iceniCOURTLETCHWORTH
Prime Hertfordshire Multi-let Industrial Estate Investment
Prime Hertfordshire Multi-let Industrial Estate Investment
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
Investment Summary●● Four separate industrial units on a secure estate in the heart of Letchworth Garden City
●● Total GIA of 32,460 sq ft of accommodation
●● The site extends to approximately 1.7 acres (74,052 sq ft) providing a low site density of 43.8%
●● Securely let to four tenants, with an AWULT of 3.8 years to expiry and 2.4 years to breaks
●● The property benefits from B1(c) and B8 uses throughout
●● 150 year long leasehold interest (133 years unexpired) at a peppercorn rent
●● Total passing rent of £189,000 per annum, reflecting a low average rate of £5.82 per sq ft
●● ERVs are within the region of £7.50 per sq ft
Offers for the long leasehold interest are invited in excess of £3,000,000 (Three Million pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of
5.92%, an attractive reversionary yield of 7.62% and a low capital value of £92 per sq ft, assuming purchaser’s costs of 6.45%.
Prime Hertfordshire Multi-let Industrial Estate Investment
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
Location
Iceni Court is located in the heart of
Letchworth Garden City and is a popular
commuter town and a well established
commercial centre in North Hertfordshire.
Letchworth is located just to the west of the
A1(M), approximately 33 miles (53.4km) north
of Central London, 16 miles (26.3km) north of
St Albans and 11 miles (17.5 km) north east of
Luton.
Locality
Iceni Court is situated just off Icknield Way;
a major road which runs east to west in
northern central Letchworth. The property is
located approximately 0.6 miles (1 km) from
Letchworth Garden City train station which is
situated in the town centre and 1.75 miles (2.75
km) from Junction 9 of the A1(M).
M25
M25
M25
M11
M11
M11
A1(M1)
A1(M1)
M1
M1
M4
M40
M1
A414
A1
A6
A406
A421
A505
A505
A120
A10
A602
A414
A41
A13
A12
A1
A10
A40
A404
Royston
Saffron Walden
Bishops Stortford
Welwyn Garden City
St Albans
Stevenage
Hitchin
Clifton
Biggleswade
Newport
Harlow
Ware
Luton
Hemel Hempstead
WatfordBorehamwood
LONDON
Luton Airport
London City Airport
Heathrow Airport
Letchworth Garden
City
iceniCOURT
LETCHWORTH
Drive Times from
Luton30 minutes
Milton Keynes50 minutes
Northampton70 minutes
London90 minutes
Birmingham120 minutes
Prime Hertfordshire Multi-let Industrial Estate Investment
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
Communications
Letchworth benefits from excellent road, rail
and air links. It is situated just 1.5 miles from
Junction 9 of the A1(M), which connects with
all major northern cities and the M25 as well as
Central London to the south.
Additionally, Letchworth Garden City is serviced
by fast and frequent rail services to London
King’s Cross with a journey time of 37 minutes.
Wilbury Road
Nort
on
Road
Norton Road
Pixmore Way
Pixm
ore
Ave
Dunham
’s Ln
Le tch
wo
rth
Lane
B
road
way
Willian Road
Baldock Lane
B
aldoc
k La
ne
Westo
n W
ay Westo
n Way Hatch Lane
Lannock Hill
Icknield Way
G
reen
Lan
e
Station Rd
Birdshill
W
orks Rd
Jubilee R
d
No
rto n W
ay S
ou
th
W
ymond
ley
Road
A1 (M)
A507
A1 (M)
A1 (M)
A505
A505
A505A505B197
A507
B197
B656
B656
9
Letchworth
Willian
Norton
BaldockClothall
Common
Letchworth Garden City
Station
iceniCOURTLETCHWORTH
Prime Hertfordshire Multi-let Industrial Estate Investment
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
Description
Iceni Court comprises a self-contained estate with four standalone units. The properties were constructed in the 1990s and are all of steel portal
frame construction with block work cavity elevations with steel profile cladding and concrete floors throughout. Loading for each unit is by way of
electric roller shutter doors measuring 3.6m x 4.6m, opening out onto the respective units’ demised yard area.
