high yielding multi-let industrial estate investment and...

high yielding Multi-let Industrial Estate investment and 45 acres of Prominent Development LandPeamore Truck Centre and West Exe Park | Exeter | EX2 9SL

Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent

Asset Summaryasset summary

Peamore Truck CentrE• Existing office, industrial units, storage

land and vacant fuel station totalling approximately 7,525 sq m (81,000 sq ft)

• Low site cover of only 15%

• Multi-let to 12 tenants with additional verbal agreements providing a total income of £669,136 per annum

• Excellent letting history with minimal historic voids

• WAULT of 2.50 years to expiry (1.90 years to break).

West Exe Park• Development land of 45 acres with outline

planning permission for approximately 65,032 sq m (700,000 sq ft) of B1c, B2 and B8 uses

• Prominent location adjacent to the A38 with access to the M5 via Junction 31 and only three miles south of Exeter City Centre

• Excellent opportunity to develop a high quality logistics park in the exceptionally tight market of Exeter and the South West.

ProposalOffers in the region of £18,500,000 for the entire property.

This assumes the following split;Peamore Truck Centre £7,000,000, reflecting a NIY of 8.96%. West Exe Park £11,500,000 (£255,500 per acre).

Offers will be considered on the whole or by way of individual lots.


LOCATION

Exeter is a historical cathedral city located in the South West of England. The city has an estimated population of approximately 130,000 residents, with a primary catchment of over 470,000 people.

Exeter is the administrative centre for Devon and the commercial hub for much of the southwest peninsula, being located approximately 75 miles south west of Bristol and 40 miles north east of Plymouth. The city has a strong industry and services sectors with the Met Office being one of the largest employers in the area, together with the University and Devon County Council.

The city benefits from excellent transport communications, being located less than four miles north of Junction 31 of the M5 which provides links to Bristol, Birmingham, Cardiff and London. It is also served by the A30, A38 and A377.

Exeter St Davids Railway Station is the city’s principal station and is located one mile north of the city centre. The station provides regular services to a number of locations including London Paddington (2 hrs 20 mins), Bristol (59 mins) and Plymouth (55 mins).

Exeter Airport is located six miles east of the city centre, and offers regular flights to scheduled flights to 42 destinations throughout the UK and all major European economies.

A30

A39

A38

A35

A377

A386

A380

A303

A303

M5

M5

M5

M4 M4M4

M3

M1

M2

M11

M1M6

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M5

M40

M40

M27

A1(M)

A1(M)

M45

M50

M54

M69

M25

M25

M23M20

EXMOUTHWEYMOUTH

BOURNEMOUTH PORTSMOUTH BRIGHTON

READING

MILTONKEYNES

OXFORD

CAMBRIDGE

LEICESTER

CHELTENHAM

SOUTHAMPTON

SALISBURY

POOLE

YEOVIL

TAUNTON

BRISTOLCARDIFF

SWANSEA

PLYMOUTH

BARNSTAPLE

BUDE

TORQUAY

SALCOMBE

EXETER

LONDON

BIRMINGHAM

Luton

Coventry

Stansted

Southampton

Bristol

Exeter

Gatwick

Heathrow

EXETER MAP

location


LOCATION

Exeter is a historical cathedral city located in the South West of England. The city has an estimated population of approximately 130,000 residents, with a primary catchment of over 470,000 people.

Exeter is the administrative centre for Devon and the commercial hub for much of the southwest peninsula, being located approximately 75 miles south west of Bristol and 40 miles north east of Plymouth. The city has a strong industry and services sectors with the Met Office being one of the largest employers in the area, together with the University and Devon County Council.

The city benefits from excellent transport communications, being located less than four miles north of Junction 31 of the M5 which provides links to Bristol, Birmingham, Cardiff and London. It is also served by the A30, A38 and A377.

Exeter St Davids Railway Station is the city’s principal station and is located one mile north of the city centre. The station provides regular services to a number of locations including London Paddington (2 hrs 20 mins), Bristol (59 mins) and Plymouth (55 mins).

Exeter Airport is located six miles east of the city centre, and offers regular flights to scheduled flights to 42 destinations throughout the UK and all major European economies.

