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FREEHOLD MULTI LET TRADE COUNTER / WAREHOUSE INVESTMENTLINK 47, JOHN HYRNE WAY, LONGWATER BUSINESS PARK, NORWICH, NR5 0AF
Investment SummaryMulti-let trade counter/warehouse
property situated 6 miles west of Norwich
city centre within an established retail,
leisure and commercial area
Immediate access to A47 Norwich bypass
3 units providing 3,831.17 sq m
(41,238 sq ft) built between 2008 and
2016 and a surfaced yard of 0.405 hectares
(1 acre) with future development potential
(subject to planning)
Freehold
Total income of £336,000 per annum with
reversionary potential based on a recent
pre-letting to Belron
71% of income from D&B 5A1
tenant/guarantees
Average weighted unexpired lease term
of 6.83 years
Quoting offers in the region of £4,670,000
subject to contract and exclusive of VAT
for our client’s freehold interest
A purchase at this level reflects a net initial
yield of 6.75%, assuming standard
acquisition costs of 6.58%
Location Norwich is a major East Anglian centre with a resident population of approximately
143,500 (2010) rising to 250,000 within the Greater Norwich area and suburbs.
The A11 connects Norwich to Cambridge and the M11 motorway. The A140
provides a link to Ipswich and the A47 links Norwich to the A1 and the Midlands.
Road communications have been greatly improved with the recent upgrading of
the A11 to full dual carriageway status.
Norwich lies 118 miles to the north of London, 45 miles north of Ipswich,
64 miles north east of Cambridge and 77 miles east from Peterborough.
The city has a strong retail centre with major occupiers including John Lewis,
Debenhams, House of Fraser, M&S and Jarrolds. The city is home to the
University of East Anglia, a top 20 University with 14,000 students, and has a
diverse business community with major occupiers including Aviva, Marsh,
Virgin Money, Moneyfacts, Kettles Food, Anglian Windows, John Innes Centre
and The Sainsbury Laboratory.
Situation Link 47 forms part of Longwater Business Park, an established retail, leisure and
commercial scheme on the west side of Norwich, with immediate access to the A47
Norwich southern bypass and in close proximity to Norfolk Showground. The scheme
is currently home to Lotus, Autoglass/Laddaw, Dawsonrentals Truck & Trailer, East of
England Ambulance Service, Dardan Security with a Marstons Copper Beach
pub/restaurant on its frontage. Two further plots are available for development of
0.19 hectares (0.49 acres) and 0.207 hectares (0.51 acres) respectively.
The scheme is adjacent to Longwater Retail Park where occupiers include Sainsburys,
The Range, Norwich Lighting Centre, Staples, Boots, M&S Foodhall, Pets at Home,
Sports Direct, Argos, Pizza Hut and McDonalds. Other occupiers nearby include a Next
out of town store incorporating Costa, KFC and Carrefour Health & Fitness Centre.
Longwater is also the focus of substantial new residential development in the city at
Queens Hills (1,900 homes), Taylor Wimpey’s Hampden View (287 homes) and Hopkins
Homes, Farfield Park (224 homes) and Keir Living’s St Walstans (325 homes).
