north quay, newhaven, east sussex - flude commercial quay, newhaven investment broch… · north...
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NORTH QUAY, NEWHAVEN, EAST SUSSEX
MULTI-LET WHARFSIDE OPEN STORAGE & DISTRIBUTION INVESTMENT
NORTH QUAY NEWHAVEN
Outline for indicative purposed only.
North Quay DemisePlots 1 & 2 – Sold on Long Lease
INVESTMENT CONSIDERATIONS Well established multi-let open storage facility with substantial wharf frontage on the South Coast, ideally placed to service Newhaven and surrounding towns
Excellent road links to other main coastal towns via the A27 and the A259
Located within the Newhaven Enterprise Zone (NEZ)
Virtual Freehold - 981 years remaining at a peppercorn rent
Configured as 19 plots and an operational quay on to the River Ouse, totalling 26.37 acres on direct let accommodation
Multi-let to 12 tenants producing a contracted rent of £763,837 per annum, subject to rental top-up
WAULT of 11.33 years to expiry (7.83 years to breaks)
50% of the contracted rent benefits from fixed RPI/CPI linked increases at review
Low average rental rate of £28,966 per acre, with potential for significant future growth
The site has recently benefitted from the installation of a new flood defence barrier along the entirety of the site facing the River Ouse
Given the scarcity of strategically located open storage land, a number of tenants have been in occupation for long periods of time
PROPOSALOffers in excess of £9,000,000 (Nine Million Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect a Net Initial Yield of 8.00% and a low capital value of c.£340,000 per acre, subject to standard purchaser’s costs.
DATAROOMFor access to the Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/northquay
NORTH QUAY NEWHAVEN
Outline for indicative purposed only.North Quay Demise
Plots 1 & 2 – Sold on Long Lease
NORTH QUAY NEWHAVEN
J12
J10
J7J8
J9
J6
J5
J3
J2
M4
M2
M3
M25
M25
M23M20
A16
A29
A1
A26
M20
DOVER
HASTINGS
EASTBOURNE
SEVENOAKS MAIDSTONE
CRAWLEY
GUILDFORD
SLOUGH
WOKING
ROYALTUNBRIDGE WELLS
LEWES
BRIGHTON
NEWHAVEN
DIEPPE
DIEPPE - 4HR▼
CALAIS
DUNKIRK
LILLE
LE HARVE
CHERBOURG
CAEN
LITTLEHAMPTONPORTSMOUTH
MARGATE
CANTERBURY
SITTINGBOURNE
SANDWICH
SOUTHEND-ON-SEA
GRAVESEND
ROMFORD
CROYDON
ASHFORD
Gatwick
Heathrow
London City
FOLKESTONE
LONDON
ENGLISH CHANNEL
ROAD
A26 Adjacent
A27 5.4 miles
A23 15.1 miles
M23 31.2 miles
RAIL
Brighton 27 min
Eastbourne 37 min
Victoria 67 min
Hastings 86 min
AIR
Brighton City Airport 16.3 miles
London Gatwick 39.1 miles
London Heathrow 75.4 miles
Southampton Airport 77.4 miles
NEWHAVEN
Newhaven is located on the coast of East Sussex in the South East of England, approximately 61 miles to the south of London, 9 miles to the east of Brighton and 12 miles to the west of Eastbourne. The town is situated at the junction of the A259 and the A26.
North Quay is situated in an established industrial and commercial location to the east of Brighton, just off the A259 coast road. Newhaven is serviced by good road communications, both the A27 and the A259 south coast road links Newhaven with Brighton, Worthing and Chichester to the west and Eastbourne, Hastings and Folkestone to the east.
The town benefits from two rail stations; Newhaven Town and Newhaven Harbour. Both are situated on the East Coastway Line providing direct access to Seaford (8 mins) and Brighton (27 mins). London Victoria Rail Station is accessed via Lewes on an 86 minute journey.
Newhaven Ferry Port is located on the English Channel at the coast of East Sussex. The port connects the UK with France across the Channel. It is the closest port from London with three daily departures from the UK to the continent. The terminal is situated directly in the town of Newhaven at the mouth of the River Ouse.
PORT
Shoreham-by-Sea 17.5 miles
Portsmouth 66 miles
Portsmouth 76 miles
Dover 82 miles
NORTH QUAY NEWHAVEN
SITUATION
The majority of the subject site is situated on the west side of North Quay Road, approximately 50 meters north of its junction with Drove Road (A259). The latter gives access to the A27, some 5 miles to the north, which provides dual carriageway links to the A23 at Brighton.