EXETERST THOMAS

EXETERCENTRAL

ST JAMES PARKPOLSLOEBRIDGE

DIGBY &SOWTON

TOPSHAM

EXETERST ADVIDS

A30

A30

A38

A30

A377

A376

A3052

M5

M5

J31

J30

J39

EXMINSTER

BLACKHORSE

ROYAL DEVONAND EXETER

HOSPITAL

RIVER EXE

SHILLINGFORDABBOT

IDE

NADDERWATER

SHILLINGFORDST GEORGE

KENNFORD

EXETER

LOCAL MAP

location


SITUATION

SOWTON INDUSTRIAL ESTATE

EXETER CITY CENTRE

marsh barton trading estate

main aerial

Peamore Truck Centre and West Exe Park are situated three miles south of Exeter City Centre and benefits from its position three miles east of the M5 motorway.

The M5 is accessed via the Devon Expressway (A38) which borders the site to the south and east. The site is also bound by the A379 to the north west which provides direct access to the city centre via Matford Business Park and Marsh Barton Industrial Estate.

situation

a38

a38

a30m5/j31

a379


SITUATION

close up aerial

situation

Peamore Truck Centre and West Exe Park are situated three miles south of Exeter City Centre and benefits from its position three miles east of the M5 motorway.

The M5 is accessed via the Devon Expressway (A38) which borders the site to the south and east. The site is also bound by the A379 to the north west which provides direct access to the city centre via Matford Business Park and Marsh Barton Industrial Estate.


PEAMORE TRUCK CENTRE

Peamore Truck CentreThe property comprises existing industrial units, storage compounds, offices, petrol station, car parking spaces, self-storage and signage across a 13 acre site. There are a total of 10 industrial units totalling an approximate GIA of 7,180 sq m (77,000 sq ft), providing a range of specification including;

• Steel portal frame construction

• Profile metal cladding

• Insulated pitched roof with translucent roof lights

• Concrete screed floor

• Suspended fluorescent lighting

• Electrically operated, full height roller shutter doors

• Mezzanines/office space throughout some units

• Vehicle assessment pits.

The single storey office accommodation provides approximately a GIA of 321 sq m (3,500 sq ft) has the following internal specification;

• Suspended ceiling with Category II lighting

• Solid concrete floors

• Perimeter trunking

• Gas central heating

• Kitchen and WC facilities

• Individual rooms let to occupiers.

Petrol Filling Station • Trading PFS currently operated by the vendor

• 13 pumps

• Canopy

• Retail unit

• Company accounts for trading PFS are available upon request

• To be sold with vacant possession.

The property benefits from only 15% site cover providing approximately four acres of hard standing storage land, some of which is secure.

EPC’s Available upon request.

description

Peamore Truck Centre


PEAMORE TRUCK CENTREPeamore Truck Centre

A Office Block

1 Macra LTD

2 Devon Transport & Training LTD

3 BK Moving & Storage LTD

4 Ceva Logistics LTD

5 Exeter Coachworks

6 Frank Tucker (Commercial) LTD

7 Man Truck & Bus LTD

8 STR Logistics LTD

9 Air Products PLC

11 Dawson Group Truck & Trailer LTD

12 LCS Transport LTD

13 Edward Hitchen

Verbal agreement only. Details on request.

accommodation

10

4

4

8

8

3

2

7

9

9

9

9

5

56

A

7

7

12

13

1

5

11



tenancies

Unit Tenant UseSize

(sq m)Size

(sq ft)Rent (pa)

Rent (psf)

Start Date

TermExpiry Date

Break Date (Notice)

Rent Review

Inside

1954 Act?D&B

RatingService Charge

Comments

Unit 1A Peamore Truck Centre Macra LTD Warehouse 452.99 4,876 £22,500 £4.61 01/09/2017 3 31/07/2020

Unit 1B Peamore Truck Centre

Devon Transport Training LTD Warehouse 446.95 4,811 £22,500 £4.68 22/04/2016 5 21/04/2021 22/04/2019

(6 months) 22/04/2019 G2 £500 pa

Unit 2 Peamore Truck Centre

BK Moving & Storage LTD Warehouse 1,184.97 12,755 £61,100 £4.79 25/10/2017 5 24/10/2022 No C2 £500 pa Tenant has right to park

4 lorries and 2 cars.

