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MODERN SELF-CONTAINED SOUTH EAST WAREHOUSE/DISTRIBUTION INVESTMENT
EASTMAN WAY HEMEL HEMPSTEAD HP2 7DU2
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
INVESTMENT SUMMARY
› Prime logistics location within 1 mile of Jnc 8 of the M1 and 4.5 miles north of the M1/M25 intersection
› Modernwellspecifiedlogisticsunitextendingto41,292 sq.ft. (3,836 sq.m.) GIA withsecureyard.
› Let to 66 Books Ltd on a 10 year lease from 19th February 2018givinganattractiveunexpiredtermofc.9.75 years.
› Currentrentof£412,920 per annum,equatingtojust£10 psf perannum.
› Excellentrentalgrowthprospects.
› Thetenantisawellestablishedcompanywhichhasbeenbased onMaylandsfor10years.
› Freehold
› Offersareinvitedinexcessof£7,230,000 (Seven million, two hundred and thirty thousand pounds) for the freehold interest,subjecttocontractandexclusiveofVAT.
› Apurchaseatthislevelreflectsanetinitialyieldof5.35% and a capital value of £175 per sq.ft.afterallowingfortheusual purchaser’scostsof6.7%.
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EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
ROADLocated 26 miles (41 km) north of London, Hemel Hempstead is less than 1milefromtheM1(Junction8)and4milesfromtheM25(Junction21).
ThisexcellentaccesstotheUK’smotorwaynetworkmeansover70%ofGreatBritain’spopulation(45mpeople)canbereachedwithinafour-and-a-half-hourdrivetime.Inaddition,theA41dualcarriagewayruns0.7miles(1.12km)tothewestofthetown,providingdirectaccesstoAylesbury,17milesnorth(27.2km)andJunction20oftheM25,3miles(4.8km)south,whichinturnprovidesquickaccesstotheM40,14 miles (22.4 km) and M4, 16 miles (25.6 km).
BY AIRThetownissituatedclosetothreemajorLondonAirportswhichoffercomprehensivepassengerandfreightservices. › LondonLutonisapproximately 11miles(17.6km)tothenorth
› LondonHeathrow,theworld’s busiestinternationalairport,is24 miles(38.4km)tothesouthwest
› LondonStanstedis46miles(73km to the east.
BY TRAINHemelHempsteadrailstationprovidesfrequentdirectservicestoLondonEustonwithafastestjourneytimeof24minutes(approximately4trainsperhour),aswellasservicestoBirminghamNewStreetin86minutes.
BY SEAForseafreighttheportsofTilburyLondonGateway(61miles,97.6km),Felixstowe((102miles,163km)andSouthampton(87miles,139km)canallbereachedwithin2hours.
A34
A34
A338
M1
M40
A12
A127
A12A6 A1
A1
M40
A1(M)
A1(M)
M11
M25
M25
M25 M20
M1
M1
M4
M3
BISHOP'S STORTFORD
WATFORDHIGH WYCOMBE
KETTERINGRUGBY
BANBURY
DIDCOT
STEVENAGEAYLESBURY
READING
MILTON KEYNES
SWINDON
HEATHROW
BEDFORD
LUTON
BIRMINGHAM
NORTHAMPTON
CAMBRIDGE
HEMEL HEMPSTEADOXFORD
LONDON
3EA
STM
AN W
AY
LINK RD
BOUNDARY WAY
SWALLOWDALE LN
MAYLANDS AVE
EATON RD
MAXTED RD
SWALLOWDALE LN
REDBOURN RD
REDB
OURN
RD
THREE CHERRY TREES LANE
THREE CHERRY TREES LANE
B487
EAST
MAN
WAY
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2
LOCATION
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
J7M1 M1
A414
A4147
SWALLOWDALE LN
REDBOURN RD
B487
REDBOURN RD
SWALLOWDALE LN
MAYLANDS AVE
EASTMAN WAY
FINWAY RD
HOGG END LN
THREE CHERRY TREES
THREE CHERRY TREES
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2
J8
EASTMAN WAY
4
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
DEMOGRAPHICSHemelHempsteadbenefitsfromoneoftheUK’smostaffluentcatchment
populations,ranked24thofthePROMIScentres.Some30%ofthecatchment
fallsintotheABsocialcategory,comparedtotheUKnationalaverageof22%,
withaboveaveragehomeandcarownership(2+cars).Itisamongthelargest
andmostimportanteconomiccentreswithinthesoutheast,withsome75,000
peopleinemployment.Thepopulationwithin10milesofHemelHempsteadis
approximately1million.
