UNITS 4-7bulkloader.prd.pl.artirix.com.s3.amazonaws.com/ff6fca9d... · 2018-04-13 · Units 4-7,...

UNITS 4-7CENTENARY INDUSTRIAL ESTATEJeffreys Road, Enfield, EN3 7UF

Well let industrial warehouse investment opportunity

Investment Summary

> Well configured industrial terrace located within one of Enfield’s most established industrial estates.

> Strategically positioned close to Mollison Avenue (A1055), with excellent connections to Central London, the M25 motorway and the wider motorway network.

> 4 interconnecting industrial warehouse units totalling 20,926 sq ft (1,944 sq m) GIA.

> Fully let to Tayco Foods Limited on a 10 year lease from 11th January 2018 with a tenant only break option in year 5, providing 4.75 years term certain.

> Current rent passing of £177,752 per annum, reflecting a very low £8.49 per sq ft (£91.44 per sq m).

> Freehold.

> We are instructed to seek offers in excess of £3,300,000 (Three Million and Three Hundred Thousand Pounds) which reflects a Net Initial Yield of 5.06% (allowing for purchaser’s costs of 6.48%), an estimated Reversionary Yield of 6.86% and reflecting a low capital value of £158 per sq ft.

Units 4-7, Centenary Industrial EstateJeffreys Road, Enfield, EN3 7UF


A110

A1055

A1055

A406 North Circular

Ponders End

Brimsdown

Esin Cash & Carry

Trafalgar Trading Estate

Rimex Metals GroupSegro Park, Enfield

Riverwalk Business Park

Navigation Park

ENDP Future Phase

Mill River Trading EstateMidpoint Scheme

Hy Ram Engineering

ENDP Scheme

Cook’sDelight

A110

TO THE CITY

SUBJECT PROPERTY


CHANNELTUNNEL

TERMINAL

LUTON

STANSTED

HEATHROW

GATWICK

87

11 12

9

10

13

6

12

43 5

763 54

7

6

3130

4

5

2

8

9

10

11

2 134

14

13

4

3

1

11

10

99

14 1312

67

10

65

78

15

11

78

9

10

2019

1

32

4

56

1718

5

4

2

1

2524

22

8

7 1

4

5

29

28

8

72

3

6

5

4

8

7

9

10

9

10

14

13

12

11

10

9

11

2

26

M23

M1

M2M26

M25

M20

M40

M4

M3

A329(M)

M25

M25

M25

M25

M20

M1

M10

A1(M)

