Reversionary Multi-Let Industrial Investment Units 1-7 Cheney Manor Industrial Estate, , SN2 2QP

Offers in excess NIY RY £3,600,000 6.50% 6.90%

Highlights

• Reversionary multi-let trade estate totalling 39,143 sq ft (3,636.51 sq m) • Prominent well-maintained estate providing units ranging from between 7,616 sq ft (707.55 sq m) to 4,088 sq ft (379.79 sq m) • The property is multi-let to 5 tenants with 2 vacant units • Total effective rent of £249,766 per annum, equating to a low overall passing rent of £6.38 psf and reversionary to £263,696 per annum (£6.74 psf). • Recent new lettings and lease renewals have significantly increased the headline rent with additional short term reversion due. • Immediate asset management potential to let Units 3 and 4. • 83% of income is secured to low and very low risk covenants. • WAULT of 4.06 years to expiry (2.58 to breaks) • Limited supply with good rental growth prospects. Location

Swindon is one of the main towns and commercial hubs in the south west of England located in the county of and has a current population of over 180,000 (2011 census). The town benefits from being situated adjacent to the M4 corridor and is approximately 75 miles (120 km) west of , 30 miles (48km) south west of Oxford and 30 miles (48km) south of .

The town has excellent transport communications with Junctions 15 and 16 of the M4 providing direct access to approximately 40 miles (64km) to the west, Reading 40 miles (64km) to the east and London 75 miles (120km) to the east. The A419 is accessible and provides access to 15 miles (24km) to the north east and a direct route to Gloucester and the M5 motorway.

The town also benefits from strong rail services from Swindon railway station with regular routes to. London (1 hour 3 mins), (1 hour 30 mins), Bristol (42 mins) and Reading (27 mins). Situation

Ravenseft Park is located within Cheney Manor Industrial Estate, a well-established industrial conurbation situated 2.0 miles to the north west of Swindon Town Centre. The property benefits from strong road communications, located within proximity of the Great Western Way (B4006), providing direct access to Junction 16 of the M4 Motorway. Junction 15 of the M4 Motorway is also accessible, via the Marlborough Road ( A419), located 4.2 miles to the east.

The property is located on the western side of Cheney Manor Industrial Estate and can be accessed from both Akers Way (B4587) and Rodbourne Road (B4006), Swindon Rail Station is 1.7 miles south east of the property with numerous local bus routes available within the immediate vicinity. Cheney Manor generally comprises secondary industrial and manufacturing accommodation, of which Ravenseft Park provides best in class accommodation within the estate. Major nearby occupiers include SW Group Logistics, Dynamatics, JB Global and Flex Space.

The site comprises an area of approximately 2.12 acres (0.86 hectares) which represents a site cover of approximately 44%. Description

The property comprises of seven units. The estate totals approximately 39,143 sq ft (1,842.2 sq. m.) and benefits from unit sizes ranging from 7,616 sq. ft. (707.0 sq. m.) and 4,088sq. ft. (399,8 sq. m.)

The property comprises part brick and part metal clad units arranged around a central yard area, demises to the individual tenant. Each unit benefits from extensive loading/parking facilities. Each unit benefits from office accommodation at ground level with varying degrees of tenant fit out to provide additional customer facilities. Tenure

Freehold Accommodation & Tenancy Schedule Effective ERV Area Lease Lease Rent Rent (£ p.a.) Demise Tenant Break Comments (sq ft) Start Expiry Review (£ p.a.) (£ psf) (£ psf) Rolling TBO subject to Enterprise £41,765 £41.275 3 month notice and Unit 1 Rent-a-Car UK 04/12/2006 03/12/2021 Rolling 4,986 (£8.38) (£8.38) penalty of 3 months Limited rent (£10,441) Eriks Industrial £29,850 £30,738 Unit 2 Services 11/08/2018 10/08/2023 4,918 (£6.07) (£6.25) Limited

Vacant £31,013 £31,013 Unit 3 - - (Guarantee) 4,962 (£6.25) (£6.25) The Vendor will provide a 12 month rent, rates and service Vacant £31,019 £31,019 charge guarantee. Unit 4 - - (Guarantee) 4,963 (£6.25) (£6.25) Currently marketed.

Tenant only break option on 14/03/2022, subject to 6 month Real Good notice period. The unit Food is under-let to Ingredients £40,120 £47,563 Unit 5 14/03/2017 13/03/2027 14/03/2022 14/03/2022 Fulfilment & Storage Limited (Real 7,610 (£5.27) (£6.25) UK Limited (Gurantoor: Good Food Infinite Group Limited) Plc) for a term expiring on 28/02/2022 at £40,120 p.a. *The vendor will top the rent up to the next rent review on 7th September 2019 £42,000 £47,600 Unit 6 Kaliber Ltd 15/04/2018 14/04/2023 7,616 (£5.51) (£6.25)

Tenant only break 3Line Electrical £34,000 £34,000 option on 23/03/2023, Unit 7 Wholesale 23/03/2018 22/03/2028 23/03/2023 23/03/2023 4,088 (£8.32) (£8.32) subject to 6 month Limited notice period £249,766 £263,696 TOTAL 39,143 (£6.38) (£6.74) Covenant

Enterprise Rent-A-Car UK Limited [Experian Rated: Low Risk]

31/07/2016 31/07/2017 31/07/2018

Turnover £727,235,000 £820,690,000 £876,490,000 Pre-Tax Profit £4,643,000 £9,037,000 £18,623,000 Net Worth £143,275,000 £155,209,000 £175,232,000

Eriks Industrial Services Limited [Experian Rated: Very Low Risk]

31/12/2015 31/12/2016 31/12/2017

Turnover £271,507,000 £272,851,000 £274,120,000 Pre-Tax Profit £12,391,000 £13,901,000 £12,141,000 Net Worth £36,054,000 £31,416,000 £42,733,000

Infinite Group Limited Limited [Experian Rated: Low Risk]

31/03/2016 31/03/2017 31/03/2018

Turnover £10,112,085 - - Pre-Tax Profit -£498,396 - - Net Worth £488,908 £50,921 £240,417

Kaliber Limited [Experian Rated: Very Low Risk]

30/06/2016 30/06/2017 30/06/2018

Turnover - - - Pre-Tax Profit - - - Net Worth £821,295 £837,934 £772,080

3Line Electrical Wholesale Limited [Experian Rated: Very Low Risk]

30/04/2016 30/04/2017 30/04/2018

Turnover £10,167,459 £12,092,284 £13,458,992 Pre-Tax Profit £403,013 £604,446 £503,839 Net Worth £604,924 £653,763 £894,284

EPC Please refer to the Allsop Marketing Data Room for supporting documentation.

VAT We understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).

Dataroom For access to the Allsop Marketing Data Room please use the following link:

https://datarooms.allsop.co.uk/register/ravenseftpark

Proposal

Offers in excess of £3,600,000 (Three Million, Six Hundred Thousand Pounds), subject to contract and exclusive of VAT. This equates to an attractive Net Initial Yield of 6.50%, a Reversionary Yield of 6.90% and a capital value of £92 psf allowing for standard purchasers costs.

Jeremy Hodgson Tom Dales Andrew Wise Partner Associate Surveyor +44 (0)20 7543 6709 +44 (0)20 7543 6866 +44 (0)20 7543 6731

[email protected] [email protected] [email protected] Contact

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.