ITT Unit, Bingley Road Hoddesdon Hertfordshire EN11 0BU

ITT Unit, Bingley Road
Hoddesdon
Hertfordshire
EN11 0BU

Freehold Industrial Investment with Future Development Potential (Subject to Consents)

Entirely let to ITT Industries Limited (in occupation since 1987)
Fast access to M25 (Junction 25) and A10. Occupiers include Sainsbury's, Travis Perkins and Plumb Center
Approximately 1.6 hectares (4 acres)
Buyer will benefit from a £250,000 pre-agreed dilapidations payment
Major new development immediately to the north occupied by Cert Octavian, Wincanton, Recall etc.
Six Week Completion Period Available

Lot
52
Auction
18th October 2011
Rent
£420,000 per Annum Exclusive
Status
Sold
Price
£1,950,000
Sector
Industrial/Warehouse
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On Instructions from Stockland

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Freehold Industrial Investment with Future Development Potential (Subject to Consents)

Entirely let to ITT Industries Limited (in occupation since 1987)
Fast access to M25 (Junction 25) and A10. Occupiers include Sainsbury's, Travis Perkins and Plumb Center
Approximately 1.6 hectares (4 acres)
Buyer will benefit from a £250,000 pre-agreed dilapidations payment
Major new development immediately to the north occupied by Cert Octavian, Wincanton, Recall etc.
Six Week Completion Period Available

Lot 52
Auction 18th October 2011
Rent £420,000 per Annum Exclusive
Status Sold
Price £1,950,000
Sector
Industrial/Warehouse
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On Instructions from Stockland

Property Information

Location

Miles: 7 miles south-east of Hertford, 10 miles north of Enfield, 20 miles north of Central London
Roads: A1170, A10, M25 (Junction 25), M11 (Junction 7), , A1(M) (Junction 4)
Rail: Rye House Railway Station, Broxbourne Railway Station
Air: London Luton, London Stansted

Situation

The property is situated in an established industrial location which benefits from excellent access to the A10, M25 (6 miles), M11 (9 miles) and A1(M). The area has benefited from significant investment recently in the logistics sector with the development of Hoddesdon Commercial Park, a joint venture between Goodman and Scottish Widows, which is situated immediately to the north of the property.

Tenure

Freehold.

Location

Miles: 7 miles south-east of Hertford, 10 miles north of Enfield, 20 miles north of Central London
Roads: A1170, A10, M25 (Junction 25), M11 (Junction 7), , A1(M) (Junction 4)
Rail: Rye House Railway Station, Broxbourne Railway Station
Air: London Luton, London Stansted

Situation

Tenure

Freehold.

Description

The property comprises two individual sites, one of which is used for staff parking (approx. 0.40 hectares, 1 acre) and the other comprising a substantial warehouse benefiting from a loading area with an eaves height of 7.3 metres and office accommodation with suspended ceilings, recessed lighting and raised floors (approx. 1.2 hectares, 3 acres). There is an electricity substation on the car parking site.

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Warehouse Office Mezzanine	5,493 sq m 2,354 sq m 206 sq m	(71,322 sq ft) (13,154 sq ft) (2,217 sq ft)	(910 sq ft) (666 sq ft) (839 sq ft)	ITT INDUSTRIES LTD (1)	25 years from 19/03/1987. New 4 year lease extension agreed.(2)	£420,000 until 19/03/2012. £320,000 thereafter. (3)	19/03/2016
Electricity Substation				THE EASTERN ELECTRICITY BOARD	99 years from 11/06/1969		10/06/2068
Totals		8,053 sq m	(86,693 sq ft)			£420,000 (Subject to Note 3)

(1) For the year ending 31st December 2009, ITT Industries Limited reported a turnover of £44,873,000, pre-tax profits of £35,822,000 and a net worth of £184,322,000. (Source: www.riskdisk.com 19/09/2011)
(2) A reversionary 4 year lease (to take affect from 20th March 2012) with a tenant option to determine on 20th March 2014 has been agreed and is due to complete imminently. The lease will be subject to a schedule of condition and the tenant will have no rights to renew. A pre-agreed dilapidations payment of £250,000 (in respect of the existing lease) is to be received on 20th March 2013 which will pass to the buyer. The existing lease will be assigned to Water Process Limited with Lowara UK Limited acting as guarantor. For the year ending 31st December 2009, Lowara UK Limited reported a turnover of £28,368,388, pre-tax profits of £3,589,348 and a net worth of £12,188,871. (Source: www.riskdisk.com 19/09/2011) Both companies are related to ITT Industries.
(3) Effective from 20th March 2012, the rent will be reduced to £320,000 p.a. until the expiry of the reversionary lease.