Unit 3 Peamore Truck Centre Ceva Logistics LTD Warehouse 1,468.69 15,809 £76,500 £4.84 02/12/2014 5 01/12/2019 5A1 Tenant has expressed

interest to renew.

Unit 4 Peamore Truck Centre Exeter Coachworks Warehouse

Paintshed557.13 114.27

5,997 1,230 £32,550 £4.50 01/07/2015 10 31/06/2025 01/07/2020

01/08/2018 01/08/2021 01/08/2024

B2 £500 pa Plus 1 x lorry space and 11 car parking spaces inc within lease.

Unit 5 Peamore Truck Centre

Frank Tucker (Commercial) LTD

Warehouse Office

361.48 64.10

3,891 690 £23,500 £5.13 01/12/2016 5 30/11/2021 01/12/2019 No D2 £300 pa

Unit 6&7 Peamore Truck Centre Man Truck & Bus LTD Warehouse

Yard1,639.16 3,346.80

17,644 36,025 £130,114 26/04/2018 3 25/04/2021 No 5A1 £500 pa

Unit 8 Peamore Truck Centre STR Logistics Warehouse 889.45 9,574 £55,600 £5.81 23/05/2011 10 22/05/2021 Annual £300 pa RPI rent reviews.

40 car parking spaces Evans Transport LTD Parking 1,788.37 19,250 £40,879 15/11/2016 5 14/11/2021 15/10/2019 (6 months) 15/11/2019 No 2A1 £500 pa LL areas.

Fuel pump area Vacant Fuel 185.80 2,000 LL areas.

Part office Vacant Office 44.59 480 LL areas.

Land Air Products PLC Storage Compound

301.93 3,250£18,359 22/10/2019 5 21/10/2024 22/10/2022

(6 months) 22/10/2022 No 5A1

Currently occupied under 2 separate leases to Air Products

PLC and CryoServices LTD, expiring 21/10/2019.

766.44 8,250 LL areas.

Land Dawson Group Truck & Trailer LTD

Storage Compound 1,393.53 15,000 £24,000 30/04/2016 5 29/04/2021 No 5A1 £500 pa LL areas.

Land LCS Transport LTD Storage Compound 1,083.24 11,660 £15,692 01/01/2018 5 31/12/2023 A2 £300 pa LL areas.

Land Ceva Logistics LTD Parking £42,789

1 Year Licence

from June 2019

Total £566,083



VERBAL AGREEMENTS

Land & Buildings £57,793Offices £21,540Car Parking £15,004Storage Containers £7,760Advertising £1,200Total Verbal Agreements £103,053 per annum

The estate also includes additional income of approximately £103,000 per annum held on verbal agreements broken down as follows:

Full details and site plans are available on request.


west exe park

West Exe ParkThe property consists of two plots of existing agricultural land surrounding the existing Peamore Truck Centre extending to 18.21 hectares (45 acres) in total. Site A sits to the south of the industrial estate fronting the A79 and Site B sites to the east overlooking the A38.

Site A comprises 4.85 hectares (12 acres) of agricultural land and benefits from full planning permissions for 17,885 sq m (192,512 sq ft) of B1, B2 and B8 use commercial accommodation with associated highways, landscaping and parking, as shown in the adjacent plan.

Site B provides 13.35 hectares (33 acres) of agricultural land. The site has achieved outline planning permission for up to 47,112 sq m (507,108 sq ft) of new employment floor space comprising a mix of B1 (business), B2 (general industrial) and B8 (storage and distribution) use.

Access to the site is proposed via a new roundabout, which forms part of the S106 requirements, envisaged to be sited on the A379 to the west of Site A.

Approximate costings for these works can be requested from the sole agents.

We understand that funding is available for those enabling works via the Home Infrastructure Funding (HIF) from the local council. More details on request.

