1

C U M M I N S L I M I T E DC O L U M B U S AV E N U E | M A N S T O N B U S I N E S S PA R K | R A M S G AT E | C T 1 2 5 B F

S O U T H E A S T W A R E H O U S E A N D D I S T R I B U T I O N U N I T

E S TA B L I S H E D D I S T R I B U T I O N L O C AT I O N

E X C E L L E N T A C C E S S I B I L I T Y T O 3 P R I M A R Y C H A N N E L P O R T S

1 0 0 % L E T T O 5 A 2 C O V E N A N T

L O W C A P I TA L VA L U E O F £ 4 3 . 7 0 P S F

2

High specification distribution warehouse located on the established Manston Business Park

Strategically situated with excellent accessibility to ports at Ramsgate, Dover and Folkstone as well as the M2 motorway via the A299

Freehold

Total floor area of 180,021 sq ft (GIA)

Let in its entirety to Cummins Ltd until 19 December 2021

Unexpired term of 1.9 years

Cummin’s covenant rated 5A2 by Dun & Bradstreet, with turnover in 2018 of £2.41bn

Low current passing rent of £839,370 per annum, reflecting a low average rent of £4.66 per sq ft

Highly reversionary, estimated rental value in excess of £5.00 per sq ft

We have been instructed to seek offers for the freehold interest in excess of £7,870,000 (Seven million eight hundred and seventy thousand pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 10.00% and an attractive capital value of £43.70 psf assuming standard purchaser’s costs of 6.67%.

I N V E S T M E N T S U M M A R Y

C O L U M B U S AV E N U E

3

M1

M1

M1

M3M2

M2

M4

M3

M1

M11

M11

M11A1(M)

A1(M)

M25

M25

M25

M40

M40

M25

M23

M25M26

M20

M20

M25

M4

M4

M4M4

M5

M5

M48

M49

M5

M3

M27

M32

M271

M6

M54

M6

M6

M6

M6

M1

M42

M1

M42M40

M45

M40 M1

M5

M6 TOLL

M50

M42

M69

M1

M1

A1 (M)