The property is situated immediately north of Newhaven Town Rail Station and numerous local bus services.
Nearby occupiers include City Electrical Factors Ltd, UPS, Howdens Joinery, Topps Tiles, Screwfix, B&Q, Lidl, Pets at Home and Plumbase.
DESCRIPTION
North Quay is one of very few sites in the South of England to offer open storage with operational wharfage access. The property currently comprises 15 plots, all of which have access to North Quay Road and 8 of which have frontage to the River Ouse. The individual plots are of varying size ranging from circa 3,800 sq ft to 5 acres.
The site has heavy industrial usage including a waste to energy plant, aggregate storage and concrete manufacture, waste recycling and workshop and car repairs.
The majority of the units/buildings on each plot have been erected by the tenants and are commensurate with the age and usage of the plot.
The largest plot comprises a modern £125m Veolia Energy Recovery Facility which deals with household waste on behalf of Brighton & Hove City Council and East Sussex County Council. This has been sold off on a long leasehold basis expiring on 31 January 2997. Due to the continuing growth of the waste to energy sector, there is now subsequent demand for available plots from spin off service companies.
There is a swing bridge which can be opened to provide access from the River Ouse to the English Channel. The clearance under the A259 swing bridge is 8m minus the tide gauge reading. It is operated by the harbour master on the request of vessels using the port and requires a minimum of 3 hours’ notice.
AVIS ROAD B2109
RAIL W
AY ROA
D
LEWES ROAD
SEAFORD ROADA259
NORTH WAY
NEW
ROAD A26
BRIGHTON ROAD A259
NEWHAVENTOWN
NEWHAVENHARBOUR
NEWHAVENHARBOUR PORT
HARBOUR HEIGHTS
RIVER O
USE
NO
RTH Q
UAY RO
AD
AVIS ROAD B2109
RAIL W
AY ROA
D
LEWES ROAD
SEAFORD ROADA259
NORTH WAY
NEW
ROAD A26
BRIGHTON ROAD A259
NEWHAVENTOWN
NEWHAVENHARBOUR
NEWHAVENHARBOUR PORT
HARBOUR HEIGHTS
RIVER O
USE
NO
RTH Q
UAY RO
AD
NORTH QUAY NEWHAVEN
SITE HISTORY
Newhaven developed in the 19th Century as a cross Channel port, primarily driven by the commercial activities of the London Brighton and South Coast Railway (LBSCR). The port expanded later to cater for a wide variety types of shipping trades. The LBSCR established their marine workshops in the town and this laid the foundations for the further development of the town as an industrial centre. The town still possesses some of the largest industrial establishments in the County.
The Port of Newhaven is a general cargo and cross channel ferry port located on the south coast of England at the mouth of the River Ouse between Brighton
and Eastbourne. The commercial port is located on the eastern bank of the river. The port provides facilities for Transmanche Ferries (TMF) running three sailings per day to Dieppe, with two (ro-ro) ships, carrying passengers and both accompanied and unaccompanied ro-ro lorries. Almost half the port’s throughput in 2004 was made up of ro-ro traffic. The remainder was made up of scrap exports and inward domestic movements of other dry bulk products. The latter category includes sea-dredged aggregates.
The port has two ferry terminals, Terminal 1 is used by TMF for the Dieppe service and the other, Terminal 2 was used until recently by the Hoverspeed
fast ferry service, which closed in 2005. It is now used as a lay-by facility and bunkering berth.
North Quay is a primary commercial berthing sites providing 5 Not Always Afloat But Safe Aground (NAABSA) berths used for the importation of sea won aggregates, aggregates and scrap trades, accommodating vessels up to 6m draft (tide dependent):
•No.1 berth, vessels up to 91m LOA, •No.2 berth, vessels up to 82m LOA,•No.3 berth, vessels up to 82m LOA,•No.4 berth, vessels up to 91m LOA,•No.5 berth, vessels up to 85m LOA.
EAST COASTWAY RAILWAY SEAFORD-BRIGHTON
North Quay DemisePlots 1 & 2 – Sold on Long Lease
Outline for indicative purposed only.
