slough units1-3 · units1-3 prime thames valley ... units 1-3, slough interchange, whittenham...

SloughINTERCHANGEWHITTENHAM CLOSE, SLOUGH SL2 5EP

Units1-3

PRIME THAMES VALLEYREVERSIONARY INDUSTRIALINVESTMENT OPPORTUNITY

■ Forms part of a well established, multi-let industrial estate located in Slough town centre, a major commercial hub within the Thames Valley

■ Slough is 20 miles west of Central London and 5 miles from theM25 motorway. The estate has convenient access to Junctions 5,6 and 7 of the M4, via Bath Road (A4)

■ The property forms part of the Slough Interchange Industrial Estate,an award winning scheme developed in 2005

■ The property comprises three industrial units arranged in a singleterrace and extending to approximately 46,094 sq ft (GIA), with aminimum eaves height of 9.0 metres, roller shutter doors andair conditioned offices

■ Prominent site of 1.44 acres

■ Let in its entirety to AGI World Ltd on two co-terminus 10 yearleases, with a headline rent of £414,825 per annum, reflecting alow average headline rent of £9.00 per sq ft. A guarantee isprovided by AGI Media UK Ltd

■ Leases include a break option in November 2018, resulting in anaverage weighted unexpired term certain of approximately 4.6 years

■ Freehold

■ Offers are sought in excess of £5,800,000 (Five Million EightHundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 6.75%, assumingstandard purchaser’s costs of 5.80%

InvestmentSummary

Units 1-3, Slough Interchange, Whittenham Close, Slough SL2 5EP Prime Thames Valley Reversionary Industrial Investment Opportunity

BATH ROAD

SL

OU

G

H ROAD

UXB

RID

GE

RO

AD

LONDON ROAD

FAR

HH

AM

RO

AD

CHURCH S T

ST

OK

E R

OA

D

LANG L EY ROAD

LANGLEY PARK ROAD

PARLAUNT ROADUPTON COURT ROAD

WE

XH

AM

RO

AD

HORTON ROAD

M4

M25

M4

A4

Iver

Slough

Langley

HeathrowAirport

CentralLondon

Reading

A355

A355

A4

A4

J6

J5

J4B

J15

J15

J4B


The property is located in Slough, a major commercial centre within theThames Valley. The town is approximately 20 miles (32 km) west ofCentral London, 18 miles (29 km) north east of Reading and 7 miles (11km) east of Maidenhead.

Slough enjoys excellent connectivity to the national motorway network,with Junctions 5, 6 and 7 of the M4 conveniently accessed via the A355and A4. Junction 15 of the M25 motorway is approximately 5 miles (8km) to the east, which in turn provides access to the M40 and M3motorways.

The property is situated on Whittenham Close and forms part of anestablished commercial area within Slough town centre. The estate isconveniently located within easy walking distance of Slough trainstation. Regular train services run into London Paddington fromSlough, with a fastest journey time of approximately 18 minutes. Otherdirect services include Reading (16 mins) and Oxford (42 mins).

London Heathrow Airport is located approximately 7 miles (11 km) tothe east, whilst Gatwick Airport is 46 miles (74 km) to the south east.

The port of Southampton is easily accessible with a drive time ofapproximately 1 hour 15 minutes.

Location

GRAND UNION CANAL

UX

BR

IDG

E R

OAD

WELLINGTON ST LON

DON RD

BATH ROADWELLINGTON ST

WEX

HA

M R

OAD

WIN

DS

OR

RO

AD

WIL

LIA

M S

T

STO

KE

RO

AD

LE

DG

ER

S R

OA

D

S

TO

KE

PO

GE

S L

AN

E

ELLIMAN AVE SHAGGY CALF LANE

MIRADOR CRES

PETE R S FIELD AVENUE

SloughA4

N


The property forms part of the Slough Interchange Industrial Estate andcomprises of three industrial units arranged in a single terrace. Internallythe units have been inter-connected at both ground and first floor levels,to suit the tenant’s occupational requirement.

Unit 1 extends to 11,269 sq ft (GIA) whilst Units 2 and 3 together total34,825 sq ft (GIA) respectively. The combined area of all three units totals46,094 sq ft (GIA).

The scheme was developed by Chancerygate and awarded ‘Best IndustrialDevelopment’ in 2005.

The units present very well and benefit from the following specification:

■ Steel portal frame construction with fully fitted metal cladelevations and pitched roofs

■ Eaves heights of 9.0 metres

■ Surface level loading doors

■ Floor loading 35 kN/sq m

■ Three phase electricity supply

■ Fully fitted, air conditioned offices

■ Generous yard and parking areas to the front of each unit

Description


The site is broadly rectangular in shape with a total area of 1.44 acres (0.58 hectares).

