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Multi-let industrial investMent OppOrtunity
Progress way Business ParkprOgress Way
CrOydOn Cr0 4Xd
Croydon Energy Power Station
PC World Next
Purley Way Centre
Wandle Park
Sainsbury’s Centre
Decathalon
Vauxhall
Currys
Argos
John Lewis
Purley Way
Progress Way Business Park
investment Considerations ■ south london multi-let industrial investment
opportunity located in one of the most established commercial centres in greater london.
■ Situated in a prominent position off Purley Way (A23)
■ Significant on-going regeneration of Croydon and the local area
■ Freehold site extending to 1.80 acres (0.73 ha)
■ The property comprises 31,002 sq ft (2,880 sq m) of light industrial accommodation arranged over 18 units
■ Passing rent of £296,097 per annum, equating to £9.55 per sq ft.
■ Offers are sought in excess of £4,665,0000 (Four million six Hundred and sixty Five thousand Pounds). assuming usual purchaser’s costs of 5.8%, a purchase at this level reflects a net initial yield of 6%, a Capital value of £150 psf.
LONDONHeathrow
LondonCity
Gatwick
StanstedLuton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602A131A130
A138
A130
A127
A217
A331
A322
A339
A316
A309
A232
A264
A264
A229
A120
A404
A355
A404
A413
A4142
A4010
A414
A414
A414
A1
A2
A3
A3
A41
A34
A40
A31
A24
A22
A21
A20
A10
A10
A12
A12
A13
A26
A21
A23
A23
A420
A303
A34
A34
A44
A40
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Harlow
Bishop’sStortford
EppingPotters Bar
Knebworth
Hertford
LUTON
Aylesbury
Dunstable Stevenage
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Biggin Hill
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
East GrinsteadCrawley Three Bridges
Horley
Horsham
Witley
Godalming
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingGUILDFORD Reigate
Staines
Slough
HemelHempstead
Chesham
Berkhamsted St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
Ruislip
Rickmansworth
BrentCross
Woking
SouthOxney
CROYDON
HarefieldHarrow
Borehamwood
Enfield
Windsor
Famborough
Aldershot
Alton
BASINGSTOKE
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
READING
OXFORD
Henley-on-ThamesMaidenhead
EpsomSutton
Swanley
Fulham
Ashford
Richmond
KingstonUpon Thames
Hounslow
Southall
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
Clapham
Harpenden
EastCroydon
ChurchStreet
WellesleyRoad
WestCroydon
GeorgeStreet
Centrale
ReevesCorner
WandlePark
WaddonMarsh
WestCroydon
EastCroydon
Waddon
Beddington Farm Road
Pro
gress W
ay
Commerce Way
Waddon Road
Epso
m R
oad
Tam
wor
th R
oad
Church Street
Ruskin
Road
High S
treet
Hig
h S
treet
George Street
Factory Lane
Miller R
oad
Poplar Walk
Old
Town
Roman W
ay
Coombe Road
Low er Coombe Street
Southbridge Road
Park Lane
Park Lane
Wellesley R
oad
A23 P
urley Way
A232 Croydon Road
Flyover
A232 T
he C
royd
on
A232 Duppas Hill Road
Staf
ford
Roa
d
PROGRESS BUSINESS PARK
LocationProgress Way Business Park is located in Croydon which is regarded as one of the principal commercial centres in south London and is currently undergoing significant regeneration set to further enhance the area. Croydon comprises extensive industrial/ warehouse, business park and retail accommodation focused around Purley Way (A23). Croydon is located approximately 10 miles south of Central London.
The town benefits from excellent transport communications with the A23 providing access to the M25 (Junction 7) and the M23 (Junction 8) approximately 8 miles to the south. Furthermore, Croydon benefits from strong rail communications with East, West, and South Croydon railway stations serving the local area providing fastest journey times to London Bridge and London Victoria of 14 minutes and 16 minutes respectively. The town also benefits from the Croydon Tramlink.
London Gatwick airport is directly accessible via the A23/M23, approximately 9 miles to the south while London Heathrow airport lies 17 miles to the north west.
SituationThe site is accessed from Progress Way, which runs parallel to Purley Way. Croydon Town Centre is located approximately 1.5 miles to the east and is accessed via the A232.
The immediate area is the focus for a large number of major retailers, most notably Ikea, John Lewis, Sainsburys and Currys/PC World. Other surrounding occupiers include Vauxhall, HSS Hire, Wickes, Carpetright, and Sofaworks.
© Crown Copyright, ES 100004106. For identification purposes only.
DeScriptionThe property comprises 5 terraces of light industrial/ warehouse accommodation totalling 31,002 sq ft (2,880 sq m) with individual units ranging from 958 sq ft (89 sq m) to 7,132 sq ft (660 sq m). Each terrace is of steel framed construction with brick and glazed elevations under steel pitched roofs. the units comprise open plan light industrial/ warehouse accommodation with mezzanine level office/storage accommodation.
All units benefit from roller shutter door access, good minimum eaves heights, designated parking, painted concrete floors, and mezzanine level office/ storage accommodation.
the property is well secured with palisade fencing to the perimeter, automated gated entrance-exit ways and CCtv throughout the site that is remote monitored.
