Saxon Park INDUSTRIAL ESTATE - MULTILET FREEHOLD INDUSTRIAL ESTATE - WHY Property Investment
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Saxon Park
INDUSTRIAL ESTATE
HOLDOM AVENUE | MILTON KEYNES | MK1 1QU
ENTER >>
Whitmarsh
Holt MULTILET FREEHOLD INDUSTRIAL ESTATE
Young
Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
INVESTMENT SUMMARY
• Fully let well specified industrial estate comprising 12 units. • Diverse income spread with no single occupier accounting for more than 16.8%
of the overall income.
• Prominently located fronting on to Bletcham Way in a well established industrial
area, situated diagonally opposite the Milton Keynes Ikea Store, adjacent to • AWULT of 5.6 years to expiries and 2.0 years to breaks.
retail warehousing and in close proximity to the MK Dons Football Stadium and
• Offers in excess of £8,510,000, subject to contract and exclusive of VAT, which
the A5.
reflects a Net Initial Yield of 6.75% after allowing for acquisition costs of 6.68%,
• 127,008 sq ft GIA in total. a Reversionary Yield of 7.70% and a Capital Value of only £67 per sq ft.
• Total income of £612,798 per annum equating to a low passing rent of £4.82
per sq ft overall, providing excellent potential for rental growth through asset
management initiatives.
Diverse income spread with no single
occupier accounting for more than 16.8%
of the overall income
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Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
MK1 SHOPPING PARK MK DONS MK1 LEISURE PARK
M&S, NEXT, RIVER FOOTBALL STADIUM ODEON IMAX, PREZZO, CHIMICHANGA,
ISLAND, NEW LOOK, & DOUBLE TREE BY PIZZA EXPRESS, FRANKIE & BENNY’S,
H&M HILTON HOTEL BELLA ITALIA, TGI FRIDAYS
A5
A5
A5
ASDA
WICKES
HALFORDS
TK MAXX SENSIENT FLAVORS
TESCO DISTRIBUTION
IKEA BLETCHAM WAY WAREHOUSE (FENNY LOCK)
BO
ND
AV
E
BILTON RD
SPORTS DIRECT
PETS AT HOME
HOME BARGAINS
ARGOS CITY GLASS AB TURNKEY SOLUTIONS
W
AT
LIN
G
TESCO ST
MATALAN
< >
Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
March
A43
M69
8 7
A6
9 2
M6
1 M1
0
1 6 5 8 05
A1
Market A427 A6
1
A14
2
BIRMINGHAM Harborough
3
A4
22 14
B4
BIRMINGHAM 20
A6
3 6 2
03
M6
116
M5 M42 Kettering Ely
4
A1
1
COVENTRY 19 A509
A1
5
3
4
A50
A4
2
4 4
A14 Huntingdon Mildenhall
2 18
8
1 3 5
ve M42 M45 A4
St Ives M1
A10
16 17
A4
M40 Leamington A5
4
Wellingborough Rushden 13
8
Redditch Spa A1 0
Warwick 4
4
Northampton A1 Newmarket A4
A6
15 14
A435
A44
Daventry A428 14 1
B4
13 A45
St Neots
46
1
16 13 (T
09
03
A428 Cambridge )
A5
4
2 12
A46 A5 15
3
12
8
Stratford
A4
42
9
11 1
A1
A42
A
A414
upon Avon Bedford
A509
M1 M11
CENTRAL
6
6
A5
A4
0
10
A1
Biggleswade Haverhill CENTRAL
MILTON
08
Banbury 05
A421
A44 Evesham A5 9
KEYNES 13
A6
11
14 Royston
1
MILTON
A
A43
2
Saffron
B4034
A4
5(
A4
A1
5
A44 22 13 0 Walden
T)
A5
46
KEYNES
10
A
Letchworth
A5 21
A4
3
9 A5
A4
10 Leighton 12 Hitchin 130
A4 Buzzard 8
4 M1
A4
M40 Braintree
Luton A1(M)7 Stevenage STANSTED
14
Cheltenham Bicester Dunstable 11 A6 8 B4
02
6
A4 Bishop's A120 21
A10
9 1
Welwyn Stortford
A4
10
03
4
LUTON A1
A3
6 Garden
A43
4
30
A5
6
9 City Ware WOBURN
(T
A40 SANDS
Tring 5 Hertford
29
Hemel M11
)
A
A4
A4
Witney St
42
A4 Hempstead 4 Harlow
A5(T)
17
Albans Hatfield
1
0
A4
8
A4 Berkhamsted M10 3 Hoddesdon 7 146
1
Oxford
A413
0 Thame 7 A4
B 40
1 2
8 A418 A414
A419 Cirencester 7 22
A4010
34
Amersham 20
24 M25 25 26 A1
2
19 5
A420 Abingdon
6
High 18 Enfield 5 Brentwood
5 Wycombe Watford Barnet Chigwell
A10
Didcot M40 4
17 4
M11 28 Bletchley SUBJECT BOW
A12
Beaconsfield 6
PROPERTY
A
M1 2 A40 BRICKHILL
41
3 4 FENNY
9
A127
4
Marlow 2 29
03
1 Harrow 6 A40 1 A4
1 B4
0 M25
3
Swindon Uxbridge A4
A1
9
Henley- Maidenhead CITY
42
M4 16
15 on-Thames Slough LONDON
A13
7 30
Woolwich
A34
6
4 2 1 BLETCHLEY
3 31 Tilbury
A346
Reading Windsor A4 1a
