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FREEHOLD INDUSTRIAL INVESTMENT AND DEVELOPMENT LAND
GIPPING WAY, STOWMARKET IP14 1EY
2
Investment SummaryImportant 16.44 acre town centre industrial
investment with development land
Extensively refurbished single let 192,003 sq ft
production and warehouse facility fully let to
Bosch Lawn & Garden Ltd on FR&I terms with
a lease expiring 01/01/2028 giving 9.8 years
unexpired (5.8 years to break) with a rent review
at year 5
Lease guaranteed by Robert Bosch Gmbh
(turnover €73bn December 2016)
Rental income of £615,000 per annum
exclusive, reflecting £3.20 per sq ft overall on
the unit let to Bosch
7.36 acres of additional development land with
partial A1 planning consent
We are instructed to seek unconditional offers
in excess of £9,000,000 subject to contract
and exclusive of VAT. A purchase at this level
reflects a net initial yield of 8.00% and a low
capital value of £37.54 per sq ft on the Bosch
facility and a capital value of £1,800,000 for
the development land, assuming purchaser’s
costs of 6.68%
33
NorwichNorwichNorwich
FelixstoweFelixstoweFelixstowe
IpswichIpswichIpswich
LONDONLONDONLONDON
HarwichHarwichHarwich
Peterborough Peterborough Peterborough
King's LynnKing's LynnKing's Lynn
M40
M1
LutonLutonLuton
NorthamptonNorthamptonNorthampton
A12
A12
A14
A14
A1A47
A47
A146
ColchesterColchesterColchester
StanstedStanstedStansted
M25
M11A1(M)
Bishop'sBishop'sStortfordStortfordBishop'sStortford
A1(M)
STOWMARKETSTOWMARKETSTOWMARKETA14
A140 LowestoftLowestoftLowestoft
A120
CambridgeCambridgeCambridge
Bury Bury St EdmundsSt Edmunds
Bury St Edmunds
STOWMARKETSTOWMARKETSTOWMARKET
A14
NEEDHAM ROAD
TornoTornoIndustrial Industrial
EstateEstate
TornoIndustrial
Estate
GIPPING WAY
IPSW
ICH
ROAD
NEEDHAM ROAD
River GippingRiver GippingRiver Gipping
River River GippingGippingRiver
Gipping
Location Stowmarket is in Suffolk located
on the A14 (J49 / J50) between
Bury St Edmunds to the north west
and Ipswich to the south east, both
of which are within approximately
13 miles. Cambridge is 42 miles
to the west and London
approximately 89 miles south west.
Stowmarket’s location benefits
from the strategic positioning
between the port of Felixstowe
27 miles to the south east and
the M11 motorway 40 miles to
the west.
Proximity to the A14 and major
motorways provides easy access to
75% of the UK’s population within a
4.5-hour drive time. Stowmarket has
a district population of 99,600 (2015)
and a resident population of 128,000
within a 10 mile radius.
Stowmarket Railway Station is within
a 10 minute walk and is served by
Greater Anglia trains with a
connection to Cambridge in just
over an hour, and to London
Liverpool Street in a fastest journey
time of 1 hour 18 minutes.
Situation The property occupies a highly visible and
prominent site with direct access via Gipping
Way (A1308), which runs north to south,
through the centre of Stowmarket.
Situated south of the A14 the site is accessed
by car from Junction 49 or Junction 50
approximately 2 miles away.
The site is less than 0.5 miles away from
Stowmarket Railway Station providing access
by foot in under 10 minutes.
Stowmarket’s main shopping and retail streets
are Ipswich Street and Bury Street which run
parallel to Gipping Way just 100m to the west.
Key retailers include; Boots the Chemist,
Argos, Asda Superstore, Carphone
Warehouse, Holland & Barrett, One
Stop, Barnards Volkswagen and Hughes.
B&M Bargains is located directly
opposite the site on Gipping Way.
Between the Bosch facility and
development site C are two new trade
counter units let to Wickes and Travis
Perkins.
On the south westerly side of Gipping
Way, opposite the site, is a public car
park and to the south sits residential.
Needham RoadNeedham RoadIndustrial EstateIndustrial EstateNeedham RoadIndustrial Estate
J50
STOWMARKET STOWMARKET TOWNTOWN
CENTRECENTRE
STOWMARKET TOWN
CENTRE
A1120
A1308
4
Description The subject property comprises an industrial
facility let to Bosch Lawn & Garden Ltd, together
with four development sites.
The Bosch facility consists of a production,
research and testing warehouse and adjoining
office. The facility is of steel portal frame
construction with corrugated metal clad
elevations under a pitched roof. The roof has
been extensively replaced on the majority of the
building. The facility benefits from the following
specification:
Roof and guttering replaced on the entirety
of the production and warehouse portion of
the building
Recently re-clad exterior
High specification fit-out with significant
investment from the tenant
Suspended ceilings VRF air conditioning
CAT2 recessed modular lighting throughout
with an LED upgrade in progress
Recently re-clad exterior
3 compartment trunking and 6 compartment
service pole power provisions
Additional staff facilities such as WCs and a
canteen are available on site.
