iceni - Levy Real Estate...Prime ertfordshire Multilet Industrial Estate Investment iceni COURT LETCHWORTH Icknield Way, Letchworth Garden City, SG6 1TN Communications Letchworth benefits

iceniCOURTLETCHWORTH

Prime Hertfordshire Multi-let Industrial Estate Investment



Icknield Way, Letchworth Garden City, SG6 1TN

Investment Summary●● Four separate industrial units on a secure estate in the heart of Letchworth Garden City

●● Total GIA of 32,460 sq ft of accommodation

●● The site extends to approximately 1.7 acres (74,052 sq ft) providing a low site density of 43.8%

●● Securely let to four tenants, with an AWULT of 3.8 years to expiry and 2.4 years to breaks

●● The property benefits from B1(c) and B8 uses throughout

●● 150 year long leasehold interest (133 years unexpired) at a peppercorn rent

●● Total passing rent of £189,000 per annum, reflecting a low average rate of £5.82 per sq ft

●● ERVs are within the region of £7.50 per sq ft

Offers for the long leasehold interest are invited in excess of £3,000,000 (Three Million pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of

5.92%, an attractive reversionary yield of 7.62% and a low capital value of £92 per sq ft, assuming purchaser’s costs of 6.45%.




Location

Iceni Court is located in the heart of

Letchworth Garden City and is a popular

commuter town and a well established

commercial centre in North Hertfordshire.

Letchworth is located just to the west of the

A1(M), approximately 33 miles (53.4km) north

of Central London, 16 miles (26.3km) north of

St Albans and 11 miles (17.5 km) north east of

Luton.

Locality

Iceni Court is situated just off Icknield Way;

a major road which runs east to west in

northern central Letchworth. The property is

located approximately 0.6 miles (1 km) from

Letchworth Garden City train station which is

situated in the town centre and 1.75 miles (2.75

km) from Junction 9 of the A1(M).

M25

M25

M25

M11

M11

M11

A1(M1)

A1(M1)

M1

M1

M4

M40

M1

A414

A1

A6

A406

A421

A505

A505

A120

A10

A602

A414

A41

A13

A12

A1

A10

A40

A404

Royston

Saffron Walden

Bishops Stortford

Welwyn Garden City

St Albans

Stevenage

Hitchin

Clifton

Biggleswade

Newport

Harlow

Ware

Luton

Hemel Hempstead

WatfordBorehamwood

LONDON

Luton Airport

London City Airport

Heathrow Airport

Letchworth Garden

City

iceniCOURT

LETCHWORTH

Drive Times from

Luton30 minutes

Milton Keynes50 minutes

Northampton70 minutes

London90 minutes

Birmingham120 minutes




Communications

Letchworth benefits from excellent road, rail

and air links. It is situated just 1.5 miles from

Junction 9 of the A1(M), which connects with

all major northern cities and the M25 as well as

Central London to the south.

Additionally, Letchworth Garden City is serviced

by fast and frequent rail services to London

King’s Cross with a journey time of 37 minutes.

Wilbury Road

Nort

on

Road

Norton Road

Pixmore Way

Pixm

ore

Ave

Dunham

’s Ln

Le tch

wo

rth

Lane

B

road

way

Willian Road

Baldock Lane

B

aldoc

k La

ne

Westo

n W

ay Westo

n Way Hatch Lane

Lannock Hill

Icknield Way

G

reen

Lan

e

Station Rd

Birdshill

W

orks Rd

Jubilee R

d

No

rto n W

ay S

ou

th

W

ymond

ley

Road

A1 (M)

A507

A1 (M)

A1 (M)

A505

A505

A505A505B197

A507

B197

B656

B656

9

Letchworth

Willian

Norton

BaldockClothall

Common

Letchworth Garden City

Station





Description

Iceni Court comprises a self-contained estate with four standalone units. The properties were constructed in the 1990s and are all of steel portal

frame construction with block work cavity elevations with steel profile cladding and concrete floors throughout. Loading for each unit is by way of

electric roller shutter doors measuring 3.6m x 4.6m, opening out onto the respective units’ demised yard area.




