Description

A modern industrial unit built in the late 1990’s of steel frame construction with wide span truss roof. The property sits at the entrance to Quayside Industrial Estate and comprises offices to the front with industrial/warehouse accommodation to the rear, with an eaves height of approx. 6.61m (21.8ft). To the front is a two-storey office pod which comprises a reception area, offices, meeting room, store, toilets and changing rooms on the ground floor with a mix of cellular and open plan offices, meeting room and kitchen/staff rent room at first floor level.

There are two separate access points to the site from Bates Road. The first provides access to 45 marked car parking spaces and the entrance to the offices with the second providing access to extensive yard areas to the front and side of the building with roller shutter loading doors. Court Langley House is occupied by Eppendorf Cryotech Limited as their facility for the UK manufacture and R&D of Ultra Low Temperature Freezers. They took occupation in September 2013 and have since undertaken an extensive fitout, including a rail mounted racking system and the installation of mezzanine floors.

Tenancy

The premises were originally let to Eppendorf Cryotech Limited in 2013 with the lease being renewed for a term of 10 years as of the 19ᵗʰ December 2023, thus expiring on 18ᵗʰ December 2033. The lease provides for rent reviews on the 19ᵗʰ December 2026 and 2030 on an upward only basis and a Tenant only break option on the 19ᵗʰ December 2030, subject to providing at least 6 months prior notice.

The passing rent is £297,000 pax, equating to £7.36 psf.

Covenant

Eppendorf Cryotech Limited (www.eppendorf.com) was incorporated in August 1994 and is a wholly owned subsidiary of Eppendorf SE.

The Eppendorf Group is headquartered in Hamburg, Germany and worldwide employs more than 4,000 people with operates production and R&D sites in Europe, Asia, and North America, and has subsidiaries in 30 countries with revenues in 2025 of 924 million Euros.

D&B Rating

2A2

Planning

Planning consent was granted in December 1996 for the erection of a new industrial unit in two phases including associated site works and parking areas.

In June 2013 Planning Consent (Ref: FUL/MAL/13/00401) was granted consent for a change of use from Class B8 (Storage and Distribution) to B2 (General Industrial) use for the occupation of the tenant, Eppendorf Cryotech Limited.

Tenure

Freehold

VAT

We understand the property has been elected for VAT and therefore anticipate the sale will be undertaken as a transfer of a going concern (TOGC).

EPC

EPC Rating of D-86.

Business Rates

From enquiries of the Valuation Office Agency website (www.voa.gov.uk) we understand that the premises have a Rateable Value of £282,500.

Proposal

Offers are sought in the region of £3,955,000, subject to contract and exclusive of VAT. Assuming standard purchaser’s costs of 6.77%
a purchase at this level reflects a Net Initial Yield of 7.00%. This reflects a low capital value of £98 psf.