ON BEHALF OF THE FIXED CHARGE RECEIVER:
Morelands Industrial Estate and adjacent land,Tile Works Lane, Rettendon Common, Chelmsford, Essex, CM3 8HB
INDUSTRIAL INVESTMENT OPPORTUNITY WITH AN ADDITIONAL 58.55 ACRES OF GRAZING LAND
Outline for indicative purposes only.
INVESTMENT CONSIDERATIONS
• The Property comprises a multi-let industrial estate on a 13.94 acre site and three additional parcels of land totalling 58.55 acres (72.49 acres overall)
• The industrial estate is occupied by 22 tenants producing a low passing rent of £336,060 per annum
• The three parcels of land are part let to two tenants at a passing rent of £10,000 per annum
• Total current income of £346,060 per annum
• Freehold
• Significant asset management and development opportunities (STP)
• Lapsed planning application for demolition of existing buildings and earth bund and redevelopment for 24 residential dwellings
PROPOSALWe are inviting unconditional offers for the freehold interest.
DATA ROOMFor access to the Allsop data room, please use the following link: https://datarooms.allsop.co.uk/register/morelandsindustrialestate
LOCATIONChelmsford is an affluent City in the county of Essex, within London’s commuter belt. It is a major office and regional administrative centre, located approximately 54.7 km (34 miles) north east of central London.
Chelmsford benefits from excellent road communications with the A12 dual carriageway providing access to the M25 motorway (junction 28). The A414 provides access to the M11 and Harlow to the east, with the A130 providing access to Braintree to the north and Basildon to the south.
Chelmsford Railway Station benefits from outstanding high speed connections to London Liverpool Street with a fastest journey time of 34 minutes. During peak times there are 7 trains per hour to London Liverpool Street. Chelmsford Railway Station is the second busiest station in the East of England.
SITUATIONThe property is situated between the villages of Rettendon Common and South Hanningfield approximately 9.7km (6 miles) south east of Chelmsford, 12km (7.5 miles) north of Basildon and 20.9km (13 miles) north west of Southend-on-Sea.
The Estate is accessed from Tile Works Lane via Old Barn Lane which serves a number of traditional style bespoke residential houses. The surrounding area is predominantly rural with the industrial estate being located immediately adjacent to open countryside.
Despite being a rural area, the property benefits from being a short distance from the A130, which leads directly to the A12 trunk road to the north at Howe Green and the A127 trunk road to the south, just east of Basildon.
The property benefits from being approximately 7.2km (4.5 miles) north of Wickford Station which provides direct routes to London Liverpool Street in a journey time of less than 40 minutes.
J27J25J23
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J16
J15
J12
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J7J8
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J3
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J28
A414
A414
A127
A12
A130
A13
A13
A10
A41
A41A404
A413
A1
A40
A322
A316
A2
A2
A20
A23
A23
A21
A3
A3
A3
A309
M11
M11
M11 M25
M25
M25
M25
M25
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M1
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M10
M40
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M3
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M23
M26
M20
M20
M20
M2
A1(M)
Heathrow
StanstedAirport
20 Mins
CHELMSFORD
LONDON
HARLOWHertford
Epping ChippingOngar
CHELMSFORDHatfield
Enfield
Chigwell
Romford
BillericayWickford
Brentwood
Basildon
HemelHempstead
St Albans
Watford
Wembley
HarrowBrentCross
HighWycombe
Staines
Slough
Windsor
Weybridge
RedhillDorkingGuildford Reigate
Woking
Dartford
Bromley
Gravesend
Shoreham
Croydon
Biggin Hill
Sevenoaks
Epsom
Sutton
Swanley
Morelands Industrial Estate and adjacent land, Tile Works Lane, Rettendon Common, Chelmsford, Essex, CM3 8HB
INDUSTRIAL & LAND INVESTMENT OPPORTUNITY
A130
A132
A132
A414
A414
A127
A12
A12
A130
SouthWoodham
Ferrers
Rettendon
SouthHanningfield
WestHanningfield
HanningfieldReservoir
EastHanningfield
Butts Green
Billericay
Wickford
Heybridge
Hockley
Battlesbridge
Hullbridge
© Crown Copyright, ES 100004106. For identification purposes only.
DESCRIPTIONThe entire property extends to approximately 72.46 acres (29.32 hectares) and provides a multi-let industrial estate and 3 parcels of land which are currently used for grazing. Moreland Industrial Estate originally formed the Rettendon Tile Works, which excavated and manufactured roof tiles. The operation ceased many years ago and the site is now currently occupied by a number of industrial buildings of various sizes, the main cluster being located to the southern point of the site.