AVIS ROAD B2109
RAIL W
AY ROA
D
LEWES ROAD
SEAFORD ROADA259
NORTH WAY
NEW
ROAD A26
BRIGHTON ROAD A259
NEWHAVENTOWN
NEWHAVENHARBOUR
NEWHAVENHARBOUR PORT
HARBOUR HEIGHTS
RIVER O
USE
NO
RTH Q
UAY RO
AD
NORTH QUAY NEWHAVEN
NEWHAVEN ENTERPRISE ZONE
Newhaven has substantial physical capacity for growth and is evolving to become a key harbour town on the South Coast. Its transport links offer strong opportunities for business growth and excellent employability prospects. Newhaven is also part of the Greater Brighton City Region which is home to 695,000 people and almost 30,000 businesses. It is the home of growth, with an economy worth more than £15 billion and a large workforce. The town is home to a growing and diverse economy with an emerging specialism in innovative, high-value growth sectors including offshore wind and marine engineering.
Enterprise Zones are designated areas across England that provide tax breaks and Government support for growth. Businesses locating to Enterprise Zones benefit from up to 100% business rate relief over a five-year period and simplified local authority planning for certain developments within the EZ area. Newhaven EZ was agreed by Government with Coast to Capital Local Enterprise Partnership (Coast to Capital) and Lewes District Council and commenced in April 2017. All business rate growth generated by Newhaven EZ is retained by Coast to Capital and Lewes District Council, ring-fenced for Newhaven’s benefit, to reinvest in local growth priorities for the next 25 years. This reinvestment can be used for site development, or other local initiatives that contribute to the local development of the area.
This Clean, Green and Marine specialism has been led by the investment in Veolia’s Energy Recovery Facility, the University Technical College – UTC@harbourside and Newhaven Port being chosen as the base for the Rampion offshore wind farm. Alongside this emerging specialism, Newhaven is also home to a large number of creative industries and innovative manufacturers. With room for expanding businesses and its connections to the wider economy, Newhaven is fast emerging as an economic hub.
Over the next 25 years, the Enterprise Zone will seek to create around 55,000 sq m of new commercial floor space for employment use. It will refurbish a further 15,000 sq m of existing commercial floor space and will create and sustain around 2,000 jobs. Building on recent developments, including the opening of UTC@harbourside, the construction of the Operations & Maintenance base for the Rampion offshore wind farm, as well as the £2.5 million Newhaven Growth Quarter which provides new supported space for start-ups and emerging businesses, the Enterprise Zone will provide fantastic opportunities for rapidly expanding businesses across a number of sectors including, research and development, manufacturing and creative industries.
The subject property is located in the North Quay Enterprise Zone.
ENTERPRISE ZONE● NORTH QUAY● Avis Way Industrial Estate● Railway Quay● Eastside Quay● Eastside North● Eastside South● Town Centre
NEWHAVEN
North Quay DemisePlots 1 & 2 – Sold on Long Lease
NORTH QUAY NEWHAVEN
NORTH QUAY ACCOMMODATION
The site forms a single contiguous strip of land, fronting on to the River Ouse, which has been divided into 19 individual plots. The on-site accommodation comprises the following:
Acres Hectares
Plots 1 & 2 [sold on Long Lease] 8.71 3.53
Plot 3 3.00 1.21
Plot 4 2.86 1.16
Plot 5 5.05 2.04
Plots 6 & 7 7.32 2.96
Plot 8, 10 & 17 2.52 1.02
Plot 9 1.73 0.70
Plot 11 0.10 0.04
Plot 12 1.69 0.68
Plots 13A & 13B 0.11 0.04
Plot 14 0.12 0.05
Plot 15 0.11 0.04
Plot 20 0.31 0.13
Quay 4 1.45 0.59
Substation 1 & 2 0.01 0.00
Access Road & Un-demised Land 2.72 1.10
Total 26.37* 10.67
*Direct let accommodation only.
NORTH QUAY NEWHAVEN
TENUREVirtual Freehold. Held for a term of 999 years from 8th February 2001 (thus having some 981 years unexpired) at a peppercorn rent.
Plots 1 & 2, comprising a site area of 8.71 acres (3.53 hectares), is let on a Long Lease to Essex Sussex County Council and Brighton and Hove City Council on a term commencing on 13th March 2009 and expiring on 31st January 2997. The site is currently occupied as a Veolia operated Energy Recovery Facility.
