Gunnebo Entrance Control Ltd, The Gate House, Ashdown ...Gunnebo Entrance Control Ltd, The Gate...

Gunnebo Entrance Control Ltd, The Gate House, Ashdown Business Park, Maresfield, East Sussex, TN22 2DU

Brand New, Prime B1,B2 & B8 Investment. Securely Let. Rent Reviews Geared to Uncapped RPI/CPI.

Fraser Whyte & Co.

• Welllocatedandattractivesoutheastbusinessparksetting.

• NewlyconstructedB1,B2&B8unitof19,160 sq ft GIA.

• Highstandardofspecification,designandfit-out.

• AdjoinsJohnLewisPartnershipdistributionunit.

• SecurelylettoGunnebo Entrance Control Ltd (D&B - 1A1)for15 years from March 2018 (T.O.B.March2028).

• Initialrental- £177,000 pa (£9.23 psf)

• Five yearly upwards only rent reviews to higher of uncapped RPI or CPI.

• Parent Company GuaranteefromGunnebo AB (D&B- AA).

• Freehold

• Offersinexcessof £3,200,000,exclusiveofVAT.

• Initial yield of 5.2%(netof6.47%Purchaser’sCosts).

Investment Summary


J7

J9

J10

J6

J5

A24

GUILDFORDTONBRIDGE

BRIGHTONWORTHING

HORSHAM

EASTBOURNE

M25

M25

M23

A264

A23

A24

A272

A27

A27

A22

A26

A272

A26

A21

A21

A22

A22

A23

J8

A217

J10

J11

CRAWLEY

ASCOT

EPSOM

J12

M3

A3

A3

A31

UCKFIELD

MARESFIELD

A22

THE R

UNW

AY

HIGHCLIFFEGOLF COURSE

WEST GLOBE PARK

CORBY

CORBY

WELDON ROAD

A427

LLOYDS RD

GEDDINGTON ROAD

ELIZABETH ST

COTTINGHAM ROAD

STATION RD

HIGH STREET

ROCKINGHAM ROAD

OCCUPATION ROAD COURIER ROAD

COCK

EREL

L ROAD

PHOENIX PA

RKW

AY

COL

DRAKE

ROAD

TEAL ROAD

A612

COLWICK LOOP ROAD

COLWICK LOOP ROADVALE ROAD

CHAT

WOR

TH RO

AD

NETHERFIELD

B686

CHANDOS STREET

STATION ROAD VICTORIA ROAD

CONWAY R

OAD

BURTON ROAD

SOUTHDALE ROAD

CARLTON

RIVER TRENT

VICTORIA ROAD

CHARTHAM

GREAT STOUR

CHARTHAM

STATION ROADCHURCH LANE

HATCH LANE

HOWFIELD LANE

MILT

ON M

ANOR

ROA

D

COCKERING ROAD

A28

A28

ASHFORD ROAD

MILTON MANOR

ROUNDABOUT

A28

A28A548

A494

A494

A550

A548

WEL

SH RO

ADSHOTWICK ROAD

GREEN LANE

BYPASS ROAD

FIRST AVENUEFIRST AVENUEPARKWAYFOURTH AVENUE

SIXTH AVE

PARK WAY

DEESIDE

A22

A272

A22

BATH BRIDGE R OADMARESFIELD EXPRESS

STRA

IGHT

HAL

F MIL

E

HIGH STREET

MARESFIELD

BATTS BRIDGEROUNDABOUT

MARESFIELDRECREATION

GROUND

UNDERHILL LAKE

Maresfield is located 2.5 miles north of Uckfield, an important commercial centre at the heart of East Sussex which has been identified within the adopted Local Plan for residential and commercial expansion. Uckfield serves as a ‘district centre’ for a resident population of c 16,200 (est.2016) and for a much larger rural catchment population. It is a flourishing commuter town with people travelling to larger employment centres such as Brighton (20miles), Tunbridge Wells (15miles) and Haywards Heath (10miles), aided by excellent road connections.

