Phase 1 & 2, New Road Industrial Estate Sheerness Kent ME12 1DB

  • Phase 1 & 2, New Road Industrial Estate<br>Sheerness<br>Kent<br>ME12 1DB

Phase 1 & 2, New Road Industrial Estate
Sheerness
Kent
ME12 1DB

Multi-Let Industrial Estate Investment

  • Two Multi let industrial park schemes currently arranged as 26 units
  • Located just off the A249 within easy reach of the M2
  • On-site parking with an approximate site area of 0.56 hectares (1.38 acres)
  • Asset management potential
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    37
  • Auction
    8th December 2016
  • Rent
    £88,470 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Sector
    Industrial/Warehouse
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
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Multi-Let Industrial Estate Investment

  • Two Multi let industrial park schemes currently arranged as 26 units
  • Located just off the A249 within easy reach of the M2
  • On-site parking with an approximate site area of 0.56 hectares (1.38 acres)
  • Asset management potential
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 37
  • Auction 8th December 2016
  • Rent £88,470 per Annum Exclusive
  • Status Withdrawn Post
  • Price  
  • Sector
    Industrial/Warehouse
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
18 miles north east of Maidstone, 25 miles north west of Canterbury, 50 miles south east of London
Roads
A249, A250, M2 (Junction 5)
Rail
Sheerness-on-Sea Rail
Air
London City Airport
Situation

Sheerness is a popular port town in north Kent on the Isle of Sheppey. The property is situated just off New Road in an established industrial area. Nearby occupiers include Thames Reinforcements, Monarch Chemicals an FabriTec Furniture. To the west of the property is a number of port/cargo related industries including Medway Docks Gefco UK, the distribution arm of Peugeot Citroen.

Tenure

Long Leasehold. Phase I is held for a term of 122 years from 9th June 1997 until 6th August 2109 at a current rent of £4,000 pa. The rent is subject to three yearly rent reviews to a rent equal to 10% of the aggregate of the market rent of each unit on the property. Phase II is held for a term of 113 years from 7th July 1997 until 31st March 2110 at a current rent of £6,264 pa. The rent is subject to three yearly rent reviews to a rent equal to 10% of the aggregate of the market rent of each unit on the property.

Location
Miles
18 miles north east of Maidstone, 25 miles north west of Canterbury, 50 miles south east of London
Roads
A249, A250, M2 (Junction 5)
Rail
Sheerness-on-Sea Rail
Air
London City Airport
Situation

Sheerness is a popular port town in north Kent on the Isle of Sheppey. The property is situated just off New Road in an established industrial area. Nearby occupiers include Thames Reinforcements, Monarch Chemicals an FabriTec Furniture. To the west of the property is a number of port/cargo related industries including Medway Docks Gefco UK, the distribution arm of Peugeot Citroen.

Tenure

Long Leasehold. Phase I is held for a term of 122 years from 9th June 1997 until 6th August 2109 at a current rent of £4,000 pa. The rent is subject to three yearly rent reviews to a rent equal to 10% of the aggregate of the market rent of each unit on the property. Phase II is held for a term of 113 years from 7th July 1997 until 31st March 2110 at a current rent of £6,264 pa. The rent is subject to three yearly rent reviews to a rent equal to 10% of the aggregate of the market rent of each unit on the property.

