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SIX INDUSTRIAL PROPERTIES
BOWLER PORTFOLIO
SIX INDUSTRIAL PROPERTIES
BOWLER PORTFOLIO
PORTFOLIO OVERVIEW
The portfolio compromises 6 industrial properties of a single and multi-let nature throughout South Wales. The portfolio offers:
Asset management opportunities alongside secure income
Total floor area of 851,577 sq ft
Let at a passing rent of 1,937,289 pa equating to an average rent of 2.27 psf on let area
Potential for reversion through fixed increases and rental growth
Weighted average lease term of 9.35 years to expiry and 7.62 years to break
37% of the portfolio let to covenants with a D&B rating of 5A1
Offers in excess of 20,000,000 (Twenty Million Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 9.10% and a potential reversionary yield of 9.93% after standard purchasers costs of 6.48% and reflects a low capital value of 23.48 per sq ft.
Brecon Beacons National ParkForest of Dean
Cardiff
Swansea
Bristol
A483
A470
A465
A465
A449
A449
A417
A465
A438
A438
A479
A470
A470
A483
A4042
A4172
A4137
A4103
A4232
A48
A40
A40
A48
A40
A49
A40
A40
A48
A403
A4
A4
A37
A46A420
A433
A38
A38
M4M4
M5
M5
M4
M32
M50
M49
M48
A48(M)
Port Talbot
Neath
Brecon
Pontypridd
Barry
Penarth
MerthyrTydfil
Abergavenny
Hereford
GreatMalvern
Pontypool
BlackwoodCwmbrn
Caerphilly
Chepstow
Ross-on-Wye
ChippingSodbury
PontsheadAvonmouth
Weston-super-Mare
CARDIFF
SWANSEA
NEWPORT
BRISTOL
GLOUCESTER
BATH
2
5
1
4
6
3
THE PROPERTIES
Trojan Electronics Limited, Fabian Way, Kings Dock, Trojan Close, Crymlyn Burrows Swansea SA1 8QE
Unit Superheater Engineering Limited, Elba Business Park, Elba Crescent, Swansea SA1 8QE
Amnitec Limited, Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX
Hawker Siddeley Switchgear Limited, CCS McLays Limited, Roydon Bottle Recycling Limited, Blackwood Business Park, Pontllanfraith, Blackwood NP12 2XH
Smurfitt Kappa UK Ltd, Unit 22, Darren Drive, Prince of Wales Industrial Estate, Abercarn NP11 5AR
Zodiac Seats UK Ltd Henry Thomas House, Llantarnam, Cwmbran NP44 3HB
1 2 3 5 64
PROPERTY SCHEDULE
21 3
5 64
Property Tenant Tenure Area sq ft Area Sq M Acres Total Rent psf ERV AWULT (certain) AWULT (expiry)
Fabian Way, Kings Dock, Trojan Close, Crymlyn Burrows Swansea SA1 8QE
Trojan Electronics Limited Virtual Freehold 182,318 16,937.76 8.19 529,000 2.90 556,200 12.40 12.40
Elba Business Park, Elba Crescent, Swansea SA1 8QE
Unit Superheater Engineering Limited Virtual Freehold 85,336 7,927.91 3.79 245,500 2.87 266,344 15.43 15.43
Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX Amnitec Limited Freehold 126,293 11,732.91 6.79 252,500 2.00 252,500 5.40 5.40
Blackwood Business Park, Pontllanfraith, Blackwood NP12 2XH
Hawker Siddeley Switchgear Limited (1) CCS McLays Limited Roydon Bottle Recycling Limited
Freehold 302,129 28,068.47 26.14 577,789 1.91 627,489 4.28 9.48
Unit 22, Darren Drive, Prince of Wales Industrial Estate, Abercarn NP11 5AR
Smurfit Kappa UK Limited (2) Freehold 131,228 12,191.38 13.90 247,500 1.89 328,070 0.80 0.80
Henry Thomas, Llantarnam, Cwmbran NP44 3HB
Zodiac Seats UK Limited Freehold 24,273 2,255.02 2.30 85,000 3.50 85,000 3.61 8.61
TOTAL 851,577 79,113.45 61.11 1,937,289 2.27 2,115,603 7.62 9.35
5
4
6
1
3
2
(1) New lease in solicitors hands. (2) New lease in negotiations.
TROJAN ELECTRONICS LIMITED, FABIAN WAY, KINGS DOCK, TROJAN CLOSE, CRYMLYN BURROWS SWANSEA SA1 8QE
1
SWANSEA
Crown Copyright, ES 100004106. For identification purposes only.