Hourly train services to London Bridge take 1hr 20 mins and Gatwick Airport is 23 miles to the west. Employment uses in Uckfield are mostly located to the west of the town centre, on the Bellbrook Industrial Estate. The town hosts a number of specialist engineering and scientific instrument employers including ITM Monitoring and Scientifica. The lack of available modern accommodation and development opportunities has led to a number of recent decisions to relocate to the Ashdown Business Park from Bellbrook I.E. and the surrounding area.

Location


Ashdown Business Park Ashdown Business Park is a new development, 3 miles to the north of Uckfield town centre. The property is situated on Site 5 of the scheme and has excellent prominence, adjacent to a John Lewis distribution unit. Ashdown B.P. has roundabout access from the junction of the A272 (direct links to Haywards Heath and the A23) and the A22, a direct route from Eastbourne to the M25, at Godstone. Neighbouring occupiers include Veolia and the East Sussex Fire Service training centre.The business park extends to 14.06 acres (5.691 hectares) of fully serviced land including landscaping, a new estate road, drainage, power, gas and communications ducting. Some 240,000 sqft (22,300 sq m) of B1, B2 & B8 accommodation is consented and the majority of the development is now either occupied or is sold subject to receipt of detailed planning consent. There are proposals for a hotel and restaurant development at the entrance to the scheme. Only two sites remain available, totalling c.2.25 acres and details can be found on: www.ashdownbusinesspark.com

Occupiers will comprise:

• JohnLewisPartnership•GunneboEntranceControlLtd• VegaControlsLtd•G.K.Plumbing&HeatingEngineers


Description


Thepropertycomprisesanewlyconstructedandvisuallystrikingoffice,trainingandwarehousefacilitywhichwasdevelopedbySalmonDevelopmentsLtdtothetenant’sexactingstandardsandrequiredspecification.Principalfeaturesinclude:

• A self contained, landscaped site with access directly off the adopted estate road.

• Heated and lit warehouse with a 40kN/m2 concrete floor loading, two electrically operated shutter doors.

• A clear height to underside of haunch of 5.65m.

• Attractive offices at ground and first floor level - fully fitted with suspended ceilings, recessed lighting and air conditioning.

• Full height, feature glazing providing excellent natural light to the offices.

• Insulated metal cladding to the exterior and roof, with photovoltaic cells and lighting panels.

• Ground floor reception to offices, with tenant’s showroom area and atrium to first floor level.

• Passenger lift and staff facilities on both floors.

• Extensive tenant-funded fit-out including mezzanine seminar rooms, modular offices, showers and ‘break-out’ areas.

• Concrete service yard aprons and tarmac circulation

• Parking for 47 cars.

• Full suite of Purchaser’s Warranties available.

PracticalCompletionwasachievedon23rdMarch2018andthetenanttookfulloccupationon9thApril,followingtheirfit-outworks.

Accommodation Area GIA - Sq ft GIA - Sq m

Ground Floor

Warehouse&Production 7,362 683.77

Showroom&Reception 4,236 393.5

Offices 2,072 192.43

TOTALS 19,160 1779.97

The following GIA’s of the property have been measured in accordance with the RICS Code of Measuring Practice (6th Edition):

First Floor Offices 1,787 166.2

MezzanineOffices 3,703 344.07


Outline planning consent (WD/2010/0934/MAO) was granted for the construction of the 22,300 sq m Ashdown Business Park on 28th March 2012. An amended outline planning consent (WD/2015/0361/FA) was granted on 26th March 2015, widening the permitted use to B1 Light industrial, Office and B8 warehousing/distribution. Reserved Matters approval for the site (formerly known as ‘Plot 5’) was granted on 20th June 2016 by Wealden District Council through an NMA application.

Planning

Freehold

The site is indicated in red on the plan to the right and has an area of c. 1.105 acres (0.45 ha) with a 39.80% site cover:

Tenure


The property is let to Gunnebo Entrance Control Ltd as their UK HQ, for a term of 15 years from 26th March 2018, on a full repairing and insuring lease, at an initial rental of £177,000 pa (£9.23 psf), payable quarterly in advance. The Permitted Use is for B1, B2 & B8.

The initial rent is subject to 5 yearly, upwards only reviews to the higher of uncapped RPI or CPI only.

The tenant has an Option to Break, exercisable on 26th March 2028 and subject to 6 months written notice. Upon lease expiry or the exercising of the T.O.B., the lease terms can require the tenant to remove fit-out works and a section of the mezzanine floor, up to the pink areas shown in the lease plans to the right. This is at the landlord’s discretion and the area would be reinstated to B8/B2 use.

Service Charge provisions covering the maintenance of the estate services and landscaping are incorporated in the lease. This is payable by the tenant to Ashdown Business Park Management Ltd.

The lease is guaranteed throughout the term by the Sweden based Parent Company, Gunnebo AB who are quoted on the Swedish stock exchange. An appropriate Counsel Opinion Letter was secured.

Tenancy Guarantor

STAFF MEETING/BREAK OUT AREA

TEASTATION

BOARD ROOM

1100mm

WALL + H

ANDRAIL

VAULTED OVER

SERVERROOM

STAIRWELL 2

OPEN OFFICE

ADMIN

GENTSLADIES

IT

SVP TOATMOS

SVP TOATMOS

SVPDURGO

SVPDURGO

LIFT

1100mm BALUSTRADE + HANDRAIL

1234567811

121314151617181920

10 9

A

A

B BVAULTED OVER

VAULTED OVER

STAIRWELL 1

UK SERVICEMANAGER

MEETING ROOM 2

FRIDGE

COPIER

COPIER

OVEN & HOB

LOBBY

DISH

WAS

HER

FLAT CEILING

BUSINESS DEV. & OTHERS

MANAGING DIRECTOR

FINANCE DIRECTOR

FINANCE

HOT DESKS

COPIER

900

1400

900

1400

900

1400

P R E L I M I N A R YRevisions Date Revisions Date Project :

Client :

New TownUckfieldEast SussexTN22 5DL

[email protected]

F: 01825 766661T: 01825 767854Oakridge House

architecturearchitecture

Drawing :

Dwg No. :Rev :

By :

Scale :

Date :

Development at;

SITE 5 ASHDOWN BUSINESS PARK,

Maresfield, East Sussex

GUNNEBO UK

First Floor

Lease Plan

2114/218C

SB

1:100 @ A1

July 2016

A Re-issue. 16.05.17B Shell and core area revised. 31.05.17C Contract Issue. 02.06.17

First floor layout

SHOW ROOM

SEMINAR AREA

BREAK OUT

DISABLED/VISITOR

WC

OPEN OFFICE

TECHNICAL TRAINING

R+D DIRECTOR

RECEPTION

STAIRWELL 1

STAIRWELL 2

PRODUCTION/STORAGE

LIFT

MEETING ROOM 1

PLANT

CUSTOMER SERVICES

DESIGN & OTHERS

TECHNICAL & ENGINEERS

GENTS

LADIES

SHWR 1

SVPDURGO

SVPDURGO

SVP

SVP

SVP

SVP

GAS IN GAS IN

SVPDURGO

12345678

GAS IN

111213

10 9

A

A

B B

PRODUCTION/STORAGE

COPIER

COPIER

COPIER

SVPDURGO

BENCH

BENCH

CLEANERSCUPD

SHWR 2

P R E L I M I N A R YRevisions Date Revisions Date Project :

Client :

New TownUckfieldEast SussexTN22 5DL

[email protected]

F: 01825 766661T: 01825 767854Oakridge House

architecturearchitecture

Drawing :

Dwg No. :Rev :

By :

Scale :

Date :

Development at;

SITE 5 ASHDOWN BUSINESS PARK,

Maresfield, East Sussex

GUNNEBO UK

Ground Floor

Lease Plan

2114/217C

SB

1:100 @ A1

July 2016

A Re-issue. 16.05.17B Shell and core area revised. 31.05.17C Contract Issue. 02.06.17

Ground floor layout


Tenant & Guarantor Covenant Information The Gunnebo Group (www.gunnebo.co.uk) is a global manufacturer and supplier of security solutions with four principal product areas: Safes and Vaults (including historic brands, such as Chubb Safes); Entrance Gates; Cash Management systems and Electronic Security. The Group operates from 3 key regions with 5,187 employees and has sales companies in 28 countries, including 17 within EMEA (which accounted for 64% of 2017 Group sales). Gunnebo Entrance Control Ltd.’s principal activities are the design, manufacture and technical support of pedestrian entrance control systems. The UK firm was restructured in 2014/2015 and now acts as the central-hub for Group-wide sales, technical support, training and R&D on Gunnebo’s entrance security systems. This role accounted for 23% of Group sales in 2017. Acting as the Group hub resulted in a 16% increase in activity for the UK subsidiary and a 2016 increase in margins, which is forecast to continue. The closure of Gunnebo’s Uckfield manufacturing plant and its relocation to its new office, showroom, training and R&D facility at Maresfield is testament to their commitment to the sector, the UK location and to their EMEA market share.

Tenant:Gunnebo Entrance Control Ltd (Co. Refn: 02589251) has a D&B Rating of 1A1. For the last available three trading years, the tenant reported the following figures:

Y/e Dec. 2016 Y/e Dec. 2015 Y/e Dec. 2014

Sales £27.39m £19.32m £18.25m

Pre-Tax Profits/(Loss) £2.67m (£69,000) (£805,000)

Shareholders Funds £3.51m £377,000 £526,000

Guarantor: Gunnebo AB (Co. Refn: 556438-2629) has a D&B rating of AA. For the last three trading years, the guarantor reported the following figures:

Y/e Dec. 2017 Y/e Dec. 2016 Y/e Dec. 2015

Sales £506.2m £514.4m £511.4m

Pre-Tax Profits £20.87m £26.45m £23.4m

Total Assets £481.73m £469m £429.7m

RPI/CPIThe latest rates for ‘All Items’ RPI/CPI are 3.3% and 2.5% respectively. The 5 year RPI/CPI forecasts from Q.1 2018–Q.1 2023 are an average of 3.15% pa and 2.02% pa respectively (Source: OBR/ONS, March, 2018).


Offers are invited for the freehold interest in excess of £3,200,000 (exclusive of VAT), subject to contract. A sale at this figure would show a net initial yield of 5.2%, after 6.47% Purchaser’s Costs.

Adopting the 5 year prediction for RPI of 3.15% pa through the lease term indicates the following income and yield profile:

Price

Rent Review Income Rev. Yield

26thMarch2023 £206,690pa 6.07%

26thMarch2028 £241,360pa 7.08%


Capital Allowances may be available to a Purchaser and details are available on request.

Capital Allowances

MISREPRESENTATIONS ACT DISCLAIMERDISCLAIMER - Hoddell Stotesbury Morgan Limited (9050701) trading as HSM and Fraser Whyte & Co, for themselves and for the vendors of this property whose agents they are give notice that:- (i) the particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to conditions and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser should not rely upon them as a statement or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of HSM nor in Fraser Whyte & Co has any authority to make or give any representation or warranty whatsoever in relation to this property. (iv) unless otherwise stated all rents or prices quoted are exclusive of VAT which may be payable in addition. (v) HSM and Fraser Whyte &Co have not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers must undertake their own enquiries and satisfy themselves in this regard. Date: May 2018.

An electronic dataroom has been prepared. Access to the dataroom and formal inspections will be arranged on request.

Please contact the Joint Selling Agents:

Additional Information and Inspections

Paul [email protected]:02073181931Mob:07711454410 www.hsmuk.com

Philip [email protected]:07860317509

Fraser Whyte & Co.

The property has been elected for VAT and the sale will be treated as a TOGC

VAT

An EPC rating of B(27) has been awarded to the property. A copy of the certificate is available on request.

EPC


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