Units 1 & 2 Riverside, Omega Park, Alton, Hampshire, GU34 2UF

  • Warehouse & Industrial, Investments
  • 15,410 sq ft
  • For Sale
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Property Type Warehouse & Industrial, Investments
Tenure For Sale
Size 15,410 sq ft
Freehold Price £1,500,000
Energy Performance Rating This property has been graded as 62 C

Modern industrial property on established estate

Key Features

  • Well located industrial investment on the well established Omega Park estate
  • Alton has an active industrial market with stock in excess of 1M sq.ft.
  • 24 allocated car spaces + loading
  • New lease to Reheat International Limited
  • 10 year term certain lease with 5 year rent review
  • Rent £110,000 pa

Location

Riverside, which forms part of the Omega Park estate, was developed approximately 10 years ago and comprises 16 industrial units ranging from 1,000 sq.ft. (93 sq.m.), in all totalling just under 36,000 sq.ft. (3,344 sq.m.).

Riverside is well located for access to both the town centre and the A31, with the A31 providing fast access northwards to Farnham and Guildford together with the M3 and M25 via the A331 and A3 respectively. To the south the A31 links with Winchester and via the M3 Southampton.

Alton is an attractive market town and established commercial centre with a catchment population of over 17,000. The town has a substantial industrial base with well established companies including Laleham Healthcare, GE, Elstead Lighting, Exclusive Networks etc.

Omega Park is some 10 minutes walking distance from the town centre and the railway station with the station having a direct link to London Waterloo.

Description

Units 1 and 2 Riverside comprise adjoining high quality industrial units of steel portal frame construction with concrete block inner walls and composite micro profiled cladding to external elevations.  Although initially developed as two self contained units the current occupiers acquired both properties on practical completion. 

Unit 1, which is end of terrace, has the benefit of side windows and incorporates offices at first floor level which have been extended to the rear by way of a mezzanine.  Unit 2 has in addition to first floor offices a good quality mezzanine storage area.

Both units, which benefit from eaves heights of 6m, are to a high specification to include full carpeting and air conditioning / heating to the office areas and gas blower air heaters to the industrial part.

Accommodation Schedule 

 

SQ FT

SQ M

Ground Floor

8,057

748.47

First Floor offices

3,748

3,748.26

Mezzanine Storage

3,353

311.51

Covered loading bay

252

23.43

Total

15,410

4,831.67

Floor areas are gross internal (GIA).

Tenure

Freehold.

Proposal

Reheat International Limited (the freeholder) propose a sale and leaseback transaction.  The lease to be granted to Reheat International Limited is to be for a term of 10 years on full repairing and insuring terms subject to a rent review at the end of the fifth year and at a rent of £110,000 per annum exclusive.

Covenant

Reheat International Limited is a specialist in providing after market solutions for aircraft galley equipment and cabin interiors.  The business was established in 1998 and has recently been acquired by Trenchard Aviation. 

Reheat International Limited has a current Experian Credit Check score of 100 and described as being a ‘very low risk’. Company accounts and a copy of the Experian Credit Check can be provided on request.

 

Reheat International Ltd

Accounts to 2016

Accounts to 2015

Accounts to 2014

Sales Turnover

 

£5,280,908

£5,103,589

Profit/(Loss)  before taxes

 

£582,170

£503,306

Tangible Net Worth

 

£2,957,450

£2,802,742

Planning

We understand that the Units have planning for B1, B2 and B8 under the Town & Country Planning Use Classes Order 1987.

VAT

The property is elected for VAT.  We envisage the sale would be treated as a transfer of a going concern.

Price

On the basis of the proposed lease to be granted to Reheat International Limited we are instructed to seek offers in excess of £1.5M (ONE MILLION FIVE HUNDRED THOUSAND POUNDS) subject to contract and exclusive of VAT.  Based on the income of £110,000 per annum and allowing for purchaser’s costs of 6.10% an acquisition at this level reflects a net yield of 6.91% and a capital value figure of £97 per sq.ft.