The Story So Far

1 NEWTON ROAD CRAWLEY WEST SUSSEX

The Property  This is a modern 3,065 sqm/ 33,000 sqft single storey industrial building on 0.6 hectares/1.5 acres on Manor Royal Industrial Estate, the premier commercial estate in Crawley with a very varied mix of industrial and office buildings. Major occupiers on the Estate include Virgin Airways, Royal Mail, Glaxo Smith Kline, British Airways and Thales, occupiers of this building. It was constructed in the mid 1980’s, probably for Thales predecessors Rediffusion. There are 85 car parking spaces, an ample ratio of 1:36 sqm/1:390 sqft.

We bought a very long leasehold interest of 999 years with the building let until June 2009 to Thales, one of the major industrial operations in the UK with over 10,000 employees at 60 separate locations. They will vacate in 2009 when they move into a new 27,900 sqm/300,000 sqft headquarters elsewhere on Manor Royal. The current rent is only £69.50 per sqm/£6.45 per sqft because the existing lease assumes that reviews are to a 25 year hypothetical term producing a discount of 15 to 20%. This discount will of course disappear on expiry.

Why Buy?  This investment meets one of our buying criteria: good quality buildings in sought after locations let with a short term to expiry, in this case just over 3 years. We normally look for shorter terms, but here the building and the location tempted us. We aim to relet the building, improve the rental value and, most importantly, the lease profile. We expect to let at a considerably enhanced rent particularly given expansion at Gatwick.

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Byfleet   Byfleet

Contact Us

Navigator Securities
15 Bruton Place
London W1J 6LU

Ivor A French FRICS
T 020 7529 5544
M 078 9999 1111
Email Ivor

David Coleman MRICS
T 020 7529 5540
M 07956 966 677
Email David