PRIME CAR SHOWROOM INVESTMENT - MERCEDES-BENZ - 30 THE HAVENS, RANSOMES EUROPARK, IPSWICH, IP3 9SJ - LoopNet
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PRIME CAR SHOWROOM MERCEDES-BENZ - IPSWICH INVESTMENT MERCEDES-BENZ - 30 THE HAVENS, RANSOMES EUROPARK, IPSWICH, IP3 9SJ
MERCEDES-BENZ - IPSWICH
INVESTMENT SUMMARY
• Prime Ipswich car showroom location on Ransomes Europark fronting the A14 • Let to Lancaster Plc (D&B 4A1) until 30th July 2032, (in excess of 13 years income).
with on average over 50,000 vehicles driving past each day.
• Current income of £364,824 per annum, reflecting £18.38 per sq ft overall.
• Surrounding occupiers include Peugeot, Ford, Volvo, Audi, Hyundai, Land Rover,
Toyota, Vauxhall, Mazda, Chrysler and Kia. • Freehold.
• Modern dual Mercedes-Benz and Smart car showroom extending to • Subject to five yearly open market rent reviews – next review July 2022.
approximately 19,845 sq ft (1,843.7sq m).
• Offers are invited in excess of £5,700,000 (Five Million Seven Hundred Thousand
• Large site of 1.91 acres reflecting 19% site cover. Pounds) subject to contract and exclusive of VAT reflecting a net initial yield of
6.00% assuming costs of acquisition of 6.62%.
MERCEDES-BENZ - IPSWICH
LOCATION Cambridge
Stowmarket
A11
Ipswich, situated in East Anglia, is the main commercial and administrative centre for the county A12
A1 A14
of Suffolk. The town is located approximately 123 km (77 miles) north-east of London, 72 km (45 Lavenham
miles) south of Norwich, 29 km (18 miles) north-east of Colchester and 18 km (11 miles) north-west A421 Biggleswade Haverhill
IPSWICH
of Felixstowe. A6 A505 Saffron Walden
Sudbury
A14
M11 A134
Ipswich is situated adjacent to two of the main dual carriageways that traverse East Anglia, the A10
A12 giving direct access to Junction 28 of the M25 motorway, some 75 km (46 miles) to the south- A1 (M) Felixstowe
Stansted
west and the A14 giving direct access to Cambridge and Junction 14 of the M1. Additionally, Stevenage Airport Colchester
A120
Bishop’s Braintree
Ipswich railway station benefits from a direct rail service to London (Liverpool Street) with a A602 Stortford A120
A120
fastest journey time of 1 hour 8 minutes. A133
A131
M1 A12
London Stanstead, Norwich and London Luton airports are situated within approximately 64 km A414 A414 Clacton-on-Sea
St Albans Harlow
(40 miles), 68 km (43 miles) and 110 km (68 miles) respectively. Chelmsford
A414
M25
Christchurch
KESGRAVE M25 Watford A12
R op
Park A130
A1214
es D
A1071 A406
rive
A1067
Basildon A127
Spring Road
Rushmere A40 Wembley Ilford
Golf Club A13 Southend-on-Sea
IPSWICH H A13
Canvey Island
Bell Lane
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A1214 A1189
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Ransomes Suffolk Show
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POS TCO D E : I P3 9S J
MERCEDES-BENZ
R A N S O M E S I N D U- SIPSWICH
TRIAL E STATE
Fronting the A14, at junction 57, Ransomes Industrial Estate comprises Euro Retail Park, Ransomes industrial, trade park and office developments complimented by leisure uses such as Premier
Europark and Futura Park, Ipswich’s dominant out of town retail, car showroom and commercial Inn, Holiday Inn and David Lloyd. In addition to the subject Mercedes-Benz property, there
districts. This is Ipswich’s principal motor trade location. According to the Department of is representation from a number of other dealership brands including; Peugeot Citroen,
Transport, on average over 50,000 cars drive passed the unit on the A14 each day. Ford, Hyundai, Toyota, Vauxhall, Chrysler and Kia.