M25

A 2 9 9A 2 9 9

A 2 5 6

A 2 5 9

A 2 4 9

A 2 2 9

A 2 8

A 2 1A 2 0 7 0

A 2 8

A 2 8

A 2

A 2

3

4

2

1

30

29

28

27

7

8

8a

9

9

7

4

10

10

11

14

13

2526

23 24

3

43

5

6

7

8

9

10

11

12

13

14

1

20

17

18

19

2122

1

2

34

12

13

14

15

16

1

3

4

5

6

10

11

9

8

11

10

9

532a

46

7

10

7

53

2

1

9

23456

789

10

11

12

13

15

14

16

17

18

19

1

2

20

22

1

2

15

16

18a

17

19

20

23

22

21

8

9

11

14

13

32

4

5

7

8

9

10 11

12

4

3

2

1

M A N S T O NB U S I N E S S

P A R K

N O R T H A M P T O NN O R T H A M P T O N

M I L T O NM I L T O NK E Y N E SK E Y N E S

B E D F O R DB E D F O R D

C A M B R I D G EC A M B R I D G E

C O L C H E S T E RC O L C H E S T E RS T E V E N A G ES T E V E N A G E

L U T O NL U T O N

A Y L E S B U R YA Y L E S B U R Y

H I G HH I G HW Y C O M B EW Y C O M B E

L O N D O NL O N D O N

C H E L M S F O R DC H E L M S F O R D

R E A D I N GR E A D I N G

C R A W L E YC R A W L E Y

S O U T H E N D - O N - S E AS O U T H E N D - O N - S E A

B A S I L D O NB A S I L D O N

U X B R I D G EU X B R I D G E

S O U T H A M P T O NS O U T H A M P T O N

B A S I N G S T O K EB A S I N G S T O K E

S W I N D O NS W I N D O N

P O R T S M O U T HP O R T S M O U T H

B R I G H T O NB R I G H T O N

B O U R N E M O U T HB O U R N E M O U T H

S A L I S B U R YS A L I S B U R Y

W E Y M O U T HW E Y M O U T H

B R I S T O LB R I S T O L

C H E L T E N H A MC H E L T E N H A M

I S L E O F W I G H TI S L E O F W I G H T

C A M B E R L E YC A M B E R L E Y

S T O U R B R I D G ES T O U R B R I D G E

WW AA L S A LL S A L LLW O L V E RW O L V E R HH A M P T OA M P T O NN

DD UU DD L EL E YY BB R O M WR O M W I CI C HH

BB I R M II R M I N G HN G H AA MM

CC O V EO V E NN T RT R YY

R E DR E D DD I TI T CC HH

RR UU G BG B YY

L E IL E I CC E SE S TT EE RRTT AA M W O R TM W O R T HH

SS TT O K E - O N -O K E - O N - TT R ER E NN TT

N O TN O T TT II NN G HG H AA MM

N E WN E W AA RR DD - O- O NN -- TT R ER E NN TT

L IL I NN C O LC O L NN

P EP E TT E R B O R O UE R B O R O U GG HH

R O Y AR O Y A LLL EL E AA M IM I NN GG TT OO NN

S PS P AA

W O R CW O R C EE SS T ET E RR

S O LS O L II HH UU LL LL

HH UU NN T IT I N GN G D OD O NN

O X F O R DO X F O R D

M A N C H E S T E RM A N C H E S T E R

L I V E R P O O LL I V E R P O O L

S H E F F I E L DS H E F F I E L D

R O T H E R H A MR O T H E R H A M

D O N C A S T E RD O N C A S T E R

H U D D E R S F I E L DH U D D E R S F I E L D

B R A D F O R DB R A D F O R D

Y O R KY O R K

L E E D SL E E D S

N O R T H A M P T O N

M I L T O NK E Y N E S

B E D F O R D

C A M B R I D G E

C O L C H E S T E RS T E V E N A G E

L U T O N

A Y L E S B U R Y

H I G HW Y C O M B E

L O N D O N

C H E L M S F O R D

R E A D I N G

C R A W L E Y

A S H F O R DA S H F O R DA S H F O R D

S O U T H E N D - O N - S E A

B A S I L D O N

U X B R I D G E

S O U T H A M P T O N

B A S I N G S T O K E

S W I N D O N

P O R T S M O U T H

B R I G H T O N

B O U R N E M O U T H

S A L I S B U R Y

W E Y M O U T H

B R I S T O L

C H E L T E N H A M

I S L E O F W I G H T

C A M B E R L E Y

S T O U R B R I D G E

W A L S A L LW O L V E R H A M P T O N

D U D L E Y B R O M W I C H

B I R M I N G H A M

C O V E N T R Y

R E D D I T C H

R U G B Y

L E I C E S T E RT A M W O R T H

S T O K E - O N - T R E N T

N O T T I N G H A M

N E W A R D - O N - T R E N T

L I N C O L N

P E T E R B O R O U G H

R O Y A LL E A M I N G T O N

S P A

W O R C E S T E R

S O L I H U L L

H U N T I N G D O N

O X F O R D

M A N C H E S T E R

L I V E R P O O L

S H E F F I E L D

R O T H E R H A M

D O N C A S T E R

H U D D E R S F I E L D

B R A D F O R D

Y O R K

L E E D S

T O W C E S T E R S A N D Y

B I G G L E S W A D E

R O Y S T O N

S A F F R O NW A L D E N

S U D B U R Y

H A L S T E A D

B R A I N T R E E

W I T H A M

B R E N T W O O D

L O U G H T O NE N F I E L DB A R N E T

P I N N E R

G E R R A R D SC R O S S

S L O U G H

A M E R S H A M

H E M E LH E M P S T E A D S T A L B A N S

H A T F I E L D

W I N D S O R

M A I D E N H E A D

W O K I N G H A M

C R O W T H O R N E

W O K I N G

C R O Y D O N

S E V E N O A K S

G O D A L M I N G

R O Y A LT U N B R I D G E

W E L L S

S I T T I N G B O U R N E

C A N T E R B U R Y

M A R G A T EM A R G A T E

R A M S G A T ER A M S G A T E

D O V E R

F O L K E S T O N E

T O N B R I D G E

E A S T B O U R N E

H A S T I N G S

S H E E R N E S SS H E E R N E S S

W I C K F O R D

H O U N S L O W

G U I L D F O R DA L D E R S H O T

F A R N B O R O U G H

