multi let trade park investment

MULTI LET TRADE
PARK INVESTMENT
Thorney Leys Trade Park, Witney
OX28 4GE
MULTI LET TRADE PARK INVESTMENT
INVESTMENT SUMMARY
•Prominent self contained trade park on edge of Witney town centre, next to B&Q.
•Four units totalling 11,887 sqft.
•Fully let to three tenants with combined rent of £77,385 per annum.
•WAULT to expiry of 10.8 years, to break 6.7 years.
•Offers in excess of £1,045,000.
•Initial Yield – 7.0%
LOCATION
Witney is an affluent Oxfordshire market town on the edge of the Cotswolds. Oxford is 13 miles to the east,
Cheltenham is 30 miles west and Banbury is 35 miles to the north.
The town has good road connections with the A40 which is just south of the town centre, providing access
eastwards towards Oxford and westwards towards Cheltenham. The A34 is 11 miles to the east which provides
access north to Junction 9 of the M40 and south towards Newbury and the M4.
Thorney Leys Trade Park is located on the southern edge of the town centre and is accessed directly from
Thorney Leys, just off its junction with the A415. The estate is 1/4 mile from the A40 junction for the town. Other
commercial developments on Thorney Leys include a B&Q and Thorney Leys Office Park which comprises 15
modern office units. On the opposite side of the A415 are further industrial and trade schemes with occupiers
including Screwfix, Howdens, Plumb Centre and Topps Tiles.
Thorney Leys Trade Park, Witney OX28 4GE
MULTI LET TRADE PARK INVESTMENT
Thorney Leys Trade Park, Witney OX28 4GE
TOWN
CENTRE
DESCRIPTION
The property comprises of four semi detached units fronting onto a large central yard. The four units are all the
same age, dating from the 1980’s. They are of steel portal frame construction with part brick and profile clad metal
elevations under corrugated profile clad roofs.
The units have eaves heights of 5.5m. The two units in Block 1 have additional first floor accommodation and first floor
glazing to the front elevation. There are various mezzanines within the units which are tenants’ additions.
Unit 1A is used as a tyre centre, Unit 1B sells double glazing units while the two units in Block 2 are occupied by
a kitchen and flooring retailer.
ACCOMMODATION
Overall the trade park extends to 1,104 sqm (11,887 sqft). Individual unit sizes are detailed in the schedule of
accommodation and tenancies. The site extends to 0.34 hectares (0.84 acres).
TENURE
Freehold.
TENANCIES
The estate is let to three tenants on four FRI leases with an WAULT of 10.8 years to expiry and 6.7 years to breaks. The
current combined rent is £77,385 per annum. Full details are set out within the tenancy schedule below.
A40
SCHEDULE OF ACCOMMODATION & TENANCIES
UNIT
TENANT
AREA
LEASE START
EXPIRY (BREAK)
RENT
£/SQFT
COMMENTS
EPC RATING
1A
Merityre Specialists Ltd
3,550
20 years from 02/05/2014
01/05/2034
(02/05/2024)
£20,000
£5.63
Lease renewal May 2014.
TBC
1B
Epwin Property Holdings Ltd
3,536
10 years from 21/02/2013
20/02/2023
(21/02/2018)
£23,385
£6.61
Rent review 21/02/2018. Lease renewal February 2013. Break option requires 6 months
notice.
TBC
2A
Homestyle Plastics Ltd
2,405
10 years from 05/12/2011
04/12/2021
£17,000
£7.07
Rent review 05/12/2016
TBC
2B
Homestyle Plastics Ltd
2,396
10 years from 05/12/2011
04/12/2021
£17,000
£7.10
Rent review 05/12/2016
TBC
TOTAL
11,887
£77,385
MULTI LET TRADE PARK INVESTMENT
Thorney Leys Trade Park, Witney OX28 4GE
COVENANTS
Epwin Property Holdings Ltd acts as a property management and holding company to the main group. Epwin Group is a wholly owned
subsidiary of Specialist Building Products whose principal activites are the extrusion of upvc, roofline products and the manufacture of doors,
conservatories and sealed units.
30/06/12
(£’000s)
31/12/10
(£’000s)
31/12/09
(£’000s)
n/a
n/a
n/a
Pre-tax Profits
11,503
3,671
3,452
Total Assets less Current Liabilities
40,399
25,711
25,646
Turnover
Merityre Specialists Ltd was formed in 1961 and are based in southern England and operate form 23 branches across the region. The
business has been on site for over 20 years and sells motor vehicle tyres, batteries and wheels.
Turnover
Pre-tax Profits
Total Assets less Current Liabilities
31/06/13
(£’000s)
30/06/12
(£’000s)
30/06/11
(£’000s)
26,313
27,613
27,569
467
738
534
5,710
5,670
5,335
Homestyle Plastics Ltd The company are an independent business based in Oxfordshire and have been in business for almost 20 years
PRICE
We are seeking offers in excess of £1,045,000, a purchase at this level would reflect an initial yield of 7.0%, allowing for purchaser’s costs of 5.8%.
VAT
The property is elected for VAT however it is anticipated that the purchase will be dealt with by way of a TOGC.
EPC’S
The individual EPC’s are available on request.
For further information or if you wish to arrange an inspection
please contact:
Andrew Price
Andrew Price
DD: 0121 513 0892
DD: 0121 513 0892
M: 07798 656 360
M: 07798 656 360
andrew.price@fspproperty.co.uk andrew.price@fspproperty.co.uk
Ben Blackwall
DD: 0121 513 0893
M: 07798 647 836
ben.blackwall@fspproperty.co.uk
Misrepresentation Clause: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein are not guaranteed and are for general guidance only and prospective purchasers or tenants
must not rely on them as statements of fact or representations and must satisfy themselves of their accuracy. Neither Franck-Steier Price Ltd nor any of their employees or representatives has any authority to make or give any representation or warranty or enter into any
contract whatever in relation to the property. Prices and rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise
stated) as to its state or condition or that it is capable of fulfilling its intended function.