Property Auctions 11/Dec/2014 | Units A & B Hall Road, Norwich, Norfolk, NR4 6EG

Substantial Freehold Trade Counter/ Warehouse Investment

Let to Multi-Tile Limited, Ashtead Plant Hire Company Limited and Simon Long Removals Limited
Leases expire in 2022, 2023 and 2024 (subject to options)
Large Site – approximately 0.72 hectares (1.77 acres)
Established Warehouse/Trade Counter location
Asset Management Opportunities

Lot 10
Auction 11th December 2014
Rent £155,000 per Annum Exclusive
Status Sold
Price £1,730,000
Sector
Trade Counter/Builders Merchants
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the instructions of T.Perkin and T.Webb of CBRE Limited acting as Joint Fixed Charge Receivers

Property Information

Location

Miles: 40 miles north of Ipswich, 61 miles north-east of Cambridge
Roads: A11, A47, A140, A146
Rail: Norwich Railway Station
Air: Norwich International Airport

Situation

The property is situated approximately two miles south of Norwich City Centre, on Hall Road, close to its junction with Ipswich Road (A140). Nearby occupiers include a B&Q Warehouse, Vauxhall motor dealership, a Holiday Inn hotel and a Tesco Extra Superstore about a mile away. To the north of the property, along Hall Road is the former Norwich Livestock Market which has now been
redeveloped in part for retail warehouse use, together with the White Lodge Business Estate, which features mixed commercial/light industrial uses.

Tenure

Freehold.

Location

Miles: 40 miles north of Ipswich, 61 miles north-east of Cambridge
Roads: A11, A47, A140, A146
Rail: Norwich Railway Station
Air: Norwich International Airport

Situation

The property is situated approximately two miles south of Norwich City Centre, on Hall Road, close to its junction with Ipswich Road (A140). Nearby occupiers include a B&Q Warehouse, Vauxhall motor dealership, a Holiday Inn hotel and a Tesco Extra Superstore about a mile away. To the north of the property, along Hall Road is the former Norwich Livestock Market which has now been
redeveloped in part for retail warehouse use, together with the White Lodge Business Estate, which features mixed commercial/light industrial uses.

Tenure

Freehold.

Description

The property comprises two detached warehouse/trade counter units, providing warehouse and office accommodation over ground and first floors. Unit A has been sub-divided to form two units (A1 and A2) trading as Topps Tiles and Simon Long Removals and Unit B trades as A-Plant. The property benefits from a total site area of about 0.72 hectares (1.77 acres).

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two detached warehouse/trade counter units, providing warehouse and office accommodation over ground and first floors. Unit A has been sub-divided to form two units (A1 and A2) trading as Topps Tiles and Simon Long Removals and Unit B trades as A-Plant. The property benefits from a total site area of about 0.72 hectares (1.77 acres).

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
A1	Ground First	Trade Counter/Ancillary Office/Ancillary	550.71 sq m 29.91 sq m	(5,928 sq ft) (322 sq ft)	MULTI-TILE LIMITED (t/a Topps Tiles) (1)	10 years from 01/04/2013 (2)	£35,000	01/04/2018 (31/03/2023)
A2	Ground First	Warehouse/Self-Storage/Ancillary Office/Ancillary	550.71 sq m 30.66 sq m	(5,928 sq ft) (330 sq ft)	SIMON LONG REMOVALS LIMITED (3)	10 years from 02/10/2012 (5)	£35,000 (4)	02/10/2017 (01/10/2022)
B	Ground First	Warehouse/Ancillary Office/Ancillary	1,205.93 sq m 77.48 sq m	(12,981 sq ft) (834 sq ft)	ASHTEAD PLANT HIRE COMPANY LIMITED (t/a A-Plant) (6)	15 years from 06/08/2009 (7)	£85,000 (8)	06/08/2019 (05/08/2024)
Totals			2,445.41 sq m	(26,323 sq ft)			£155,000 (4) (8)

(1) Topps Tiles is the UK’s leading tile and wood flooring specialist, trading from over 330 UK based stores. For the year ending 28/09/2013, Multi-Tile Limited reported a turnover of £2,640,299, pre-tax profits of £8,585,042 and a total net worth of £144,591,277. (Source: www.toppstiles.co.uk and www.riskdisk.com 11/11/2014).
(2)The lease to Multi-Tile Limited (t/a Topps Tiles) provides for a tenant option to determine in April 2018.
(3)Trading as 4 Secure Self Storage. With over 20 years’ experience, Simon Long Removals specialise in residential and commercial removal and provide storage solutions from four offices, covering Norfolk and Gloucestershire. For the year ending 31/03/2014, Simon Long Removals Limited reported a total net worth of £1,245,860. (Source: www.simonlongremovals.com and www.riskdisk.com 11/11/2014).
(4)The current rent reserved under the terms of the lease is £30,000 p.a.x. with a fixed rental increase to £35,000 p.a.x. in October 2015. The Seller will pay the Buyer the rent that is due in October 2015, namely £35,000 p.a.x. from completion of the sale.
(5)The lease to Simon Long Removals Limited provides an option to determine in October 2017.
(6)A-Plant is one of the UK’s largest plant, tool and equipment hire companies, employing 2,250 from over 125 locations across the UK. A-Plant has a global reach as it forms part of FTSE-100 Group, Ashtead Group plc, the second largest equipment rental company in the world. For the year ending 30/04/2013, Ashtead Plant Hire Company Limited reported a turnover of £206,097,000, pre-tax profits of £5,202,000 and a total net worth of £121,715,000. (Source: www.riskdisk.com 11/11/2014).
(7)The lease to Ashtead Plant Hire Company Limited provides for a tenant option to determine in August 2019.
(8)The current rent reserved under the terms of the lease is £42,500 p.a.x. with a fixed rental increase to £85,000 p.a.x. in March 2016. The Seller will pay the Buyer the rent that is due in March 2016, namely £85,000 p.a.x. from completion of the sale.