315 sq ft Total Gross internal area: 45,810 sq ft The total site area comprises 2.53 acres (1.02 hectares) equating to a development density of 39.45%.