Modern High Yielding
Industrial Investment Opportunity
CARRS COATINGS, 2E EAGLE ROAD, NORTH MOONS
MOAT INDUSTRIAL ESTATE, REDDITCH B98 9HF
On the instructions of N Edwards &
L Manning of Deloitte LLP, acting as joint
Administrative Receivers of Pinton Estates Plc
Location
Redditch is located 14 miles (22 km) to the south of Birmingham, 7.5 miles (12 km)
south west of Solihull and 5 miles (8 km) east of Bromsgrove. The town benefits from
good road communications with junctions 2 and 3 of the M42 lying 3 miles (5 km) to the
north. In addition junctions 4a and 5 of the M5 are only 10 miles (16 km) to the west.
The town is an established industrial and distribution location.
The building is located in the North Moons Moat area of Redditch which is situated
2 km (1 mile) north east of the town centre and is one of the most established and
well situated industrial locations in the town. The property has significant frontage
to Eagle Road and is accessed via the Coventry Highway (A4023).
Other occupiers in the vicinity include iForce, St. Ives Logistics, Amco Services,
LEAR Corporation, Intier Automotive Interiors, Bauer Springs, Thorlux Lights,
Fireprotection Worldwide and Amari.
J4
Investment Summary
M42
• Well located industrial unit on the North Moons Moat Industrial
Estate, Redditch
Alvechurch
M42
A441
A435
• Let to Carrs Coatings Limited
ALCESTER RD
AM
RD
• Freehold
Branson
Cross
GH
• Modern manufacturing facility extending to 37,833 ft2 (3,515 m )
2
BIR M I N
• Situated within 3 miles (5 km) of the M42 and 10 miles of the
M5 (16 km) motorways
B4101
DAGNELL
END
RD
Beoley
HOLT END
RAVENSBANK DR
•A
n unexpired term of 13 years with annual RPI Index linked reviews
North Moons Moat
Industrial Estate
• Passing rent of £201,370 pa (£5.32/ft2)
•W
e are instructed to seek offers in excess of £2,100,000
(Two Million One Hundred Thousand Pounds) which reflects
a Net Initial Yield of 9.06% and a capital value of £55.50/ft2,
exclusive of VAT.
J3
B98
9HF
Y
Y HW
C OVENTR
Redditch
A441
W A RWICK
A435
HW
Y
Carrs Coatings, 2E Eagle Road, North Moons Moat Industrial Estate, Redditch B98 9HF
Description
The property comprises a modern single storey, single bay,
detached manufacturing and industrial unit measuring
37,833 ft2 (3,515 m2) and incorporating two storey office
accommodation to the front. The building benefits from an
internal working height of 6m and two roller, shutter doors.
The building is of steel portal frame construction, with
profile metal sheet cladding. The offices are situated at the
front of the building adjacent to the main entrance which
provides access to the loading and car parking. Internally
the warehouse is divided between a racked area for storage
and distribution and a manufacturing area.
2E Eagle Road
North Moons Moat Industrial Estate, Redditch, B98 9HF
45
48
28
7
46
EAGLE
81
ROAD
Accommodation
El Sub Sta
88.8m
2d
2e
185
186
187
188
CHURCH HILL WAY
Busway
198
204
Shelter
87.3m
Army Reserve
Centre
209
Shelter
213
Tank
Accommodation
M2
Ft2
Warehouse
3,132
33,709
Ground Floor Office
2,026
192
First Floor Office
2,026
192
TOTAL
3,515
37,833
The building is situated on
a site extending to 1.68 acres
(0.68 ha) providing an overall
site density of approximately
50% site cover.
Covenant
Tenant – Carrs Coatings Ltd (Company Number 6628569).
Carrs Coatings are a leading manufacturer of specialist coatings with over 115 years of
technical and manufacturing experience. The company has two facilities in Droitwich and
the subject property in Redditch. The Droitwich property covers the automotive sector whilst
the Redditch facility focuses on Industrial Coatings.
Carrs have a customer base across a number of sectors including commercial vehicles,
glass and ceramics, cast iron products, automotive components and high tech products for
metal containers, retail signage and safety products.
Dun and Bradstreet rate the company as 1A3 having reported the following financial figures:
Turnover
Pre-Tax Profit
Net Assets Less Liabilities
Tangible Net Worth
Tenancy
The property is let by way of a single full repairing and insuring
lease to Carrs Coatings Limited for a term of 20 years from
15/08/2008, subject to annual upward only rent reviews
in line with the RPI All Items Index.
The current passing rent is £201,606.88.
The current rent reflects £5.33/ft2 (£57.27/m2).
Year Ending
31/03/2014
Year Ending
31/03/2013
Year Ending
31/03/2012
Year Ending
31/03/2011
£6,169,316
£6,044,039
£6,475,620
£6,157,992
£41,212
£116,767
£194,726
£110,008
£784,344
£653,571
£540,766
£589,827
£1,079,953
£1,039,766
£922,999
£722,259
Further Information
To arrange an inspection or for any
further information, please contact:
Oliver Forster
[email protected]
Tel: 0121 237 1213 / 07896 07270
Andrew Meikle
[email protected]
Tel: 0121 237 1238 / 07703 119913
VAT
We understand the property is elected for VAT. We envisage
the sale will be treated as a transfer of a going concern (TOGC).
Proposal
We are instructed to seek offers in excess of £2,100,000 (Two
Million One Hundred Thousand Pounds). Subject to contract
and exclusive of VAT, for the freehold interest in the property.
Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars
do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending
purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas
Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 1989: Unless
otherwise stated all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.