Description
Unit D3 - Summary of Accommodation - This semi-detached premises is of metal profile cladding to the external elevations with a pitched steel clad roof incorporating daylight panels supported upon a steel portal frame. The ground floor is concrete with the internal eaves height is 7.7m The unit benefits from a roller shutter door measuring approximately 4metres wide x 4.6metres high. There is a tenant’s mezzanine of 242 sq m / 2,603 sq ft that is currently used for offices and WCs.

Externally, the property benefits from a secure yard at the rear, with allocated parking at the front of the unit. The secure yard area measures approximately 543 sq m / 5,845 sq ft.

Unit D15 - Summary of Accommodation - This mid terraced unit is of metal profile cladding to the external elevations with a mono pitched steel clad roof incorporating daylight panels supported upon a steel portal frame. The ground floor is concrete and the internal eaves height is 7.3m. The unit benefits from a roller shutter door measuring approximately 4 metres wide x 4.8 metres high.

Externally, the property has a concrete loading apron and forecourt which provides 5 allocated parking spaces.

Location
Voyager Park is located on Portfield Road and forms part of the established Airport Industrial Estate in Hilsea, North Portsmouth. This area is the main industrial location in Portsmouth and nearby occupiers include BAE Systems, Ferryspeed, Airbus, Screwfix and Formaplex Technologies.

The Park benefits from good access to the A27 trunk road at the Farlington Intersection, via Eastern Road (A2030) and is within a close proximity of a range of amenities, which include Hilsea Railway Station and retail facilities at Ocean Retail Park and Morrisons Supermarket.

Terms
We are instructed to seek offers in excess of £2,150,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.3%, subject to purchaser's costs of 7.3%.

Unit D3 Tenancy Details
Tenure - The property is held on a 999 year lease expiring on 6th January 3008, subject to a fixed ground rent of £50 pa (Title number PM20802)
Tenant - Langstone Securities Ltd (Company Number 07267823).
Term - The units are to be let on a new 10 year lease, with a tenant only break option at the end of the 5th year.
Repair - Full repairing and insuring obligations, subject to a schedule of condition.
Rent - £112,000 per annum exclusive.
Rent Review - Index-linked to RPI, collared at 1% and capped at 3%, compounded annually.
EPC

Unit D15 Tenancy Details
Tenure - The property is held on a 999 year lease expiring on 26th August 3014, subject to a fixed ground rent of £50 pa (Title number PM19874)
Tenant - Langstone Securities Ltd (Company Number 07267823).
Term - The units are to be let on a new 10 year lease, with a tenant only break option at the end of the 5th year.
Repair - Full repairing and insuring obligations, subject to a schedule of condition.
Rent - £33,000 per annum exclusive.
Rent Review - Index linked to RPI, collared at 1% and capped at 3%, compounded annually.

Covenant
Precision Engineering Solutions ( Ltd is the ultimate holding company of Langstone Securities Ltd and Langstone Engineering Ltd.

Precision Engineering Solutions is a P/E backed group with over 9 m of investments and a combined annual turnover of over 10m.

Langstone Engineering has been trading since 2001 and specialises in precession engineering, for the Formula 1 Motorsports, Defence, Maritime, Medical, Oil/Gas and Aviation Industries.

Langstone Engineering takes a different approach, combining creative thinking and practical knowledge to produce high quality project outcomes. Their philosophy is rooted in the desire to create and deliver quality workmanship that provides their customers with mission critical support, which is what makes them the UK’s first choice in precision engineering.

According to Experian, Langstone Securities Ltd has a Credit Score of 64 Below Average Risk.

Website -https :://langstone engineering co uk/

Full accounts for Langstone Securities and both full and management accounts for Langstone Engineering are available on request.

Legal Costs
Each party is to be responsible for their own legal costs incurred in the transaction.

VAT
The property is elected for VAT and will be payable on the purchase price.

Anti-Money Laundering
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction.