INDUSTRIAL INVESTMENT – UNDER OFFER
FOR SALE FREEHOLD
1 FREEBOURNES ROAD,
WITHAM ESSEX CM8 3UN
- Let to Synseal Extrusions Limited (Experian Rating 100) on a 10 year lease from December 2016
- Rent until lease end £450,000 per annum
- Gross Internal Area 61,245 sq. ft. (5,689.89 sq. m.)
- Site Area 2.9 Acres (1.17 Hectares)
- Our client is seeking offers in the region of £5,500,000, subject to contract, for their freehold interest with the benefit of and subject to the existing tenancy which shows a net initial yield of 7.65% after allowing for purchaser’s acquisition costs.
- The prosperous town of Witham is situated in the heart of Essex and lies immediately adjacent to the A12 (T). It has a resident population of circa 27,000. The busy town centre is focused around the High Street and the two shopping precincts. There are a range of small shops, restaurants, pubs, major high-street banks and several national commercial chains. The town also has four supermarkets.
- There is a significant industrial presence to the north east of Witham town centre with a number of large regional and national companies represented. The property is located on the established Industrial Estate East close to the junction of Freebournes Road and Colchester Road (B1389). The B1389 links with Junction 22 of the A12 (T), just a few hundred metres from the property. Road communications are therefore excellent and Witham British Rail Station provides a frequent service to London (Liverpool Street) with a journey time of approximately 45 minutes.
- Witham Industrial Watch (WIW) was set up by a network of local businesses to provide effective estate management and enhanced security throughout the town’s industrial areas. By obtaining Business Improvement District (BIDs) funding WIW has employed an estate manager, installed Automatic Number Plate Recognition and improved signage throughout the industrial areas.
- The property comprises a substantial, detached factory/warehouse building with a two storey office section, standing on a site of 1.17 hectares (2.9 acres). It was refurbished throughout in 2014.
- The factory is of steel portal frame construction to an eaves height of 6.5m (21Ft.) under dual pitched A frame roofs which have been recently recoated with new roof lights installed. Elevations are of brick cavity wall construction with replacement steel profile panel elevations under a corrugated asbestos sheet roof incorporating translucent panels.
- The factory offers clear space with central pillars providing intermediate support. It is served by four roller shutter doors 4.9 metres high x 5.4 metres wide. There is a solid floor and a large mezzanine level of steel construction, capable of supporting high loadings. There are adequate WC and staff facilities within the building.
- All offices are open plan and are in a good standard of repair and condition having been recently refurbished and decorated.
- Services include a modern electrical installation with RCDs and independent circuit breakers, central heating to the offices, security alarms and a substantial steel hoist.
- Externally the yard offers car parking and turning space for larger vehicles.
- The approximate gross internal floor areas are as follows:-
- Ground Floor Office 259.6 sq. m. (2,794 sq. ft.)
- First Floor Office 258.72 sq. m. (2,785 sq. ft.)
- Main Factory 4,786.86 sq. m. (51,526 sq. ft.)
- Ancillary Accommodation 164.7 sq. m. (1,773 sq. ft.)
- Mezzanine 1,321 sq. m. (14,219 sq. ft.)
- Extension 220 sq. m. (2,368 sq. ft.)
- TOTAL 7,010.88 sq. m. (75,465 sq. ft.)
- The property is let to Synseal Extrusions Ltd who are obliged to keep the premises in no worse repair than that evidenced by a schedule of condition, for a term of 10 years from 6th December 2016 at an annual rent for the residue of the term of £450,000 per annum without review.
- COVENANT INFORMATION:
- Synseal Extrusions Ltd is a Private Limited Company incorporated in 1991and has an Experian rating of 100 representing a VERY LOW RISK.
- In 2016 the business has an annual turnover of £111,134,000 and an Earnings Before Interest, Tax Depreciation and Amortization of £11,167,000. (2015 EBITDA of £12,487,000 from turnover of £106,838,000).
- RATEABLE VALUE:
- The property appears in the 2015 Valuation List with an RV of £270,000.
- ENERGY PERFORMANCE CERTIFICATE:
- An EPC can be provided upon request.
- LEGAL COSTS:
- Each party to bear its own legal costs arising out of the transaction.
- Strictly by appointment through:
- PAUL EVERETT 01245 465060 or firstname.lastname@example.org