Euro Retail Park provides over 200,000 sq ft of retail warehousing with tenants including B&Q, Futura Park comprises a 45-acre mixed-use development currently comprising an 80,000 sq
Wren, Carpetright, Dreams, Halfords and B&M. ft John Lewis at Home and Waitrose, a 50,000 sq ft retail park and car showrooms occupied
Ransomes Europark is a mixed-use commercial area comprising a number of car showroom, by Audi, Volvo, Jaguar Land Rover and Mazda.
E U R O R E TA I L PA R K
R AN SOM E S I NDUS TRIAL E S TATE
A1189
Jct 57
A14
MERCEDES-BENZ - IPSWICH
DESCRIPTION
The property occupies a highly prominent roadside car showroom site fronting the A14. The site is accessed
off The Havens and comprises a detached purpose-built modern car showroom with surrounding yard. The
unit is of steel portal frame construction with profile steel cladding and a galvanised steel roof. The unit
has as a glass fronted showroom area which wraps around the north-western, western and south-western
elevations, with offices and ancillary areas behind. First floor accommodation provides a range of offices,
staff kitchen and WCs with an additional parts department. The main workshop is to the rear of the ground
floor. The unit has tarmaced and blockwork display, staff and customer parking around the building. To the
east of the unit is a car valet building.
The showroom areas are fitted out to the latest Mercedes-Benz and Smart specification.
The whole site extends to approximately 1.91 acres (0.77 hectares) affording a site cover of approximately
19%.
ACCOM MODATION
The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring
Practice (Sixth Edition). A copy of this survey will be assignable to the purchaser and is available on our
marketing website. The approximate GIA floor areas of the property are as follows:
Accommodation sq m sq ft
Ground Floor
Showroom, Sales Offices and Ancillary Areas 704.7 7,585
Workshops and Ancillary Areas 742.3 7,990
First Floor
Ancillary and Offices Areas 396.7 4,270
Total GIA 1,843.7 19,845
Externally there is a valet building of approximately 112.3 sq m (1,209 sq ft).
There are 186 car parking spaces in total which are predominantly occupied by display cars but which also
includes some customer, staff and disabled car parking.
TENURE
The property is held Freehold.
This plan is for identification purposes only. It’s accuracy can in no way be guaranteed.
MERCEDES-BENZ - IPSWICH TENANCY The property is let to Lancaster Plc, for a term of 25 years from 31st July 2007 expiring on 30th July 2032 (in excess of 13 years unexpired) at a current passing rent of £364,824 per annum, reflecting £18.38 per sq ft overall (excluding the external valet building). The rent is paid quarterly in advance and the next open market rent review is on 31st July 2022. The dealership trades as Mercedes-Benz and Smart Ipswich. TE NANT COVE NANT Lancaster Plc (Company No: 1538570) Lancaster Plc, established in 1981, is part of Jardine Motors Group (D&B 5A1), which was established in 1969 and now represents 20 auto manufacturers and operates from over 70 locations across the UK including the flagship McLaren showroom at 1 Hyde Park, Knightsbridge. The principal activity of the company is the operation of motor dealerships offering the sale and servicing of cars, light commercial vehicles and replacement parts in the UK. The Group operates dealerships for manufacturers including Aston Martin, Audi, BMW, Ferrari, McLaren, Maserati, Lamborghini, Porsche, Land Rover Jaguar and Volkswagen. Further information can be found at www.jardinemotors.co.uk. The subject property is operated as a Mercedes-Benz and Smart dealership. In 2018, Mercedes- Benz increased worldwide sales by 0.9% to a record 2,310,185 cars – the eighth consecutive record year for the leading global premium car brand. In 2018, Mercedes-Benz was the world’s best-selling premium luxury car brand for the third consecutive year. 15 new models are expected to be launched by 2021. The Mercedes-Benz retail network in the UK comprises a total of 144 outlets and 5 of those dealerships are operated by Jardine Motors Group. Lancaster Plc has a current low risk D&B rating of 4A1 and reported the following financial information for the last three years: Year Ending 31st December 2017 31st December 2016 31st December 2015 Turnover £2,062,794,000 £1,930,307,000 £1,669,397,000 Pre-Tax Profit (Loss) £17,081,000 £23,453,000 £27,625,000 Net Worth £19,324,000 £9,045,000 £11,194,000
