• Strategic Greater London location

• Modern industrial investment

• Investment value largely underpinned by VP value

• £625,000, subject to contract

• 7.0% Net Initial Yield

• £164 per sq ft Capital Value

Crossways Business Park is made up of 3 million square feet of high quality commercial buildings with a blend of hotels and amenities including The Living Well fitness club, an Asda superstore with pharmacy and petrol station, and The Wharf public house. The Business Park has been carefully landscaped and is maintained to provide a high quality business setting and to give the opportunity for employees to enjoy the lakeside walks and wildlife. The park is also close to Bluewater Shopping Centre, one of the UK’s most innovative retail and leisure destinations.

Schooner Park is situated on the south-eastern border of the Business Park neighbouring Masthead to the north and Waterside Court to the east. Schooner Park benefits from direct access to Anchor Boulevard via Schooner Court which eradicates the need to drive around the entirety of the central lake. The London to Gillingham railway line lies directly behind Schooner Park.

Access to the M25 (Junction 1a) is within 0.5 mile (800 metres) of the property and is some 0.8 miles (1.3 km) west of Stone Crossing Railway Station. Other well-known occupiers on the Business Park include, Laing O’Rourke, Kuehne and Nagel, HSBC, Mazda Motors, John Lewis Distribution Centre, Hilton and Howdens.

The property forms part of the modern Schooner Park development which comprises 24 production and warehouse units. Unit 19 is prominently situated at the entrance to Schooner Park and forms part of a terrace adjoining Units 18, 20 and 21.

The property comprises a high quality, modern unit with ground floor warehouse accommodation and office accommodation on first floor. Constructed from a steel frame with metal profile cladding and brick elevations with 30 kN/sq m floorslab, a level access loading door of 3m x 3m, 7 designated car parking spaces (2 of which are disabled spaces) and a clear eaves height of over 5.5 m. The first floor office accommodation benefits from perimeter trunking, suspended ceilings, VRV heating and cooling and a Very Good BREEAM rating.

We understand the Rateable Value for the property is currently £37,000.

The Uniform Business Rate is 48 pence per pound for 2015/2016.

A Phase I Environmental Risk Assessment was carried out by BWB Consulting Limited in December 2016 which concluded that the site represents a low risk with respect to contaminated land and ground stability liability issues. A copy of the report is available to download and a reliance letter is available to a purchaser. 

The property is entirely let to EW Cox UK Limited, t/a CoxGomyl, on a full repairing and insuring lease for a term of 10 years from 15 December 2010, expiring on 14 December 2020.

The current passing rent is £46,000 per annum (£130.34 per sq m / £12.10 per sq ft).

The permitted use is as light industrial and research and development within Classes B1 (b) and/or (c) and B8 of the Town and Country Planning (Use Classes) Order 1987 except for the ground floor of the Premises for which use as offices within Class B2 of the Use Classes Order.

The total service charge due for the year from the tenant is £2,255.19. Copies of the service charge accounts and service charge budgets are available to download.

A purchase at the asking price reflects a capital value of £164 per sq ft. Adjoining properties on Schooner Park have recently been sold, demonstrating that the investment value is largely underpinned by the vacant possession value:

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 Greater London industrial investment;

2. The property is strategically located within a highly established business park;

3. The investment value is largely underpinned by the vacant possession value;

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

5. The investment provides a purchaser with an attractive lot size.