Camvac, Burrell Way

Thetford, Norfolk IP24 3QY

Overview

  • Located in Thetford, a thriving market town adjacent to the A11 dual carriageway that links Newmarket/Cambridge and Norwich
  • Situated within a key commercial area, adjacent to the A11 on the south-western side of the town centre
  • Substantial industrial facility, with factory/warehouse and separate office building on a large rectangular site
  • Total floor area of 9,137.68 sq m (98,357 sq ft) on a site of 2.149 hectares (5.311 acres)
  • To be let to Camvac Limited for 20 years from completion
  • Initial rent of £350,000 per annum exclusive, subject to 5-yearly upwards-only open market rent reviews
We are instructed to seek offers in excess of £3,825,000 (three million, eight hundred and twenty-five thousand pounds), subject to contract and exclusive of VAT, for the freehold interest in the property. A purchase at this level would reflect a Net Initial Yield of 8.5%, having deducted purchaser's costs of 7.55%.

Location

Thetford is a thriving market town located on the border of Norfolk and Suffolk, approximately 32 miles south west of Norwich, 12 miles north of Bury St Edmunds, 35 miles north east of Cambridge and 80 miles north east of London.

The town has an urban area population of 24,833 people, while the population of Breckland district is 130,491 people. It has an industrial heritage dating back to the Neolithic era, but grew rapidly from the mid-20th century, boosted by the relocation of businesses from bomb-damaged London in the 1950s. Manufacturing remains the most important sector to the local economy, accounting for 23.4% of jobs.

Thetford has comprehensive transport links. It is adjacent to the A11 dual carriageway, which links Norwich with Newmarket, Cambridge (via the A14) and London (via the M11). The town has a station on the Ely-Norwich railway line and is served by regular trains to Norwich, Ely, Cambridge, Peterborough, Nottingham, Manchester and Liverpool, with connecting trains to London Liverpool Street. Stansted Airport is located approximately 55 miles to the south west, with direct access via the A11/M11 and by rail.

Situation

The property is situated approximately 1 mile south west of the town centre, in an established industrial/commercial area adjacent to London Road, which has also seen more recent retail warehouse development. Burrell Way is on the southern side of London Road, opposite Forest Retail Park, and approximately half a mile from the A11. Occupiers in the vicinity include Baxter Healthcare, TROX, Advanced Air, BOC, Howden Joinery, Plumb Center, Screwfix, Wickes, Lidl, Sainsbury's, B&Q, Currys PC World and Pets at Home.

Description

The property is a substantial industrial facility, the original parts of which date to the 1960s. It comprises a detached two-storey office building and separate factory building with attached warehouse on a large rectangular site.

The office building has masonry elevations, with interspaced full-height cladding panels incorporating double-glazed windows, and flat roof. The specification of the offices includes: carpeted solid floors; perimeter trunking; central heating; solid ceilings; and surface-mounted lights.

To the rear and at a lower level, the original factory (which has been extended) is of steel frame construction with a working height of 5m+, full-height masonry elevations and steel trusses supporting a flat roof with monitor-type rooflights. Adjoining the factory to the rear, there is a modern warehouse building of steel portal frame construction with eaves height of 5.1m, masonry/profile metal sheet cladding to the elevations and lined/lit profile metal sheet cladding to the roof. The factory, which is extensively fitted out, has several loading doors, while the warehouse has a ramped level access loading door, two dock loading doors and loading platform with canopy over.

There is a car park adjacent to the office and yard at the rear of the warehouse, with 360º site circulation.

Details of the property's approximate accommodation on a Gross Internal Area basis can be found in the link below.

The property occupies a rectangular site of approximately 2.149 hectares (5.311 acres), resulting in a site coverage of 40%.


Tenure

The property is held freehold (title number NK89941).

Tenancy

The property will be let, from completion of the sale, to Camvac Limited for 20 years, with a tenant-only option to break on the expiry of the 15th year. The lease will be on full repairing and insuring terms, although the tenant's repair obligation will be qualified by a schedule of condition. The initial rent will be £350,000 per annum exclusive, subject to 5-yearly upwards-only open market rent reviews.

Covenant Information

Camvac Limited was incorporated in 2008 but traces its roots to Cambridge in the 1950s, where the business pioneered the manufacture of metalised films and laminates. The business moved to Thetford in the 1960s and today it produces a range of products for the packaging of liquid, processed and fresh foods and medicines, as well as insulation products, constantly innovating and seeking new applications for its products. More information can be found at www.camvaclimited.com


VAT

The property is elected for VAT but we understand that the sale cannot be treated as a Transfer of a Going Concern.

Energy Performance Certificate

The property has an energy performance rating of D based on a score of 82; the EPC is available upon request.

Proposal

We are instructed to seek offers in excess of £3,825,000 (three million, eight hundred and twenty-five thousand pounds), subject to contract and exclusive of VAT, for the freehold interest in the property. A purchase at this level would reflect a Net Initial Yield of 8.5%, having deducted purchaser's costs of 7.55%.

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NET INITIAL YIELD:
8.5%
PRICE:
£3,825,000
REGISTER INTEREST
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