HARWICHHARWICHHARWICH
LOWESTOFTLOWESTOFTLOWESTOFT
GREATGREATYARMOUTHYARMOUTH
GREATYARMOUTH
FELIXSTOWEFELIXSTOWEFELIXSTOWESTANSTEDSTANSTEDSTANSTED
CAMBRIDGECAMBRIDGECAMBRIDGE
IPSWICHIPSWICHIPSWICH
COLCHESTERCOLCHESTERCOLCHESTER
PETERBOROUGHPETERBOROUGHPETERBOROUGH
KING’S LYNNKING’S LYNNKING’S LYNN
CHELMSFORDCHELMSFORDCHELMSFORD
THETFORDTHETFORDTHETFORD
NORWICHNORWICHNORWICH
BEDFORDBEDFORDBEDFORD
CROMERCROMERCROMER
M25
M25
LONDONLONDONLONDON
A12
A11
A47
A11
A10
A10
A141
A128
A12
A12
A14
A14
A14
A14
A1
A1
A47A47
A11
A148
A140
A140
A134
A134
M1
M1
M11
M11
A1M
A1MKING’S KING’S LYNNLYNNKING’S LYNN
LONDONLONDONLONDON
IPSWICHIPSWICHIPSWICH
GREATGREATYARMOUTHYARMOUTH
GREATYARMOUTH
CROMERCROMERCROMER
LOWESTOFTLOWESTOFTLOWESTOFT
LITTLE MELTONLITTLE MELTONLITTLE MELTON
COLNEYCOLNEYCOLNEY
CRINGLEFORDCRINGLEFORDCRINGLEFORD
KESWICKKESWICKKESWICK
INTWOODINTWOODINTWOOD
SWARDESTONSWARDESTONSWARDESTON
EARLHAMEARLHAMEARLHAM
EATONEATONEATONLAKENHAMLAKENHAMLAKENHAM
TROWSE TROWSE NEWTONNEWTONTROWSE NEWTON
CATTONCATTONCATTON
SPROWSTONSPROWSTONSPROWSTON
THORPE ENDTHORPE ENDTHORPE END
THORPETHORPEST ANDREWSST ANDREWS
THORPEST ANDREWSBOWTHORPEBOWTHORPEBOWTHORPE
COSTESSEYCOSTESSEYCOSTESSEY
UPPERUPPERHELLESDONHELLESDON
UPPERHELLESDON
HELLESDONHELLESDONHELLESDON
Norwich Airport
NorwichNorwichNorwich
NORWICHNORWICHNORWICHA47
A47
A47
A11
A140
A1242
A1042
A1074
A1042
A1151
A146
A147
RING ROAD
LONGWATERLONGWATERLONGWATER
Belron t/aLaddaw & AutoglassLotus Cars
Sainsburys
Dawsonrentals Truck & Trailer
To A1(M)To A1(M)To A1(M) To A11To A11To A11A47
BMW/MiniEast of EnglandAmbulance Service
NorwichSouthern Bypass
LongwaterRetail Park
Dardan Security
MarstonsThe Copper Beach
car parking
GIA
:1,115m²
(12,000 sq.ft)
car parking
Marsto
n's
Copper B
ee
ch
gents
ladies
kitchen
meeting room
lobby
reception
manager
office
ladies
gents
office
dis
rest room
vehicle wash dow
n
goods in/out
goods in/out
cycle rack
bin store
palladin security fence
palladin security fence
gate
B
B
B
B
B
B
B
B
B
B
B
B
car parking
palladin security fence
palladin security fence
Site Plan
Belron t/a Laddaw & Autoglass Dardan Security
Lotus Cars
East of EnglandAmbulance Service
DawsonrentalsTruck & Trailer
MarstonsMarstonsThe Copper BeachThe Copper Beach(Pub/restaurant)(Pub/restaurant)
MarstonsThe Copper Beach(Pub/restaurant)
Unit 2Unit 2Unit 2
Unit 6Unit 6Unit 6
Unit 7Unit 7Unit 7
Plot 10Plot 10Plot 10
Description The property comprises 3 modern warehouse units
constructed in 2008 and 2016 totalling 3,831.17 sq m
(41,238 sq ft) and a surfaced yard used for trailer parking of
0.405 hectares (1 acre). The units are of steel portal frame
construction with a combination of metal cladding and
profiled steel external envelope. Unit 2 has two roller shutter
loading doors and a minimum eaves height of 6.6m. The
tenant has installed offices and a substantial mezzanine of
approximately 494 sq m (5,318 sq ft). Unit 6 has one roller
shutter loading door and a minimum eaves height of 6m.
The tenant has fully racked the unit and built a training area
within the building. Unit 7 has three roller shutter loading
doors and a minimum eaves height of 7.5m.