HemelHemspteadislocatedattheheartoftheBoroughofDacorum,which
hasahighlyskilledworkforceof95,900;79%areeducatedtoNVQ2orabove
andnearlythree-quartersareemployedinmanagerial,professionalorskilled
roles.ThisissignificantlyabovetheUKaverage.
DacorumBoroughCouncilhasinvested£30millionintoaregeneration
programmetotransformthetown,makingitamoreattractiveplacetowork,
liveandvisit.Occupiers,residentsandvisitorswillbenefitfromtheproposed
130,000sqft.MaylandsGatewayRetailPark,whichhasreceiveddetailed
planningpermission.Inthecomingyears,HemelHempsteadwillseesignificant
growthasaresultofthedevelopmentof17,000newhomesby2036.
Ward Bdy129.2m
The
Nick
ey L
ine
(Pat
h)
RN ROAD
CompoundGas Valve
El Sub Sta
Industrial Estate
Hemel Hempstead
2
9
h View
12
2
Heron Business Park
6
1
12
10
Gas Govn
n e
10 to 18
Business
Maylands Business
Industrial Centre
8
0m 10m 20m 30m
SITUATIONEastmanWayextendsnorthwardsoffSwallowdaleLane(A4147),whichrunsthroughtheheartofthewell-establishedMaylandsBusinessPark.Thisparkwasoriginallycreatedover40yearsagoandhasbecomeasuccessfulmixedusebusinessdistricttodayextendingtoapproximately250hectarescomprisingoffices,industrial,warehousing,leisurefacilities and hotels.
TheMaylandsBusinessareaissituatedabout1milefromHemelHempsteadtowncentre,and0.6milesfromtheM1Motorwayandprovidesemploymentforover20,000peopleinover700businesses.ItscloseproximitytotheM1andM25haveledtoMaylandsbecomingestablishedasoneofthelargestbusinessparksintheUK.
MajoroccupiersincludeAmazon,Asos,Next,Britvic,RoyalMail,SirRobertMcAlpine,Chevron,DHL,Palmer&Harvey,HoneywellAerospace,andRobertDyas.
5
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
DESCRIPTIONThepropertycomprisesamoderndetachedwarehouseunitwithasecureyard.Thepropertyisofsteelportalframeconstructionwithamixtureofbrickandprofiledmetalsheetcladelevations.
Internallythepropertybenefitsfromaminimumeavesheightof6mtoundersideofhaunchrisingto7.1matthepitch,concretescreedfloorand15%rooflights.Theofficesarearrangedovergroundandfirstfloorsandbenefitfromadedicatedreceptionarea,male&femaleWCs,staffcanteenandmeetingroomstothegroundfloor,withopenplanandpartitionedofficestothefirstfloor.Thetenantisintheprocessoffittingouttheproperty.
Externallythepropertybenefitsfromasecureandwellconfiguredyardtogetherwithadedicatedcarparkingareawithmarkedspacesfor60cars.Loadingisbywayofthree5mloadingdoorstogetherwiththree2.5mdocklevellers,allofwhichareequippedwithrollershutters.
ACCOMMODATIONFLOOR USE SQ M SQ FT
GroundWarehouse
3,151.80 33,926
GroundOffices
344.70 3,710
First Offices
339.60 3,656
TOTAL 3,836.10 41,292 SITE AREAThesiteextendstoanareaof2.508acres(1.015hectares),providingalowsitecoverratioof38%. TENUREFreehold.
TENANCYThepropertyisletto66 Books Ltd on a 10-yearFRIleasefrom10thFebruary2018atarentof£412,920 p.a. which equatesto£10 per sq ft.
Thetenanthasbeengranted6monthsrentfree,followedby12monthsathalfrent.Thevendorwilltopuptherentalshortfall from the date of completion.
