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high yielding Multi-let Industrial Estate investment and 45 acres of Prominent Development LandPeamore Truck Centre and West Exe Park | Exeter | EX2 9SL
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
Asset Summaryasset summary
Peamore Truck CentrE• Existing office, industrial units, storage
land and vacant fuel station totalling approximately 7,525 sq m (81,000 sq ft)
• Low site cover of only 15%
• Multi-let to 12 tenants with additional verbal agreements providing a total income of £669,136 per annum
• Excellent letting history with minimal historic voids
• WAULT of 2.50 years to expiry (1.90 years to break).
West Exe Park• Development land of 45 acres with outline
planning permission for approximately 65,032 sq m (700,000 sq ft) of B1c, B2 and B8 uses
• Prominent location adjacent to the A38 with access to the M5 via Junction 31 and only three miles south of Exeter City Centre
• Excellent opportunity to develop a high quality logistics park in the exceptionally tight market of Exeter and the South West.
ProposalOffers in the region of £18,500,000 for the entire property.
This assumes the following split;Peamore Truck Centre £7,000,000, reflecting a NIY of 8.96%. West Exe Park £11,500,000 (£255,500 per acre).
Offers will be considered on the whole or by way of individual lots.
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
LOCATION
Exeter is a historical cathedral city located in the South West of England. The city has an estimated population of approximately 130,000 residents, with a primary catchment of over 470,000 people.
Exeter is the administrative centre for Devon and the commercial hub for much of the southwest peninsula, being located approximately 75 miles south west of Bristol and 40 miles north east of Plymouth. The city has a strong industry and services sectors with the Met Office being one of the largest employers in the area, together with the University and Devon County Council.
The city benefits from excellent transport communications, being located less than four miles north of Junction 31 of the M5 which provides links to Bristol, Birmingham, Cardiff and London. It is also served by the A30, A38 and A377.
Exeter St Davids Railway Station is the city’s principal station and is located one mile north of the city centre. The station provides regular services to a number of locations including London Paddington (2 hrs 20 mins), Bristol (59 mins) and Plymouth (55 mins).
Exeter Airport is located six miles east of the city centre, and offers regular flights to scheduled flights to 42 destinations throughout the UK and all major European economies.
A30
A39
A38
A35
A377
A386
A380
A303
A303
M5
M5
M5
M4 M4M4
M3
M1
M2
M11
M1M6
M6
M5
M40
M40
M27
A1(M)
A1(M)
M45
M50
M54
M69
M25
M25
M23M20
EXMOUTHWEYMOUTH
BOURNEMOUTH PORTSMOUTH BRIGHTON
READING
MILTONKEYNES
OXFORD
CAMBRIDGE
LEICESTER
CHELTENHAM
SOUTHAMPTON
SALISBURY
POOLE
YEOVIL
TAUNTON
BRISTOLCARDIFF
SWANSEA
PLYMOUTH
BARNSTAPLE
BUDE
TORQUAY
SALCOMBE
EXETER
LONDON
BIRMINGHAM
Luton
Coventry
Stansted
Southampton
Bristol
Exeter
Gatwick
Heathrow
EXETER MAP
location
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
LOCATION
Exeter is a historical cathedral city located in the South West of England. The city has an estimated population of approximately 130,000 residents, with a primary catchment of over 470,000 people.
Exeter is the administrative centre for Devon and the commercial hub for much of the southwest peninsula, being located approximately 75 miles south west of Bristol and 40 miles north east of Plymouth. The city has a strong industry and services sectors with the Met Office being one of the largest employers in the area, together with the University and Devon County Council.
The city benefits from excellent transport communications, being located less than four miles north of Junction 31 of the M5 which provides links to Bristol, Birmingham, Cardiff and London. It is also served by the A30, A38 and A377.
Exeter St Davids Railway Station is the city’s principal station and is located one mile north of the city centre. The station provides regular services to a number of locations including London Paddington (2 hrs 20 mins), Bristol (59 mins) and Plymouth (55 mins).
Exeter Airport is located six miles east of the city centre, and offers regular flights to scheduled flights to 42 destinations throughout the UK and all major European economies.