Morelands Industrial Estate:
The site extends to approximately 13.94 acres (5.64 hectares) and the property has been sub-divided into 24 plots ranging in size from 0.1 to 1.45 acres with many buildings and yards being used for a number of commercial uses including car crash repairs, vehicle servicing and storage. Some of these plots are surfaced and some unsurfaced with low specification single storey workshop buildings on the surfaced areas.
The property is currently let to 22 tenants on a variety of leases/licenses (see schedule of accommodation).
Additional Land:
The property also includes 3 parcels of grazing land totalling 58.55 acres (23.69 hectares) that surround Morelands Industrial Estate to the north of Tile Works Lane. Access to this land is from Tile Works Lane and Canon Barns Road which leads to East Hanningfield Water Treatment Works. The parcels of land are predominantly rectangular shaped and offer scope for use as a livery/riding stable or other alternative uses (STP).
Morelands Industrial Estate and adjacent land, Tile Works Lane, Rettendon Common, Chelmsford, Essex, CM3 8HB
INDUSTRIAL & LAND INVESTMENT OPPORTUNITY
Def
RH
1.52m RH
Def
1.52m
RH
Def Chelsfield
Lodge
Bromley Lodge
The Retreat
Hunters
Foxley End
Ward Bdy
Und
Def
Pond
Pond
Track
OLD BARN LANE
TILE WORKS LANE
Rettendon Great Common
Greenfields
Laceys Farm
The Ashes
Ward Bdy
1.52m FF
Pond
Pond
Pond
OLD BARN LANE
New House Farm
Barn Cottage
Silverlee
Cabin
Track
Dra
in
D ra in
Line Of Posts
Path (um)
Path
(um
)
A 130
Canon Barns
Tank
44.5m
45.4m
Track
BENNETT'S AVENUE
A 130
Homestead
Ash
Protempore
TheElms
The
Silver
Burnt Oak
Fairview
Four Ayes
HomesteadCottage
TheBungalow
Silver Lodge
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:6894
SITE AREAS
Use Acres Hectares
Moreland Industrial Estate Industrial 13.94 5.64
Plot 1 Grazing 8.78 3.55
Plot 2 Grazing 37.88 15.33
Plot 3 Grazing 11.89 4.81
Total 72.49 29.33
TENUREFreehold
PLOT 3
PLOT 2
PLOT 1MORELANDS INDUSTRIAL
ESTATE
SCHEDULE OF TENANCY AND ACCOMMODATION MORELANDS INDUSTRIAL ESTATE (SITE MAP)
Morelands Industrial Estate and adjacent land, Tile Works Lane, Rettendon Common, Chelmsford, Essex, CM3 8HB
INDUSTRIAL & LAND INVESTMENT OPPORTUNITY
Plot Tenant Start Expiry Lease Term £Monthly £Quarterly £Per annum
PLOT A ESSEX AUTO REC 01/08/17 31/07/22 5 years £1,400 £16,800
PLOT B Individual 01/08/17 31/07/22 5 years £1,750 £21,000
PLOT C Individual 01/08/17 31/07/20 3 years £2,000 £24,000
PLOT D USTORE Rolling Monthly £1,500 £18,000
PLOT E & V (BUILDINGS)
unit 1 ADS Rolling Quarterly £600 £2,400
unit 2&6 SDM Rolling Monthly £1,000 £12,000
unit 3 Individual Rolling Monthly £400 £4,800
unit 4 Individual Rolling Monthly £800 £9,600
unit 5 Vacant £0
unit 7 SDM Rolling Monthly £700 £8,400
unit 8 Individual Rolling Monthly £250 £3,000
unit 9 Individual Rolling Monthly £305 £3,660
PLOTS F & U ESSEX AUTO REC 01/08/17 31/07/22 5 years £600 £7,200
PLOT G ESSEX AUTO REC (temp) Rolling Monthly £600 £7,200
PLOT H Individual 01/08/17 31/07/18 1 years £1,250 £15,000
PLOT I Vacant £0
PLOTS J & K EUROPEVANS 01/08/17 31/07/22 5 years £1,750 £21,000
PLOT L EUROVANS Rolling Monthly £900 £10,800
PLOT M Individual 01/08/17 31/07/20 3 years £1,250 £15,000
PLOT N Individual 01/08/17 31/07/20 3 years £1,250 £15,000
PLOT O P & S EUROS LTD 01/08/17 31/07/20 3 years £1,250 £15,000
PLOT P ROMICA (temp) Rolling Monthly £850 £10,200
PLOT Q BOW SERVICES 01/08/17 31/07/22 5 years £2,000 £24,000
PLOT R Vacant 3 years £0
PLOT S Individual 01/08/17 31/07/20 3 years £550 £6,600
PLOT T AUTOS FIRST LTD 01/08/17 31/07/18 1 years £1,150 £13,800
PLOT W INTERROUTE LTD 01/01/17 26/12/41 25 years £41,400