Chippenham 14 Richmond A205 Dartford
14 13 M4 A329(M) HEATHROW A2 A2
HLEY
13 2
12 0
10 Bracknell Staines 1 Kingston A2
11 upon Thames Swanley 3
elksham Newbury
Devizes Camberley 3
11 Sutton A232
Croydon 4
M20
HOUSING PROVISION
4
M25 Epsom M25
A3
2 4
3
A23
10
Woking 3
4
A3
9
4 M26
A2
ridge
A2
A3
LOCATION SITUATION
9 5
M25
A3
2
8
Leatherhead 7
Sevenoaks
38
2
Basingstoke
39
A2
Farnborough HULL Maidstone
A3
5 8 6
6 M3 Aldershot LEEDSRedhill Oxted A2
6
A2
Dorking
1
Guildford Reigate Tonbridge
7
minster Andover Farnham A31 M23
LIVERPOOL
Godalming MANCHESTER
A2
8
Milton Keynes is located adjacent Saxon Park is prominently located fronting onto Bletcham Way which links directly
2
SHEFFIELD East
Grinstead
to Junctions 14 and 15 on the M1 M1 onto the A5 to the east, just to the south of central Milton Keynes in Bletchley. The
M6
motorway. Saxon Park is situated NOTTINGHAM immediate surrounding area is a mix of industrial and retail uses with retail warehousing
LEICESTER
on the west side of Milton Keynes immediately behind Saxon Park where occupiers include TK Maxx and Halfords. The
BIRMINGHAM MILTON
in very close proximity to the A5. KEYNES Milton Keynes Ikea store is situated diagonally opposite Saxon Park on Bletcham Way
M5
M40
FELIXSTOWE and adjacent to Ikea is an Asda Superstore. The MK Dons Football Stadium is also
M1
OXFORD located in close proximity which has undergone substantial new development in recent
LONDON
M4 years, to include the MK1 Shopping Park, MK1 Leisure Park and Double Tree Hilton Hotel.
M25
M3 Other occupiers in the immediate vicinity include Formula One Autocentres, Safestore
DOVER
Self Storage, Sensient and National Tyres.
SOUTHAMPTON
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Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
Y
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
WA
AM
TCH
BLE
Path
Cycle
DESCRIPTION
4
3
Saxon Park comprises a well configured multilet industrial estate of 12 units
arranged in four blocks with associated servicing yard areas and car parking. 2
5
There are separate parking areas along the estate road which provide plenty
8
of parking provision. The estate was constructed in the 1980’s and extends to 1
a site area of approximately 6.4 acres equating to a site cover of 45%. The
6 El Sub Sta
estate presents well and the units are in a good condition.
9 7
The units provide the following specification:
• Steel portal frames with metal sheet cladding under profiled metal roofs NUE
AVE
DOM
HOL
• Integral 2 storey offices within each unit El
Sub Sta
10
• Roller Shutter loading doors
• Eaves heights of approximately 5.5m / 18ft 11
12
• Suspended hot air blowers
• Units have been refurbished in conjunction with new leasing activity El
Sub
Sta
Acorn Building
0m 25m 50m 75m
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Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
< >
Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
ACCOMMODATION
The estate has been measured in accordance with the
RICS Code of Measuring Practice and provides a Gross
Internal Area of 127,008 sq ft overall across a variety of
unit sizes ranging from 6,300 sq ft – 20,750 sq ft, which
caters for a wide variety of occupier requirements.
TENURE
Freehold Interest.
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Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
EPC /
FURTHER
INFORMATION
TENANCIES
The estate is fully let to 10 different occupiers on standard Full Repairing & Insuring terms as set out below. There is a service charge in place which covers all common items of
expenditure and this is currently running at a budget of £70,140 per annum / £0.55 per sq ft.
The Average Weighted Unexpired Lease Term (AWULT) is 5.6 years to expiries and 2.0 years to breaks.