A S C O T

H E N L E Y - O N - T H A M E S

W A T F O R D

G R E A TD U N M O W

B I S H O P ’ SS T O R T F O R D

S A W B R I D G E W O R T H

H A R L O W

W A R E

H E R T F O R D

H O D D E S O N

W A L T H A MA B B E Y

E P P I N G

B R A D F I E L DS T C L A R E

S H E F F O R D

N E W P O R TP A G N E L L

W E L W Y NG A R D E N C I T Y

M A I D S T O N E

B U C K I N G H A M

N E W B U R Y

C I R E N C E S T E R

B A T H

A N D O V E R

W I N C H E S T E R

H A V A N T

C O W E S

N E W P O R T

W O R T H I N G

B O G N O R R E G I S

P O O L E

S W A N A G E

L Y M I N G T O N

S H A F T S B U R Y

L Y M E R E G I S

G L A S T O N B U R Y

D E V I Z E S

T R O W B R I D G E

M A R L B O R O U G H

W A R M I N S T E R

B I C E S T E R

G L O U C E S T E R

C H E P S T O W

N E W P O R T

E A S T L E I G H

H Y T H E

Y E O V I L

M E L K S H A M

C H I P P E N H A M

H U N G E R F O R D

D I D C O T

A B I N G D O N

W O O D S T O C K

P E T E R S F I E L D

H A S L E M E R E

F A R N H A M

A R U N D E L

S E L S E Y

G O S P O R T

B E M B R I D G E

S T A L B R I D G E

W E L L S

F R O M E

B E A M I N S T E R

C R E W K E R N EC H A R D

P E W S E Y

W I L T O N

F A R I N G D O N

M A L M S B U R Y

L O U G H B O R O U G H

L O N G E A T O N

M E L T O NM O W B R A Y

G R A N T H A M

M A N S F I E L D

D E R B Y

C H E S T E R F I E L D

M A C C L E S F I E L D

L I C H F I E L D

S U T T O NC O L D F I E L D

S T A N F O R D

C R E W E

C A N N O C K

K I D D E R M I N S T E R

S T R A T F O R D - U P O N - A V O N

E V E S H A M

G R E A TM A L V E R N

B A N B U R Y

D A V E N T R Y

K E M P S T O N

L E I G H T O NB U Z Z A R D

S T N E O T S

K E T T E R I N G

C O R B Y

N U N E A T O N

H I N C K L E Y

H U C K N A L L

A L F R E T O N

D E N B Y

A S H B O U R N E

L E E K

H I T C H I N

H E N L O W

O A K L E Y

R U S H D E N

L A N G H A M

S T A M F O R D

B U R T O NU P O N T R E N T

W E Y B R I D G E

B R A C K N E L L

S H E E R N E S S

M A R G A T E

R A M S G A T E

D A R T F O R D

KENTKENTINTERNATIONALINTERNATIONALKENTINTERNATIONAL

C O L U M B U S AV E N U E

DRIVING DISTANCES:

M2(J7) 19 miles

M20 (J7) 38 miles

M26 (J2a) 45 miles

M25 (J5) 55 miles

RAIL (Ramsgate Station):

Ashford International 35 mins

Stratford International 55 mins

St Pancras International 75 mins

PORTS:

Ramsgate 6 miles

Dover 20 miles

Folkstone 27 miles

L O C AT I O N

Not to scale. Indicative only.

Manston Business Park is located approximately 6 miles west of Ramsgate, 30 miles north east of Ashford and 75 miles east of London.

The Park offers excellent accessibility to the Channel Ports of Ramsgate (6 miles), Dover (19 miles) and Folkstone (24 miles). The Port of Dover is Europe’s busiest ferry port, handing in excess of £119 billion of trade equating to 17% of the UK’s trade in goods.

Manston is well connected by road being located approximately 20 miles east of the M2 (J7) which is accessed directly via the A299 dual carriageway. To the south east, the A28 connects with the M20 (J9). These routes provide distributors and manufacturers with important links between the Ports, London and the wider UK.

Ramsgate railway station is located approximately 5 miles east of Manston Business Park and provides a direct service to London St Pancras International with an approximate journey time of 1 hour 15 minutes. It benefits from access to Southeastern’s high speed rail line, the Eurostar’s departures and arrivals are serviced at Ashford International.

The major London airports of Heathrow, Stansted and Gatwick are all within a 100 mile radius of the Park. Kent International Airport is situated to the south east of the property. In 2019, RiverOak Strategic Partners bought the airport for £16.5 million. The new owners intend to re-open the airport in the spring of 2022 for short haul and cargo flights.

MIN

STER ROAD

B2190

CO

LUM

BUS

AVE

B2190 SPITFIRE WAY

CO

LUM

BU

S A

VE

INVICTA WAY

4

The property is situated on Manston Business Park, a modern Business Park in East Kent providing an excellent distribution location to the South East by road and rail, and internationally via the south east’s sea ports. The locations accessibility and connectivity has attracted a number of established occupiers including Wahl UK, Rowe Atlantic, Spiralift Services, Cantium, Cohline (UK) Ltd and Cummins’ European Headquarters.

Situated to the north of the A299, Manston Business Park is accessed via the B2190. The property is situated to the north of the Business Park off the main estate road, Columbus Avenue.

