Unit 6b Priory Park, Mills Road, Aylesford ME20 7PP

www.sibleypares.co.uk 01622 673086 commercial@sibleypares.co.uk

High Quality Industrial Investment Opportunity

Unit 6b Priory Park, Aylesford ME20 7PP

Investment Summary

Aylesford is 30 miles south east of London

Priory Park, part of Quarry Wood industrial Estate is an

established industrial and retail park location

The M20 motorway is less than 5 minutes from the

subject property

Modern B8 units of 8,031 sq ft with secure yard and 37%

site coverage

Full repairing and insuring lease just under 10 years

remaining with open market review in June 2024

Passing rent of £70,271 pa equating to £8.75 psf

Freehold Interest Available

Offers invited in excess of £1.1 million showing a NIY of

6.04% taking purchasers costs at 5.85%

Unit 6b Priory Park, Aylesford ME20 7PP

Location

Aylesford is a town 30 miles south east of London in the Tonbridge and Malling

Borough close to its boundary with Maidstone in the centre of Kent. It’s closest main

town is Maidstone at approximately 3.5 miles to the south east. It also benefits from

good access to the M20 at junction 5, 1.3 miles and less than 5 minutes from the

property.

Situation

The subject property is in a well-established industrial location at the rear of Quarry

Wood Industrial Estate which has a variety of retail warehousing, trade counter, car

showroom, light and general industrial and storage and distribution uses.

It is accessed from the A20 via Quarry Wood Industrial estate and through to Priory

Park at the South.

Priory Park was constructed in the Mid-2000’s providing modern and high quality

industrial space and local occupiers include Tesco Dotcom, Primova Solutions Europe

Limited, Kent Police, Brown Brothers Distribution and Chubb Fire and Security as well

as Kent Frozen Foods occupying 2 other units one of which they own freehold and the

other used for their food production business.

The retail Park includes occupiers such as M&S, Nandos, Homebase, Smyths Toys, and

Halfords amongst others. The wider estate also has car showroom users such BMW,

Audi, VW amongst others, trade counter users including Screwfix, Rexel and Wolseley,

distribution users such as Hermes and APC along with a Sainsbury’s superstore.

Accommodation and Description

The property comprises a steel portal frame industrial building with profile sheet

cladding to the walls and roof and concrete floor. There are 2 up and over shutters

to the front and a single personnel door.

The ground floor gross internal area extends to 8,031 sq. ft including a small staff area

with the remainder being warehouse space used for B8 storage. There is a storage

mezzanine however this is a tenant’s improvement.

Externally the large, secure concrete yard is contained with steel palisade fencing and

the total site amounts to approximately 0.5 acres (21,673 sq. ft) giving a site coverage

of approximately 37%.

Unit 6b Priory Park, Aylesford ME20 7PP

Tenant

Kent Frozen Foods, known as kff is a specialist supplier of food and food related products

to the catering industry and in part are a food manufacturing company under the brand

Purple Pineapple who are present in a separate unit on the estate.

Kent Frozen Foods are a subsidiary wholly owned by Brake Bros Limited which is in turn

wholly owned by USA based Sysco Corporation who are the largest food service company

globally who purchased Brake Brothers in order to access the European markets following

approval from the Competition and Markets Authority. Whilst kff operates independently,

it is backed by a significant covenant strength. Sysco Corporation ranks 54th on the Fortune

500 list of companies in 2019 and being listed on the NYSE with revenues of over $58

billion and profits over $1.4 billion at the end of its 2018 financial year up 25.2% from the

previous year according to the list.

Kent Frozen Foods latest financial figures are delayed as they have extended their

accounting period therefore the latest available figures are for the year ending December

2017. It is noted that the drop in pre-tax profit between 2016 and 2017 is adversely

affected by £290,847 in legal costs that relate to the sale of the shares in the company.

Year Ending 31st December 2017

31st December 2016

31st December 2015

Turnover £51,355,060 £46,579,176 £43,499,435

Pre-Tax Profit £1,058,962 £1,278,549 £1,310,877

Tangible Net Worth £10,446,818 £9,738,827 £8,831,821

1 Ashford Road, Maidstone, Kent, ME14 5BJ

Maidstone (01622) 673086 Ashford (01233) 629281 Partners: Sarah Raggett, BSc (Hons) MRICS Phillip Hubbard, BA (Hons) MRICS

Consultants: David Pares, MRICS Brian Matthews, MRICS CBuildE MCABE

Sibley Pares Chartered Surveyors is a trading name of Sibley Pares LLP Registered in England and Wales No: OC400776. Registered office as above. VAT Reg No: 218 5130 30.

NOTE: Rental, prices or any other charges are inclusive of VAT unless otherwise stated.

MISREPRESENTATION ACT 1967. These particulars are believed to correct, their accuracy cannot be guaranteed and are expressly excluded from any other contract. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in

these particulars. No fittings, appliances or services mentioned have been tested by Sibley Pares

Proposal

Offers for the freehold are invited in excess of £1,100,000 (One

Million, One Hundred Thousand Pounds). This asking price

provides a net initial yield of 6.04% taking typical purchasers

costs at 5.85%

In accordance with Money Laundering Regulations, we are now

required to obtain proof of identification for purchasers.

Rateable Value

The property has a rateable value of £53,500 on the 2017

rating list

VAT

We understand the property is elected for VAT, which

will be charged at the prevailing rate.

EPC

EPC C 74. A copy is available on request.

Enquiries

All enquiries should be made through the sole agents

Sibley Pares

Alex Stanford: alex.stanford@sibleypares.co.uk

01622 673086

Lease Terms

The property is occupied on the following salient terms, which provides a remaining term of

just under 10 years. The tenant occupies 2 other units on the estate one of which it owns

freehold offering security that the tenants would be likely to remain on the estate into the

future. The lease is full repairing but is subject to a schedule of condition.

Tenant Passing Rent PA

Lease Expiry Tenant Break Rent Review Other

Kent Frozen Foods Limited

£70,271 16.6.2029 17.6.2024 with 6 months notice

17.6.2024 Upwards only to market rent

Full Repairing and Insuring subject to S.O.C

Unit 6b Priory Park, Aylesford ME20 7PP