Development sites A, B, C and D are a mixture of
greenfield, scrubland and hardstanding.
Site C benefits from outline planning consent for
Class A1 usage.
5
4
CR
61
Tk
SL
SL
57
65
81
4
FB
FB
SL
FB
LB
El
H1
Bdy
Chy
Tks
28a
The
129
Tks
106
Tks
116
H4
0
Tank
Ward
Tank
Pond
Weir
Drain
Posts
Masts
House
Tanks
Tan
ks
Works
Tanks
Tanks
Tanks
A1
308
17
to
22
Car Park
El Sub Sta
El Sub Sta
ElS
ub
Sta
GIP
PI N
GW
AY
ED
&
Wa
rd B
dy
BR
IDG
ES
TRE
ET
River G
ipping
Sheringham Court
IRO
NF
OU
ND
RY
RO
AD
ROAD
NAVIGAT
A
B
D
CSite
The total site area extends
to approximately 6.66
hectares (16.44 acres).
This is made up as follows:
Site hectares acres
A 0.49 1.21
B 0.72 1.77
C 1.15 2.84
D 0.62 1.54
Bosch 3.67 9.08
Total 6.65 16.44
Iron Foundry Road is adopted
by Suffolk Country Council.
Wickes and Travis Perkins
are required to pay a fair and
reasonable proportion of
the costs of repair relating
to the road leading from Iron
Foundry Road which services
Site C, Wickes, and Travis
Perkins, as this is not adopted.
El
24
27
28b
Sta
Previous residential scheme
Current scheme showing proposed A1 retail (Site C)
WarehouseWarehouseWarehouse
CanopyCanopyCanopy
OfficeOfficeOffice
AB
C
6
Development Sites A - D Sites A - D fall within the Industrial Commercial
Corridor in the Stowmarket Area Action Plan, which
actively encourages mixed use development.
Site C benefits from existing outline planning
consent for the development of two A1 retail units
comprising 43,760 sq ft as well as parking, servicing
and landscaping (MSDC Ref. 0396/17).
In recent times the neighbouring units let to Wickes
and Travis Perkins were granted consent for trade
counter and retail usage within Class A1 and
Suis Generis (MSDC Ref. 0885/15).
Sites A, B and C have in the past had outline
planning consent for a residential development
scheme (MSDC Ref. 1170/06).
Options to Purchase Site A - has an Option to Purchase by Mototechniks
Limited at a value of £250,000 which expires 12/11/2018.
Site C - had an Option to Purchase at a value of
£1,000,000 by Robottom Developments Limited which
expired on 30/11/2017. Robottom Developments Limited
are currently seeking to renew this option.
View from south east of the site, showing Gipping Way and BoschView from north west of the site, showing Wickes and Travis Perkins
A B C
D
Accommodation The Bosch facility has been measured to
provide the following GIA areas:
Tenure Freehold.
Description sq m sq ft
Ground Warehouse 14,804 159,351 Ground Office 2,115 22,765
Other - (Canopy / Stores) 918 9,887 Total 17,837 192,003
Tenancy The Bosch facility is let on full repairing and insuring terms to Bosch Lawn
and Garden Ltd (company number: 030734910) from 01/01/2018 for a
term of 10 years expiring on 01/01/2028, with a tenant only break at year 6
subject to 12 months notice.
The passing rent is £615,000 per annum exclusive (£3.20 per sq ft overall)
with an upward only open market rent review at year 5.
The lease is outside of the Landlord and Tenant Act 1954 Part II.
The lease is subject to a photographic schedule of condition.
Robert Bosch Gmbh (the parent corporation incorporated in Germany)
provide a guarantee to the lease.
37
Covenant Information Bosch Lawn & Garden Ltd has a Dun & Bradstreet Rating of 2A 1. Their latest
set of financial accounts are set out below:
Robert Bosch Gmbh, the guarantor, has a Dun & Bradstreet Rating of 5A 1.
Below is the financial summary based on balance sheet according to German
HGB accounting standards.
Bosch Lawn and Garden Limited 31.12.2016 31.12.2015 31.12.2014 ... (£000s) (£000s) (£000s)
Sales Turnover 127,952 173,817 172,035
Profit / (Loss Before Taxes) 4,374 (15,578) (502)
Tangible Net Worth 5,460 (6,076) 1,645
Net Current Assets (Liabilities) 20,574 3,486 12,884
Robert Bosch Gmbh 31.12. 2016 31.12.2015 31.12.2014 .... (EUR 000s) (EUR 000s) (EUR 000s)
SalesTurnover 73,129,000 70,607,000 48,951,000
Profit / (Loss Before Taxes) 3,367,000 4,489,000 3,351,000
Net Current Assets (Liabilities) 18,480,000 16,891,000 17,351,000
8
Date Address Size (sq ft) Price NIY Tenant Term Years Purchaser
....... (per sq ft) (Break)
December 2017 Units 1-4 Venture Park, Stirling Way, Peterborough, PE3 8YD 115,327 £3,810,000 6.91% Greencore Food To Go Ltd. 3.2 to expiry Stenprop Ltd
..... (£33.04) (0.7) Bartec Auto Ltd. Glass Systems Ltd.
