BOWLER PORTFOLIO - Allsop ?· BOWLER PORTFOLIO. PORTFOLIO OVERVIEW ... urther development opportunities…

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  • SIX INDUSTRIAL PROPERTIES

    BOWLER PORTFOLIO

  • SIX INDUSTRIAL PROPERTIES

    BOWLER PORTFOLIO

    PORTFOLIO OVERVIEW

    The portfolio compromises 6 industrial properties of a single and multi-let nature throughout South Wales. The portfolio offers:

    Asset management opportunities alongside secure income

    Total floor area of 851,577 sq ft

    Let at a passing rent of 1,937,289 pa equating to an average rent of 2.27 psf on let area

    Potential for reversion through fixed increases and rental growth

    Weighted average lease term of 9.35 years to expiry and 7.62 years to break

    37% of the portfolio let to covenants with a D&B rating of 5A1

    Offers in excess of 20,000,000 (Twenty Million Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 9.10% and a potential reversionary yield of 9.93% after standard purchasers costs of 6.48% and reflects a low capital value of 23.48 per sq ft.

  • Brecon Beacons National ParkForest of Dean

    Cardiff

    Swansea

    Bristol

    A483

    A470

    A465

    A465

    A449

    A449

    A417

    A465

    A438

    A438

    A479

    A470

    A470

    A483

    A4042

    A4172

    A4137

    A4103

    A4232

    A48

    A40

    A40

    A48

    A40

    A49

    A40

    A40

    A48

    A403

    A4

    A4

    A37

    A46A420

    A433

    A38

    A38

    M4M4

    M5

    M5

    M4

    M32

    M50

    M49

    M48

    A48(M)

    Port Talbot

    Neath

    Brecon

    Pontypridd

    Barry

    Penarth

    MerthyrTydfil

    Abergavenny

    Hereford

    GreatMalvern

    Pontypool

    BlackwoodCwmbrn

    Caerphilly

    Chepstow

    Ross-on-Wye

    ChippingSodbury

    PontsheadAvonmouth

    Weston-super-Mare

    CARDIFF

    SWANSEA

    NEWPORT

    BRISTOL

    GLOUCESTER

    BATH

    2

    5

    1

    4

    6

    3

    THE PROPERTIES

    Trojan Electronics Limited, Fabian Way, Kings Dock, Trojan Close, Crymlyn Burrows Swansea SA1 8QE

    Unit Superheater Engineering Limited, Elba Business Park, Elba Crescent, Swansea SA1 8QE

    Amnitec Limited, Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX

    Hawker Siddeley Switchgear Limited, CCS McLays Limited, Roydon Bottle Recycling Limited, Blackwood Business Park, Pontllanfraith, Blackwood NP12 2XH

    Smurfitt Kappa UK Ltd, Unit 22, Darren Drive, Prince of Wales Industrial Estate, Abercarn NP11 5AR

    Zodiac Seats UK Ltd Henry Thomas House, Llantarnam, Cwmbran NP44 3HB

    1 2 3 5 64

  • PROPERTY SCHEDULE

    21 3

    5 64

    Property Tenant Tenure Area sq ft Area Sq M Acres Total Rent psf ERV AWULT (certain) AWULT (expiry)

    Fabian Way, Kings Dock, Trojan Close, Crymlyn Burrows Swansea SA1 8QE

    Trojan Electronics Limited Virtual Freehold 182,318 16,937.76 8.19 529,000 2.90 556,200 12.40 12.40

    Elba Business Park, Elba Crescent, Swansea SA1 8QE

    Unit Superheater Engineering Limited Virtual Freehold 85,336 7,927.91 3.79 245,500 2.87 266,344 15.43 15.43

    Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX Amnitec Limited Freehold 126,293 11,732.91 6.79 252,500 2.00 252,500 5.40 5.40

    Blackwood Business Park, Pontllanfraith, Blackwood NP12 2XH

    Hawker Siddeley Switchgear Limited (1) CCS McLays Limited Roydon Bottle Recycling Limited

    Freehold 302,129 28,068.47 26.14 577,789 1.91 627,489 4.28 9.48

    Unit 22, Darren Drive, Prince of Wales Industrial Estate, Abercarn NP11 5AR

    Smurfit Kappa UK Limited (2) Freehold 131,228 12,191.38 13.90 247,500 1.89 328,070 0.80 0.80

    Henry Thomas, Llantarnam, Cwmbran NP44 3HB

    Zodiac Seats UK Limited Freehold 24,273 2,255.02 2.30 85,000 3.50 85,000 3.61 8.61

    TOTAL 851,577 79,113.45 61.11 1,937,289 2.27 2,115,603 7.62 9.35

    5

    4

    6

    1

    3

    2

    (1) New lease in solicitors hands. (2) New lease in negotiations.

  • TROJAN ELECTRONICS LIMITED, FABIAN WAY, KINGS DOCK, TROJAN CLOSE, CRYMLYN BURROWS SWANSEA SA1 8QE

    1

  • SWANSEA

    Crown Copyright, ES 100004106. For identification purposes only.