TENANCIESThe property is let to 12 individual tenants in accordance with the below tenancy schedule generating a contracted rent of £763,837 per annum, equating to an average rental rate of £28,966 per acre. The Weighted Average Unexpired Lease Term (WAULT) is 11.33 years to expiry, 7.83 years to breaks.
Demise Tenant Area (acres)
Lease Start
Lease Expiry
Break Option
Rent Review
WAULT (Expiry)
WAULT (Break)
Passing Rent (£ p.a.)
Contracted Rent (£ p.a.)
Contracted Rent (£/acre)
LTA 1954
Comments
Plot 3 Tomsetts Distribution Limited 3.00 29/09/11 28/09/21 29/09/16 2.49 2.49 £86,420 £86,420 £28,844 Y 29/09/2016 Rent Review is outstanding, calculated to open market value
Plot 4 KSD Environmental Services Limited (Guarantor: KSD Support Services Limited) 2.86 02/07/09 01/07/34 02/07/19 15.25 15.25 £107,509 £107,509 £37,656 Y
Annual RPI linked reviewsRent Deposit: £53,754.50 + VAT Subject to tenant action, the rent deposit can be reduced to a sum equivalent to three months’ rent plus VAT.
Plot 5 European Metal Recycling Limited 5.05 25/12/89 24/12/24 25/12/19 5.73 5.73 £153,750 £153,750 £30,452 Y Reversionary lease agreed to commence on 25/12/2019, subject to a 4 month rent free period, to be topped up by the Vendor
Plots 6 & 7 F M Conway Limited 7.32 11/02/19 10/02/44 10/02/34 11/02/24 24.87 14.87 £0 £200,000 £27,340 Y 9 month rent free period, to be topped up by the Vendor5 yearly review, subject to annually compounded CPI increases, capped/collared at 1%-3%Year 15 rent review (11/02/2034) calculated upwards or downwards to OMV, subject to a minimum revised rent of £200,000 paLease subject to Schedule of Condition
Plots 8, 10 & 17
Tarmac Aggregates Limited 2.52 03/03/08 13/06/25 21/08/19 03/03/23
03/03/18 6.20 0.38 £65,242 £65,242 £25,890 Y Contracted Rent: £65,242 + VATTenant break option on 21/08/2019 and 03/03/202303/03/2018 Rent Review is outstanding, calculated to open market valueAdditional Rent Review on 03/03/2023Lease subject to Schedule of Condition
Plot 9 Tarmac Trading Limited 1.73 14/06/00 13/06/25 14/06/20 14/06/20 6.20 1.20 £50,000 £50,000 £28,967 Y Lease subject to Schedule of Condition
Plot 11 David Marsh 0.10 10/08/15 09/08/20 10/08/19 1.35 0.35 £3,000 £3,000 £28,791 N Mutual break option on each anniversary of the term
Plot 12 Kingston Transport (Sussex) Limited 1.69 10/06/11 09/06/21 10/06/18 2.19 2.19 £62,976 £62,976 £37,363 N Annual RPI linked reviews10/06/2018 Rent Review is outstanding, to be served on the tenantTenant option to renew the lease enacted, subject to negotiation of a revised rentLease subject to Schedule of ConditionRent Deposit: £30,347.62
Plots 13A & 13B
John Mayers 0.11 21/06/16 20/06/21 21/06/19 2.22 2.22 £6,000 £6,000 £56,075 N Rent Deposit: £3,602.10
Plot 14 Nigel Riley 0.12 06/12/15 05/12/20 05/12/19 1.68 1.00 £4,250 £4,250 £34,553 N Landlord only break option, on each anniversary date of term commencement, subject to a 6 month notice period.
Plot 15 Peter Clark and Alvaro Rodriguez 0.11 10/03/16 09/03/21 10/03/20 1.93 0.94 £5,000 £5,000 £45,208 N Landlord only break option, on each anniversary date of term commencement, subject to a 6 month notice period.
