UNITS A-C PEARTREE ROAD TRADE PARKCOLCHESTER CO3 0AB

Freehold trade COUNTER/INDUSTRIAL INVESTMENT OPPORTUNITY

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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INVESTMENT SUMMARYt Located in Colchester, a prosperous town

in Essex with a population of approximately 200,000.

t Situated on Peartree Road, close to Tollgate Centre, Peartree Retail Park and other trade & leisure occupiers.

t Freehold trade counter and industrial property providing 38,956 sq ft overall.

t Fully let to occupiers including Ford Retail, Topps Tiles and Easy Bathrooms.

t Rent Passing of £348,818 per annum.

t Conservative ERV for the property of £359,198 pa.

t Low site cover of 34% with an excellent parking provision

t WAULT of 9 years to expiry and 7.5 years to breaks.

t Substantial car parking to front & rear of property.

t Potential to develop to the rear of the property subject to the relevant planning consents.

t We are seeking offers in excess of £5,450,000, which reflects a net initial yield of 6.0%, after allowance for purchaser’s costs of 6.6%.

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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Angora Trade Park

Peartree Rd

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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LOCATIONBritain’s oldest recorded town, Colchester, is a popular commercial centre in Essex. It is strategically located 60 miles north east of Central London; 62 miles south east of Cambridge and 24 miles north east of Chelmsford.

The town benefits from excellent communications. By road, the A12 provides a dual carriageway link from London to the East Coast, providing a fast, direct link to the M25. The M25 lies 38 miles to the south west providing easy access to the national motorway network.

The town is regarded as an important regional distribution centre with 17m population within 2.25 hours drive time and 38.4m population within 4.5 hours drive time. The key East Coast Ports of Harwich (21 miles), Felixstowe (29 miles) and Tilbury (48 miles) are all within 1 hours drive time. Stanstead Airport lies 32 miles to the west with London Heathrow International Airport 95 miles to the east. By rail: Colchester is located on the Great Eastern mainline. It benefits from a frequent direct rail service to London Liverpool Street with a fastest journey time of 49 minutes. Additionally, by air: Stansted Airport is located just 32 miles west of the town.

Clacton

Colchester

NOT TO SCALE

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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SITUATIONThe premises are prominently located fronting Peartree Road which is a popular and well established mixed-use retail and trade park area. It lies directly opposite Ridgeon’s Building Merchants.

Other close by occupiers include Co-op & Subway, Hatfields Furniture Store, Anytime Fitness, Jungle Adventure, Halfords Auto Centre, Screwfix, Toolstation and Anglia Tool Centre.

The A12 trunk road is just 1 mile away and Colchester Town Centre and the Mainline Railway Station is approximately 3 miles to the east.

BERE

CHU

RCH

RD

WHITEHALL ROAD

ABBOT’S ROAD

BOURNE RD

ColchesterNorth Station

A12

STRA

IGH

TRO

AD

LEXDEN ROADA134

IPSW

ICH

ROAD

AVENUE OF REMEMBRANCE

A133 COWDRAY AVENUE

SHRUB END ROAD

B1022 MALDON RD

MAGDALEN STREET

B102

6 BUTT RD

MER

SEA

RD

LAYE

R RDDRURY RD

Colchester Town Station

HIGH STREET EAST HILL

HARWICH ROAD

MILITARY

ROAD

OLD HEATH ROAD

BERGHOLT ROAD

NO

RTH

HI L

L

MIL

EEN

DRD

ColchesterNorth Station

Colchester Town Station

PEARTREE ROAD

MALDON ROAD B1022

DUGARD AVENUE

Colchester

Town Centre

NOT TO SCALE

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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DESCRIPTION TENURE

TENANCY

The premises consists of three terraced steel portal framed units constructed under a pitched roof with each unit being sub divided to produce three units to the front of Peartree Road and three units to the rear.

The property benefits from excellent car parking to both the front and the rear of the property with the trade counter uses located to the front of the property fronting on Peartree Road.

Our client will be disposing of their Freehold interest.

The property is muti-let in accordance with the accommodation and tenancy schedule and produces a total rent of £348,818 per annum, subject to the schedules of conditions noted in the tenancy schedule.

We believe a conservative ERV for the property is £359,198 pa which is based on an ERV of £12 psf for the units that front Peartree Road and £7 psf for the units to the rear.

On Unit C2 there is an outstanding rent review which can be implemented immediately.

There are various rights included over the property to include the right of an adjoining owner to park 30 motor cars in an area of the car park, nominated by the vendor from time to time. A full list of these rights can be provided upon request.

OS Plan B&W

596000596000

596100596100

596200596200

223500 223500

223600 223600

223700 223700

0 5 10 20 30 40 50

Metres

Scale: 1:1250

Supplied by: National Map CentreHertsLicense number: 100031961

Produced 13/11/2020Serial number: 2286325

Plot centre co-ordinates: 596131,223625Download file: lewisparts_peartree.zipProject name: lewisparts_peartree

© Crown copyright and database rights 2020. OS 100031961

Potential Development Site.

