MULTI-LET INDUSTRIAL INVESTMENT UNITS 55-65, NORWICH LIVESTOCK & COMMERCIAL CENTRE, HALL ROAD, NORWICH NR4 6EQ - Bidwells
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MULTI-LET INDUSTRIAL INVESTMENT UNITS 55-65, NORWICH LIVESTOCK & COMMERCIAL CENTRE, HALL ROAD, NORWICH NR4 6EQ
Investment Summary
Situated between the A47 and
Norwich's ring road (A146) 2.5 miles
south of the city centre
An estate comprising 11 units
providing 3,893.57 sq m (41,910
sq ft) in a range of unit sizes on a
site of 2.07 acres
Multi let to 6 tenants producing
a gross income of £205,455 pa
(£4.90 per sq ft overall) and a net
income of £176,955 pa
Asset management opportunities
to increase the rent or sell to owner
occupiers
We are instructed to seek offers in
excess of £1,667,000. A purchase at
this level represents a Net Initial
Yield of 10% assuming purchaser's
costs of 6.17% and reflects a low
capital value of £39.77 per sq ft
2
A140
A1067
King’s Lynn A1042 A1067 A1151
A1042
A47 NORWICH A47
A17 A47 A1042
A47
A1 A47 D ER
E HA
Peterborough
M RO
AD A1042
A140
A10 A11
A140
NORWICH A1042
A12 A147
A14 Bury St. Edmunds
A140 A147 A1242
A47
A11 Newmarket A14
Cambridge
CO
LM
Ipswich A47
AN
A1
RO
A11
AD
Luton
A140 A146
Felixstowe HALL ROAD
Stansted
A1M
M11 A12 A146
Harwich
M1 A47
B1113 A47
A11
M25
LONDON
Heathrow
M25 A140
Location Situation
18
te
Esta
ess
25
usin
g eB
Norwich is a major East Anglian centre situated Norwich International Airport has The property is situated on Hall Wh
ite
Lod
24
approximately 60 miles north east of Cambridge, flights available to destinations Road, which links Norwich's ring 22to
23
40 miles north of Ipswich and 115 miles north east including Amsterdam, Aberdeen, road (A146) with Ipswich Road, 20to
21
El
S ub
Sta
64 to
Edinburgh and Manchester.
65
of London. The city has a resident population of and the A47 trunk road 19
126,000 rising to 250,000 within the Greater approximately 2.5 miles south 15
The city has experienced
Norwich area and suburbs. of the city centre. The ring road
significant development activity
provides access onto the A47,
The A11 connects Norwich to Cambridge and the in recent years including the
A140 and A11.
M11. The A140 provides a link to Ipswich and the regeneration of the Riverside
A47 links Norwich to the A1 and the Midlands. area, completion of the Norwich International Airport
59 to 60
SP
There are two mainline rail services per hour to Millennium Library and is located 6.5 miles north of
London’s Liverpool Street station with a fastest Lendlease’s major retail the Estate, on the A140
journey time of 1 hour 40 minutes. scheme at Chapelfield. Cromer Road. Depot
MP
112.5
3
THE PROPERTY
White Lodge
Business Estate HFD SIG
City
Centre
To A47
Development Land
To London
For indicative purposes only.
Norwich Livestock
Market
4
Description
The Norwich Livestock and
Commercial Market comprises
an estate of 11 units totalling
41,910 sq ft, which have been
designed to allow flexible
combinations between office,
workshop and industrial
accommodation.
The units are arranged in two
terraces on a site of 2.07 acres
(0.838 hectares). Each unit
provides a roller shutter door,
separate personnel access
and demised front forecourt
area. The buildings are of
portal frame construction
under pitched roofs with an
internal eave height at the
midpoint of between 4.97m
(16.36 ft) and 5.3m (17 ft).
5
Norwich Industrial Market
Norwich has a total industrial floor space of 10,785,000 sq ft Over the last 12 months the Norwich industrial market has seen a halving of supply
and an availability rate of 4% (as at December 2016). and 2016 was the second biggest take-up in the last 10 years. The total supply of the
units currently available on the market now stands at 431,417 sq ft. This represents
Take up was around 516,000 sq ft with the second half of the
a 50% fall in the figure of just over 870,000 sq ft in December 2015.
year performing more strongly than the first 6 months. Take
up represented a 74% increase on 2015 at 297,000 sq ft. (Source: Bidwells Research).