Plot 20 Kingston Transport (Sussex) Limited 0.31 10/06/11 09/06/21 10/06/18 2.19 2.19 £6,701 £6,701 £21,368 N Annual RPI linked reviews10/06/2018 Rent Review is outstanding, to be served on the tenantLandlord break option on 21/08/2019Tenant option to renew the lease enacted, subject to negotiation of a revised rentLease subject to Schedule of Condition
Quay 4 Veolia ES South Downs Limited 1.45 03/06/13 02/06/23 31/07/21 03/07/21 4.17 2.33 £12,989 £12,989 £8,934 N Annual RPI linked reviewsTenant only break option on 31/07/2021, subject to 3 month rent free period if not exercisedLease subject to shared access rights with Plots 1 & 2, Plot 8, 10 & 17 and Plot 9.All inclusive rent, excluding service charge provisionsLease subject to Schedule of Condition
Plots 1 & 2 East Sussex County Council and Brighton and Hove City Council
13/03/09 31/01/97 978.48 978.48 Y
Substation South Eastern Power Networks Plc0.01
26/10/90 25/10/50 31.58 31.58 Y
Substation South Eastern Power Networks Plc 29/09/71 28/09/21 2.49 2.49 Y
TOTAL 26.37 11.33 7.83 £567,321 £763,837 £28,966
NORTH QUAY NEWHAVEN
COVENANTThe property is let to an exceptional range of nationally recognisable brands, approximately 75% of the contracted rent is secured to Very Low Risk covenants (Experian). Of the remainder, a majority comprising regional companies and private individuals are well entrenched in the local economy, in long term occupation at the subject property. Please see below for summary financial information, further documentation is available on the Allsop Marketing Data Room: https://datarooms.allsop.co.uk/register/northquay
TARMAC AGGREGATES LIMITED(Experian: Very Low Risk)
31 Dec 2015 31 Dec 2016 31 Dec 2017
Turnover £364,200,000 £359,300,000 £330,200,000
Pre-Tax Profit -£8,000,000 £700,000 £10,300,000
Total Net Worth £213,400,000 £209,500,000 £204,800,000
VEOLIA ES SOUTH DOWNS LIMITED(Experian: Very Low Risk)
31 Dec 2015 31 Dec 2016 31 Dec 2017
Turnover £52,599,000 £53,225,000 £53,190,000
Pre-Tax Profit £8,044,000 £7,459,000 £5,561,000
Total Net Worth £7,242,000 £13,409,000 £18,095,000
F M CONWAY LIMITED(Experian: Very Low Risk)
31 Mar 2016 31 Mar 2017 31 Mar 2018
Turnover £247,816,904 £252,455,756 £297,408,160
Pre-Tax Profit £17,422,837 £23,463,236 £12,183,908
Total Net Worth £59,983,906 £12,266,350 £25,207,646
EUROPEAN METAL RECYCLING LIMITED(Experian: Very Low Risk)
31 Dec 2015 31 Dec 2016 31 Dec 2017
Turnover £2,020,000,000 £2,221,000,000 £3,288,000,000
Pre-Tax Profit -£56,000,000 -£167,000,000 £45,000,000
Total Net Worth £646,000,000 £524,000,000 £497,000,000
KSD ENVIRONMENTAL SERVICES LIMITED(Experian: Below Average Risk)
30 Nov 2014 30 Nov 2015 31 May 2017
Turnover - - -
Pre-Tax Profit - - -
Total Net Worth £279,712 £296,303 £300,57
TOMSETTS DISTRIBUTION LIMITED(Experian: Very Low Risk)
31 Mar 2016 31 Mar 2017 31 Mar 2018
Turnover £6,039,966 £6,184,171 £6,017,712
Pre-Tax Profit £87,879 £87,818 -£5,740
Total Net Worth £754,828 £763,658 £702,232
KINGSTON TRANSPORT (SUSSEX) LIMITED(Experian: Above Average Risk)
31 Oct 2015 31 Oct 2016 31 Oct 2017
Turnover - - -
Pre-Tax Profit - - -
Total Net Worth £197,437 £179,324 £97,795
Outline for indicative purposed only.
North Quay DemisePlots 1 & 2 – Sold on Long Lease
NORTH QUAY NEWHAVEN
PLANNING
Planning policy NH24 has identified the site for business and port related uses (B1-B8) at North Quay. North Quay is identified in the adopted East Sussex and Brighton and Hove Local Plan as an area where the retention and further development of facilities for receiving and processing sea borne aggregates would be supported.
ON-SITE REDEVELOPMENT - PLOTS 6 & 7
The tenant, F M Conway, has secured planning consent for the installation and operation of an asphalt plant, concrete batching plant and gully waste plant. A Capital Contribution Deed has been entered into which obliges Landlord to pay 75% of the cost of construction of a new river quay at the premises, capped at £833,333 + VAT (£1m inclusive of VAT), subject to the tenant completing construction (at their cost) within 5 years of lease term commencement.