MERCEDES-BENZ - IPSWICH AUTOMOTIVE M ARKET Demand for prime car dealership investments remains very competitive. Yields have hardened down to 4.0% in the more affluent south eastern locations where the site offers viable alternative use potential. Investors are attracted to the appealing covenants on offer, and the capital expenditure which is invested into the property by the operators of the business. Transactional evidence suggests that investors have confidence in retailer commitment to specific locations. Vacancy rates for prime car showroom stock is extremely low and this coupled with high development costs creates a favorable environment for investors in which there is greater potential to secure extensions in lease lengths. This is reflected in the yields which are achieved for investments with shorter income lengths which show only a relatively small differential to prime, longer let stock. R E L E VA N T R E C E N T T R A N S AC T I O N S Date Location Tenant Unexpired Term Price NIY Rent Review Marketing Volkswagen & Skoda, Milton Keynes Volkswagen Group UK Ltd 6 yrs £8,125,000 6.00% OMRV Under Offer Peugeot, Bristol Peugeot Motor Company Plc 8.5 yrs c.£3,500,000 5.40% OMRV Under Offer Skoda, Bolton RRG Group Ltd 20 yrs £2,650,000 5.27% RPI (2% and 3%) Exchanged February 2019 Peugeot, Edgware Peugeot Motor Company Plc 9 yrs £7,950,000 4.75% CPI (2% to 4%) Exchanged January 2019 Honda, Newcastle Honda Motor Europe Ltd (sub-let) 15 yrs £4,060,000 5.40% Fixed 2% pa 5 yearly. December 2018 Honda, Hendon Honda Motor Europe Ltd (sub-let) 11 yrs £9,400,000 4.38% OMV or RPI (2%and 3.5%) December 2018 Volkswagen, Camberley Volkswagen Group UK Limited 6.75 yrs £5,150,000 5.25% OMRV December 2018 Peugeot, Croydon Peugeot Motor Company Plc 9 yrs £4,317,000 4.50% CPI (2% and 4%) November 2018 Volkswagen, Cheltenham Inchcape Estates Ltd 6 yrs £4,050,000 5.90% OMRV August 2018 BMW Portfolio (Enfield, Woolwich, Bromley, Sidcup) Steven James Ltd 15 yrs £46,100,000 3.97% RPI (2% and 4%) February 2018 Volvo, Milton Keynes Marshall Motor Group 8.5 yrs £3,100,000 5.45% OMRV
MERCEDES-BENZ - IPSWICH
E NVIRONME NTAL EPC
Delta-Simons Environmental Consultants Ltd have carried out a Phase 1 Environmental The property EPC rating is C72 – further information is available on our marketing website.
Report which rates the site low risk. The report will be assignable to a purchaser.
PROPOSAL
VAT Offers are invited in excess of £5,700,000 (Five Million Seven Hundred Thousand Pounds)
The property is elected for VAT and VAT will therefore be chargeable on the purchase price subject to contract and exclusive of VAT reflecting a net initial yield of 6.00% assuming costs
if it is not possible to arrange this transaction by way of a transfer of a going concern. of acquisition of 6.62%.
FURTHE R INFOR M ATION
For further information or to arrange an inspection to view, please contact:
Matthew Joyce
mjoyce@griffithseccles.com
Harry Fell
hfell@griffithseccles.com
Griffiths Eccles LLP
23 Princes Street,
London, W1B 2LU
www.griffithseccles.com
SUBJECT TO CONTRACT
EXCLUSIVE OF VAT
INVESTMENT l DEVELOPMENT l ASSET MANAGEMENT
2 3 P r i n ces St re et, Lo n d o n, W1B 2 LU Te l e p h o n e: +4 4 ( 0)2 0 749 9 0 5 5 0 F a x : +4 4 ( 0)2 0 72 9 0 3 6 69
NOTICE Griffiths Eccles LLP for themselves and for the vendors or lessors of this property for whom they act, give notice that:
(i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract.
(ii) Griffiths Eccles LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on
them as statements or fact or representations and must satisfy themselves as to their accuracy;
(iii) rents quoted in these particulars may be subject to VAT in addition;
(iv) Griffiths Eccles LLP will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and
(v) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective
purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements.
(vi) no employee of Griffiths Eccles LLP has any authority to make or give any representation or warranty or enter into any contract whatever in relation to this property;
(vii) the information contained in these particulars has been prepared as at February 2019.
Adrian Gates Photography & Brochures 07710 316 991
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