GIA Lease Lease Break Next Rent per % of 1954 EPC Schedule of
Unit Tenant Rent pa Comments
Sq Ft Start Expiry Option Review Sq Ft Income Act Rating Condition
1 UK Planet Tools Ltd 6,376 10/4/2015 9/4/2025 10/4/2020 10/4/2020 £38,000 £5.95 6.2% No C67 No New letting in 2015. Rent Deposit of £22,810.
Axe & Status Machinery
2 6,390 5/2/2014 4/2/2024 4/2/2019 4/2/2019 £32,200 £5.03 5.3% Yes D93 No
Ltd
Plumbing & Heating
3 Supplies (Milton Keynes) 6,338 1/3/2015 28/2/2025 29/2/2020 29/2/2020 £38,500 £6.07 6.3% No C52 No Lease renewal in 2015. Rent Deposit of £23,107.
Ltd
Travis Perkins
4 6,385 25/3/2009 24/3/2024 25/3/2019 25/3/2019 £39,555 £6.20 6.5% Yes C65 No
(Properties) Ltd
5 Zarges (UK) Ltd 11,002 11/8/2009 24/12/2019 n/a n/a £51,600 £4.69 8.4% Yes D93 No Guarantor - Zarges GmbH
6 Format Graphics Ltd 11,019 13/2/2013 12/2/2018 n/a n/a £47,450 £4.30 7.7% No D87 No
New letting in 2015 - stepped rent, 6/1/18 - 5/5/18
7 Sensient Flavors Ltd 11,026 18/2/2015 5/1/2021 5/1/2018 18/2/2020 £53,000 £4.80 8.6% No C75 Yes £26,500 pa, 6/5/18 - 17/2/20 £53,000 pa. RPI rent
review - no cap or collar.
8 Zarges (UK) Ltd 10,983 11/8/2009 24/12/2019 n/a n/a £51,600 £4.70 8.4% Yes D100 No Guarantor - Zarges GmbH
Tenant has operated the break clause - tenant must
9 Eurovision Ltd 20,748 23/12/2013 22/12/2023 23/12/2016 23/12/2018 £95,000 £4.58 15.5% No C59 No pay £15,833 + VAT to complete break option. Rent
deposit of £57,058.
Mechoshade Systems 7/12/2016 Tenant has operated the break clause.
10 20,651 7/12/2011 6/12/2021 n/a £82,248 £4.00 13.4% Yes C65 Yes
(UK) Ltd (Mutual) Guarantor - JB Industries Inc.
Lease renewal in 2015. Service charge cap - £6,000
11 Pace Europe Ltd 8,200 17/5/2015 16/5/2020 17/5/2018 n/a £42,645 £5.20 7.0% No D90 Yes
for the current year and then annual RPI uplifts.
Stepped rent - 6/1/18 - 5/5/18 £20,500 pa 6/5/18
12 Sensient Flavors Ltd 7,890 29/12/2014 5/1/2021 5/1/2018 29/12/2019 £41,000 £5.20 6.7% No D96 Yes - 28/12/19 £41,000 pa. RPI rent review - no cap or
collar.
127,008 £612,798 £4.82 100%
< >
Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
PROPOSAL /
FURTHER
INFORMATION
COVENANT STATUS
Total Assets less
Tenant % of Income Year Ending Turnover Pre-Tax Profit Shareholders’ Funds
Current Liabilities
28/02/16 £2,140,470 £140,470
UK Planet Tools Ltd (07149901) 6.2%
28/02/15 £919,510 £18,645
31/03/15 £416,625 £416,625
Axe & Status Machinery Ltd (05036242) 5.3%
31/03/14 £379,837 £379,837
Plumbing & Heating Supplies
6.3% No Accounts Available
(Milton Keynes) Ltd (05324031)
31/12/14 £76,449,000 £47,386,000 £339,242,000 £329,582,000
Travis Perkins (Properties) Ltd (0468024) 6.5%
31/12/13 £76,384,000 £41,752,000 £312,659,000 £295,024,000
31/12/15 £5,278,699 £343,255 £1,435,517 £782,303
Zarges (UK) Ltd (01048391) 16.8%
31/12/14 £5,324,539 £202,313 £1,366,277 £507,423
30/09/15 £576,469 £460,086
Format Graphics Limited (08273487) 7.7%
30/09/14 £421,353 £361,510
31/12/14 £35,832,357 £1,860,534 £21,198,568 £7,073,090
Sensient Flavors Limited (1514781) 15.3%
31/12/13 £34,082,968 £1,451,516 £20,513,094 £6,863,094
28/02/15 (£160,261) (£160,261)
Eurovision Limited (05372233) 15.5%
28/02/14 (£118,940) (£118,940)
02/01/16 (£2,349,831) (£2,374,445)
Mechoshade Systems (UK) Ltd (03781772) 13.4%
02/01/14 (£2,581,584) (£2,518,584)
31/12/15 £2,315,390 (£29,908) £505,731 £505,731
Pace Europe Limited (02152467) 7.0%
31/12/15 £2,678,336 £120,090 £535,639 £535,639
Source: Company Accounts
< >
Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
PROPOSAL /
FURTHER
INFORMATION
OCCUPATIONAL MARKET
• Availability levels in Milton Keynes are now the lowest • Elsewhere more secondary refurbished stock in • There were 4 new lettings on Saxon Park in 2015 in
they have been for a generation and the vacancy Milton Keynes is commanding rents of £5.00 - £6.00 Units 1, 3, 7 and 11 providing the best rental evidence,
