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Open Storage Investment, 50-52 Albert Road North, Albert Road North Industrial Estate, Reigate, RH2 9EL

20,900 Sq Ft / Industrial / Yard Area

Withdrawn - Last updated: 24 January 2024

The property comprises a 0.75 acre (0.30 hec) open storage site providing 20,900 sq ft of levelled ground of which 40% comprises laid tarmacadam. The site benefits from both mains water and electricity supply. The site is secured by a 2.5m palisade fencing with a 4m wide vehicle access gate and independent pedestrian gate.

The tenant has installed containers providing storage and offices, toilet unit/s, CCTV, site lighting, phone lines, and motorisation of the access security gate.

Location

Reigate is an affluent and popular commuter town located in Surrey with a resident population of over 49,000.

The town is located 25 miles south of Central London and 10 miles north of Crawley. Reigate benefits from excellent road connections being located less than 2 miles from the M25 (Junction 8).

Reigate Station is serviced by Southern Rail which provides regular services to London Victoria with a fastest journey time of 47 mins. London Gatwick Airport is located 6 miles south of the town centre.

The property is situated within the established Albert Road North Industrial Estate, approximately 1 mile north west of Reigate town centre. Nearby occupiers include Intent Productions, Applus+ UK Ltd, Comtec Enterprises Ltd and Stripey Stork & Fone-Alarm Systems.

The site is strategically located less then 2 miles from the M25 Motorway (Junction 8) accessed via the A217. Gatwick Airport is located 7.5 miles south of the property with Reigate Railway Station less than 0.7 miles to the east.

Accommodation

The site extends to 0.75 acres (0.30 hec).

FUTURE DEVELOPMENT OPPORTUNITY - The Albert Road North Industrial Estate is allocated in the local plan under policy RE13 “for significant intensification of use to include at least 80,000 sq ft of B1 use and up to 50 homes with a mixture of flats and family houses”.

Planning was granted on 19th February 2020 for “three B1c (Light Industrial) units of 16,221 sq ft GEA (1,507 sq ms) with associated car parking and yard areas.

The planning application and associated documents can be found on the Reigate & Bansted Borough Council’s planning website under planning reference 19/01981/F. The consent has now expired.

Terms

PROPOSAL - Offers sought in excess of £XXX (One Million Six Hundred and Fifty Thousand) reflecting a NIY of 6.56%, assuming standard purchase cost of 6.27% subject to contract and exclusive of VAT.

TENANCY

  • Fully let to Standby Self Storage Ltd on a new 15 year FRI lease (without breaks) commencing on 3rd May 2023
  • The current passing rent is £XXX per annum, reflecting £XXX psf
  • 5 yearly rent reviews to the higher of RPI  or Open Market Rental Value
  • There is a  3 month rent free period from 3rd May 2024 (to be topped up by the Vendor)
  • The lease is drawn outside the 1954 Landlord and Tenancy Act

VAT - This property is elected for VAT and it is anticipated that the transaction will be treated as a transfer of going concern (TOGC).

AML - The successful bidder will be required to provide information to satisfy all AML requirements when Heads of Terms are agreed.

Specification

  • 0.75 acre (0.30 hec) open storage site located in the affluent Surrey town of Reigate
  • Levelled yard area of 20,900 sq ft with mains water and electricity supply
  • Freehold
  • The property is let to Standby Self Storage Limited on a new 15 year lease (without breaks)
  • Passing rent of £XXX per annum, reflecting £XXX psf on the useable land only
  • 5 yearly rent reviews to the higher of RPI  or OMRV
  • The site recently had planning consent for 3 light industrial units totalling 16,221 sq ft (1,507 sq m)
  • Very limited open storage availability in the wider Surrey and London markets providing strong rental growth prospects.


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