Rockbeare Quarry 10 ACRES Rockbeare Hill OF INDUSTRIAL Exeter On the instructions of Simon Carvill-Biggs & Miles Needham Joint Administrators to LAND FOR Sale EX5 2HB Waycon Precast Holdings Ltd Rare opportunity for an owner occupier, developer or investor to acquire a well-connected industrial site in the Exeter area with short term income Rockbeare Quarry Rockbeare Hill Exeter, EX5 2HB Site Summary • Part Surfaced 9.67 acre (3.91 hectare) site • Located 0.7 miles south of the A30 • 6.2 miles from Exeter Airport • Let to an established tenant until 31st December 2020 at £240,000 pa • High yielding industrial investment with re-development opportunities • There are a number of industrial units on site that may be suitable for re-development • Will suit owners, investors and developers Offers sought in excess of £2,750,000 for the long leasehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 8.20% assuming purchasers costs of 6.42%. Rare opportunity To acquire a well-connected industrial site in the Exeter area with short term income Rockbeare Quarry Rockbeare Hill Burnham-on-Sea 22 Exeter, EX5 2HB Ilfracombe A39 Minehead A39 23 A361 Bridgwater A39 A37 Barnstaple 24 A396 M5 Connectivity Bideford Taunton A361 25 A358 A39 26 A303 A3088Yeovil ROAD Air A386 A377 27 The A30 to the north of the Exeter airport is situated Tiverton A303 SUBJECT site provides access to the within 6.2 miles (9 minutes) 28 PROPERTYA30 A37 M5 at Junction 29 just 7 miles providing air travel to more M5 EXETER (8 minutes) to the west, giving than 35 international and OKEhamptonOkehampton 29 A30 A35 Bridport easy access to Exeter and the domestic locations, with Exeter 30 A395 A30 wider UK motorway network. approximately 950,000 31 A376 Sidmouth passengers each year. A380 Exmouth A388 A38 Dawlish A30 Tavistock Newton Abbot Rockbeare Quarry is well located with excellent transport links via both road & air. A38 A386 Torquay A385 PLYMOUTH Brixham 1 18 M5 B3 N ROAD LONDO OAD LONDON R E XETER ROA A30 D 1 18 3 B L IL H N D A 0 N RO be hill 8 I N N P O d m 1 D r o E 3 N c O a r W L d ll e B Location/Situation r R a D 0 y 3 A ick r b h road D roc bendar A O R HILL S RE Rockbeare Quarry is located in the heart of south west England N S A AI PA KBE M -Y OC B R in the county of East Devon, the property is located 10.5 miles N O EXETER C T UM I OAD BE N ILL R R O L M5 H H AIRPORT A (16.8km) east of Exeter and 72 miles (115km) south west of Bristol W N T D S SUBJECT W Y L A Y C city centre. B TON 3184 0 ONI ROA A3 PROPERTY 0 H D 8 1 A30 3 29 B OAK RD Rockbeare Quarry is situated on New Road between Allercombe AY and West Hill 0.7 miles (1.12 km) south of the A30. The property 5 B LE 1 3 S A30 1 B 8 E 4 A E R N E A L is surrounded by a variety of industrial users in the immediate T R U O vicinity. A host of local amenities can be found in the nearby C 0 8 ’S 1 P 3 O B H historic town of Ottery St Mary, which provides both independent S I B and national shops, pubs, restaurants and a Sainsbury’s B 3 30 1 S 8 supermarket. ID 4 9 M A37 OU TH RD A305 M5 2 A A3052 3052 A A3 3 05 76 2 0 8 1 3 B A3052 Rockbeare Quarry Rockbeare Hill Exeter, EX5 2HB Description The site measures approximately 9.67 acres (3.91 hectares) as outlined in red on the plan. The site is predominately flat and at road level rising to the north with a surfaced concrete finish. The site houses ancillary industrial accommodation and a concrete batching plant totalling approximately 27,600 sq ft (2,566 sq m). We are advised there is an 11kV electricity supply entering the site from the south. Interested parties are advised to make their own enquiries. The sites location, topography and size would potentially allow for various redevelopment opportunities subject to the appropriate planning consents, taking advantage of the areas severe lack of industrial stock. Conversely the site would also suit an owner occupier or an investor looking to secure income from the established tenant or another occupier. There are a number of asbestos clad buildings on site which have been condemned and will be left to any purchaser to re- develop. An asbestos survey is available on request. Both the concrete batching plant and the large, uncompleted building on site do not form part of the sale as we understand they belong to the existing occupier. The site measures approximately 9.67 acres (3.91 hectares) For indicative purposes only Ordnance Survey Crown Copyright 2020. