The property is a mixed-use industrial and office estate on a site extending to approximately 0.371 hectares (0.917 acres). The boundary is a combination of palisade fencing, timber fences and block walls and there is a gated entrance.

The industrial estate has a one-way system in operation and each property has allocated parking with overflow spaces available at the entrance.

There are communal WC facilities on the estate.

A new sewage treatment plant and water main have been installed. All units apart from Unit 3 and River Office benefit from 3-phase electricity.

The property situated to the rear of the site (Unit 1) is not included in the sale, however, shares the access.

Units 2, 3 and 4 are within a building of mainly block elevations under a steel framed double pitched clad roof. The properties have concrete floors with Units 2 and 4 benefitting from a mixture of double-glazed and single glazed metal framed windows in one elevation. All the units have vehicular doors with Unit 2 having the potential to access from both the front and rear. Units 3 and 4 have integrated pedestrian doors.

The accommodation in Unit 2 comprises the main workshop/store, an open plan office with suspended ceiling and a modern woodburning stove, a small office, a small kitchenette, secure store and a mezzanine floor which is used for storage.

Unit 3 comprises an open plan workshop/store and it has a suspended ceiling with inset strip lighting. The property does not have water, heating or WC facilities.

Unit 4 includes a workshop with office and store to the rear. It has a suspended ceiling with inset strip lighting but has no water, heating or WC facilities.

Units 5 and 6 are modern semi-detached buildings of steel frame construction with fully clad elevations and roofs.

The roof incorporates translucent panels at regular intervals. The units were finished to shell with WC facilities and have been fitted out by the occupiers to suit their requirements.

The accommodation in Unit 5 comprises a warehouse, office, laboratory, shower and WC on the ground floor with mezzanine storage. Unit 5 benefits from heating.

Unit 6 comprises a workshop/storage area and WC. A bio-mass boiler is housed in a small building adjacent to Unit 6.

The River Office is a modern office building of steel frame construction with clad elevations to the front and side with the front elevation mainly aluminium framed double-glazing windows. The property is divided into 3 office areas and has a fitted kitchenette and WC facilities. It benefits from heating.

TENANCIES/COVENANT

The units are let to a range of tenants as detailed in the Tenancy Schedule below.

Ocean Ecology Ltd specialise in providing a range of marine ecological survey and consultancy services for projects in both the coastal and offshore zones. Ocean Ecology is partially owned by a Norwegian based company, Arkebla Group As and had a reported net worth of £1.4m for the Year Ending 31/03/22. They are deemed a Very Low Risk by Creditsafe with a Rating of 76.

Birch Utility Services Ltd are a Specialist Arboricultural Contracting and Consulting Company operating across Wales, the Midlands and Southwest. The company had a reported turnover of approximately £10.5m in the Year Ending 30/09/2022 and net worth of circa £1m. They are deemed a Very Low Risk by Creditsafe with a Rating of 76.

Severnside Engineering Ltd specialise in the maintenance, servicing and manufacture of hydraulic rams. They are deemed a Low Risk by Creditsafe with a Rating of 56.

Bluetang UK Ltd manufacture and distribute a range of aquatic products for coral reef aquariums. They are deemed a Moderate Risk by Creditsafe with a Rating of 47.

The tenants contribute towards the upkeep and maintenance of the communal areas via a service charge.

Copies of the lease agreements are available from the agents upon request.

Location:

Epney is a small village on the River Severn situated between Longney and Upper Framilode. It is located to the east of the Sharpness to Gloucester Canal 8½ miles northwest of Stroud via the A38 and 3 miles northwest of Junction 13 of the M5 motorway.

Epney is located approximately 8 miles south of Gloucester, 19 miles southwest of Cheltenham, 30 miles north of Bristol, 38 miles west of Swindon and 122 miles west of London.

Accommodation:

Approximate gross internal areas

Unit 2 and car park

Tenant: Birch Utility Services

Terms: 22 months to expire 31-12-2023.

Excluded from the L&T Act, 1954,

Break clauses: N/A

Rent (per annum): £22,905 (£6.25psf)

Rent Review (*): N/A

EPC: C-69

Rateable value: £4,800

Unit 3

Tenant: Ocean Ecology

Terms: For a period to expire 30-04-27.

Excluded from the L&T Act, 1954,

Break clauses: 31/10/22, 30/04/24, 31/10/25

Rent (per annum): £2,886 (£5.89psf)

Rent Review (*): 01/05/24

EPC: C-61

Rateable value: £820

Unit 4

Tenant: Severnside Engineering

Terms: 2 years to expire 31-08-2023.

Excluded from the L&T Act, 1954,

Break clauses: N/A

Rent (per annum): £5,049 (£7.66psf)

Rent Review (*): N/A

EPC: C-69

Rateable value: £1,100

Unit 5

Tenant: Ocean Ecology

Terms: 6 years from 01-05-2021.

Excluded from the L&T Act, 1954,

Break clauses: 31/10/22, 30/04/24, 31/10/25

Rent (per annum): £9,165 (£7.80psf)

Rent Review (*): 01/05/24

EPC: C-65

Rateable value: £6,300

Unit 6

Tenant: Bluetang UK

Terms: 2 years to expire 30-06-2024.

Excluded from the L&T Act, 1954,

Break clauses: N/A

Rent (per annum): £7,152 (£8.11psf)

Rent Review (*): 01/07/23

EPC: C-66

Rateable value: £6,300

River Office

Tenant: Ocean Ecology

Terms: 6 years from 01-05-2021.

Excluded from the L&T Act, 1954,

Break clauses: 31/10/22, 30/04/24, 31/10/25

Rent (per annum): £9,921 (£12.78psf)

Rent Review (*): 01/05/24

EPC: A-18

Rateable value: £8,300

Estate Office

N/A

Rateable value: £179

Total annual rent: £57,078

(*) The rent reviews are index linked to RPI.

Price:

£750,000

Planning:

The property has been used for industrial, storage and offices.

Terms:

We are instructed to seek offers in the region of £750,000 for the freehold interest in the property, subject to the tenancies outlined.

A purchase at this level would reflect a gross yield of 7.69% or net initial yield of 7.33% after purchaser's costs of 5.1%.

Service charges:

A charge is levied by the landlord to cover the costs associated with the upkeep and maintenance of the communal areas.

VAT:

The property is elected for VAT.

Legal costs:

Each party to bear their own legal costs incurred in the transaction.

Contact:

Ash & Co 

Simon McKeag: 07737 691453

Harry Pontifex: 01242 255242