Tenancy and EPC Rating
The total gross internal area is 3,893.57 sq m (40,910 sq ft) in 11 units. The estate is let in accordance with the schedule of tenancies below and
generates a gross total income of £205,455 per annum equating to £4.90 per sq ft overall.
All leases are drawn on effective full repairing and insuring terms including provision for an estate service charge.
Unit Tenant Size sq m Lease Start Lease End Break Date Rent £ (pa) Rent Comments EPC
.... (sq ft) (£ psf) Rating
55 Simon Anthony Morris, 481.23 03.06.14 03.06.24 03.06.19 24,798.05 4.79 Cold store & manufacturing B43
.... Gregory George Morris and (5,180) with offices.
.... Georgina Blake T/A There is a side letter personal .....
.... George Morris & Sons Ltd to the current owner allowing
for a 5% reduction in rent.
56 Simon Anthony Morris, 389.17 03.06.14 03.06.24 03.06.19 20,394.25 4.86 Warehouse and offices B43
......... Gregory George Morris and (4,189) ........
...... Georgina Blake T/A .......
...... George Morris & Sons Ltd
57 Simon Anthony Morris, 326.55 03.06.14 03.06.24 03.06.19 17,048 4.85 Warehouse and offices B43
........ Gregory George Morris and (3,515)
.......... Georgina Blake T/A ..........
... George Morris & Sons Ltd
58 Project Manager Solution Ltd 310.66 15.10.2016 13.10.2021 14.10.2019 16,500 4.93 Warehouse with office and E11
... (trading as Diamond Logistics) (3,344) mezzanine. Schedule of
.
condition. Outside the Act.
Rent deposit £4,125.
Rent review 14.10.2019
59 GAP Group Ltd 375.98 31.05.13 31.05.23 31.05.18 19,250 4.76 7 months rent free if break not E108
....... (4,047) enforced. Office/operations room
60 Vacant 339.10 18,250 5.00 The vendor will provide a D90
.... (3,650) 2 year guarantee
61/62 Norfolk Liquid Feeds 691.66 23.07.2014 22.072019 - 37,225 5.00 Warehouse/ mezzanine E121
....... (7,445)
63 The British Broadcasting 354.61 25.11.03 25.11.18 - 19,000 5.00 Warehouse / mezzanine G161
...... Corporation (3,817)
64/65 Gnaw Chocolate Ltd 624.59 02.07.12 02.07.19 - 32,989.70 4.85 Warehouse and offices E109.......
...... (6,723)
Total 3,893.57 205,455 4.90
..... (41,910)
6
Further Information
Should you have any queries
or wish to make an inspection,
please contact:
Mike Fox
DDI: 020 7297 6273
mike.fox@bidwells.co.uk
Lucy Young
DDI: 020 7297 6278
lucy.young@bidwells.co.uk
Bidwells
25 Old Burlington Street
London W1S 3AN
Tel: 020 7493 3043
Tenure VAT
The property is held on a long leasehold for a term of 96 years from The property has been elected for VAT. It is
1 July 2004 with an annual ground rent of £28,500 per annum. anticipated that the sale will be structured as a TOGC. March 2017
The rent is reviewed on a 5 yearly upwards only basis on the assumption:
• The open market ground of the site
Proposal
We are instructed to seek offers in excess of
• The lease has an unexpired term of 99 years
£1,667,000 subject to contract and exclusive of
• The land is cleared and available for immediate development
VAT. A purchase at this level would reflect a net
• Vacant possession
initial yield of 10% assuming purchaser's costs of
• No premium 6.17%. This reflects a low capital value rate of
• Other covenants of the lease £39.77 per sq ft.
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Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043 bidwells.co.uk IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967 Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that: These particulars do not form part of any offer or contract and should not be relied upon as statements or representatives of fact. Bidwells LLP has no authority to make or give in writing or verbally any representation or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP have not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of Health & Safety, please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC344553). Registered head office is Bidwell House, Trumpington Road, Cambridge CB2 9LD, where a list of members is available for inspection
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