TENANT COVENANT66BooksLimited(Comp,No06479293)RegisteredOffice:TavistockHouse,SouthTavistockSquare,London,WC1H9LG
YEAR END 31ST MARCH 2017 31ST MARCH 2016 31ST MARCH 2015
Turnover/Sales £13,731,609 £12,605,393 £12,132,062
PreTaxProfits £2,992,796 £1,619,177 £1,512,647
NetAssets £10,632,631 £8,256,559 £6,998,056
Theprincipalactivityofthecompanyisabookwholesaler.ThecompanyhasbeenbasedinHemelHempstead(onMaylands)for10years.ADun&Bradstreetreport(tenantisrated3A2)isavailableonrequestasisacopyofthetenant’slatestreportandaccounts.
6 Tenant is currently fitting out, due to take occupation June 18.
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
OCCUPATIONAL MARKET COMMENTARY - HEMEL HEMPSTEADTAKE-UP 488,980sqftofindustrialaccommodationwasletoverthelast12monthsin13separatetransactionsatanaverageheadlinerentof£10.25persqftandaNetEffectiverentof£9.66persqft.
SUPPLYAccordingtoCostarjust3.4%oftotalstockwithintheM1corridoriscurrentlyavailable.AswithotherkeyM25towns,alackofspeculativedevelopmentandaconstraineddevelopmentpipelinehasresultedinanacuteshortageofmodernindustrialaccommodationinHemelHempstead.
DemandfromoccupiershasremainedrobustandvoidperiodsforGradeAorgoodquality,secondaryunits,areshort.
ThiswasevidentintherecentprelettingtoSelcoandElliotBaxteratChancerygate’sMaylandsPointandthelettingof123,000sqfttoCormarCarpetsatDC3onBoundaryWayafteravoidofonly1monthat£9.00persqft.
Intermsoftheimmediatedevelopmentpipeline,Prologiswillbequotingatleast£10.95persqftonunitsof11,000sqftto21,500sqftatPrologisPark,whichisexpectedtoPCinOctober2018.Chancerygatehavepre-letUnit1MaylandsPoint,(36,000sqft)toSelcoatarentweunderstandtobe£10.50psf.
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EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
OCCUPATIONAL MARKET COMMENTARY - SOUTH EASTTheGreaterLondonindustrialmarkethasexperiencedasignificantlossofsupplyoverthelast5years.OnAverage,260acresperannumhasbeenlosttoprimarilyresidentialdevelopmentasLocalAuthoritiesseektoaddressthehousingcrisisinLondon.Whilesupplyhasreduced,demandhasincreased,drivenprincipallybye-commercerequirements.
8
AsaresultofthesefactorsrentalgrowthinthenorthLondonindustrialmarkethasbeenjustover11%pasince2013.Thescheduleandmapbelowshowthelatestrentsachieved.ManyoccupiersarebeingforcedoutofcentralLondon,andlocationsaroundtheM25arebenefittingaccordingly.
Thedemandandsupplytrendsmentionedabovearesettocontinue,andwethereforebelievethatHemelHempsteadislikelytoexperiencecontinuedrentalgrowth.
A406
A414
A40
A10
A12
A41 M11
M40
M4
M25M25
M1M25
A1WATFORD
EDWARE
ST ALBANS
BEDFORD EPPING
LONDON
WEMBLEY (£13.25 PSF)
HEMEL HEMPSTEAD (£10.50 PSF)
PARK ROYAL (£15.50 PSF)
ENFIELD (£13.50 PSF)
WeareawareofthefollowingrecentoccupationaltransactionsinHemelHempstead:
DATE ADDRESS TENANT TOTAL SF RENT PSF TERM
Jan2018 CherryTreeLn 129,233 £9.25
May2017 HallRd Selco Trade 36,000 £10.50
April2017 HallRd ElliotBaxter 28,350 £9.95
April2017 BourneEndMills OptomaEurope 30,397 £10.00
April2017 BoundaryWay Cormar Carpets 122,856 £9.00
Jan2018 PrologisPark,BuncefieldLane
Hermes 80,000 £10.75 20years
Underoffer Phase2,Mowlem TradingEstate, Tottenham
Bunzl.Pre-let. D&B.
20,000 £16.00 15 years
Underoffer Unit1,Chalkmill Drive,Enfield
LoonFung.9months’rentfree.Second-hand– toberefurbished.