Accommodation and EPC Ratings The property provides the following approximate gross internal areas:
Unit Use Area Area Comments Site Area Site Area Site EPC ...... sq m sq ft sq m Acres Cover Rating
Unit 2 Grd Warehouse 1,116.68 12,020 28 car spaces 2,724 0.67 41% D76
Unit 6 Grd Warehouse 711.79 7,662 17 car spaces 6,904 1.71 34% E119
Unit 7 Grd Warehouse 1,368.33 14,728 32 car and 9 trailer spaces C73
.....................Grd Office 299.58 3,225
................... 1st Office 299.58 3,225
..................... ........................ .............. . 1st Mezz 35.22 379
.... Subtotal 2,002.71 21,557
Plot 10 - - Surfaced yard 4,045 1.00 n/a n/a
TOTAL 3,831.17 41,238 13,673 3.38
The tenant has installed full height racking. This unit
has low site cover and our client has illustrative plans for
a potential 5,000 sq ft extension. All units benefit from a
good sized loading yard surfaced in a combination of brick
paviours and tarmac to provide parking and loading space.
Plot 10 comprises a surfaced yard of 0.405 hectares
(1 acre) with secure fence and gate which provides trailer
parking for 28 vehicles, 4 car spaces, portacabin office
and wash down bay.
The scheme is accessed via John Hyrne Way which forms
part of the estate service charge and Alex Moorhouse
Way which is an adopted highway.
Unit 7
Unit 7
Unit 6
DawsonrentalsPlot 10
Unit Tenant Rent Rent Lease Lease Rent Comments ... ..... (Guarantor) £pa £psf Start Expiry Review
Unit 2 Belron UK Ltd t/a £96,000 £7.99 2.2.16 1.2.31 2.2.21 Rent commences 6.10.16.
..... Autoglass/Laddaw Rent review assumes shell specification including WCs but no offices
Units 6 & 7 Lotus Cars Ltd £200,000 £6.56* 9.11.10 8.11.20 - Stepped Rent: £170,000 wef 9.11.15, £177,500 wef 9.11.16; £185,000 wef 9.11.17;
... (Group Lotus Ltd) £192,500 wef 9.11.18; £200,000 wef 9.11.19. Top up by vendor
Plot 10 Dawsonrentals £40,000 £0.92 13.6.16 12.6.21 - Stepped Rent £38,000 with fixed increase to £40,000 wef 13.6.20
.... Truck & Trailer Ltd Top up by vendor. Lease excluded from s24-28 of 1954 Act
TOTAL £336,000
* Assumes half rate on mezzanine and £0.92psf on excess yard above 40% site cover.
Tenancies The property is let in accordance with the tenancy schedule
below on effective full repairing and insuring terms:
Service Charge A service charge is contained in the leases for maintenance of the common parts and the estate road
(John Hyrne Way) until such time as it is adopted. This is fully recoverable from the tenants.
Tenure Freehold.
Tenant Covenants Belron are the the world's leading vehicle glass repair and
replacement group. Home to 26,500 employees, Belron
operates across 34 countries and 5 continents. It operates
under the Autoglass and Laddaw brands in the UK and at this
site. Laddaw is the distributor of 15,000 windscreen products
handled across the company’s network of eighteen branches
and main distribution centre near Coalville in Leicestershire.
Autoglass is the UK’s leading vehicle glass repair and
replacement company, serving more than 1 million motorists
each year - 24 hours a day, 7 days a week, 365 days a year.
Link 47 serves the Norfolk and Suffolk regions.
Over more than 60 years in the making, Lotus has become both
a class-leading manufacturer of sports cars and a globally
respected automotive engineering consultancy, working with
many of the world’s most prestigious car manufacturers.
Lotus has remained true to the ethos of its founder Colin
Chapman. Applying his approach to precision engineering
and automotive innovation, but using the latest technologies
and advanced materials, it ensures that every Lotus is strong
yet light and simply amazing to drive. Each Lotus car is built
by hand, and is just one of around 2,000 vehicles a year that
leave the famous factory in Hethel, Norfolk which is close by.
Link 47 is used as the company’s Parts Department
delivering worldwide from Norwich.
