Property Auctions 24/May/2018 | 2 Greycaine Road, Greycaine Industrial Estate, Watford, Hertfordshire, WD24 7GP

Substantial Freehold Industrial Investment

Established industrial/trade counter location within easy access of the A41 and M1/M25 Motorways and Watford Junction/Watford North Railway Stations
Substantial 48,269 sq ft (4,484 sq m) industrial estate currently comprising six units
Approximate Site Area of 1.804 acres (0.730 ha) providing future development opportunities (subject to consents)
Guide price equates to £119 psf capital value, and 7.84% net reversionary yield based on ERV

Lot 18
Auction 24th May 2018
Rent £338,000 per Annum Exclusive
Status Sold Post
Price
Sector
Industrial/Warehouse
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 1.7 miles north of Watford town centre, 18 miles north-west of Central London, 8 miles south of St Albans
Roads: A41, A412, A411, M1, M25
Rail: Watford North and Watford Junction Railway Stations
Air: London Heathrow and Stansted Airports

Situation

Watford is a major South East centre and a popular commuter town located some 18 miles northwest of Central London. The town has excellent road communications being close to both the M1 (Junction 5) and M25 (Junction 20), together with regular rail services from Watford Junction to London (Euston) with journey times from 14 minutes.

Greycaine Industrial Estate is located to the north of the town centre in an established industrial and trade counter location, just off Bushey Mill Lane and a short walk from Watford North Railway Station. Bushey Mill Lane runs parallel to the A41 (Colne Way), which links the M1 to the east with the M25 to the west. To the north-west of the property is the busy Dome Roundabout, home to Sainsbury’s and ASDA superstores together with a Shell petrol filling station and a Waitrose convenience store.

The new Watford Trade Park is located immediately to the east of the site and houses occupiers including National Tyres & Auto Care, National Windscreens and CTD Ceramic Tile Distributors.
Other occupiers in the immediate area include Bookers Cash & Carry, HSS Hire and Dulux Decorating Centre. Unit D is accessed from the eastern stretch of Greycaine Road, with the remainder accessed from the western stretch.

Tenure

Freehold.

Location

Miles: 1.7 miles north of Watford town centre, 18 miles north-west of Central London, 8 miles south of St Albans
Roads: A41, A412, A411, M1, M25
Rail: Watford North and Watford Junction Railway Stations
Air: London Heathrow and Stansted Airports

Situation

Watford is a major South East centre and a popular commuter town located some 18 miles northwest of Central London. The town has excellent road communications being close to both the M1 (Junction 5) and M25 (Junction 20), together with regular rail services from Watford Junction to London (Euston) with journey times from 14 minutes.

Greycaine Industrial Estate is located to the north of the town centre in an established industrial and trade counter location, just off Bushey Mill Lane and a short walk from Watford North Railway Station. Bushey Mill Lane runs parallel to the A41 (Colne Way), which links the M1 to the east with the M25 to the west. To the north-west of the property is the busy Dome Roundabout, home to Sainsbury’s and ASDA superstores together with a Shell petrol filling station and a Waitrose convenience store.

The new Watford Trade Park is located immediately to the east of the site and houses occupiers including National Tyres & Auto Care, National Windscreens and CTD Ceramic Tile Distributors.
Other occupiers in the immediate area include Bookers Cash & Carry, HSS Hire and Dulux Decorating Centre. Unit D is accessed from the eastern stretch of Greycaine Road, with the remainder accessed from the western stretch.

Tenure

Freehold.

Description

The property currently comprises six industrial units providing a variety of accommodation arranged over ground and part first/mezzanine floors. The current uses range from workshop and storage (Units A1, A2, C & D) to food production (Unit A) and a gymnastics studio (Unit B). Units A1 and A2 are interconnecting and Unit C has its own self-contained yard area to the front. Units benefit from an approximate eaves height of 4.22m (13'10"), roller shutter doors and approximately 37 car parking spaces within a surface car park at the southern end of the site with an additional 24 spaces demised within Unit C’s lease and space for approximately 12 cars within Unit D’s demise.