To the south of the property, Elevation Space comprises Rowe Atlantic’s HQ and 20 business units let to SMEs.

The Business Park has become a regional enterprise hub through Manyweathers Properties’ development of 150 light industrial workshop units “The Oaks” and “Maple Leaf”. These units have all either been let or purchased off plan, successfully attracting an array of local business, SMEs and owner occupiers to the business park.

S I T U AT I O N

B 2 19 0

C U M M I N SL T D

M A N S T O N B U S I N E S S P A R K

MARGATE

RAMSGATE

MANSTON

WOODCHURCH

MONKTON

WESTGATE-ON-SEA

MINSTER

FLETE

WESTWOODINDUSTRIAL ESTATE

OLD MANSTON AIRPORT

M2

A6140

A253

A229

A229

A28

A229

1

2

3

46

7

8

9

10

11

12

5

1 Subject Property

2 Cummins Limited

3 Wahl UK

4 Elevation Space

5 Rowe Atlantic

6 Invictus Products

7 Invictus Way

8 The Oaks

9 Maple Leaf

10 Cohline UK

11 Heli Charter Limited

12 Summit Aviation

C O L U M B U S AV E N U E

1

2

5

3

6

7

8

910

1112

4

1 Kent International Airport

2 Summit Aviation

3 Cohline UK

4 Maple Leaf

5 Rowe Atlantic

6 Elevation Space

7 The Oaks

8 Wahl UK

9 Invictus Products

10 Invictus Way

11 Cummins Limited

12 Heli Charter Limited

M2A229

B2190

COLUMBUS AVENUE

RiverOak Strategic Partners have set out plan to reopen Manston Airport for short haul and cargo flights by Spring 2020.

By 2024, they predict that 680,000 passengers and 170,000 tonnes of cargo will fly from the airport.

6

D E S C R I P T I O N

Developed in 2006, the property provides a purpose built, two bay, high specification distribution warehouse with ancillary office accommodation totalling an area of 180,021 sq ft (GIA). The building has been developed to an institutional standard to include the following specification:

Steel portal frame with a minimum working height of 10 metres

9 dock level and 2 surface level access electrically operated loading doors

Three storey office accommodation incorporating raised floors and suspended ceilings

Large service yard extending to over 42 metres

300 car parking spaces and separate parking for HGVs

Further to the base specification the Landlord provided an enhanced specification which is rentalised by way of an ‘additional rent’ as detailed in the tenancy section. The enhanced specification includes the following:

Lighting in the warehouse accommodation

An operations office totalling 1,600 sq ft within the warehouse

Concrete pad crane foundations

Heating and ventilation systems in the warehouse accommodation

Office link covered walkway

VRF heating and cooling system to the offices

Further works undertaken by the tenant include a full sprinkler system to the warehouse roof and two enclosed links connecting the property with their existing facility opposite.

The property is accessed via a dedicated access road off Columbus Avenue which runs around the perimeter of the building to the service yard.

C O L U M B U S AV E N U E

7

The property has been measured in accordance with the RICS Property Measurement (1st Edition) 2015 and comprises the Gross Internal Areas (GIA) shown in the table below:

ACCOMMODATION

Use Floor Area (sq ft) Area (sq m)

Office

3rd 5,510 511.9

2nd 5,354 497.4

1st 5,354 497.4

Industrial Ground 163,803 15,217.8

Total 180,021 16,724.5

Tks

El Sub Sta

El Sub Sta

El Sub Sta

Factory

Warehouse

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved

C O L U M B U S AV E N U E

S I T E

The site totals approximately 8.55 acres (3.46 hectares), reflecting a site cover of approximately 44%.

8

T E N A N T ’ S C O V E N A N T

Cummins is one of the largest designers, manufacturers and distributors of diesel and alternative fuel engines in the world. They have been operating in the UK for over 50 years and currently employ over 58,000 people worldwide, approximately 5,000 of them in the UK.

Cummins have been located in Manston for almost 20 years and occupy the adjacent, interconnected distribution unit on Manston Business Park. They are one of the UK’s major distributors, 70% of products produced are exported further promoting the importance of Manston’s proximity to the Ports of Ramsgate, Folkstone and Dover

The company has a Dun & Bradstreet credit rating of 5A2 and a summary of the financial accounts for the tenant for the last three years are set out below:

Year End 31/12/2018 (£’000s) 31/12/2017 (£’000s) 31/12/2016 (£’000s)

Sales/Turnover £2,410,676 £1,881,633 £1,502,923

Profit/(Loss) Before Taxes

£244,774 £140,299 £138,653

Tangible Net Worth £357,327 £340,111 £384,063

T E N A N C Y

The property is let to Cummins Limited (00573951) on a full repairing and insuring lease for a term of 15 years commencing 20th December 2006 and expiring 19th December 2021.