EXETERST THOMAS
EXETERCENTRAL
ST JAMES PARKPOLSLOEBRIDGE
DIGBY &SOWTON
TOPSHAM
EXETERST ADVIDS
A30
A30
A38
A30
A377
A376
A3052
M5
M5
J31
J30
J39
EXMINSTER
BLACKHORSE
ROYAL DEVONAND EXETER
HOSPITAL
RIVER EXE
SHILLINGFORDABBOT
IDE
NADDERWATER
SHILLINGFORDST GEORGE
KENNFORD
EXETER
LOCAL MAP
location
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
SITUATION
SOWTON INDUSTRIAL ESTATE
EXETER CITY CENTRE
marsh barton trading estate
main aerial
Peamore Truck Centre and West Exe Park are situated three miles south of Exeter City Centre and benefits from its position three miles east of the M5 motorway.
The M5 is accessed via the Devon Expressway (A38) which borders the site to the south and east. The site is also bound by the A379 to the north west which provides direct access to the city centre via Matford Business Park and Marsh Barton Industrial Estate.
situation
a38
a38
a30m5/j31
a379
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
SITUATION
close up aerial
situation
Peamore Truck Centre and West Exe Park are situated three miles south of Exeter City Centre and benefits from its position three miles east of the M5 motorway.
The M5 is accessed via the Devon Expressway (A38) which borders the site to the south and east. The site is also bound by the A379 to the north west which provides direct access to the city centre via Matford Business Park and Marsh Barton Industrial Estate.
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
PEAMORE TRUCK CENTRE
Peamore Truck CentreThe property comprises existing industrial units, storage compounds, offices, petrol station, car parking spaces, self-storage and signage across a 13 acre site. There are a total of 10 industrial units totalling an approximate GIA of 7,180 sq m (77,000 sq ft), providing a range of specification including;
• Steel portal frame construction
• Profile metal cladding
• Insulated pitched roof with translucent roof lights
• Concrete screed floor
• Suspended fluorescent lighting
• Electrically operated, full height roller shutter doors
• Mezzanines/office space throughout some units
• Vehicle assessment pits.
The single storey office accommodation provides approximately a GIA of 321 sq m (3,500 sq ft) has the following internal specification;
• Suspended ceiling with Category II lighting
• Solid concrete floors
• Perimeter trunking
• Gas central heating
• Kitchen and WC facilities
• Individual rooms let to occupiers.
Petrol Filling Station • Trading PFS currently operated by the vendor
• 13 pumps
• Canopy
• Retail unit
• Company accounts for trading PFS are available upon request
• To be sold with vacant possession.
The property benefits from only 15% site cover providing approximately four acres of hard standing storage land, some of which is secure.
EPC’s Available upon request.
description
Peamore Truck Centre
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
PEAMORE TRUCK CENTREPeamore Truck Centre
A Office Block
1 Macra LTD
2 Devon Transport & Training LTD
3 BK Moving & Storage LTD
4 Ceva Logistics LTD
5 Exeter Coachworks
6 Frank Tucker (Commercial) LTD
7 Man Truck & Bus LTD
8 STR Logistics LTD
9 Air Products PLC
11 Dawson Group Truck & Trailer LTD
12 LCS Transport LTD
13 Edward Hitchen
Verbal agreement only. Details on request.
accommodation
10
4
4
8
8
3
2
7
9
9
9
9
5
56
A
7
7
12
13
1
5
11
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
PEAMORE TRUCK CENTREPeamore Truck Centre
tenancies
Unit Tenant UseSize
(sq m)Size
(sq ft)Rent (pa)
Rent (psf)
Start Date
TermExpiry Date
Break Date (Notice)
Rent Review
Inside
1954 Act?D&B
RatingService Charge
Comments
Unit 1A Peamore Truck Centre Macra LTD Warehouse 452.99 4,876 £22,500 £4.61 01/09/2017 3 31/07/2020
Unit 1B Peamore Truck Centre
Devon Transport Training LTD Warehouse 446.95 4,811 £22,500 £4.68 22/04/2016 5 21/04/2021 22/04/2019
(6 months) 22/04/2019 G2 £500 pa
Unit 2 Peamore Truck Centre
BK Moving & Storage LTD Warehouse 1,184.97 12,755 £61,100 £4.79 25/10/2017 5 24/10/2022 No C2 £500 pa Tenant has right to park
4 lorries and 2 cars.