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250. Paper Size - A2 Environmental Report A Phase 1 Environmental Report has been completed for the site and concludes the site presents a Low Environmental Risk. M5 MOTORWAY EXETER AIRPORT A copy of the full report is available on request and can be assigned to a purchaser at an additional cost of £3,500 plus VAT. A30 Tenure The subject property is held on a 999 year lease at a fixed rent of £1 pa from 30th November 2015. Tenancy The property is single let to Newbery Metals Limited on an FRI lease for a term expiring 31st December 2020 at a rent of £240,000 per annum. The rent is payable in monthly instalments with the lease contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. PLANNING and use The site is used for concrete block manufacturing and falls under the East Devon local plan 2013- 2031, specifically strategies 5 and 7 covering Environment and Development in the Countryside, for sites outside of built up areas and not covered on the published proposals maps. Covenant The site has historically been used for aggregate related purposes dating back to as early as the 1950’s. Permission for the largest building on site Newbery Metals Limited (Co. No. 00563681) reported the following figures: was granted in 2016 (16/1464/MFUL) for precast concrete manufacturing (B2). The officers report states that development in the area will be 30th June 2019 30th June 2018 30th June 2017 permitted to provide employment where it involves conversion of Turnover £25,357,003 £25,430,344 £20,548,593 existing buildings or new buildings on previously developed land. As such, it is felt that conversion or development of the site for B1, B2 and Pre-Tax Profits (Loss) £2,473,277 £2,831,351 £2,739,859 B8 uses (now Class E) would be permitted. Net Assets £9,608,990 £9,075,932 £8,596,820 The current occupier has an Environmental Permit for the packaging and blending of bulk cement. Further information on request. Credit safe identifies Newbery Metals Limited as a Very Low Risk Covenant (82/100). The head lease allows for all uses under use classes B1, B2 and B8 of the (Use Classes) Order 1987 now Class E. There is a supply agreement for the Newbery Metals Limited is a leading UK metal recycling business operating from 7 locations across the South site which any lessee engaged in the manufacture of pre-cast concrete West of England. The company was established 125 years ago and specialises in the recycling, sale and purchase products must enter into with the freeholder. Further details can be of car parts, ferrous and non-ferrous metals. provided upon request. Rockbeare Quarry Rockbeare Hill Market Commentary Exeter, EX5 2HB The industrial market around Exeter is characterised by a severe lack of supply for both leasehold and freehold industrial property across all size brackets, with virtually no new build stock and limited secondary stock. As a result of the continued lack of supply and sustained demand there has been upwards pressure on rents and capital values across the sector in recent years. Proposal The lack of stock has also resulted in occupiers simply not moving due to a perceived lack of viable options, with a general view in the market that there are significant number requirements ready when accommodation becomes Offers sought in excess of £2,750,000 for the long leasehold interest available. in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 8.20% assuming Demand remains strong from both local and regional occupiers as well as national logistics operators seeking new purchasers costs of 6.42%. storage and fulfilment centres as evidenced through Amazon’s 92,000 sq ft distribution centre at Exeter Gateway. However, the severe lack of supply in the area has forced many potential occupiers to look further afield to meet their occupational requirements, altering supply chains rather than waiting for space to become available in the Exeter area. Employment sites to the east of Exeter, in particular Greendale Business Park, Woodbury Salterton, EX5 1EW continue Further Information to flourish and the decisions by Amazon and DHL to open logistics hubs on the A30 close to Exeter Airport underpin the increasing popularity of sites to the east of the city.