• Single-let, purpose-built distribution warehouse unit

• Let to established tenant who has been in occupation for circa 21 years

• Established commercial location

• Low passing rent equating to only £5.55 per sq ft

• Freehold

• Offers in excess of £3,000,000, subject to contract

• 7.95% Net Initial Yield

• Low capital value of £66 per sq ft

The property is situated on the established Quayside Industrial Estate and is accessed via Bates Road. Maldon town centre is approximately 1.6 km (1 mile) to the south and the A414 is less than 0.8 km (0.5 miles) to the south-west.

The property is a short walk from occupiers which include Tesco Extra superstore and McDonalds. The location also benefits from being in close proximity to the newly opened Blackwater Retail Park, located on The Causeway. Totalling 6,968 sq m (75,000 sq ft) occupiers on the park include Aldi, Next, Sports Direct, Shoe Zone, Home Bargains, Card Factory and Costa. Further retailers due to open on the park include PureGym, Greggs and a 60-bedroom Travelodge hotel.

The property was constructed for the current tenant in 1998 and comprises a distribution warehouse facility of steel portal frame construction with a pitched and ridged roof with profile sheet clad elevations. The warehouse is served by 19 canopied dock level loading bays and two further ramped loading bays.

Internally the unit benefits from a minimum eaves height of 8 metres (26 feet) and the tenant has installed a mezzanine to part of the warehouse.

The property benefits from a three storey office block with a lift serving all three floors. The office specification includes suspended ceilings and perimeter trunking.

There is a separate car park to the front of the offices.

We estimate the site area to be approximately 0.84 hectares (2.07 acres).

A Phase I Environmental Assessment was carried out by Chelma Global Limited in November 2019. A copy of this report is available to download and will be assigned to a purchaser.

Freehold.

PSL Group Limited (Co. No. 01794983) has reported the following figures:

Pre-Tax Profits increased by 71% on the previous year with Turnover up by 9.4%.

PSL is an international freight forwarding company that also operates warehouse and transport services.

PSL Freight was founded in 1984 as a result of a management buyout led by the Group’s Managing Director, John King. Initially operating as a niche forwarder, the company focused its activities mainly on the fashion markets of Italy and Portugal, supported by a 24 hour Customs Clearance operation in Dover.

As customer demand grew, the company extended its range of services throughout Europe and further afield with the opening of an office in Manchester and the acquisition of a small air freight forwarder based at Heathrow.

In 1990 SkanTrans-PSL was formed through a partnership involving its 4 agents in Denmark, Finland, Norway and Sweden. Today SkanTrans-PSL remains one of the UK’s leading Scandinavian groupage specialists and is an integral part of the Group’s activity.

During the 1990’s PSL continued its programme of growth organically and via further acquisitions, adding an additional office and depot in Hinckley. A seafreight department was also established to compliment the airfreight client sector, and the construction of its purpose built terminal in Maldon was completed. This was followed by the opening of two new commercial offices in Northampton and Birstall, Yorkshire.

In August 2019, Rhenus Logistics Limited acquired 100% ownership of The PSL Group Ltd.  For the year ending 31st December 2018 Rhenus Logistics Limited reported a Turnover of £81.8 million, Pre-Tax Profits of £2.16 million and Net Assets of £11.8 million. The company is part of the wider Rhenus group, a leading logistics service provider with an annual turnover of EUR 5.1 billion, employing over 31,000 people across 660 locations worldwide. 

For further information visit www.pslgroup.net.

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

We are instructed to seek offers in excess of £3,000,000 (Three Million Pounds), subject to contract, reflecting a net initial yield of 7.95%, assuming purchaser’s costs of 6.45%, and a capital value of £706 per sq m / £66 per sq ft.

Please note that a purchaser will be re-charged the costs of searches which are provided in the data room, in addition to the measured survey and the environmental survey.

Please note a purchaser will be charged a Transaction Fee of £10,000 + VAT.

1. An opportunity to acquire a South East industrial investment;

2. The property is situated on an established industrial estate;

3. A purpose built distribution warehouse which serves as the tenant’s headquarters;

4. The property is let to an established tenant who has been in occupation for over 20 years;

5. The property is let at a low passing rent of £155.07 per sq m / £5.55 per sq ft which is at a discount to prime rents;

6. A purchase at the asking price will provide an investor with an attractive net initial yield and a low capital value.

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