PLOT X BALKN CAR PARTS 01/08/17 31/07/22 5 years £850 £10,200
PLOT 1 (Grazing Land) Individual 01/12/18 £6,000
PLOT 2 (Grazing Land) Individual 01/12/19 £4,000
PLOT 3 (Land) Vacant £0
TOTAL £346,060
Def
RH
1.52m RH
Def
1.52m
RH
Def Chelsfield
Lodge
Bromley Lodge
The Retreat
Hunters
RecyclingBusiness
Foxley End
Ward Bdy
Und
Def
Pond
Pond
Track
OLD BARN LANE
TILE WORKS LANE
Rettendon Great Common
Greenfields
Laceys Farm
The Ashes
Ward Bdy
1.52m FF
Pond
Pond
Pond
OLD BARN LANE
New House Farm
Barn Cottage
Silverlee
Cabin
Track
Dra
in
D ra in
Line Of Posts
Path (um)
Path
(um
)
A 130
Canon Barns
Tank
44.5m
45.4m
Track
BENNETT'S AVENUE
A 130
Homestead
Ash
Protempore
TheElms
The
Silver
Burnt Oak
Fairview
Four Ayes
HomesteadCottage
TheBungalow
Silver Lodge
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:6894
A
BJ
I
H
LM
NO P C
Q
RS
T
D
EV
FU
G
WXK
ASSET MANAGEMENT POTENTIALThe property offers a number of asset management opportunities, including:
a) Lease Renewals: Much of the income is on short term tenancies at low rental levels. These can be re-geared for an extended term and in line with market rent.
b) Capital Expenditure: The investment provides the purchaser the opportunity to further enhance rental value through refurbishing and or extending units.
c) Conversion to residential: Subject to planning, the site presents an excellent opportunity to obtain planning permission to convert the industrial estate to residential (see below).
d) Land: There is the real opportunity of maximising the potential of the land by considering a livery/riding school or other alternative uses (STP).
PLANNINGIn 2014 outline permission was granted for demolition of existing buildings and earth bund and redevelopment for 24 no residential dwellings, new Paddock and Public open Space with associated access, landscaping and infrastructure (14/01657/FUL).
Within the existing Local Plan, under the Site Allocations Plans (2012), Moreland Industrial Estate is allocated as a ‘New Residential Development Site’ and a ‘Specialist Residential Development Site’ (Policy DC35).
The grazing land (Plots 1, 2 & 3) is designed as ‘Green Belt’ and therefore subject to Policy’s CP12, CP13, CP14 under the existing Local Plan.
The new Local Plan which will used to guide planning in Chelmsford until 2036 is currently under consultation and is set to be adopted in early 2019. More information on the new Local Plan can be found here:
https://www.chelmsford.gov.uk/planning-and-building-control/planning-policy-and-new-local-plan/new-local-plan/developing-the-new-local-plan/
ENVIRONMENTAL CONSIDERATIONAn Environmental Assessment Report was undertaken by GVA in September 2014 and is available within the data room. The conclusion alludes that although contaminants have been identified, the site is satisfactory for its existing use. However, remedial works will be required for future alternative uses.
Morelands Industrial Estate and adjacent land, Tile Works Lane, Rettendon Common, Chelmsford, Essex, CM3 8HB
INDUSTRIAL & LAND INVESTMENT OPPORTUNITY
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 05.18
Receiver caveat: This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of the sale without personal liability.
James Salmon020 7543 6880
For further information or to make arrangements for viewing please contact:
Ronnie Morgan020 7543 [email protected]
www.allsop.co.uk
EPCEPC’s available upon request.
VATThe property is not VAT elected.
DATA ROOMFor access to the Allsop Data Room, please use the following link:
https://datarooms.allsop.co.uk/register/morelandsindustrialestate
PROPOSALWe are inviting unconditional offers for the freehold interest.