SiteThe property comprises a site area of 1.80 acres (0.73 hectares) which provides a site coverage of approximately 47.20%.
tenancy ScheDuLe
unit ref tenant name Area sq m Area sq ft rent p.a. rent psf lease start lease expiry Comments
PW.01/02 Vacant 163.79 1,763 £18,511 £10.50 Vendor to provide 1 year rent guarantee
PW.03/04 Cleansafe (UK) Ltd. 165.27 1,779 £20,459 £11.50 01/10/2010 30/09/2013 Holding over
PW.05 Malden Renders& Finishes Ltd. 108.79 1,171 £12,500 £10.67 09/12/2013 08/12/2018 Break at 09/12/16 subject to 6 months notice
PW.06 Vacant 108.79 1,171 £13,466 £11.50 Vendor to provide 1 year rent guarantee
PW.07 Emprise Services Plc. 108.79 1,171 £15,000 £12.81 01/11/2012 31/10/2015 Rolling break subject to 6 months notice
PW.08 Barrington Byfield 108.79 1,171 £13,502 £11.53 10/12/2014 09/12/2017
PW.09 Kenneth Douglas Kyriacou 108.79 1,171 £12,000 £10.25 03/10/2012 02/10/2015 Contracted out of 1954 Act
PW.10 Chic Shack Ltd. 108.79 1,171 £12,998 £11.10 16/12/2013 15/12/2016 Rolling break on anniversary of term subject to 3 months notice Contracted out of 1954 Act
PW.11 TSJ Cash & Carry Ltd. 108.79 1,171 £12,500 £10.67 29/11/2013 28/11/2016
PW.12 Carpetright Plc. 108.79 1,171 £11,000 £9.39 17/09/1992 16/09/2017
PW.13 Progress Vehicle Management Ltd. 660.07 7,105 £55,500 £7.81 24/06/2011 23/06/2016
PW.14 International Food Service Equipment Ltd. 662.58 7,132 £55,000 £7.71 27/06/2011 26/06/2020 Next break 27/06/16 subject to 9 months notice Contracted out of 1954 Act Next RR 27/06/16
PW.15 Clever Joinery Ltd. 89.00 958 £13,412 £14.00 14/05/2014 13/05/2017 Contracted out of 1954 Act
PW.16 Kasias Karpets Ltd. 89.93 968 £10,000 £10.33 01/10/2012 30/09/2015 Contracted out of 1954 Act
PW.17/18 Verizon UK Ltd. 179.21 1,929 £20,250 £10.50 27/08/2010 26/08/2020 Next break 27/08/15 subject to 6 months noticeNext RR 27/08/15
total 2,880.16 31,002 £296,097 £9.55
CovenantInternational Food Service Equipment LimitedExperian Rating: 87 (Low Risk)D&B: TBC
turnover £5,987,779
Pre-Tax Profit £308,774
total net Worth £637,50
Progress Vehicle ManagementExperian Rating: 96 (Very Low Risk)D&B: TBC
turnover £n/a
Pre-Tax Profit £n/a
total net Worth £1,561,215
serviCe CHargeThe service charge budget for the current financial year ending 31/03/2015 is £60,769.33 equating to £1.96 per sq ft.
non reCoveraBlesThe current vacancy rate is 9.46% (2,934 sq ft)
service Charge £5,751
rates £11,929
total £17,680
Tenancies as at 02/02/2015.
croyDon regeneration
Over the next few years and looking forward to 2020 Croydon will transform significantly with extensive development of retail, leisure and commercial schemes. Croydon has received a £23 million support package from the Mayor of london’s regeneration Fund and £70 million has already been committed by the Croydon Council and other partners to the regeneration of the town.
Croydon’s 2020 vision has received £3.5 billion of commitment to consented and proposed development projects with more to come. the vision seeks to effect the urban planning of Central Croydon extensively and promote Croydon as a hub of living, retail, culture and business in South London and south east england.
Hammerson and Westfield have entered into a 50/50 joint venture with approved plans for:
■ £1 billion regeneration of the Whitgift Centre
■ 1.5 million square feet of retail and leisure space including a major department store and a range of shops designed to attract a variety of occupiers
■ Over 5,000 permanent local job opportunities for Croydon
■ New leisure facilities, new public realm, new car parking provisions
■ Approximately 500 new homes.
The development is due to begin in 2015 with a target date for opening in 2018. Ruskin Square (East Croydon Gateway), a 9 acre site, situated 200 metres from the subject property is undergoing a £500 million development by Stanhope and Schroders. The completed development will include five buildings with up to 625 homes, approximately 240,000 sq ft of offices, retail units and a car park.
Guy Scott Plummer020 7543 [email protected]
For FurthEr inFormation or to makE arrangEmEntS For viEwing plEaSE ContaCt:
www.allsop.co.uk
Scott Tyler020 7543 [email protected]
James Salmon020 7543 [email protected]
propoSaL Offers are sought in excess of £4,665,0000 (Four million six Hundred and sixty Five thousand Pounds). Assuming usual purchaser’s costs of 5.8%, a purchase at this level reflects a net initial yield of 6%, a Capital Value of £150 psf.
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 02.15
tenureFreehold
epcthe property has been rated C to d on the EPC scale (57 - 109). EPC certificates available upon request.
Vatthe property is elected for vat purposes and therefore vat will be payable by the purchaser, unless the sale is structured as a tOgC.