Site & Title

Planning use is flexible with B1(c), B2 and B8 uses permitted.

Planning

Mast

W

El

Sub Sta

Albion House

2

1

11

Slough Interchange Industrail Estate

14

12

15

3

4

For indicative purposes only


The property is let in its entirety on FRI leases to AGI World Ltd, a globalpackaging and printing business, with facilities throughout the world. Aguarantee is provided by AGI Media UK Ltd.

The tenant re-geared their two leases in November 2013, in accordance with the tenancy schedule below. The two new leases included a three month rentfree incentive.

The property provides an average weighted unexpired of approximately 4.6years to break options.

Both leases benefit from security of tenure and upwards only rent reviews inyear 5. The next rent review is on 1st November 2018.

The original rents prior to the re-gears suggests a reversionary rental profile.

Tenancy

Unit Tenant Area (GIA) Lease Next Rent Break Lease Headline Rent Headline Rent Tenancy Comments(Guarantor) (sq ft) Start Review Option Expiry (per annum) (per sq ft)

1 AGI World Ltd 11,269 01/11/2013 01/11/2018 01/11/2018 31/10/2023 £101,400 £9.00 Tenant break option subject to six months notice.(AGI Media UK Ltd) Additional 3 months' rent free if tenant does not exercise break.

2 & 3 AGI World Ltd 34,825 01/11/2013 01/11/2018 01/11/2018 31/10/2023 £313,425 £9.00 Tenant break option subject to six months notice.(AGI Media UK Ltd) Additional 3 months' rent free if tenant does not exercise break.

TOTAL 46,094 £414,825 £9.00


The tenant produces specialist printing and packaging products, with facilitiesthroughout the world. The business was recently shortlisted for the prestigiousUK Packaging Awards 2013, with its key clients including Paramount, Superdrug,Boots and Disney.

Units 2 & 3 have been fitted out with multi million pound manufacturingequipment, while Unit 1 is used for distribution.

The tenant and its guarantor have reported the following accounts:

CovenantsThe service charge on the park is approximately £0.20 per sq ft. Additional information is available on request.

Service Charge

Tenant Company No. Website Dun & Bradstreet Accounting Turnover Profit/(Loss) Before Taxes Tangible Net WorthRating Date (000‘s) (000‘s) (000‘s)

AGI World Ltd 948696 www.agimedia.com 5A 1 Dec-12 54,574 -13,476 71,612

Minimum Risk Dec-11 57,765 396 88,135

Dec-10 52,690 3,290 88,104

Guarantor Company No. Website Dun & Bradstreet Accounting Turnover Profit/(Loss) Before Taxes Tangible Net WorthRating Date (000‘s) (000‘s) (000‘s)

AGI Media UK Ltd 7389527 www.asg-worldwide.com 5A 3 Dec-12 Not provided 5,907 41,708

Greater than Dec-11 -497 5,561

Average Risk Dec-10 -465 6,058

Date Property AWULTC Price NIY

March 2014 Aylesford Logistics Centre, 10.00 c.£7.00M U/O 5.90%Bellingham Way, Aylesford

March 2014 Park Royal Industrial Centre, 2.83 £5.53M 6.50%London

Dec 2013 Everything Everywhere Ltd, 15.00 £4.40M 6.00%The Royals, Park Royal

Nov 2013 Units 3 & 4, Northpoint 13.60 £6.30M 6.63%Business Centre, West Drayton

May 2012 Riverside Cargo Centre, Poyle 5.60 £6.15M 6.08%

Investment Comparables

The property is held Freehold.

Tenure

The property has been elected for VAT purposes. It is the intention of thevendor to treat this transaction as a Transfer of a Going Concern (TOGC).

VAT



Offers are sought in excess of £5,800,000 (Five Million Eight HundredThousand Pounds), subject to contract and exclusive of VAT, whichreflects a Net Initial Yield of 6.75%, assuming standard purchaser’scosts of 5.80%.

Proposal

Further information to include Energy Performance Certificates can beobtained on request.

To arrange an inspection please contact:

John [email protected] 328 9088

Tom [email protected] 328 9095

Henry [email protected] 328 9093

Further Information

Des

igne

d &

Pro

duc

ed b

yCO

RMAC

K02

0 76

20 1

205

ww

w.c

orm

acka

dve

rtis

ing.

com

Dowley Turner Real Estate LLP on its behalf and for the Vendors or Lessors of this property whose Agents

they are, give notice that:

1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and

do not constitute any part of an offer or contract.

2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties 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.

3. No person in the employment of Dowley Turner Real Estate LLP has any authority to make any

representation or warranty whatsoever in relation to this property.

4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT. March 2014.

slough units1-3 · units1-3 prime thames valley ... units 1-3, slough interchange, whittenham...

Documents