    As hleigh Terrace

    B4

    290

    New

    Road

    Baldwins Crescent

    Elba Cresce

    nt

    Ff

    ordd Ama

    zon

    Ffordd Amazon

    Hill V

    iew

    A483

    Fabian Wa

    y

    A483

    A483

    SWANSEAUNIVERSITYBAY CAMPUS

    SWANSEA BAY

    SWANSEA BAYGOLF CLUB

    Investment Rationale Located in Swansea, the second largest City in Wales Modern distribution unit close to the Amazon hub Let to Trojan Electronics Limited for over 12 years unexpired

    Benefit from fixed rental increases Further development opportunities at the front of the site

    LOCATION

    The Property is located in the city of Swansea, South Wales, approximately 40 miles (63.4 km) west of Cardiff and 11 miles (17.7 km) east of Llanelli. Swansea is Waless second largest city with a population of approximately 240,000 (Census 2011). Swansea is a regional commercial centre and as such has attracted a number of multi-national occupiers including; HSBC, Admiral Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard and DVLA. The City has undergone significant regeneration.

    Swansea benefits from excellent transport communications having access to four junctions off the M4. The A48 dual carriageway links the city with Carmarthen, whilst the A465 provides direct links to Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times of 50 mins and 2 hrs and 50 mins respectively.

    SITUATION

    The Property is situated approximately 3 miles (4.8 km) west of Swansea city centre, immediately north of Fabian Way (A483) which forms the main arterial route from the city centre to the M4. Surrounding occupiers include Amazon who occupy a 900,000 sq ft distribution unit directly east of the subject property, NPT Homes Limited, Neath Port Talbot Council and Intertissue Limited. To the south of Fabian Way, is the recently developed campus for Swansea University which includes student accommodation.

    DESCRIPTION

    The property comprises a large, modern warehouse with ancillary office accommodation totalling 182,318 sq ft. The unit is of steel portal frame construction with steel clad elevations beneath a steel clad double pitched roof. The unit benefits from a minimum eaves height of 7.5m, 4 roller shutter doors and 6 dock level loading doors. The offices are located along the western elevation of the warehouse and provide modern office accommodation with W/C and kitchen facilities.

    The property benefits from a large car park to the west of the site. Furthermore, there is a large yard to the south of the property providing the main loading facilities.

    SITE

    The property has a total site area of 8.19 acres (3.31 ha) providing a site coverage of 50%.

    TENURE

    999 year lease at a peppercorn.

    COVENANT INFORMATION

    Trojan Electronics Limited (04125912)

    31 March 2013

    31 March 2014

    31 March 2015

    Turnover 8,773,341 9,651,090 10,740,772

    Pre Tax Profit 107,335 572,679 56,360

    Net Worth 297,305 616,107 153,097

    EPC

    A copy of the EPC is available on request.

    Unit Use Tenant Sq Ft Start Expiry Rent Review Break Rent Rent (psf)

    ERV ERV (psf)

    Comments

    Unit 2.1 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 156,000 17/03/2015 16/03/2030 17/03/2020 n/a 453,000 2.90 476,400 3.05 Rent year 5-10 476,400 p.a. Year 10-15 500,970 p.a. Schedule of condition.

    Unit 2.2 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 26,318 17/03/2015 16/03/2030 17/03/2020 n/a 76,000 2.89 79,800 3.03 Rent year 5-10 79,800 p.a., Years 10-15 83,790 p.a. Schedule of condition.

    Total 182,318 529,000 2.90 556,200 3.05

    TENANCY SCHEDULE

    Ffordd Amaz

    on

    Drain

    KingsDock

    Building

  • UNIT SUPERHEATER ENGINEERING LIMITED, ELBA BUSINESS PARK, ELBA CRESCENT, SWANSEA SA1 8QE

    NEW SWANSEA UNIVERSITY CAMPUS2

  • SWANSEA

    Crown Copyright, ES 100004106. For identification purposes only.

    Investment Rationale Located in Swansea, the second largest

    City in Wales Large site with 2 high bay warehouses

    Let to Unit Superheater Engineering Limited for over 15 years unexpired

    Low rent average rent of 2.83 psf

    LOCATION

    The Property is located in the city of Swansea, South Wales, approximately 40 miles (63.4 km) west of Cardiff and 11 miles (17.7 km) east of Llanelli. Swansea is Waless second largest city with a population of approximately 240,000 (Census 2011). Swansea is a regional commercial centre and as such has attracted a number of multi-national occupiers including; HSBC, Admiral Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard. and DVLA. The City has undergone significant regeneration of late.

    Swansea benefits from excellent transport communications having access to four junctions off the M4. The A48 dual carriageway links the city with Carmarthen, whist the A465 provides direct links to Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times of 50 mins and 3 hrs and 50 mins respectively.

    SITUATION

    The Property is situated approximately 3 miles (4.8 km) west of Swansea city centre, immediately north of Fabian Way (A483) which forms the main arterial route from the city centre to the M4 (Junction 42). Surrounding occupiers include Amazon who occupy a 900,000 sq ft distribution unit directly east of the subject site, NPT Homes Li