Accommodation

The property’s gross internal areas (GIA) are as follows:

Unit Floor GIA (sqft) Comments

1

(ATG Danmon Ltd)

Mezzanine 5,232 Landlord Fit Out

Ground 5,702 Landlord Fit Out

Subtotal 10,934

2

(Pave Testing Ltd)

Mezzanine 2,296 Tenant Fit Out


Subtotal 6,634

3

(DM Systems and Test Ltd)

Mezzanine 3,235 Landlord Fit Out



Subtotal 12,879

4

(EZCCTV.COM Ltd)



Subtotal 11,227

Total 41,674

Unit 2Unit 1




Tenure

Iceni Court is held by way of a 150 year long leasehold from Letchworth Garden City Heritage

Foundation, at a peppercorn rent, expiring on 23rd June 2151 (approximately 133 years unexpired).

Site Plan

The approximate extent of the long leasehold ownership is shown in the title plan

(Title number HD400515).

This plan is published for the convenience of identification only and although believed to be correct, its accuracy is not guaranteed and does not form any part of any contract.

Unit 1

TenancyIceni Court is let to four tenants on FRI leases, as illustrated in the below schedule. The property’s AWULT is approximately 3.8 years, with approximately 2.4 years to breaks.

Unit TenantGIA (sq ft) (LL Fit Out)

GIA (sq m) (LL Fit Out)

Current Rent (p.a.)

Current Rent (psf) Lease Start Rent Review Break Option Lease End L&T Act 1954

1 ATG Danmon Ltd 10,934 1,015.5 £52,500 £4.80 14/07/2014 - - 13/07/2019 Outside

2 Pave Testing Ltd 4,338 403.0 £26,500 £6.11 17/02/2017 - 16/02/2020 16/02/2022 Outside

3 DM Systems and Test Ltd 10,733 997.1 £70,000 £6.52 17/07/2012 - - 16/07/2022 Inside

4 EZCCTV.COM Ltd 6,455 599.7 £40,000 £6.20 27/02/2015 27/02/2020 26/02/2020 26/02/2025 Outside

Total 32,460 3,015.4 £189,000 £5.82

Unit 2

Unit 1

Unit 4

Unit 3



MISREPRESENTATION ACT 1967 - LEVY REAL ESTATE LLP for themselves and for the Vendors or Lessors of this property whose agents they are given notice that: all descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are unless otherwise stated indicative only. Any intending purchasers or tenants should not rely on them as statements or representations of fact or as warranties but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP has any authority to make or give representation or warranty in relation to this property. All prices and rents are quotes exclusive of VAT unless otherwise stated. June 2018.

Jonathan Martyr Tel: 0207 747 0123 Mob: 07787 533996 Email: [email protected]

Jeremy Grundy Tel: 0207 747 0131 Mob: 07973 667015 Email: [email protected]

Adam Lewis Tel: 0207 747 0124 Mob: 07854 767197 Email: [email protected]

Will Edgley Tel: 020 7747 0120 Mob: 07748 286333 Email: [email protected]

Colin Mitchell Tel: 01438 794592 Mob: 07966 245267 Email: [email protected]

Daniel Musgrove Tel: 01438 794586 Mob: 07966 144131 Email: [email protected]

PlanningIceni Court is located within the North Hertfordshire District Council planning

jurisdiction. The property benefits from B1(c) and B8 uses throughout.

EPCEPCs for all units are available upon request.

VATThe property is elected for VAT. It is anticipated that the transaction will be

treated as a transfer of going concern (TOGC).

ProposalOffers for the long leasehold interest are invited in excess of £3,000,000 (Three Million pounds), subject to contract and exclusive of VAT. A purchase at this level

reflects a net initial yield of 5.92%, an attractive reversionary yield of 7.62% and a low capital value of £92 per sq ft, assuming purchaser’s costs of 6.45%.

iceni - Levy Real Estate...Prime ertfordshire Multilet Industrial Estate Investment iceni COURT LETCHWORTH Icknield Way, Letchworth Garden City, SG6 1TN Communications Letchworth benefits

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