VAT

VAT is 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 currently comprises six industrial units providing a variety of accommodation arranged over ground and part first/mezzanine floors. The current uses range from workshop and storage (Units A1, A2, C & D) to food production (Unit A) and a gymnastics studio (Unit B). Units A1 and A2 are interconnecting and Unit C has its own self-contained yard area to the front. Units benefit from an approximate eaves height of 4.22m (13'10"), roller shutter doors and approximately 37 car parking spaces within a surface car park at the southern end of the site with an additional 24 spaces demised within Unit C’s lease and space for approximately 12 cars within Unit D’s demise.

VAT

VAT is 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 Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/ (Reversion)
A	687.48 sq m	(7,400 sq ft)	RAMONA’S KITCHEN LIMITED (1)	9 years from 11/05/2015	£60,000 (2)	Fixed Increases on 11/05/2021 and 11/05/2023 (2) 09/05/2024 (10/05/2024)
A1	445.93 sq m	(4,800 sq ft)	SOUTHERN ALUMINIUM AND UPVC WINDOW COMPANY (LONDON) LIMITED (3)	9 years from 03/07/2015	£37,000	03/07/2021 (02/07/2024)
A2	196.68 sq m	(2,117 sq ft)	SOUTHERN ALUMINIUM AND UPVC WINDOW COMPANY (LONDON) LIMITED (3)	9 years from 01/03/2017	£24,000	01/03/2020 (28/02/2026)
B	759.85 sq m	(8,179 sq ft) plus office/storage accommodation	DOLPHINA GYMNASTICS CENTRE LIMITED (4)	10 years from 13/01/2014	£56,000 (5)	(12/01/2024)
C	1,478.09 sq m	(15,910 sq ft) plus yard area to front	HERTS GROUP LIMITED & TRAFFIC MANAGEMENT LIMITED (6)	6 years from 29/09/2014	£110,000	(28/09/2020)
D	916.30 sq m	(9,863 sq ft)	ASH LOGISTICS LIMITED (7)	10 years from 01/08/2014	£51,000 (8)	Annual Fixed Increases (8) (31/07/2024)
Totals	4,484.33 sq m	(48,269 sq ft)			£338,000 (2) (5) (8)

(1) Ramona’s Kitchen produces fresh vegetarian foods such as falafel, houmous, fresh salads, soups, dips, sauces and meze specialities to all types of food service and catering companies, including single restaurants and restaurant chains, pubs and catering companies (Source: www.ramonaskitchen.com).
(2) The current contractual rent is £55,500 p.a.x. with fixed increases to £60,000 p.a.x. on 11/05/2019, £63,000 p.a.x. on 11/05/2021, £65,000 p.a.x. on 11/05/2023 and a rent review on 09/05/2024. The Seller has agreed to adjust the completion monies so that the unit effectively produces £60,000 p.a.x. until the fixed increase on 11/05/2021
(3) Southern Windows is a well established family business that started manufacturing uPVC and aluminium windows in London over 35 years ago, with their manufacturing facilities based in Watford (Source: www.southernwindows.co.uk).
(4) Dolphina Gymnastics Centre offers classes for pre-school, recreational gymnastics and adult gymnastics. Founded in 1991, Dolphina Gymnastics Centre has grown to over 900 members and 2 qualified judges (Source: www.dolphinagymnastics.com).
(5) The current contractual rent is £42,000 p.a.x. with a fixed increase to £56,000 p.a.x. on 13/01/2019. The Seller has agreed to adjust the completion monies so that the unit effectively produces £56,000 p.a.x. from completion of the sale.
(6)HTMS has experience in the supply and maintenance of effective traffic management solutions (Source: www.hertsequipment.co.uk ).
(7) Ash Logistics Limited, incorporated in May 2005, is a company providing storage and delivery solutions and now has some 60 vehicles with professional drivers (Source: www.ashlogistics.co.uk ).
(8) The current contractual rent is £45,000 p.a.x. increasing by £3,000 annually and then to £65,000 on 01/08/2023. The Seller has agreed to adjust the completion monies so that the unit effectively produces £51,000 p.a.x. from completion of the sale until the fixed increase on 01/08/2019.