* 44, 200 Sq Ft Single Let and Self - Contained Production / Warehouse investment.
* • 2 separate buildings (one divisible)
* • Let to Royde & Tucker Ltd to 31 August 2038.
* • Rent £400, 000 p. a. With 5 year upward only reviews. Next review 31/08/2028.
* • Affluent A1(M) town close to Stevenage, Letchworth and Luton.
* • 30 miles north of London.
* • Purpose built for current owners in 2005 and additional building in 2014.
* • Future potential for sub - division (2 buildings)
**Hitchin
**
The attractive market town of Hitchin is located in the area of North
Hertfordshire District Council about 30 miles of London.
It is close to Letchworth and approximately 4 miles west of Stevenage to which
it is linked by the A405 dual carriageway at A1(M) Junction 9. Luton is 10
miles to the west and Cambridge 27 miles to the north west
It has a fast - electrified train service to London Kings Cross / St Pancras in
36 minutes.
**Location
**
Located within the main commercial area accessed off Cadwell Lane it is in an
estate of 6 units which are all owned individually.
**Description
**
The property comprises 2 detached industrial buildings within a secure site.
Fronting Bilton Road is the main building and original Royde & Tucker factory,
known as Unit 6. It is of streel portal frame construction in a single bay
with an eaves height of approx. 7. 05m (8. 35m to ridge). It has (fire rating
confirmed) profiled panelled external elevations and roof with concrete
blockwork internally up to a height of 2m.
The accommodation has an impressive reception area with 8 - person passenger
lift, a smart ground floor staff / breakout area, attractive first floor open -
plan offices with exposed ceiling services, boardroom, meeting room, a range
of ancillary accommodation including visitor and office and works toilets.
There are various loading doors around the perimeter and a separate process
bay with an overhead gantry.
Loading doors to the rear bay measure 4. 00m wide x 4. 00m high and to the main
bay 4. 0m wide x 4. 5m high.
There is a heavy - duty concrete production mezzanine area at the rear.
All is fully serviced with a range of heating, power distribution and LED
lighting.
A separate newer building at the rear was designed to be occupied separately
in up to four bays but is currently divided into two without office
accommodation. There is a concrete mezzanine floor in one.
There is extensive parking at the front. Further car parking and open storage
is at the rear (0. 61 acres) with potential for further development. Currently
part is leased out for car parking to another party.
Approx. (gross internal) floor areas
Unit 6
Ground Floor Main Production 23, 264 Sq Ft
First Floor Offices 4, 289 Sq Ft
Concrete Mezzanine production 4, 184 Sq Ft
Total 31, 737 Sq Ft
Unit 5A
Ground Floor 5, 704 Sq Ft
Concrete First Floor Mezzanine 1, 117 Sq Ft
Unit 5B
Ground Floor 5, 642 Sq Ft
Total 12, 463 Sq Ft
Overall Total 44, 200 Sq Ft
Site Area Approx. 2. 5 Acres
**Lease
**
The property is to be let on a 15 - year Fri lease from 1 September 2023 to
Royde & Tucker Ltd without a break.
The rent is £400, 000 p. a. Subject to an open market upward only rent review at
the end of the 5th and 10th years.
The lease will be on full repairing terms subject to a schedule of condition.
The permitted use is E(g)(iii), B2 and B8.
The tenant will reimburse the landlord’s costs of insurance and estate service
charge.
Full details are available on request.
**Subletting
**
To note Unit 5B is currently surplus to requirements and being offered to let
at a rent of £71, 000 p. a. On a flexible lease.
**Tenant
**
Royde and Tucker will have been established 100 years in June 2024 and are the
leading UK manufacturer of high - performance architectural door hinges, other
associated door hardware and pocket door systems with a strong brand.
Many of the landmark buildings in London, including the Gherkin, the Houses of
Parliament, Windsor Castle and the Shard feature R&T products.
R&T, has a sound financial position and a secure business model. Further
details are available on request.
**Financial information
**
Further information is available upon request
**Market commentary
**
Hitchin forms part of the north Herts cluster of commercial centres comprising
Letchworth, Baldock and Stevenage. There is also good linkage with the
adjoining centres of Luton and Welwyn / Hatfield.
The majority of the industrial and warehouse development in the town is
located in the single large commercial area to the north west comprising
Cadwell Lane/Lyon Way/Bilton Road and Wilbury Way / Hunting Gate / Knowl Piece
/ Hillgate.
Reflecting general occupier trends in the south - east, there are good
continuing levels of occupier demand and very low levels of availability.
There are no comparable buildings currently available within this market area
and unsatisfied occupier requirements.
Established industrial and warehouse rents in Hitchin have clearly lagged
behind the levels being achieved in adjoining centres, offering substantial
rental growth potential.
Leading edge rentals in Stevenage are currently £15. 00 psf and the ipif
Centrus scheme now under construction is quoting £16. 50 psf.
Prime rents in Letchworth are establishing between £11 and £12 psf.
There have been no lettings of comparable properties in Hitchin recently to
benchmark where we consider prime rents to be for other properties of this
quality. When it does occur, we anticipate this to be in excess of £10 psf.
**Rateable value
**
£322, 500 wef 1/4/2023. Previous £212, 000.
**Energy performance certificate
**
Unit 5 Category D (80) Unit 6 Category B (44)
**Terms
**
For sale on the basis of a 999 - year lease from 2002 at a fixed rent of £100
per annum.
Offers are invited for the long leasehold interest in the region of £5, 350, 000
representing an initial yield of 7. 0% after acquisition costs of 6. 8%.
**Inspection
**
For further information please contact either:
Daniel Hiller or Mike Davies
notes:
Unless otherwise stated all prices, rents or other stated costs are subject to
VAT.
Under Anti - Money - Laundering Regulations we are required to obtain proof of
identity for individuals and controlling Directors.
The particulars contained within this brochure are believed to be correct but
their accuracy cannot be guaranteed and they are therefore expressly excluded
from any contract.

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