Unit 3 Peamore Truck Centre Ceva Logistics LTD Warehouse 1,468.69 15,809 £76,500 £4.84 02/12/2014 5 01/12/2019 5A1 Tenant has expressed
interest to renew.
Unit 4 Peamore Truck Centre Exeter Coachworks Warehouse
Paintshed557.13 114.27
5,997 1,230 £32,550 £4.50 01/07/2015 10 31/06/2025 01/07/2020
01/08/2018 01/08/2021 01/08/2024
B2 £500 pa Plus 1 x lorry space and 11 car parking spaces inc within lease.
Unit 5 Peamore Truck Centre
Frank Tucker (Commercial) LTD
Warehouse Office
361.48 64.10
3,891 690 £23,500 £5.13 01/12/2016 5 30/11/2021 01/12/2019 No D2 £300 pa
Unit 6&7 Peamore Truck Centre Man Truck & Bus LTD Warehouse
Yard1,639.16 3,346.80
17,644 36,025 £130,114 26/04/2018 3 25/04/2021 No 5A1 £500 pa
Unit 8 Peamore Truck Centre STR Logistics Warehouse 889.45 9,574 £55,600 £5.81 23/05/2011 10 22/05/2021 Annual £300 pa RPI rent reviews.
40 car parking spaces Evans Transport LTD Parking 1,788.37 19,250 £40,879 15/11/2016 5 14/11/2021 15/10/2019 (6 months) 15/11/2019 No 2A1 £500 pa LL areas.
Fuel pump area Vacant Fuel 185.80 2,000 LL areas.
Part office Vacant Office 44.59 480 LL areas.
Land Air Products PLC Storage Compound
301.93 3,250£18,359 22/10/2019 5 21/10/2024 22/10/2022
(6 months) 22/10/2022 No 5A1
Currently occupied under 2 separate leases to Air Products
PLC and CryoServices LTD, expiring 21/10/2019.
766.44 8,250 LL areas.
Land Dawson Group Truck & Trailer LTD
Storage Compound 1,393.53 15,000 £24,000 30/04/2016 5 29/04/2021 No 5A1 £500 pa LL areas.
Land LCS Transport LTD Storage Compound 1,083.24 11,660 £15,692 01/01/2018 5 31/12/2023 A2 £300 pa LL areas.
Land Ceva Logistics LTD Parking £42,789
1 Year Licence
from June 2019
Total £566,083
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
PEAMORE TRUCK CENTREPeamore Truck Centre
VERBAL AGREEMENTS
Land & Buildings £57,793Offices £21,540Car Parking £15,004Storage Containers £7,760Advertising £1,200Total Verbal Agreements £103,053 per annum
The estate also includes additional income of approximately £103,000 per annum held on verbal agreements broken down as follows:
Full details and site plans are available on request.
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
west exe park
West Exe ParkThe property consists of two plots of existing agricultural land surrounding the existing Peamore Truck Centre extending to 18.21 hectares (45 acres) in total. Site A sits to the south of the industrial estate fronting the A79 and Site B sites to the east overlooking the A38.
Site A comprises 4.85 hectares (12 acres) of agricultural land and benefits from full planning permissions for 17,885 sq m (192,512 sq ft) of B1, B2 and B8 use commercial accommodation with associated highways, landscaping and parking, as shown in the adjacent plan.
Site B provides 13.35 hectares (33 acres) of agricultural land. The site has achieved outline planning permission for up to 47,112 sq m (507,108 sq ft) of new employment floor space comprising a mix of B1 (business), B2 (general industrial) and B8 (storage and distribution) use.
Access to the site is proposed via a new roundabout, which forms part of the S106 requirements, envisaged to be sited on the A379 to the west of Site A.
Approximate costings for these works can be requested from the sole agents.
We understand that funding is available for those enabling works via the Home Infrastructure Funding (HIF) from the local council. More details on request.