M11

M40

M3

M1 M11

M20

M11

A338

A346

A338

A40

A44

A303

A31

A26

A23

A232

A4

A40A406

A41

A406

A10

A12

A13

A2A20A205

A3

A24

A34

A3

A34

A5 A10

A505

A11

A134

A14

A508

A421

A13

A127A127

A40A418

A41

A4010

A413

A41

A43

A5

A6

A1

A602

A10

A414

A12

A120

A130 A131

A131

A134

A12

A130

A120

A133

A120

A14A12

A420

A34

A43

A422A505

A256

A299

A28

A2

A2

A28

A20

A207

0

A259

A229

A249

A21

A228

A21

A26A264

A24

A264

A22

A22

A2

A31

A33

A339

A34

A253

HertfordWare

Hatfield

Royston

BiggleswadeSudbury

SaffronWalden

Haverhill

Harwich

NewportPagnell

Sheerness

Canvey Island

Whitstable

HerneBay

Canterbury

Rayleigh

Chelmsford Maldon

Witham

Braintree

Bishop's Stortford

Faversham

Hythe

Ashford

Tonbridge

EastGrinstead

Sevenoaks

OxtedRedhillReigateDorking

Godalming

Haslemere

Alton

Farnham

Aldershot

Leatherhead

Bracknell

Windsor

Croydon

Swanley

Andover

Newbury

Didcot

Dartford

Witney Kidlington

Tilbury

Chigwell

Sutton

Kingston upon Thames

Woolwich

Barnet

Maidenhead

Beaconsfield

HarrowUxbridge

Henley-on-Thames

Letchworth

Hitchin

Dunstable

Berkhamsted

Tring

Marlow

HemelHempstead

LeightonBuzzard

Thame

Abingdon

Bicester

Aylesbury

Banbury

Stevenage

Ipswich

Southend-on-Sea

Margate

Brentwood

Colchester

Clacton-on-Sea

Basildon

Gravesend

Folkestone

Tunbridge Wells

Maidstone

RochesterGillingham

Chatham

Crawley

Basingstoke

Guildford

Woking

Staines

Swindon

Harlow

Slough

Watford

Luton

Bedford

Amersham

HighWycombe

Oxford

Milton Keynes

Richmond

LONDON

SUBJECTPROPERTY

A

10

GR

EAT

CAM

BR

IDGE

ROA

D

A1

0

A110

SOUTHBURY ROAD A110 NAGS HEAD ROAD

M

OLLI

SON

AVE

A105

5

MOLLISON AVE

A105

5

A112

SEW

ARDS

TO NE RO

AD

A112

A101

0

HER

TFOR

D R

OAD

A1

010

CARTERHATCH LANE

CARTERHATCH LANE

GREEN STREET

PONDERS END

BRIMSDOWN

ENFIELD LOCK

ENFIELD WASH

FORTY HILL

BUSH HILL PARK

GILWELL HILL

ENFIELD

WILLIAM GIRLINGRESERVOIR

KING GEORGE’SRESERVOIR

Brimsdown

Ponders End

Bush Hill Park

SUBJECTPROPERTY

SituationCentenary Industrial Estate is situated in an established industrial location in Enfield, forming part of the Brimsdown Industrial Estate. Units 4-7 are situated to the rear of the estate and are accessed via Centenary Road. The Ponders End roundabout to the south provides easy access to the Great Cambridge Road (A10) which in turn has direct access to the M25 (Junction 25), approximately 2 miles to the north west and Angel Road (A406 North Circular) approximately 3 miles to the south.

Ponders End Station and Brimsdown Station are less than a mile from the subject property and provide direct access to London Liverpool Street Station.

The surrounding area has seen significant recent redevelopment, with speculatively developed schemes being undertaken by SEGRO, Aberdeen Standard Investments with Graftongate, Royal London with Chancerygate, and Newable Property Developments.

LocationEnfield is a well-established location for industrial and logistics occupiers servicing London and the South East. Enfield is strategically located approximately 12 miles north of Central London and 2 miles south of the M25 (Junction 25). Its strategic position makes it very well placed to service London via the A10 and A406 (North Circular) and also has excellent access to the national motorway network via the M25 to the M11 (Junction 27), A1 (M) (Junction 23) and M1 (Junction 21). It is estimated that just under 90% of the UK’s population are accessible within a 4.5 hour drive time.

Enfield benefits from several railway stations of which the closest is Ponders End station on the London Overground, approximately 0.6 miles from the property, which provides a direct link to London Liverpool Street with a journey time of approximately 20 minutes.

London Heathrow, Stansted and Luton Airports are all located within a 30 mile radius of the property.

Enfield Council has embarked upon the £6bn Meridian Water regeneration scheme with a vision for transforming a 210 acre site stretching from Edmonton Green town centre to Lee Valley. The masterplan proposes 5,000 homes by 2026 and 237,000 sq ft of offices. The first phase of the scheme is underway with the construction of the first 725 homes, along with the brand new Meridian Water railway station, funded and being delivered by Network Rail. It is anticipated that the first trains will run and the first residents will move in 2019.


DescriptionThe subject property was constructed in the 1970s and comprises four interconnected warehouse units totalling 20,926 sq ft. The units are of steel portal frame construction with a full height brick elevation to the front of the units. The subject property forms part of a terrace of units fronting the estate road on the east side of the estate.

Each unit benefits from one full height level access loading door and a minimum eaves height of 5.90m. The office accommodation is split into two sections and provided to the front of the warehouse units over ground and first floors.

AccommodationThe property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) on a Gross Internal Area (GIA) basis providing the following approximate areas:

Description Sq M (GIA) Sq Ft (GIA)

Ground Floor Warehouse 1,665 17,920

Ground Floor Offices 126 1,352

1st Floor Offices 154 1,654

Total Area 1,944 20,926

The property also benefits from 12 car parking spaces within the demise.


TenureFreehold title to be created at completion with right of access over the rest of the estate.

TenancyThe property is fully let to Tayco Foods Limited on a new 10 year lease from 11th January 2018. The lease incorporates a tenant option to break in year 5, providing approximately 4.75 years term certain. The lease provides for an upward only rent review in January 2023.

The current rent passing is £177,752 per annum, reflecting a low £8.49 per sq ft.

