Aspect One Gunnels Wood Road Stevenage, Hertfordshire SG1 2DG - South East Industrial Investment - Singer Vielle
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South East Industrial Investment
Aspect One
Gunnels Wood Road
Stevenage, Hertfordshire SG1 2DG
South East Industrial Investment
Established commercial location
New lease
£2,890,000, subject to contract
9.0% net initial yield
scientific facilities traditionally associated with multinational
Location pharmaceutical companies.
Stevenage is located approximately 48 km (30 miles) north of Central Surrounding occupiers include Mercedes (adjacent), Astrium, Kwik Fit,
London, 51 km (32 miles) south east of Milton Keynes, 24 km (15 miles) John Lewis, Fujitsu, Safestore and the Stevenage Leisure Park.
east of Luton and 16 km (10 miles) north of Welwyn Garden City.
The town benefits from good road communications being situated at
Junction 7 of the A1(M) which in turn provides direct access to Junction
Description
23 of the M25 Motorway approximately 26 km (16 miles) to the south. The subject property comprises a headquarters production / warehouse
In addition, Junction 10 of the M1 Motorway is approximately 24 km (15 building with fitted offices at first floor.
miles) to the west and the A10 is some 16 km (10 miles) to the east.
The ground floor warehouse accommodation benefits from an eaves
The town is connected to the national railway network with a fastest height of 6 metres (19ft 6 in) and two 4 metre (13 ft 3 in) loading doors.
journey time to London Kings Cross of 19 minutes. Stevenage is also A passenger lift serves the first floor offices which are primarily open plan
situated on the main East Coast London to Edinburgh railway line and with a specification including double glazing, raised floors and central
is the only main town in Hertfordshire with direct services to heating.
Peterborough, Leeds, York, Newcastle and Edinburgh.
Surface car parking is provided to the front of the property with additional
Luton International Airport is situated approximately 19 km (12 miles) to car parking and a loading area at the rear. There are 98 car parking
the west, Stansted Airport approximately 43 km (27 miles) to the east spaces in total.
and Heathrow Airport approximately 61 km (38 miles) to the south west.
Many of the world’s most innovative companies have selected Stevenage Accommodation
to base key offices, operations and facilities. These include GSK
GlaxoSmithKline, Astrium, MBDA and Fujistsu. Stevenage was Britain’s The property provides the following gross internal floor areas;
first new town and in recent years has attracted quality new investment
in retail and leisure such as the West Gate Centre, the Forum and the
Plaza as well as out of town retail centres such as the Roaring Meg. Ground Industrial/
Floor Warehouse 3,299.99 sq m 35,520 sq ft
Situation First
Floor Office 492.88 sq m 5,305 sq ft
The subject property occupies a prominent position fronting Gunnels
Wood Road. Junction 7 of the A1(M) is 1.6 km (1 mile) to the south. The
property is a short walk from Stevenage railway station and Stevenage Total 3,792.87 sq m 40,825 sq ft
town centre.
Gunnels Wood is the largest employment area in Stevenage employing Site
18,800 people over 720,000 sq m (7,750,008 sq ft) of business floor
space (Source: Stevenage Borough Council). The site extends to approximately 0.70 hectares (1.74 acres).
Gunnels Wood is home to a mix of business premises and science A Phase I Environmental Survey was carried out by GVA in July 2013,
technology parks including the Stevenage Bioscience Catalyst, a unique concluding that the site is considered “Low Environmental Risk for
bioscience park created to provide small biotech and life sciences continued commercial use” and “no further environmental investigations
companies and start-ups with access to the expertise, networks and are considered necessary”. A copy of the report is available to download.
31st Dec 2012 31st Dec 2011
Turnover £30,890,095 £30,062,720
Pre-Tax Profits £1,644,274 £1,443,700
Shareholders’ Funds £5,280,111 £4,054,464
Zeus Packaging Group is a leading specialist distribution and manufacturing
group, supplying a diverse range of products and supply solutions to a
wide range of customer markets. Their product offering includes industrial
and food service packaging alongside janitorial products in a variety of
industry sectors. These include grocery, food service and retail, cleaning,
pharmaceutical, distribution, manufacturing, agricultural, health care and
food processing. Customers include Kuehne & Nagel, Cadbury, Greencore
and Harrods.
Established in 1998, Zeus Packaging Group has grown significantly from
its base in Dublin. It now employs over 200 people at its sites in the UK,
Spain, Poland and China. Successful growth has seen the group reach an
Tenure annualised revenue in excess of €90 million. For further information please
visit www.zeuspackaginggroup.com
Freehold.
Market Commentary
Tenancy
The Gunnels Wood business area is the prime industrial location in
The property is entirely let to with a guarantee Stevenage with direct access to the A1(M) at junction 7. In addition to
from on a full repairing and insuring lease attracting a number of major occupiers including John Lewis, Fujitsu, The
from 22nd August 2013, expiring 28th September 2024. There is a tenant’s Wine Society and Astrium, the Gunnells Wood Road is also characterised
break option on 28th September 2018, subject to 12 months’ written with a number of higher value uses including car dealerships occupied by
notice. The tenant is to pay a break fee of £137,500 plus VAT if it wishes Ford, BMW/Mini, Mitsubishi and Mercedes (adjacent to the subject
to exercise this right. There is an upward only rent review on 29th property) and self storage operators Selfstore and Access Self Storage are
September 2018. The lease is outside the 1954 Act. also nearby.
The current passing rent is equating to £72.50 per The supply of modern industrial and distribution buildings in Stevenage is
sq m / £6.74 per sq ft. very limited with no speculative development undertaken for a number of
years. We understand the most recent developments were SG1 and the
Zeus has been in occupation of the subject property for over 16 years. Orbital Centre, the former achieving £8.00 psf demonstrating the occupier
appetite for good quality industrial property. We are advised that prime
As a result of the recent lease renewal the tenant has been granted a 12 rents in the town for modern industrial and distribution buildings of this size
month rent free period, expiring on 22nd August 2014. The vendor will are circa £7.50 psf which is at a discount to other nearby centres such as
“top-up” the income in order that a purchaser does not suffer an income Hatfield where rental levels are over £8.00 psf. With the lack of supply in
shortfall. the vicinity, future rental growth is anticipated.
Covenant Value Added Tax
Zeus Packaging (UK) Limited (Co. No. 04145121) has reported the following The property has been elected for VAT. It is anticipated that the sale will
figures: be treated as a Transfer of a Going Concern (TOGC).
Proposal
Our client is seeking offers in excess of (Two Million, Eight Hundred and Ninety Thousand Pounds), subject to contract,
reflecting a net initial yield of and a capital value of .
Investment Considerations
Additional Information
Available at www.singerviellesales.com/sites/Stevenage
Contact
Singer Vielle Strutt & Parker Forsters LLP (Vendor’s Solicitor)
94-96 Wigmore Street 13 Hill Street 31 Hill Street
London W1U 3RF London W1J 5LQ London W1J 5LS
Tel: 020 7935 7200 Tel: 020 7629 7282 Tel: 020 7863 8424
www.singerviellesales.com www.struttandparker.com Fax: 020 7863 8444
dale@singervielle.co.uk
richard@singervielle.co.uk James.Fairweather@struttandparker.com laura.williamson@forsters.co.uk
neil@singervielle.co.uk
Guy.Pearson-Gregory@struttandparker.com
Subject to Contract & Exclusive of VAT
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