This provides an unexpired term of 1.9 years.

The total current rent is £839,370 per annum, comprising an annual rent of £770,850 per annum plus an ‘additional ent’ of £68,520 per annum to reflect the Landlord’s enhancements to the base specification. This reflects a low overall passing rent of £4.66 per sq ft.

The lease is contracted inside the Landlord and Tenant Act 1954.

The tenant has been located in Manston for almost 20 years. They also occupy the adjacent distribution/warehouse building which is connected to the property via two interconnecting linkways.

C O L U M B U S AV E N U E

9

The distribution and warehouse sector has fared extremely well despite the political and economic environment faced over the past few years. The market has been underpinned by a strong occupational story which has remained buoyant throughout the last 18 months. This is a direct result of the combination of the evolving nature of the retail market towards online sales, a structural shift in demand and an acute under-supply of suitable accommodation in the sector. As such, occupational demand for small units and larger distribution/storage units have increased as occupiers seek to facilitate local last mile and multinational distribution chains. In the current market, there continues to be a significant weight of money targeting the sector, in particular for those assets that benefit from strong property fundamentals and excellent connectivity.

The table below depicts some of the most recent and comparable transactions.

I N V E S T M E N T M A R K E T

E P C sThe property’s EPC rating is E(110). The certificate and recommendation report is available upon request.

P L A N N I N GThe property benefits from planning consent for use B1, B2 and B8 of the Town and Country Planning Order 1987.

C O L U M B U S AV E N U E

Date Property Size (sq ft) Price (£m) Yield (%)Cap Value

(£ per sq ft)WAULT (breaks)

Comment

Dec-19Omega Boulevard, Capitol Park, Doncaster

85,489 £5,938,000 6.80% £69 2 Let to Croda Chemicals

Aug-19 New Era Estate, Bognor Regis 298,600 £17,800,000 9.00% £60 2 Let to Wiley

Mar-19 SIRFT, Europa Way, Sheffield 335,000 £23,465,000 n/a £70 n/a Vacant

Jan-19 Cribbs Causeway Centre, Bristol 423,000 £23,500,000 8.01% £56 2 Tenant vacated with 2 years left on lease.

Sep-18 Drayton Industrial Estate, Daventry 89,688 £8,150,000 5.75% £91 2.5 Let to Cummins Limited.

Apr-18 14 Invicta Way, Manston 97,400 £4,300,000 n/a £44 n/a Vacant. Acquired by owner occupier Wahl UK.

1 0

P R I C I N GWe have been instructed to seek offers for the freehold interest in excess of £7,870,000 (Seven million eight hundred and seventy thousand pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 10.00% and an attractive capital value of £43.70 psf assuming standard purchaser’s costs of 6.67%.

C O N TA C TFor further information or to arrange an inspection, please contact one of the following:

Jonnie Rayjonnie@cortexpartners.co.uk0207 534 099407917 647 652

Tim Cuzenstim@cortexpartners.co.uk0207 534 099207900 263 493

Ryan Meaderryan@cortexpartners.co.uk0207 534 099507585 446 354

Misrepresentation Act 1967. Cortex Partners, for themselves and the vendors of the property whose agents they are, give notice that: 1 These particulars are a general outline only for the guidance of prospective purchasers and do not constitute the whole or any part of an offer or contract; 2 Cortex Partners cannot guarantee the accuracy of any descriptions, dimensions, references to condition, necessary permissions of use and occupation and other details contained herein and therefore prospective purchasers must not rely on them as statements of factor representations and must satisfy themselves as to accuracy; 3 Cortex Partners or their employees do not have any authority to make or give representation or warranty or enter into any contract whatever in relation to this property; 4 Rents and prices quoted may be subject to VAT in addition; 5 Cortex Partners will not be liable in negligence or otherwise for any loss arising from the use of these particulars; 6 No responsibility can be accepted for any expenses occurred by intending purchasers in inspecting properties which have been sold or withdrawn; 7 Cortex Partners have not made any investigations into the existence or otherwise of any issues concerning pollution, potential land, air or water contamination. The purchaser is responsible for making their own enquiries in this regard; 8 All maps are for illustrative purposes only. January 2020

www.cube-design.co.uk (Q4280)

A N T I - M O N E Y L A U N D E R I N G

The purchaser will be required to provide information as required and requested in our to comply with our Anti-Money Laundering policy.

The property is elected for VAT purposes and it is anticipated that the sale will be treated as a transfer of a going concern.

VAT