Dawsonrentals Truck and Trailer was formed in 1974,
and specialises in truck and trailer hire with a huge fleet size
of over 10,000 trucks and trailers. The company has 23
nationwide sites.
Unit Tenant/Guarantor Year Turnover Pre-Tax Profit Tangible %age of D&B
... (Loss) Net Worth Total Rent Rating
Unit 2 Belron UK Ltd 31.12.2015 172,086,000 (20,844,000) (5,575,000) N1
... ... t/a Autoglass/Laddaw 31.12.2014 189,067,000 (18,006,000) 6,114,000 28.5%
... .................... 31.12.2013 202,723,000 2,413,000 11,861,000
... Units 6 & 7 Lotus Cars Limited 31.3.2016 73,575,000 (27,586,000) 23,831,000 4A2
.. ... 31.3.2015 83,376,000 (39,046,000) 68,805,000 59.5%
.. ............... 31.3.2014 73,857,000 (65,552,000) (176,885,000)
....
... ... Group Lotus Ltd 31.3.2016 - (18,304,000) 73,441,000
..... 31.3.2015 - (902,000) 77,882,000 5A1
.. ....................... 31.3.2014 - (2,120,000) (7,721,000)
...
Plot 10 Dawsonrentals 31.12.2015 94,361,000 18,932,000 46,810,000 5A1
. ............. Truck & Trailer Ltd 31.12.2014 89,266,000 9,256,000 91,015,000 12%
.... ........................ 31.12.2013 80,322,000 5,125,000 85,920,000
............. TOTAL 100%
Should you have any queries or wish to make an inspection, please contact:
Saul Western
DDI: 020 7297 6275
Darryl Stevenson
DDI: 020 7297 6277
Bidwells
25 Old Burlington Street
London W1S 3AN
Tel: 020 7493 3043
February 2017
Further Information
VAT The property has been elected for VAT.
It is anticipated that the sale will be
structured as a transfer of a going concern.
Proposal We are instructed to seek offers in the
region of £4,670,000 subject to contract
and exclusive of VAT for our client’s
freehold interest. A purchase at this level
would reflect a net initial yield of 6.75%,
assuming acquisition costs of 6.58%.
Market CommentaryNorwich has a total industrial floor space of around 10,785,000 sq ft and an availability
rate of 4% (as at December 2016). Take up was around 516,000 sq ft for 2016 with the
second half of the year performing more strongly than the first 6 months. Take up
represented a 74% increase on 2015 at 297,000 sq ft.
The three largest transactions were:
• 2 Caley Close, Sweet Briar Industrial Estate - 133,474 sq ft let to Amazon
• Former Knowles Capacitors site, Old Stoke Road - 90,752 sq ft sold to Mattressman
• Walston House, Barnard Road, Bowthorpe - 60,893 sq ft sold to Redpack
Over the past 12 months, supply has halved and is now down to 431,417 sq ft.
There is now a distinct shortage of good quality, well-located units of over 10,000 sq ft
in size. Current requirements total 476,500 sq ft. (Source: Bidwells Research).
Units 6 & 7
Bidwells
25 Old Burlington Street
London W1S 3AN
Tel: 020 7493 3043
bidwells.co.uk
IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967
Bidwells LLP act for themselves and for the vendors of this property, whose
agents they are, give notice that: These particulars do not form part of any offer or contract and should not
be relied upon as statements or representatives of fact. Bidwells LLP have
no authority to make or give in writing or verbally any representation or
warranties in relation to the property. Any areas of measurements or
distances are approximate. The text, photographs and plans are for
guidance only and are not necessarily comprehensive. No assumptions
should be made that the property has all necessary planning, building
regulation or other consents. Bidwells LLP have not carried out a survey,
nor tested the services, appliances or facilities. Purchasers must satisfy
themselves by inspection or otherwise. In the interest of Health & Safety,
please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England & Wales
(registered number OC344553). Registered head office is Bidwell House,
Trumpington Road, Cambridge CB2 9LD, where a list of members is
available for inspection.