level is circa 5%. With limited new development per sq ft depending on unit size. but more recent rental evidence suggests rents
activity coupled with strong occupier demand there have moved on further. As a result of the favourable
is upward pressure on rents as the distinct lack of • Incentives are diminishing and 3 – 6 months rent occupational market dynamics Saxon Park offers
available stock feeds through to rental growth. free for a 5 year lease term is the market position. excellent reversionary potential, and we believe the
achievable ERV’s across the estate to be as follows:
• New / refurbished schemes are now commanding
rents of £7.00 - £8.00 per sq ft and even higher for Units 1 – 4 £6.50 per sq ft
very small units – at Granby Industrial Estate which Units 5 – 8 £5.50 per sq ft
is located close by to Saxon Park opposite the
Asda supermarket, rents of £10 per sq ft are being Units 9 – 10 £4.75 per sq ft
achieved on units of 1,000 – 2,000 sq ft. Units 11 – 12 £5.75 per sq ft
< >Saxon Park
MILTON KEYNES
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
PROPOSAL /
FURTHER
INFORMATION
INVESTMENT MARKET
Industrial Estate transactions of note this year which provide a helpful guide on recent investor activity include the following:
AWULT
Property No. of Units Size (Sq Ft) Price NIY Price per sq ft Date
to breaks
Voyager Park, Portsmouth 86,000 2.8 years £12.1m 5.8% £140 psf Jan 2016
Manfield Park Industrial Estate, Cranleigh 13 55,600 5.1 years £7.3m 6.06% £131 psf Jan 2016
Units 1-17 Eldonwall Trading Estate, Bristol 17 100,418 3.4 years £7.45m 6.42% £74 psf Jan 2016
Blakelands Industrial Estate, Milton Keynes 74 565,000 5.5 years £38.79m 6.37% £69 psf March 2016
Bedford Business Centre, Bedford 19 50,000 1.5 years £4.96m 6.6% £99 psf April 2016
Taurus Park, Warrington 13 133,940 3.4 years £11.495m 6.5% £85 psf May 2016
Gatwick International Distribution Centre, Crawley 29 222,550 3.9 years £31m 5.3% £140 psf June 2016
Brackmills Industrial Estate, Northampton 21 216,118 3.74 years Circa £13m Circa 6.75% £60 psf Under Offer
< >Saxon Park
INDUSTRIAL ESTATE
INVESTMENT
SUMMARY
AERIAL LOCATION /
SITUATION
DESCRIPTION IMAGE
GALLERY
ACCOMODATION /
ENVIRONMENTAL
TENANCIES COVENANT
STATUS
OCCUPATIONAL
MARKET
INVESTMENT
MARKET
PROPOSAL /
FURTHER
INFORMATION
ENERGY PERFORMANCE PROPOSAL FURTHER INFORMATION
CERTIFICATES
We have been instructed to seek For further information or to arrange an inspection please contact:
Energy Performance Certificates are offers for our client’s Freehold interest
Bruce Spencer Whitmarsh Holt Young
available in the Dataroom. in excess of £8,510,000, subject to Whitmarsh
Direct 020 7079 1810 Cavendish House
contract and exclusive of VAT, which
Mobile 07715 178 511 18 Cavendish Square Holt
reflects a Net Initial Yield of 6.75%
VAT Email bls@why50.com London W1G 0PJ
after acquisition costs of 6.68%, a Young
The property is elected for VAT Reversionary Yield of 7.70% and a James Young
and we understand the disposal Capital Value of only £67 per sq ft. Direct 020 7079 1819
will be structured by way of a Mobile 07788 108 283
Transfer of a Going Concern (TOGC). Email jy@why50.com
Subject to Contract. Exclusive of VAT. July 2016
Whitmarsh Holt Young for themselves and for the vendors or lessor 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) Whitmarsh Holt Young 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 of 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) Whitmarsh Holt Young 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 Whitmarsh Holt Young has any authority to make or give any representation or warranty or enter into any contract
whatever in relation to the property. Subtract to Contract. Exclusive of VAT. Designed and produced by Creativeworld Tel: 01282 858200You can also read
