Freehold Central London Industrial and Office Investment
Approximately 921.57 sq m (9,920 sq ft) in a prominent industrial location
Let until 2023 (subject to option)
Includes three central London units close to Stratford and the Docklands
Nearby occupiers include Sainsbury's, Amazon and Menzies Distribution
Lot 78
Auction 24th May 2018
Rent £125,400 per Annum Exclusive
Status Sold Prior
Price
Sector Industrial, Warehouse
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
1.5 miles north-east of Canary Wharf, 4 miles east of The City of London
Roads
A12, A13, M25, M11
Rail
Bromley-by-Bow Underground, West Ham DLR, West Ham Railway Station
Air
London City Airport, Stansted Airport, Heathrow Airport
Situation
The property is prominently located in a well established and popular industrial and commercial location some 4 miles east of the City of London. The property is situated equidistant between the London Docklands, with Canary Wharf the UK’s No. 1 financial hub outside of the City of London, and the new Stratford city with major commercial and residential developments on the Olympic Park and the new major Westfield Shopping Centre. The A12 dual carriageway is approximately 500 metres away, allowing access to the A406 North Circular Road and M25 Motorway. The wider estate includes major Prologis buildings and occupiers such as Amazon and Sainsbury’s and Menzies Distribution
units.
Tenure
Freehold.
Location
Miles
1.5 miles north-east of Canary Wharf, 4 miles east of The City of London
Roads
A12, A13, M25, M11
Rail
Bromley-by-Bow Underground, West Ham DLR, West Ham Railway Station
Air
London City Airport, Stansted Airport, Heathrow Airport
Situation
The property is prominently located in a well established and popular industrial and commercial location some 4 miles east of the City of London. The property is situated equidistant between the London Docklands, with Canary Wharf the UK’s No. 1 financial hub outside of the City of London, and the new Stratford city with major commercial and residential developments on the Olympic Park and the new major Westfield Shopping Centre. The A12 dual carriageway is approximately 500 metres away, allowing access to the A406 North Circular Road and M25 Motorway. The wider estate includes major Prologis buildings and occupiers such as Amazon and Sainsbury’s and Menzies Distribution
units.
Tenure
Freehold.
Description
The property comprises a terrace of three industrial units which forms part of a larger industrial estate totalling 8 units. Each unit comprises ground floor industrial/workshop accommodation with a height of 4.40m (14.44 ft) and a complete floor of offices benefiting from A/C and suspended ceilings. The first floor offices can be accessed directly without entering the industrial accommodation.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a terrace of three industrial units which forms part of a larger industrial estate totalling 8 units. Each unit comprises ground floor industrial/workshop accommodation with a height of 4.40m (14.44 ft) and a complete floor of offices benefiting from A/C and suspended ceilings. The first floor offices can be accessed directly without entering the industrial accommodation.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground
First
Workshop/ Industrial Office
461.83 sq m
459.46 sq m
(4,971 sq ft)
(4,945 sq ft)
MEDICAL SERVICES LIMITED (1)
8 years from 12/11/2015 (2)
£125,400
12/11/2019 (11/11/2023)
Total
921.29 sq m
(9,916 sq ft)
£125,400
(1) For the year ending 31st December 2016, Medical Services Limited, now known as FALCK UK Ambulance Service Limited, reported a turnover of £33,544,000, a pre-tax loss of negative £9,594,000 and a net worth of negative £4,953,000 (Source: Experian Group 07/02/2018). Falck operates within four business areas: healthcare, assistance, safety services and emergency. It was founded in 1906 and now has 35,000 employees in 46 countries (Source: http://www.falck.com/en/). (2) The lease is subject to a tenant option to determine on 12/11/2020. (3) The seller and the tenant have an agreement for the tenant to pay the seller the sum of £84,992.01 plus 20% per annum plus VAT for works undertaken to the property. This sum is being paid monthly at a rate of £11,531.12 plus VAT until the end of the lease term. The seller will assign the seller’s rights under this agreement to the buyer on completion of sale.