32,960 £12.00 15 yearsBreak at10
March2018 CentralPoint,GreatCentralWay,Wembley
35,577 £13.25 10years
July2017 Unit6Origin,ParkRoyal 35,024 £15.50 10 years
Dec2017 Rock&Roll,WaxlowRoad,ParkRoyal
61,069 £15.25 20years
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2 MODERN WELL LET SOUTH EAST
WAREHOUSE/DISTRIBUTION INVESTMENT
INDUSTRIAL INVESTMENT MARKET COMMENTARYDespiteBrexitandrisinginflation,theUKlogisticsandindustrialmarketsremainfundamentallystrong.Thedynamicsoflimitedsupplyandpositivedemandfromexpandinge-commercesupplychainsmeanthereiscontinuedstronginterestfrom avarietyofinvestorsinthesector.
ADDRESS DATE SALE PRICE
YIELD (NIY)
TERM CERTAIN (YRS)
PRICE (PSF)
TENANT PURCHASER
Units1&2FelsteadRoad,Epsom Mar 18 £5.85m 3.75% 9.1 £260 WolseleyUKLtd U/O
MillRiverTradingEstate,Enfield Feb 18 £17.6m 4.1% 3.75 £200 Multi-let U/O
Centro, Hemel Hempstead Dec17 £13.2m 4.4% 3.8 £227 NTL DTZIM
BoundaryWay,HemelHempstead Dec17 £14.1m 4.3% 6.7 £198 Multi-let TBC(Institution)
SandownIndustrialPark,Esher Dec17 £14.075m 3.67% TBC £258 Multi ElmbridgeBC
Gateway25,WestThurrock Dec17 £14.7m 4.25% 4 £163 Multi Fidelity
GSKSouth,Harlow Nov17 £7.75m 4.85% 11 £133 Glaxo Palmer
74LongDrive,Greenford Nov17 £10.05m 4.74% 15 £193 Belazu BMO
Apex30,LondonRoad,Staines Sept17 £8.89m 5.01% 6.5 £223 2T’s F&C
TheGreaterLondon&SouthEastregionalindustrialmarketswitnessedunprecedentedtransactionalactivityduring2016&2017.Webelievethiswillcontinueinto2018.
Recentinvestmenttransactionscomparabletothesubjectpropertyareshownbelow:-
9
MODERN WELL LET SOUTH EAST WAREHOUSE/DISTRIBUTION INVESTMENT
EASTMAN WAY
HEMEL HEMPSTEAD HP2 7DU2
EPCTheunitisratedC.
VATThepropertyhasbeenelectedforVAT.
PROPOSALOffersareinvitedinexcessof£7,230,000 (Seven million, two hundred and thirty thousand pounds) for the freehold interest, subjecttocontractandexclusiveofVAT.Apurchaseatthislevelwouldreflectanattractiveinitialyieldof5.35%andacapitalvalueof£175 per sq.ft.afterallowingfortheusualpurchaser’scostsof6.7%.
MisrepresentationAct:Theseparticularsareissued,withoutresponsibilityonthepartofthevendor,BCMRE,oranyoftheirrespectiveemployeesoragentsandserveonlyasanintroductoryguidetothepremises.Nopartofthemconstitutesatermofacontractorastatementorrepresentationuponwhichanyreliancecanbeplaced.Anypersonwithanactualorprospectiveinterestinthepremisesmustsatisfythemselvesastoanymatterconcerningthepremisesbyinspection,independentadviceorotherwise.NeitherBCMRE,noranyoftheiremployeesoragentshaveauthoritytomakeorgiveanyrepresentationorwarrantyastothepremiseswhetherinthisreportorotherwise.UnlessotherwisestatedallfiguresquotedaretobeconsideredexclusiveofVAT.Theplansarepublishedforconvenienceofidentificationonly,andalthoughbelievedtobecorrect,theiraccuracyisnotguaranteedanddoesnotformpartofanycontract.April2018.
DesignandproducedbyPLPLondonT:02031373079•plplondon.com
CONTACT DETAILS Tim Wills E: [email protected]: 02036678405M:07789690863
Tom Steadman E: [email protected]: 02036678406M:07904276239
10
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