A379
PROPOSEDROUNDABOUT
A38
M5J31
PeamoreTruckCentre
SITE BPlanning permission for47,112 sq m of B1(c), B2
& B8 development
Days Pottles Lane
Days Pottles Lane
Devon Expressway
Shill
ingf
ord
Lane
Days Pottles Lane
Deepway Lane
SITE APlanning permission for
17,885 sq mof B1(c), B2 & B8accommodation
West Exe Park
description
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
planning
The site has achieved outline planning consent from Teignbridge District Council as follows:
Site A: 12/03079/MAJOutline application for employment development (Use Classes B1(c), B2 and B8) up to 17,885 square metres (gross floor area) together with associated infrastructure including new vehicular access from the A379, improvements to the existing access to the Peamore Centre, a vehicular access to the northern boundary of the site, an internal road layout, car parking, open space, landscaping and services (Approval sought for means of access).
16/00950/MAJ - Approval of details for employment development (Use Classes B1(c), B2 & B8) (approval sought for appearance, landscaping, layout and scale).
Site B: 17/03039/MAJOutline – employment development (Use Classes B1, B2 and B8) up to 47,112 sq m (Gross) together with associated infrastructure including new vehicular access, internal road layout, car parking, landscaping, services and all other associated development.
planning
Master Plan Potential future redevelopment of whole asset including existing Peamore Truck Centre
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
market overview
Exeter Industrial MarketThe industrial sector in Exeter is very strong with demand far exceeding levels of supply with limited forecasted development easing this supply shortage in the near future, due to lack of available development land in and around the city.
The market is experiencing very strong levels of demand for multi-let industrial / business premises and well located premises with strong covenants in place with many sales being achieved significantly above quoting levels. Whilst the subject has a limited term to break, the alternative options are very limited for the tenant occupier (a strong covenant) to relocate. The shortage of supply is having a very positive effect on rental values for the market.
In general terms for Exeter, demand continues to exceed supply with many companies looking further afield to Cullompton and Willand to provide reasonable to good quality accommodation as alternatives. Levels of demand from occupiers for freeholds (owner-occupiers) and from tenants is very strong.
Rents continue to rise as a result of lack of supply of good quality accommodation and rental levels in Exeter are now the highest in the South West, due to the major supply/demand imbalance. Demand continues to outstrip supply on the prime industrial estates in Exeter which has caused a sharp uplift in rents and capital values.
Matford Green Business Park are now offering new build industrial / warehouse / trade counter units from 500 - 30,000 sq ft (697 - 2,787 sq m) with completion at the end of 2019.
We detail below a schedule of recent comparable lettings.
Address Tenant Size (sq ft) Rent Date
Exeter Gateway
Amazon 90,000 In excess of £8.00 per sq ft
H1 2019
Unit 3 Exeter Trade Centre, Exeter
A-Plant 4,432 £39,807 pa (£9.00 per sq ft)
H2 2018
Unit 5 Hitchcocks Business Park, Willand
Gregory’s Distribution
35,133 £245,000 pa(£7.00 per sq ft)
H2 2018
Unit 4 Hitchcocks Business Park, Willand
Otterdene 27,124 £175,000 pa (£6.45 per sq ft )
H2 2018
Central Park, Avonmouth, Bristol
DHL Supply Chain Ltd
159,693 £1,312,150 pa(£8.22 per sq ft)
Q1 2018
Vertex Park, Emersons Green, Bristol
DPD Group UK
68,792 £667,282 pa(£9.70 per sq ft)
Q2 2017
Skypark, Exeter
Geopost UK Ltd
59,869 £484,389 pa(£8.10 per sq ft)
Q3 2015
market overview
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
gallerygallery
Freehold Multi-let mixed-use estate situated on a 13 acre site with 45 acres of development land with outline consent
further information
VATThe property is elected for VAT and is anticipated that the sale will be treated as a TOGC.
TenureFreehold.
Proposal Offers in the region of £18,500,000 for the entire property.
This assumes the following split; Peamore Truck Centre £7,000,000, reflecting a NIY of 8.96%. West Exe Park £11,500,000 (£255,500 per acre).
Offers will be considered on the whole or by way of individual lots.
Further InformationFor any additional information required please contact the sole agents;
Hollie Ruddle0117 914 [email protected]
Jerry Vigus 023 8033 0041 [email protected]
Byron Hammond 0117 914 2026 [email protected]
Tony Fisher 01392 880180 [email protected]
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton June 2019 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are given notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
further info