August 2017 Deeside Industrial Estate, Parkway Deeside, Flintshire, CH5 2NS 174,129 £9,000,000 7.03% Mondi Consumer 12.25 Salmon Harvester
........ (£51.96) Good Packaging UK Ltd Properties Ltd
July 2017 Storeys Bar Rd, Peterborough, PE1 5YS 182,000 £5,700,000 8.64% Walstead Investments Ltd. 4 AEW UK REIT
....... (£31.32)
May 2017 RDC House, Springwood Dr, Braintree, CM7 2YN 351,167 £14,450,000 6.48% RDC 6.5 Aberdeen Asset ....... ..........
........ (£41.15) Management
May 2017 Sywell Distribution Centre, Wellingborough Road, 291,557 £9,500,000 7.40% Premium Warehousing Ltd 10 Local Authorities Mutual
........................... Northampton, NN6 0BN (£32.58) (2.5) Investment Trust
March 2017 Needham Rd, Stowmarket, IP14 2QP 199,671 £11,500,000 6.00% XPO Logistics 11.5 Bracknell Forest Borough
........ (£57.59) Council
..... March 2017 Vulcan Way, New Addington, CR9 0DB 64,130 £3,130,000 7.20% Alliance Healthcare 1.5 Private
...... (£48.80) (Distribution) Ltd.
March 2017 Crownhill Business Centre, Vincent, Milton Keynes, MK8 0AB 112,732 £8,450,000 7.52% Multi-let on 13 leases. AWULT of 4.99 Northumberland
.......... (£74.96) (3.96) Estates
.............. ...........
Investment Comparables
9
Not to scale, for indicative purposes only
Should you have any queries or
wish to make a site inspection,
please contact:
Richard Walden
DD: 020 3761 3649
Andrew Groves
DD: 020 7297 6274
Bidwells
25 Old Burlington Street
London W1S 3AN
Tel: 020 7493 3043
February 2018
Further Information
10
EPC The warehouse facility has been given an EPC
rating of C62.
The office facility has been given an EPC rating
of C64.
VAT The property is elected for VAT. It is assumed this
transaction will be structured as a transfer of a
going concern.
Site Value
A £250,000
B £300,000
C £1,000,000
D £250,000
Total £1,800,000
Proposal We are instructed to seek
unconditional offers in excess of
£9,000,000 subject to contract and
exclusive of VAT for our client’s
freehold interest of the whole. This
reflects a net initial yield of 8.00%
on the Bosch facility, and a low capital
value of £37.54 per sq ft, assuming
purchaser’s costs of 6.68%.
This assumes the
following development
site values:
Bidwells
25 Old Burlington Street
London W1S 3AN
Tel: 020 7493 3043
bidwells.co.uk
IMPORTANT NOTICE
Bidwells LLP act for themselves and for the vendors of this property, whose
agents they are, give notice that:
Nothing contained in these particulars or their contents or actions, both
verbally or in writing, by Bidwells LLP form any offer or contract, liability or
implied obligation to any applicants, viewing parties or prospective
purchasers of the property to the fullest extent permitted by law and should
not be relied upon as statements or representative of fact. No person in the
employment of Bidwells LLP or any joint agents has authority to make or give
any representation or warranty whatever in relation to this property. Any
areas of measurements or distances are approximate. The text, photographs
and plans are for guidance only, may not be to scale and are not necessarily
comprehensive. No assumptions should be made that the property has all
necessary planning, building regulation or other consents. Bidwells LLP has
not carried out a survey, nor tested the services, appliances or facilities.
Purchasers must satisfy themselves by inspection or otherwise. All rentals
and prices are quoted exclusive of VAT unless otherwise stated. Prospective
purchasers may be asked to produce identification of the intended Purchaser
and other documentation in order to support any conditional offers
submitted to the vendors. Bidwells LLP accepts no liability of any type arising
from your delay or other lack of co-operation. We may hold your name on our
database unless you instruct us otherwise.
OS licence no. ES 100017734. © Copyright Bidwells LLP 2017. Bidwells LLP
is a limited liability partnership registered in England and Wales (registered
number OC 344553). Registered office is Bidwell House, Trumpington Road,
Cambridge CB2 9LD where a list of members is available for inspection.
Your statutory rights are not affected by this notice.