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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ACCOMMODATIONThe property totals an overall size of 3,619 sq m (38,956 sq ft) which is shown in the below accommodation & tenancy schedule. The site is 2.6 acres including the development site, with an overall cover of 34%.

The tenancies have a WAULT of 9 years to expiry and 7.5 years to breaks.

Unit TenantArea

(Sq m)Area (Sq ft)

Lease Start

Lease Expiry

Rent Review

BreaksRent (£pa)

Rent (£pft)

ERV (£pa)

ERV (£psf)

L&T 1954

Comments

A1Ford Retail Group Ltd t/a Quick Lane

531 5,716 16/09/2019 15/09/2029 16/09/2024 16/09/2024 £66,965 £11.72 £68,592 £12.00 NSchedule of condition. Tenant break on 6 months notice.

A2Town Carpets Ltd t/a The Carpet Superstore

671 7,223 17/10/2019 16/10/2034 17/10/2024 £49,000 £6.78 £50,561 £7.00 N

6 months rent deposit. 50% of rent deposit returnable 17.10.2024 provided no arrears/late payments.Schedule of condition. 5 yearly rent reviews.

B1Cubico UK Ltd t/a Easy Bathrooms & Tiles

519 5,582 31/01/2020 30/01/2030 31/01/2025 £67,000 £12.00 £67,000 £12.00 YStepped rent Y1 £55,800 (£10psf) Y2 £61,400 (£11psf) Y3 £67,000 (£12psf)Vendor to top up rent to Yr3.

B2Colchester Fitness Centre Ltd

669 7,200 25/09/2020 24/09/2030 25/09/2025 £50,400 £7.00 £50,400 £7.00 N

6 months rent deposit. S/C capped at £2,880 pa for first year of term only. Stepped rent - £25,200 pa until 24th March 2021 - Vendor top up. Monthly payments in Y1.

C1Multi Tile Ltd t/a Topps Tiles

557 6,000 17/03/2016 16/03/2026 17/03/2021 £70,453 £11.74 £72,000 £12.00 YSchedule of condition. S/C capped at £3,925 pa plus annual RPI uplifts.

C2Its Bedtime (Colchester) Ltd

672 7,235 16/12/2014 15/01/2029 16/12/2019 16/12/2024 £45,000 £6.22 £50,645 £7.00 Y

Schedule of condition. Tenant break on 6 months notice. Landlord responsible for keeping roof wind and water tight. S/C cap at £2,500 subject to annual RPI increases. 5 yearly rent reviews. 2019 review outstanding. Monthly rent payments.

Total 3,619 38,956 £348,818 £359,198

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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Development

EPC

COVENANT INFORMATIONThere is a c.0.2 acres parcel of land to the rear of the car park with potential for development subject to planning. Our clients have had two proposals drawn up by architects, which are highlighted below.

Further information can be provided upon request.

Multi-Tile LimitedMulti Tile are involved in retail and wholesale distribution of ceramic tiles, wood flooring and related products. For the year ending 28th September 2019, the company reported pre-tax profits of £9,080,000 and for the same period the company reported shareholder’s funds of £197,213,000.

Cubico (UK) LimitedCubico are involved in the wholesale of hardware, plumbing and heating equipment and supplies. For the year ending 30th November 2019, the company reported a turnover of £33,349,234 and pre-tax profits of £2,569,749. For the same period the company reported shareholder’s funds of £5,158,902.

Ford Retail Group LimitedFord Retail are deal in the Provision of vehicle servicing and repair under the brand name Quick Lane. For the year ending 31st December 2019, the company reported a turnover of £244,168. For the same period the company reported shareholder’s funds of £31,941,808.

Unit A1 D-81

Unit A2 C-59

Unit B1 C-61

Unit B2 C-60

Unit C1 C-56

Unit C2 C-52

Proposed Site Plan - Option 1 Proposed Site Plan - Option 2

UNITS A-C, PEARTREE ROAD TRADE PARK COLCHESTER CO3 0AB

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CONTACTFor further information contact sale agents:

Stephen RaingoldM: 07775 647 499stephenraingold@lewisandpartners.com

Ben LewisM: 07887 553 674benlewis@lewisandpartners.com

Joseph RantorM: 07976 599 374josephrantor@lewisandpartners.com

15/19 Cavendish Place, London W1G 0QE

Tel: 020 7580 4333

www.lewisandpartners.com

SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT

LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-

1. These particulars do not constitute any part of the offer for sale or contract for sale.2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the vendors or lessors.3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars.5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for identification purposes only.6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale.

7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to inspect the property and neighbouring areas.8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.9. All terms quoted are exclusive of value added tax unless otherwise stated.10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this property.11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.12. These details were prepared as of NOVEMBER 2020 Adrian Gates Photography & Design 07710 316 991

VAT PROPOSALValue added tax will be applicable on the sale of this property. We are seeking offers in excess of £5,450,000 (Five Million Four Hundred and Fifty Thousand

Pounds) subject to contract and exclusive of VAT for our client’s freehold interest in the above. A purchase at this level shows a net initial yield of 6.0% after allowance for purchaser’s costs of 6.6%.