• Established commercial location

• Modern light industrial/trade counter scheme

• Multi-let and fully income producing

• Secure income with tenants including Toolstation (Net Assets £63m)

• In excess of 50% of the income well-secured against Schneider Electric who renewed their lease in January 2021

• Low passing rents (£6.33 per sq ft overall)

• Active management opportunities

• Freehold

• Offers in excess of £1,750,000, subject to contract

• 6.0% Net Initial Yield

The property is situated on the established and popular Marston Trading Estate and is accessed via Handlemaker Road, the main spine road through the estate. Frome town centre is less than 2.4 km (1.5 miles) to the north and Frome railway station is 2.3 km (1.4 miles) to the north-east. The A361 is approximately 1.6 km (1 mile) to the south.

The Marston Trading Estate attracts a wide range of businesses and occupiers including Tyco Fire Products, Brewis Engineering, Melksham Motor Spares and Sydenhams Builders Merchants. There are also a number of retail outlets and trade operators immediately to the south including Homebase, Topps Tiles, Halfords, Sainsbury’s, McDonald’s and KFC.

The property also benefits from being adjacent to a densely populated residential area.

The property comprises a modern, purpose-built light industrial/trade counter scheme configured over two terraces around a central yard area.

There are eight units in total, each of steel portal frame construction with concrete block work to lower elevations and steel profiled cladding above, under a profile steel clad roof. Units 5-8 have been combined to provide one larger unit.

Each unit benefits from an eaves height of approximately 6.25 metres (20’6”), electrically operated loading doors, a service yard and car parking.

The property offers a high standard of business space ideally suited for a range of light industrial, trade counter or other uses (subject to planning permission).

Units 1 & 3 were comprehensively refurbished in 2018/2019.

The 2020/21 Uniform Business Rate multiplier is 51.2 pence per pound for rateable values of £51,000 or more and 49.9 pence per pound for rateable values below £51,000.

We estimate the site area to be approximately 0.53 hectares (1.3 acres).

A Phase I Environmental Assessment was carried out by Delta Simons in December 2020 which concluded that “the Site represents an investment opportunity with a Low overall risk status in the context of its ongoing use”. A copy of this report is available to download and will be assigned to a purchaser on completion at a cost of £2,061.60 + VAT.

The property is currently fully let to 4 tenants in accordance with the attached tenancy schedule.

In excess of 50% of the income is secured against Schneider Electric who have been in occupation since 2007 and renewed their lease in January 2021.

A purchaser will benefit from a total income of £111,550 per annum (£68.16 per sq m / £6.33 per sq ft overall).

Unit 2 has been “sold-off” on a 999 year lease from 1st January 2000 at a peppercorn rent.

The supply of industrial buildings similar in size to the subject units in Frome is very limited with a healthy level of demand. Prime rents in Frome have now reached £7.50-8.00 per sq ft at Commerce Park. The current rents of £6.33 per sq ft are at a discount to those rental levels and offers a purchaser an opportunity to further enhance the rental levels at lease breaks/expiries.

It took less than two weeks to identify a new tenant when the previous occupier of Unit 4 vacated in August 2020, demonstrating the strong occupational demand for units within Ashton Park.

A purchase at the asking price reflects a capital value of £99 per sq ft. The adjoining property was sold in September 2019. Comprising a 1999-build industrial warehouse totalling 3,504 sq m (37,715 sq ft), the property is let to Tyco Fire Products Manufacturing Limited for a term of 5 years from 24th June 2019 at a passing rent of £248,430 per annum (£6.59psf). The freehold interest was subsequently sold for £3,460,000, reflecting a net initial yield of 6.74% and a capital value of £92 per sq ft.

Unit 1 – Toolstation Limited

Toolstation Limited (Co. No. 04372131) has reported the following figures:

Established in 2003, Toolstation is one of Britain’s fastest growing suppliers of tools, accessories and building supplies to the trade, home improvers and self-builders. With a multi-channel offering, Toolstation customers can buy online, at over 400 branches across the UK and through the company’s dedicated UK call centre. In 2019 the company opened 65 branches. For further information see www.toolstation.com.

The company is a wholly owned subsidiary of Travis Perkins Plc, the UK’s largest distributor of building materials to the building, construction and home improvement markets with over 20 businesses in the Group. The company employs over 28,000 people and operates from almost 2,000 branches, stores and sites around the UK. For the year ending 31st December 2019, Travis Perkins Plc reported Pre-Tax Profits of £180.8 million. For further information see www.travisperkinsplc.co.uk.

Unit 3 – Aquaid Franchising Limited

Aquaid Franchising Limited (Co. No. 03505477) has reported the following figures:

The company experienced an 8.5% increase in turnover for 2019 when compared to the preceding 12 months. AquAid is the UK’s leading water cooler supplier in the UK. With 23 branches across England, Scotland and Northern Ireland, the company provides a wide variety of water coolers, dispensers and water boilers to 30,000 customers across the country. For further information see www.aquaidwatercoolers.co.uk.

Unit 4 – Monarch Joinery Frome Limited

Monarch Joinery Frome Limited is a newly incorporated company, hence no accounts are filed at Companies House yet. A rent deposit of £4,125 + VAT is held by the Landlord.

Units 5-8 – Schneider Electric IT UK Limited

Schneider Electric IT UK Limited (Co. No. 03108928) has reported the following figures:

The principal activity of the company is the sale and support of uninterruptible power systems. This consists mainly of sales of UPS’s, racks, accessories, PDU’s, batteries and the associated services, mainly installation, commissioning, extension of warranty and maintenance contracts. Products are sold under the brands, APC by Schneider Electric or Schneider Electric.

The ultimate controlling party is Schneider Electric SE, a company incorporated in France. With over 135,000 employees in over 115 countries worldwide, Schneider Electric is a European multinational company providing energy and automation digital solutions for efficiency and sustainability. In 2019 the company reported Revenues of €27.2 billion with an adjusted EBITA of €4.24 billion. For further information see www.se.com.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. An opportunity to acquire a modern industrial/trade counter investment;

2. The property is multi-let and fully income producing;

3. The property is situated in an established and popular commercial location;

4. Securely let with over 50% of the income secured against Schneider Electric (Net Assets £10m) who renewed their lease in January 2021, demonstrating their commitment to the property;

5. The property offers a purchaser a number of opportunities to actively manage and enhance the passing rents;

6. A purchase at the asking price will provide an investor with an attractive net initial yield;

7. A purchase at the asking price reflects a low capital value;

8. An attractive lot size to an investor.

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