24178 Sq ft --- Industrial --- For Sale
The unit is prominently positioned at the entrance to Blackbushe Business Park in Yateley. Access to Junction 4a of the M3 motorway is within a short distance (3.3 miles). Fleet and Farnborough town centres are 14 minutes from the business park, both enjoy a mainline rail service to London Waterloo with an average journey time of 36 minutes.
The building, built circa 1996, comprises a modern detached business unit on a 1 acre regular shaped site providing a mixture of light industrial, research and development and office accommodation with 74 car parking spaces to the front and rear. The building has been fitted out for Trescal’s specific needs as their UK headquarters’ offices and laboratory use. However, the basic shell of the building is of a standard warehousing configuration and could readily be reinstated to accommodate a wider range of occupiers.
The property has an Energy Performance Certificate Rating of D94.
|Ground Floor||14,976 sq ft||1,391.13 sq m|
|1st Floor Offices||9202 sq ft||854.91 sq m|
|Total||24,178 sq ft||2,246.21 sq m|
We are instructed to offer for sale the freehold interest in this property, which is subject to a lease originally granted for a term of 15 years commencing 4th April 2012 and expiring 4th January 2027. There are no break options in the lease. The lease contains a further fixed increase in rent in January 2022.
The current rent is £221,922 per annum exclusive equating to £9.17 per sq ft and then from 4th January 2022 this increases to £257,268 per annum exclusive until lease expiry.
The rent in 2022 equates to £10.64 per sq ft per annum exclusive (GIA) which given the current levels of rent achieved in the Blackwater Valley Area; Frimley and Camberley which show in excess of £11.50 per sq ft, the fixed increases in rent under the lease are considered to be reversionary.
The entire property is let on full repairing and insuring terms, subject to a Photographic Schedule of Condition.
The tenant is Trescal Group International (Company Reg No. 06614164), with a turnover of 244.78 million Euros and 5.75 million Euros net profit. Trescal are a worldwide specialist in calibration and asset management services, with offices in 21 countries and its headquarters in Paris.
The accounts for Trescal Group International for the last two years are as follows:
|Year Ending||Turnover||Per-tax Profit||Shareholder Funds|
|31st December 2017||£38,798,905||£418,175||£970,462|
|31st December 2016||£39,91,487||£6,998,097||£516,597|
The Credit Safe Report gives the Company a rating of 79/100 which is considered to be very low risk. Furthermore, the lease is guaranteed by Financiere Esterel SAS (Company Reg No. 524487642 RCS) based in Paris.
The ultimate owner is Omers Administration Corporation from Ontario. Omers are a Pension Fund created to handle the retirement benefits of local government employees in the Canadian Province of Ontario. It is one of the largest institutional investors in Canada.
Our clients are seeking offers in the region of £3,400,000 exclusive of VAT. A purchase at this level upon the fixed rental increase would have an initial yield of 6.16% as the initial income, rising to 7.15% from January 2022 assuming the purchaser’s costs of 5.8%.
Please contact the sole agents KINGSTONS on 01483 572999