Site

FF

L Twr

11

7

Depot

115

ESSs

L Twr

L Twr

WB

CENT

ENAR

YRO

AD

JEFF

REYS

ROAD

SM

7

11

10

3

1

Depot

8 5

4

1

Factory

Depot

Works

Depot

6

Tanks

Depot

2

Recycling Business

ESS

Depot

ESS

0m 10m 20m 30m


CovenantTayco Foods Limited (Company Number 09795109), are a wholesale distributor supplying a variety of food and beverage products (confectionery and grocery) to a network of local convenience shops. The distribution network is focused on business to business supplies as opposed to distributing directly to the public. The distribution network covers a vast area of Greater London and Kent, with over 150 active clients at present. The ownership of the company is within a single family. Future product lines are expected to be launched in the next 12 months as well as the recently launched restaurant charcoal product, which trades under the name Mr T Charcoal. The launch of this product has been well received, with regular repeat orders from over 50 restaurants within Greater London. Tayco Foods Limited has also provided a rental deposit of £44,438, which equates to 3 months rental cover.

Market CommentarySince 2011 available supply in north London has dwindled by some 61% representing a fall of around 3.2m sq ft creating a shortage of space across all sizes ranges. The absence of second hand stock has polarised occupiers creating a two tier market for those of an institutionally acceptable standard chasing more secondary, less covenant driven opportunities. This has led to a pent up demand for a reducing second hand market which shows no signs of abating. Following the highest industrial take up for three years last year, activity slowed towards the end of the year due mainly to the shortage of available stock which now stands at 3.2% of total stock.

In the 10,000 – 25,000 sq ft range, demand is 72% higher than available supply fuelling the prospects of significant rental growth within this size range. Rents for secondary stock within the region have risen 12% per annum on average over the past 5 years with evidence of current rents at £12.00 per sq ft for some second hand space in Enfield.


Philip Colman020 3141 3520 07768 070 [email protected]

Peter Ley020 3141 3601 07717 730 [email protected]

Jonathan O’Conor020 7344 6937 07913 239 [email protected]

EPCEnergy Performance Certificates are available on request.

Investment ComparablesThe London and South East Industrial market continues to be favoured by investors and below are some recent transactions in this sector providing evidence of current pricing levels:

Date Property Size (Sq Ft) Tenant Unexpired

TermRent £ pa

(£ psf) Price NIY Capital Value (psf)

Mar-18Units 1&2,

Longmead Industrial Estate, Epsom

22,751 Wolseley UK Ltd 9.1 £236,000(£10.37) £5,990,000 3.69% £263

Jan-18 Unit 4, Golden Business Park, Leyton 21,413 FedEx UK Ltd 5.3 £191,169

(£8.93) £5,520,000 3.25% £258

Oct-17 Alpha House, Wimbledon 34,241 Subsidiary of

Cadogan tate 9.7 £500,000 (£14.60) £11,100,000 5.35% £324

Oct-17 Units 1&2 Action Court, Ashford 51,192 Geodis Wilson

UK Limited 1.2 £550,000 (£10.74) £10,150,000 5.08% £198

Sep-17 Unit K60, Lister Road, Basingtoke 58,504 Bunzl UK Ltd 4.6 £525,300

(£8.98) £9,560,000 5.20% £163

Aug-17 Lee House, Enfield 47,171 The Royal Bank of Scotland 10.5 £427,309

(£9.06) £8,450,000 4.80% £179

Jul-17 Oakcroft Road, Chessington 19,000 Travis Perkins 4.0 £190,400

(£10.02) £4,000,000 4.47% £211

VATThe property has been elected for VAT and therefore it is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).

MISREPRESENTATION ACT DISCLAIMER

Colliers International and Glenny gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International and Glenny has any authority to make any representation or warranty whatsoever in relation to this property. April 2018.

Colliers International is the licensed trading name of Colliers International UK Plc. Company registered in England & Wales no. 4195561. Registered office: 50 George Street, London W1U 7GA. Designed and produced by Creativeworld. Tel 01282 858200.

Further InformationFor further information or to arrange an inspection, please contact:

ProposalWe are instructed to seek offers in excess of £3,300,000 (Three Million and Three Hundred Thousand Pounds) which reflects a Net Initial Yield of 5.06% (allowing for purchaser’s costs of 6.48%), an estimated Reversionary Yield of 6.86% and reflecting a low capital value of £158 per sq ft.

UNITS 4-7bulkloader.prd.pl.artirix.com.s3.amazonaws.com/ff6fca9d... · 2018-04-13 · Units 4-7,...

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