Description

The property comprises two self contained industrial schemes, comprising a total of 26 units ranging from 500 sq ft to 2,000 sq ft. Phase I comprises 13 units and has an approximate site area of 0.24 hectares (0.59 acres). Phase II comprises 13 units with an approximate site area of 0.32 hectares (0.79 acres). The schemes benefit from on-site parking and a central service yard. Each unit benefits from loading facilities and eaves heights of approximately 3.3 metres.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two self contained industrial schemes, comprising a total of 26 units ranging from 500 sq ft to 2,000 sq ft. Phase I comprises 13 units and has an approximate site area of 0.24 hectares (0.59 acres). Phase II comprises 13 units with an approximate site area of 0.32 hectares (0.79 acres). The schemes benefit from on-site parking and a central service yard. Each unit benefits from loading facilities and eaves heights of approximately 3.3 metres.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x (gross) Review/(Reversion)
Phase I - Unit 1 Ground Industrial
69.21 sq m
(745 sq ft)
 INDIVIDUAL (t/a Tony
Guest Automotive)		 5 year lease from
November 2016 (1)		 £3,255 (November 2021)
Phase I - Unit 2a & 2b Ground Industrial
116.22 sq m
(1,251 sq ft)
 B & W LIFT SERVICES
LTD		 3 years from
10/01/2008		 £6,000 Holding over
Phase I - Unit 3 Ground Industrial
92.90 sq m
(1,000 sq ft)
 VACANT (1)      
Phase I - Unit 4a
Phase I - Unit 4b		 Ground
Ground		 Industrial
Industrial
46.64 sq m
46.73 sq m
(502 sq ft)
(503 sq ft)
 INDIVIDUAL
(t/a Mark Lifton Paint &
Body Services)		 5 years from
November 2016 (2)		 £4,800 (November 2021)
Phase I - Unit 5a Ground Industrial
46.64 sq m
(502 sq ft)
 VACANT (1)      
Phase I - Unit 5b Ground Industrial
46.92 sq m
(505 sq ft)
 INDIVIDUAL 3 years from
26/07/2007		 £2,400 Holding Over
Phase I - Unit 6 Ground Industrial
93.18 sq m
(1,003 sq ft)
 INDIVIDUAL Tenancy at will
from 02/12/2013		 £4,800  
Phase I - Unit 7 & 8 Ground Industrial
190.17 sq m
(2,047 sq ft)
 KENT MOVERS LIMITED 3 years from
01/10/2016 (3)		 £8,000 (30/09/2019)
Phase I - Unit 9 & 10a Ground Industrial
138.90 sq m
(1,495 sq ft)
 KENT MOVERS AND
STORAGE LIMITED		 3 years from
November 2016 (4)		 £6,300 (November 2019)
Phase I - Unit 10b Ground Industrial
47.10 sq m
(507 sq ft)
 INDIVIDUAL 3 years from
09/05/2011		 £2,400 Holding Over
Phase II - Unit 1 Ground Industrial
98.01 sq m
(1,055 sq ft)
 INDIVIDUAL 3 years from
12/03/2007		 £4,300 Holding Over
Phase II - Unit 2 Ground Industrial
95.70 sq m
(1,030 sq ft)
 INDIVIDUAL
(t/a Big Fish Art)		 Licence to
occupy from 21/11/2011		 £300 Holding Over
Phase II - Unit 3 Ground Industrial
192.40 sq m
(2,071 sq ft)
 THE GEAR BOX
CENTRE (KENT) LTD		 5 years from
04/05/2016		 £7,200
(5)		 (03/05/2021)
Phase II - Unit 4 Ground Industrial
96.10 sq m
(1,034 sq ft)
 INDIVIDUAL
t/a Cpress Juice		 Licence to
occupy from 03/12/2014		 £4,800  
Phase II - Unit 5 Ground Industrial
97.17 sq m
(1,046 sq ft)
 OVERLAND SOLUTIONS
(UK) LIMITED		 Licence to
occupy
from 01/02/2012		 £2,400  
Phase II - Unit 6
Phase II - Unit 7		 Ground
Ground		 Industrial
Industrial
96.10 sq m
119.84 sq m
(1,034 sq ft)
(1,290 sq ft)
 DAVID’S DOGGIE
DINNERS		 2 x 5 years from November
2016 (6)		 £4,500
£5,640		 (November 2021)
Phase II - Unit 8 Ground Industrial
119.10 sq m
(1,282 sq ft)
 KENT GEARSETS LTD Approximately 4 years and 6
months from 04/11/2016 (7)		 £5,375 (03/05/2021)
Phase II - Unit 9 Ground Industrial
99.40 sq m
(1,070 sq ft)
 VACANT      
Phase II - Unit 10 Ground Industrial
96.43 sq m
(1,038 sq ft)
 INDIVIDUAL
(t/a Bounce and Slide)		 5 years from November 2016 (8) £4,500 (November 2021)
Phase II - Unit 11 Ground Industrial
96.90 sq m
(1,043 sq ft)
 TRIBUNE GRAPHICS LTD 3 years from
14/06/2009 (9)		 £4,800 Holding Over
Phase II - Unit 12 Ground Industrial
93.10 sq m
(1,002 sq ft)
 THE FIRST
SECRETARY
OF STATE		 Lease from 01/12/2005 £4,300 Holding Over
Phase II - Unit 13 Ground Industrial
99.40 sq m
(1,070 sq ft)
 INDIVIDUAL Lease from
20/03/2008		 £2,400 Holding Over
Total    
2,334.26 sq m
25,126 sq ft
     £88,470  

(1) The tenant of Unit 1 is currently occupying Unit 5A however is due to simultaneously surrender this unit and take a lease of Unit 1 on the terms stated. The lease has not yet completed. The tenant is also due to take a tenancy at will of Unit 3 jointly with the tenant of unit 4a & 4b, although terms have not yet been agreed. (2) The tenant of unit 4a and 4b is currently holding over. A new 5 year lease has been agreed and is with the tenant for signature.
(3) Kent Mover Ltd lease provides fixed rental increase to £8,400 in 01/10/2018
(4) The lease of 9 & 10a has not yet completed. As per the agreed terms the tenant will benefit from a 4 month rent free from the lease commencement. The lease provides a fixed rental increase to £6,300 pa in the third year of the term. The seller has agreed to top up completion monies so the unit will effectively produce £6,300 from the completion of sale.
(5) As to unit 3, the lease provides fixed rental increases by £400 pa annually.
(6) The tenant is currently holding over on a lease of unit 6 only. The leases for unit 6 and 7 have been agreed and is with the tenant for signature. As per the agreed terms, the tenant will benefit from a 6 month rent free from the lease commencement. The seller has agreed to top up completion monies so unit 6 & 7 will effectively produce £10,140 pa from the completion of the sale.
(7) The lease of unit 8 has been agreed and is currently with the tenant for signature.
(8) The lease of unit 10 has been agreed and is currently with the tenant for signature. As per the agreed terms the tenant will benefit from a 6 month rent free from the lease commencement. The seller has agreed to top up completion monies so the unit will effectively produce £6,300 from completion of sale.
(9) The seller is currently in discussions with the tenant of unit 11 regarding a new 5 year lease.

Property Documents

  • Catalogue Page
    Updated Date
    16.11.16
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Reed Smith LLP Broadgate Tower, 20 Primrose Street
London
EC2A 2RS
Eva Lai 0203 116 2854elai@reedsmith.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

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