Prime Hertfordshire Multi-let Industrial Estate Investment
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
Accommodation
The property’s gross internal areas (GIA) are as follows:
Unit Floor GIA (sqft) Comments
1
(ATG Danmon Ltd)
Mezzanine 5,232 Landlord Fit Out
Ground 5,702 Landlord Fit Out
Subtotal 10,934
2
(Pave Testing Ltd)
Mezzanine 2,296 Tenant Fit Out
Ground 4,338 Landlord Fit Out
Subtotal 6,634
3
(DM Systems and Test Ltd)
Mezzanine 3,235 Landlord Fit Out
Mezzanine 2,146 Tenant Fit Out
Ground 7,498 Landlord Fit Out
Subtotal 12,879
4
(EZCCTV.COM Ltd)
Mezzanine 4,772 Tenant Fit Out
Ground 6,455 Landlord Fit Out
Subtotal 11,227
Total 41,674
Unit 2Unit 1
Prime Hertfordshire Multi-let Industrial Estate Investment
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
Tenure
Iceni Court is held by way of a 150 year long leasehold from Letchworth Garden City Heritage
Foundation, at a peppercorn rent, expiring on 23rd June 2151 (approximately 133 years unexpired).
Site Plan
The approximate extent of the long leasehold ownership is shown in the title plan
(Title number HD400515).
This plan is published for the convenience of identification only and although believed to be correct, its accuracy is not guaranteed and does not form any part of any contract.
Unit 1
TenancyIceni Court is let to four tenants on FRI leases, as illustrated in the below schedule. The property’s AWULT is approximately 3.8 years, with approximately 2.4 years to breaks.
Unit TenantGIA (sq ft) (LL Fit Out)
GIA (sq m) (LL Fit Out)
Current Rent (p.a.)
Current Rent (psf) Lease Start Rent Review Break Option Lease End L&T Act 1954
1 ATG Danmon Ltd 10,934 1,015.5 £52,500 £4.80 14/07/2014 - - 13/07/2019 Outside
2 Pave Testing Ltd 4,338 403.0 £26,500 £6.11 17/02/2017 - 16/02/2020 16/02/2022 Outside
3 DM Systems and Test Ltd 10,733 997.1 £70,000 £6.52 17/07/2012 - - 16/07/2022 Inside
4 EZCCTV.COM Ltd 6,455 599.7 £40,000 £6.20 27/02/2015 27/02/2020 26/02/2020 26/02/2025 Outside
Total 32,460 3,015.4 £189,000 £5.82
Unit 2
Unit 1
Unit 4
Unit 3
iceniCOURTLETCHWORTH
Icknield Way, Letchworth Garden City, SG6 1TN
MISREPRESENTATION ACT 1967 - LEVY REAL ESTATE LLP for themselves and for the Vendors or Lessors of this property whose agents they are given notice that: all descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are unless otherwise stated indicative only. Any intending purchasers or tenants should not rely on them as statements or representations of fact or as warranties but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP has any authority to make or give representation or warranty in relation to this property. All prices and rents are quotes exclusive of VAT unless otherwise stated. June 2018.
Jonathan Martyr Tel: 0207 747 0123 Mob: 07787 533996 Email: [email protected]
Jeremy Grundy Tel: 0207 747 0131 Mob: 07973 667015 Email: [email protected]
Adam Lewis Tel: 0207 747 0124 Mob: 07854 767197 Email: [email protected]
Will Edgley Tel: 020 7747 0120 Mob: 07748 286333 Email: [email protected]
Colin Mitchell Tel: 01438 794592 Mob: 07966 245267 Email: [email protected]
Daniel Musgrove Tel: 01438 794586 Mob: 07966 144131 Email: [email protected]
PlanningIceni Court is located within the North Hertfordshire District Council planning
jurisdiction. The property benefits from B1(c) and B8 uses throughout.
EPCEPCs for all units are available upon request.
VATThe property is elected for VAT. It is anticipated that the transaction will be
treated as a transfer of going concern (TOGC).
ProposalOffers for the long leasehold interest are invited in excess of £3,000,000 (Three Million pounds), subject to contract and exclusive of VAT. A purchase at this level
reflects a net initial yield of 5.92%, an attractive reversionary yield of 7.62% and a low capital value of £92 per sq ft, assuming purchaser’s costs of 6.45%.