A379

PROPOSEDROUNDABOUT

A38

M5J31

PeamoreTruckCentre

SITE BPlanning permission for47,112 sq m of B1(c), B2

& B8 development

Days Pottles Lane

Days Pottles Lane

Devon Expressway

Shill

ingf

ord

Lane

Days Pottles Lane

Deepway Lane

SITE APlanning permission for

17,885 sq mof B1(c), B2 & B8accommodation

West Exe Park

description


planning

The site has achieved outline planning consent from Teignbridge District Council as follows:

Site A: 12/03079/MAJOutline application for employment development (Use Classes B1(c), B2 and B8) up to 17,885 square metres (gross floor area) together with associated infrastructure including new vehicular access from the A379, improvements to the existing access to the Peamore Centre, a vehicular access to the northern boundary of the site, an internal road layout, car parking, open space, landscaping and services (Approval sought for means of access).

16/00950/MAJ - Approval of details for employment development (Use Classes B1(c), B2 & B8) (approval sought for appearance, landscaping, layout and scale).

Site B: 17/03039/MAJOutline – employment development (Use Classes B1, B2 and B8) up to 47,112 sq m (Gross) together with associated infrastructure including new vehicular access, internal road layout, car parking, landscaping, services and all other associated development.

planning

Master Plan Potential future redevelopment of whole asset including existing Peamore Truck Centre


market overview

Exeter Industrial MarketThe industrial sector in Exeter is very strong with demand far exceeding levels of supply with limited forecasted development easing this supply shortage in the near future, due to lack of available development land in and around the city.

The market is experiencing very strong levels of demand for multi-let industrial / business premises and well located premises with strong covenants in place with many sales being achieved significantly above quoting levels. Whilst the subject has a limited term to break, the alternative options are very limited for the tenant occupier (a strong covenant) to relocate. The shortage of supply is having a very positive effect on rental values for the market.

In general terms for Exeter, demand continues to exceed supply with many companies looking further afield to Cullompton and Willand to provide reasonable to good quality accommodation as alternatives. Levels of demand from occupiers for freeholds (owner-occupiers) and from tenants is very strong.

Rents continue to rise as a result of lack of supply of good quality accommodation and rental levels in Exeter are now the highest in the South West, due to the major supply/demand imbalance. Demand continues to outstrip supply on the prime industrial estates in Exeter which has caused a sharp uplift in rents and capital values.

Matford Green Business Park are now offering new build industrial / warehouse / trade counter units from 500 - 30,000 sq ft (697 - 2,787 sq m) with completion at the end of 2019.

We detail below a schedule of recent comparable lettings.

Address Tenant Size (sq ft) Rent Date

Exeter Gateway

Amazon 90,000 In excess of £8.00 per sq ft

H1 2019

Unit 3 Exeter Trade Centre, Exeter

A-Plant 4,432 £39,807 pa (£9.00 per sq ft)

H2 2018

Unit 5 Hitchcocks Business Park, Willand

Gregory’s Distribution

35,133 £245,000 pa(£7.00 per sq ft)

H2 2018

Unit 4 Hitchcocks Business Park, Willand

Otterdene 27,124 £175,000 pa (£6.45 per sq ft )

H2 2018

Central Park, Avonmouth, Bristol

DHL Supply Chain Ltd

159,693 £1,312,150 pa(£8.22 per sq ft)

Q1 2018

Vertex Park, Emersons Green, Bristol

DPD Group UK

68,792 £667,282 pa(£9.70 per sq ft)

Q2 2017

Skypark, Exeter

Geopost UK Ltd

59,869 £484,389 pa(£8.10 per sq ft)

Q3 2015

market overview


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further information

VATThe property is elected for VAT and is anticipated that the sale will be treated as a TOGC.

TenureFreehold.

Proposal Offers in the region of £18,500,000 for the entire property.

This assumes the following split; Peamore Truck Centre £7,000,000, reflecting a NIY of 8.96%. West Exe Park £11,500,000 (£255,500 per acre).

Offers will be considered on the whole or by way of individual lots.

Further InformationFor any additional information required please contact the sole agents;

Hollie Ruddle0117 914 [email protected]

Jerry Vigus 023 8033 0041 [email protected]

Byron Hammond 0117 914 2026 [email protected]

Tony Fisher 01392 880180 [email protected]

Subject to Contract and Exclusive of VAT © Lambert Smith Hampton June 2019 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are given notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.

further info

high yielding multi-let industrial estate investment and...

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