There is, as yet, no proposed specification for any works FM Conway may undertake to the river frontage at these plots. There are plans annexed to a licence to alter for the tenant’s proposed plant & equipment within the site.
Any new quay, once constructed, is to be yielded up by the tenant in good repair and working order at lease determination. The lease obliges a purchaser or intermediate tenant/successor to enter into a deed of covenant with the tenant to observe and perform the terms of the capital contribution deed, if required.
ASSET MANAGEMENTThe investment provides the purchaser with the opportunity to undertake a number of asset management initiatives, in order to enhance the rent and in turn create further value.
LEASE REGEAR/RENEWALS18% of the income is subject to break options within the following three years, the potential exists to proactively engage with tenants, who are majority in long term occupation, to remove these break options and increase the unexpired term certain. Additionally, several leases are due for determination from 2020-2021 providing renewal opportunities and the securing of increased covenant strength tied to on-site operating businesses.
RENTAL GROWTHOver 91% of the income is due for review in the following 3 years. The property is therefore well placed for significant future rental growth, through the completion of rent reviews in 2019, 2020 and 2021. Prime open storage rents on the south coast have risen from £45,000 per acre to £65,000 per acre over the past 5 years. The majority of rents at the subject property range from a modest £21,000 per acre to £35,500 per acre.
CAPITAL EXPENDITUREThe investment provides the purchaser with the opportunity to further enhance rental value through selective investment and redevelopment of river-side wharf facilities. The planned improvement works to Plots 6 & 7 by F M Conway provide strong evidence of tenant commitment to the location and viability of the site as a successful storage and distribution hub for Newhaven.
ESTATE BREAK-UPThe property provides the purchaser with the opportunity to sell individual plots to owner occupiers at a premium.
Plots 6 & 7
NORTH QUAY NEWHAVEN
OCCUPATIONAL MARKET COMMENTARY
The Sussex and wider south coast industrial market has experienced strong levels of activity over the past 5 years such that there is now a shortage of available industrial property in the area. Rental growth has been a feature of the industrial market over this same period.
Open storage sites are markedly more scarce than industrial estates and sites suitable for open storage use very rare. Many existing open storage sites are coming under pressure for redevelopment to alternative uses. This is the case for many open storage sites around Shoreham harbour – approximately 14 miles east of Newhaven.
Prime open storage rents on the south coast have risen from £45,000 per acre to £65,000 per acre over the past 5 years. The majority of rents at the subject property range from £21,000 per acre to £35,500 per acre.
Newhaven continues to benefit from good growth in the local economy. Brightwell Dispensers – one of the largest employers in the town – have recently extensively refurbished and fitted out approximately 30,000 sq ft of additional accommodation on the Rich Industrial Estate. FM Conway have recently completed a lease to 6.5 acres of the North Quay site and will be investing upwards of £5 million in the site.
Rampion Offshore Wind Farm has been developed in the English Channel with much of the work being undertaken out
of Newhaven Harbour. A team of 60 staff together with a new dedicated office, warehouse and control room has been developed in Newhaven to run and maintain the windfarm.
Current industrial supply for Newhaven totals approximately 6.5 million sq ft with a low vacancy rate currently running at around 2%. The local occupational market has improved such that the town has seen the first new speculative development of industrial property for some years at Eastside Business Park in Beach Road where approximately 80,000 sq ft of new units have been built and which are letting at headline rents of around £7/sq ft.
The site would lend itself to future redevelopment subject to necessary consents
Outline for indicative purposed only.
North Quay DemisePlots 1 & 2 – Sold on Long Lease
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 04.19
For further information or to make arrangements for viewing please contact:
Jeremy Hodgson020 7543 [email protected]
James Salmon020 7543 [email protected]
Tom Dales020 7543 [email protected]
allsop.co.uk
Andrew Halfacree01273 [email protected]
Alex Roberts01273 [email protected]
flude.com
PROPOSALWe are instructed to seek offers in excess of £9,000,000 (Nine Million Pounds), for our client’s Virtual Freehold interest, subject to contract and exclusive of VAT.
A purchase at this level would reflect a Net Initial Yield of 8.00% and an attractive capital rate of c.£340,000 per acre, assuming standard purchaser’s costs.
VATThe property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
DATAROOMFor access to the Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/northquay