As hleigh Terrace
B4
290
New
Road
Baldwins Crescent
Elba Cresce
nt
Ff
ordd Ama
zon
Ffordd Amazon
Hill V
iew
A483
Fabian Wa
y
A483
A483
SWANSEAUNIVERSITYBAY CAMPUS
SWANSEA BAY
SWANSEA BAYGOLF CLUB
Investment Rationale Located in Swansea, the second largest City in Wales Modern distribution unit close to the Amazon hub Let to Trojan Electronics Limited for over 12 years unexpired
Benefit from fixed rental increases Further development opportunities at the front of the site
LOCATION
The Property is located in the city of Swansea, South Wales, approximately 40 miles (63.4 km) west of Cardiff and 11 miles (17.7 km) east of Llanelli. Swansea is Waless second largest city with a population of approximately 240,000 (Census 2011). Swansea is a regional commercial centre and as such has attracted a number of multi-national occupiers including; HSBC, Admiral Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard and DVLA. The City has undergone significant regeneration.
Swansea benefits from excellent transport communications having access to four junctions off the M4. The A48 dual carriageway links the city with Carmarthen, whilst the A465 provides direct links to Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times of 50 mins and 2 hrs and 50 mins respectively.
SITUATION
The Property is situated approximately 3 miles (4.8 km) west of Swansea city centre, immediately north of Fabian Way (A483) which forms the main arterial route from the city centre to the M4. Surrounding occupiers include Amazon who occupy a 900,000 sq ft distribution unit directly east of the subject property, NPT Homes Limited, Neath Port Talbot Council and Intertissue Limited. To the south of Fabian Way, is the recently developed campus for Swansea University which includes student accommodation.
DESCRIPTION
The property comprises a large, modern warehouse with ancillary office accommodation totalling 182,318 sq ft. The unit is of steel portal frame construction with steel clad elevations beneath a steel clad double pitched roof. The unit benefits from a minimum eaves height of 7.5m, 4 roller shutter doors and 6 dock level loading doors. The offices are located along the western elevation of the warehouse and provide modern office accommodation with W/C and kitchen facilities.
The property benefits from a large car park to the west of the site. Furthermore, there is a large yard to the south of the property providing the main loading facilities.
SITE
The property has a total site area of 8.19 acres (3.31 ha) providing a site coverage of 50%.
TENURE
999 year lease at a peppercorn.
COVENANT INFORMATION
Trojan Electronics Limited (04125912)
31 March 2013
31 March 2014
31 March 2015
Turnover 8,773,341 9,651,090 10,740,772
Pre Tax Profit 107,335 572,679 56,360
Net Worth 297,305 616,107 153,097
EPC
A copy of the EPC is available on request.
Unit Use Tenant Sq Ft Start Expiry Rent Review Break Rent Rent (psf)
ERV ERV (psf)
Comments
Unit 2.1 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 156,000 17/03/2015 16/03/2030 17/03/2020 n/a 453,000 2.90 476,400 3.05 Rent year 5-10 476,400 p.a. Year 10-15 500,970 p.a. Schedule of condition.
Unit 2.2 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 26,318 17/03/2015 16/03/2030 17/03/2020 n/a 76,000 2.89 79,800 3.03 Rent year 5-10 79,800 p.a., Years 10-15 83,790 p.a. Schedule of condition.
Total 182,318 529,000 2.90 556,200 3.05
TENANCY SCHEDULE
Ffordd Amaz
on
Drain
KingsDock
Building
UNIT SUPERHEATER ENGINEERING LIMITED, ELBA BUSINESS PARK, ELBA CRESCENT, SWANSEA SA1 8QE
NEW SWANSEA UNIVERSITY CAMPUS2
SWANSEA
Crown Copyright, ES 100004106. For identification purposes only.
Investment Rationale Located in Swansea, the second largest
City in Wales Large site with 2 high bay warehouses
Let to Unit Superheater Engineering Limited for over 15 years unexpired
Low rent average rent of 2.83 psf
LOCATION
The Property is located in the city of Swansea, South Wales, approximately 40 miles (63.4 km) west of Cardiff and 11 miles (17.7 km) east of Llanelli. Swansea is Waless second largest city with a population of approximately 240,000 (Census 2011). Swansea is a regional commercial centre and as such has attracted a number of multi-national occupiers including; HSBC, Admiral Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard. and DVLA. The City has undergone significant regeneration of late.
Swansea benefits from excellent transport communications having access to four junctions off the M4. The A48 dual carriageway links the city with Carmarthen, whist the A465 provides direct links to Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times of 50 mins and 3 hrs and 50 mins respectively.
SITUATION
The Property is situated approximately 3 miles (4.8 km) west of Swansea city centre, immediately north of Fabian Way (A483) which forms the main arterial route from the city centre to the M4 (Junction 42). Surrounding occupiers include Amazon who occupy a 900,000 sq ft distribution unit directly east of the subject site, NPT Homes Li