A Modern & Attractive Light Industrial Investment Opportunity
- A modern and attractive Light Industrial Investment neighbouring the Neptune Business Park
- Developed in 2009, the park offers four separate buildings comprising a total of 56 units (seven of which have been sold)
- The remaining 49 units range from 275 sq ft to 774 sq ft, offering a total area of 26,456 sq ft (GEA) on a site of 1.71 acres (35.5% site cover)
- Flexible use class including B1, B2 & B8 (Town and Country Planning Act 1990)
- Each unit benefits from an eaves height of 5.5 metres, designated unit and visitor parking, mains electricity (with Smart Meters) and Telecommunications (including fibre-optic broadband)
- Currently let to 48 tenants with a gross rental income of £347,757 and a net income of £262,606 reflecting £9.93 per sq ft (GEA), with a high occupancy rate of 98.7% by floor space
- Significant asset management opportunities, including: potential to increase rental income through the letting of the vacant unit and to convert the licence income to longer-term leases
Cheltenham is a large historic spa town and regional centre located on the edge of the Cotswolds in Gloucestershire. The town lies near the north-eastern edge of the South West of England region being 88 miles (140 km) west-northwest of London, 38 miles (61 km) northeast of Bristol and 41 miles (65 km) south of Birmingham.
The town has a population of approximately 115,000 and is one of the most affluent and fashionable destinations in the south west as well as one of its premier commercial centres. This is a leading factor in the increasing number of global and national organisations basing both branches and regional headquarters in Cheltenham
The main commercial employers within the town include GCHQ (Government Communications HQ), Zurich Financial Services, Chelsea Building Society, Endsleigh Insurance, SuperGroup, Spirax, Sarco and UCAS.
Cheltenham benefits from excellent road communications being located adjacent to junctions 10 and 11 of the M5 motorway, both junctions are within 4 miles to the west of the town centre.
The M5 motorway provides access to the Midlands and the South West. The A40 trunk road passes through Cheltenham providing a link to the M40 motorway to the east to notable locations such as Oxford and on to London. The A417 has been upgraded between junction 11A of the M5 and junction 15 of the M4 motorway at Swindon significantly improving road communications within the area.
Cheltenham Spa Railway Station offers a regular service to London Paddington with a fastest journey time within 2 hours 5 minutes as well as direct services to Birmingham New Street and Bristol Temple Meads with fastest journey times of 45 mins and 40 mins respectively.
Additionally, Cheltenham benefits from its connectivity to airports, with Gloucester airport located just 3.5 miles away, while Bristol International Airport is located about 43 miles to the south west.
The property is situated adjacent to Neptune Business Centre, just south of Tewkesbury Road (A4019) which runs through Cheltenham. The estate is very proximate to the town centre, being 2 miles (3.2 km) north-west of Cheltenham, and is just 3 miles (4.8 km) east of Junction 10 of the M5 motorway.
Surrounding the site is a wider mix of residential and industrial / retail uses. In the immediate vicinity, local occupiers within the Neptune Business Centre include; Kwik Fit, Porsche, Winnens, City Electrical Factors and The Range. The Kingsditch Retail Park is located within a mile of the property, and is home to major retailers such as Halfords, Sainsbury’s, Argos, Jaguar and M&S.
The Business Centre comprises four separate, with a varied split of units between the buildings of 2 units, 8 units, 13 units and 33 units. The units are of modern construction, having been built in 2009. Unit sizes range from 275 sq ft to 774 sq ft, the majority of which are fitted with mezzanine floors. The total accommodation on the estate is 29,371 sq ft (GEA).
The eaves heights are approximately 5.5 metres. The property also benefits from approximately 61 designated unit and visitor parking spaces around the site, as well as loading access to each individual unit.
Each unit is front loading. The units are suitable for industrial, workshop, project space, warehouse, storage and office use.
The property includes two amenity blocks which boast kitchen and shower facilities. The site is protected by CCTV and a security barrier. 24/7 access is available.
The property occupies a site totalling 1.71 acres (0.69 of a hectare) with a site cover of approximately 35.5%.
The estate comprises a total of 56 units (seven have been sold), of which 47 are currently income producing, providing a total gross income of £347,757 per annum, which equates to an average overall rent of £13.13 per sq ft.
The estate attracts a diverse tenant mix including occupiers from the following trades; Health & Fitness, Engineering, Electrics & Design, General Retailers, Marketing & Media, Building & Construction Services, Automotive and General Services.
The property is held Freehold.
The property is elected for VAT and it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).
Offers in excess of £3,400,000 (Three Million, Four Hundred Thousand Pounds), subject to contract and exclusive of VAT
A purchase at this level reﬂects a Net Initial Yield of 7.25%.
MISREPRESENTATION ACT 1997 & DECLARATION
Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.