for sale camvac - cushman & wakefield · 2019. 1. 11. · accommodation on a gross internal area...

FOR SALE

CamvacBurrell Way, Thetford, Norfolk IP24 3QY

cushmanwakefield.com

For more information, please contact:

Justin QuibellAssociate+44 (0)121 697 [email protected]

James BladonAssociate+44 (0)121 697 [email protected]

David SmeetonPartner+44 (0)121 710 [email protected]

No 1 Colmore SquareBirmingham B4 6AJTelephone: +44 (0)121 200 2050

Long Income Industrial Sale & Leaseback

Investment Summary

• Located in Thetford, a thriving market town adjacent to the A11 dualcarriageway that links Newmarket/Cambridge and Norwich

• Situated within a key commercial area, adjacent to the A11 on the southwestern side of the town centre

• Substantial industrial facility, with factory/warehouse and separate officebuilding on a large rectangular site

• Total floor area of 9,137.68 sq m (98,357 sq ft) on a site of 2.149 hectares(5.311 acres)

• To be let to Camvac Limited for 20 years from completion

• Initial rent of £350,000 per annum exclusive, subject to 5-yearly upwards-only open market rent reviews

We are instructed to seek offers in excess of £3,825,000 (three million, eighthundred and twenty five thousand pounds), subject to contract andexclusive of VAT, for the freehold interest in the property. A purchase at thislevel would reflect a Net Initial Yield of 8.5%, having deducted purchaser’scosts of 7.55%.

INVESTMENT

mailto:[email protected]:[email protected]:[email protected]

FOR SALE


Location

Thetford is a thriving market town located on the border ofNorfolk and Suffolk, approximately 32 miles south west ofNorwich, 12 miles north of Bury St Edmunds, 35 miles northeast of Cambridge and 80 miles north east of London.

The town has an urban area population of 24,833 people,while the population of Breckland district is 130,491 people.It has an industrial heritage dating back to the Neolithic era,but grew rapidly from the mid-20th Century, boosted by therelocation of businesses from bomb-damaged London in the1950s. Manufacturing remains the most important sector tothe local economy, accounting for 23.4% of jobs.

Thetford has comprehensive transport links. It is adjacentto the A11 dual carriageway, which links Norwich withNewmarket, Cambridge (via the A14) and London (via theM11). The town has a station on the Ely-Norwich railwayline and is served by regular trains to Norwich, Ely,Cambridge, Peterborough, Nottingham, Manchester andLiverpool, with connecting trains to London Liverpool Street.Stansted Airport is located approximately 55 miles to thesouth west, with direct access via the A11/M11 and by rail.

Situation

The property is situated approximately 1 mile south west ofthe town centre, in an established industrial/commercialarea adjacent to London Road, which has also seen morerecent retail warehouse development. Burrell Way is on thesouthern side of London Road, opposite Forest Retail Park,and approximately half-a-mile from the A11. Occupiers inthe vicinity include Baxter Healthcare, TROX, Advanced Air,BOC, Howden Joinery, Plumb Center, Screwfix, Wickes,Lidl, Sainsbury’s, B&Q, Currys PC World and Pets at Home.

Description

The property is a substantial industrial facility, the originalparts of which date to the 1960s. It comprises a detachedtwo-storey office building and separate factory building withattached warehouse on a large rectangular site.

The office building has masonry elevations, with interspacedfull-height cladding panels incorporating double-glazedwindows, and flat roof. The specification of the officesincludes: carpeted solid floors; perimeter trunking; centralheating; solid ceilings; and surface-mounted lights.

To the rear and at a lower level, the original factory (whichhas been extended) is of steel frame construction with aworking height of 5m+, full-height masonry elevations andsteel trusses supporting a flat roof with monitor-typerooflights. Adjoining the factory to the rear, there is amodern warehouse building of steel portal frameconstruction with eaves height of 5.1m, masonry/profilemetal sheet cladding to the elevations and lined/lit profilemetal sheet cladding to the roof. The factory, which isextensively fitted out, has several loading doors, while thewarehouse has a ramped level access loading door, twodock loading doors and loading platform with canopy over.

There is a car park adjacent to the office and yard at therear of the warehouse, with 360º site circulation.

Energy Performance Certificate

The property has an energy performance rating of “D”based on a score of 82; the EPC is available upon request.

Accommodation

The property provides the following approximateaccommodation on a Gross Internal Area basis:-

It occupies a rectangular site of approximately 2.149hectares (5.311 acres), resulting in a site coverage of 40%.

Tenure

The property is held freehold (title number NK89941).

Tenancy

The property will be let, from completion of the sale, toCamvac Limited for 20 years, with a tenant-only option tobreak on on the expiry of the 15th year. The lease will be onfull repairing and insuring terms, although the tenant’s repairobligation will be qualified by a schedule of condition. Theinitial rent will be £350,000 per annum exclusive, subject to5-yearly upwards-only open market rent reviews.

Tenant Covenant Information

Camvac Limited was incorporated in 2008 but traces itsroots to Cambridge in the 1950s, where the businesspioneered the manufacture of metalised films andlaminates. The business moved to Thetford in the 1960sand, today, it produces a range of products for thepackaging of liquid, processed and fresh foods andmedicines, as well as insulation products, constantlyinnovating and seeking new applications for its products.More information can be found at www.camvaclimited.com.

Valued Added Tax

The property is elected for VAT but we understand that thesale cannot be treated as a Transfer of a Going Concern.

Proposal

We are instructed to seek offers in excess of £3,825,000(three million, eight hundred and twenty five thousandpounds), subject to contract and exclusive of VAT, for thefreehold interest in the property. A purchase at this levelwould reflect a Net Initial Yield of 8.5%, having deductedpurchaser’s costs of 7.55%.

Building/ElementGross Internal Area

sq m sq ft

Factory 6,445.26 69,376

Mezzanine Offices 213.83 2,302

Warehouse 1,732.45 18,648

Office – Ground Floor 373.07 4,016

Office – First Floor 373.07 4,016

Total 9,249.98 99,567

Camvac Limited

[reg no 06582196]

Year ended 30th June

2017 2016 2015

Turnover £20,042,287 £20,733,115 £20,359,867

Pre-tax Profit/(Loss) (£27,447) £822,211 £338,777

Shareholders’ Funds £5,200,958 £5,175,375 £3,858,043

http://www.camvaclimited.com/

FOR SALE


FOR SALE


Promap®. Ordnance Survey ©Crown Copyright 2018. All rights reserved. Licence number 100022432. Not to scale. For identification purposes only.

Important Notice

Cushman & Wakefield Debenham Tie Leung Limited ("C&W") gives notice to anyone who may read these particulars as follows:

1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property only and do not constitute any part

of an offer or contract. 2. Any information contained in these particulars (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a

statement or representation of fact or that the property is in good condition or otherwise nor that any services or facilities are in good working order. 3. The photographs appearing in

these particulars show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were

taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the

property which are not shown in the photographs. Any areas, measurements or distances referred to herein are approximate only. 4. Where there is reference in these particulars to

the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building

regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 5. No person in the employment of C&W has any authority to make

or give any representation or warranty whatsoever in relation to this property. 6. This property is offered subject to contract and unless otherwise stated all rents are quoted exclusive

of VAT. 7. Unless otherwise stated, no investigations have been made by or on behalf of C&W regarding pollution, or potential land, air or water contamination. Interested parties are

advised to carry out their own investigations as required. Particulars prepared June 2018

for sale camvac - cushman & wakefield · 2019. 1. 11. · accommodation on a gross internal area...

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