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Property Ref: 29403

Multi-Let Industrial Estate Comprising Of 21 Self-Contained Units With Planning To Extend Further - For Sale In Watford

360° Virtual Viewing Available


Watford Enterprise Centre, 25 Greenhill Crescent, Watford, Hertfordshire, WD18 8XU
Available
20,733 SQ FT (1,926 SQ M)
We are instructed to seek offers in excess of £3,300,000



Enquiry about this Property

Summary

A multi-let industrial estate comprising 21 self-contained units with a combined area of approximately 20,733 sq ft (1,926 sq m) with 43 parking spaces.

Planning permission has been granted to extend the estate to 47 units in total with 76 car parking spaces.

Total gross income £276,004 p.a providing a low average passing rent of £13.31 psf.

Excellent potential to increase current rents and further enhanced value by extending the estate.

The estate is situated on a 1.5 acre site.

Ownership of the estate is held on two long-leases on a term expiring in March 2108 (88 years unexpired) at a current
ground rent geared to 20% of the Rents Receivable.

Freehold is owned by Watford Borough Council who own a large majority of the freehold ground rents on in the area.

Property Type

Investment Industrial/Warehouse

Tenure

Long Leasehold / Virtual Freehold

Ownership of the estate is held on two long-leases on a term expiring in March 2108 (88years unexpired) at a current ground rent geared to 20% of the Rents Receivable.

Freehold is owned by Watford Borough Council who own a large majority of the freehold ground rents on in the area.

Gross Annual Income

Total gross income £276,004 pa providing a low average passing rent of £13.31 psf.

Price

We are instructed to seek offers in excess of £3,300,000 (three million three hundred thousand pounds), subject to contract and exclusive of vat. Purchase at this level reflects a net initial yield of 6.28% and a very low capital value of £159 psf (existing) or £109 psf (if extended) assuming purchaser’s costs of 6.48%.

Location

Watford Enterprise Centre is location 1.5 miles south-east of Watford town centre which has excellent transport links with main line connections to London, Gatwick, the Midlands (Birmingham airport) and the north, underground and overground
connections to London, its north west suburbs and the rural Chilterns, community rail links to St Albans, coach services to Heathrow, bus services to Luton airport and convenient road connections via the M1, M25 and A41.

SAT NAV REF: WD18 8XU

Situation

Watford is situated in south-west Hertfordshire to the north of London, and falls under the administrative control of Watford Borough Council. It covers 2,142 hectares (8.3 sq miles) and is unique in that it is the only non-metropolitan borough wholly contained within the M25. The population of Watford is 90,301 (Census 2011).Watford is the centre of a sub-region serving around 500,000 people living within a 20 minute travelling time and approximately 5,000,000 people living within 45 minute travelling time.

Description

Watford Enterprise Centre is a multi-unit industrial estate comprising of 21 self- contained warehouse and light industrial units with a combined area of approximately 20,733 sq ft (1,926 sq m).

The estate is situated on a site area of 1.5 acres and benefits from 43 parking spaces. The units are let for varied
lengths on FRI terms providing good asset management opportunities. Further information can be seen in the
tenancy schedule.

Ownership of the estate is held on two long-leases on a term expiring in March 2108 (88 years unexpired) at a current ground rent geared to 20% of the Rents Receivable. The current gross annual rental income from the estate is £276,004. After the deduction of the ground rent (£55,201), the current net annual income is £220,803.

Accommodation

All measurements are approximate. Interested parties are advised to carry out their own surveys.
21 Units Totalling 20,773 sqft 1,929.87 sqm Please refer to the tenancy schedule in the brochure.
Site Area (approx) 1.50 acres 0.61 hectares

Covenant Profile

The units are let to small independent companies and businesses, many of which have been on the estate for a number of years.

Tenancy

Please refer to the tenancy schedule in the brochure

Planning

Planning permission was granted in October 2019 for the extension and further development of the Watford Enterprise Centre to allow:

Planning Ref. No. 19/00602/FULM

Proposed infill extensions between existing commercial buildings (in Class B2 and B8), to provide new business units and commercial floorspace (flexible space in Class B1c, B2 and/or B8), resulting in an increase the total number of units from 21 to 37; erection of podium level with lift and stair access to provide 10 additional business units (Class B1a), and shared WC facilities above new car parking areas; revision of existing parking areas to provide for an increase in parking spaces from 43 to 76 spaces; provision of new bin storage areas and landscaping works. (Full details available on request)
26 new units
33 additional car parking spaces
Total proposed GIA 13,756 sq ft (1,278 sq m) approx.


Another planning permission was also granted in January 2018 (Planning Ref No. 18/00009/FULM)for the demolition and rebuilding of business units 1-5 (Block A) with an increased footprint and mezzanine level. Extension to increase height of existing business units 6-21 (Blocks B, C, D & E) to
allow for installation of mezzanine floors.

5 units with an increased foortprint and mezzanine levels
16 units with additional mezzanine floors
Total proposed GIA 35,952 sq ft (3,340 sq m) approx.

Full details available from Watford Borough Council(www.watford.gov.uk) using their relevant planning reference numbers mentioned above.

Net Yield

6.28%

VAT

The asset has been elected for VAT and the transaction may be treated as a Transfer of Going Concern (TOGC).

EPC

Energy Performance Certificates (EPC) available upon request.

Legal Costs

Each party to bear their own legal costs.

Misrepresentation

Telsar Ltd and its joint agents, give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Telsar Ltd or its joint agents, has any authority to make any representation or warranty whatsoever in relation to this property. All rentals and prices are quoted exclusive of VAT.