Witham Francis House, Freebournes Road, Witham, Essex

Description

Strategically located leasehold industrial and office investment comprising an industrial unit and two-storey office block, arranged over 8,212 sqm (88,393 sqft) on a 3.38 acre site. The property is entirely let to Crittall Windows Ltd until 2032 with no breaks and is located within the established Freebournes Industrial Estate, approximately 300m from Junction 22 of the A12. VAT is applicable and six-week completion is available.

Accommodation

Industrial unit and two-storey office block arranged over 8,212 sqm (88,393 sqft); minimum eaves height of approximately 12.2m, rising to 16.8m at the apex; four loading doors

Location

Witham is approximately 9 miles north-east of Chelmsford and 12 miles south-west of Colchester. The town is located on the A12 trunk road, providing access to Junction 28 of the M25 Motorway. Witham Rail Station is approximately 1 mile from the property and provides regular service to London Liverpool Street in 40 minutes. The property is situated on the southern side of Freebournes Road, at its junction with Colchester Road. Occupiers nearby include Screwfix, Wolseley and a number of local traders.

Tenure / Property Information

Investment Analysis

The £5M+ guide is not a formal valuation. The only supplied completed sale is the same property/address at £3.65M in November 2017, which is historical and may not represent current value. No current rent, yield evidence, lease rent, market valuation or sufficiently specific rental comparable is supplied, so GDV and a supportable maximum bid cannot be established. The property is entirely let to Crittall Windows Ltd until 2032 with no breaks, but the occupational rent is not provided. VAT applies and the current ground rent is £42,309 per annum.

Investment Snapshot

Strategy Recommendation

Proceed only as a specialist commercial investment after obtaining the occupational rent, full lease, tenant covenant information, current valuation and complete VAT/transaction-cost advice. Do not rely on the £5M+ guide as GDV.

Works Required

No refurbishment works are evidenced. The investment case should focus on reviewing the occupational lease, tenant covenant, repairing obligations, service-charge arrangements, insurance, title, VAT treatment and the 2032 lease expiry.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis cannot be supported because the purchase price above the £5M+ guide, occupational rent, operating costs, finance costs and current valuation are not provided. Refinancing at 75% of GDV cannot be calculated without a supported GDV. The existing lease provides stated occupancy to 2032, subject to verification of the lease terms and tenant covenant.

Buy-to-Let Analysis

This is a commercial investment rather than a residential BTL. The property is fully let to Crittall Windows Ltd until 2032 with no breaks, but the passing occupational rent is not supplied. Consequently, rental income, net income and yield cannot be calculated. The £42,309 annual ground rent is an outgoing, not investment income.

Flip Analysis

A flip analysis is not supported. No refurbishment requirement, current GDV, resale evidence or selling-cost allowance is provided. The 2017 sale at £3.65M is historical and is below the current £5M+ guide, so it does not establish a current resale surplus.

Investor Risks & Due Diligence

• The £5M+ guide is not a formal valuation and exceeds the supplied 2017 completed sale of £3.65M.

• Current occupational rent and net operating income are not disclosed, preventing yield analysis.

• VAT is applicable, but the VAT amount and recoverability position are not supplied.

• A £42,309 per annum ground rent is payable.

• The occupational letting ends in 2032; renewal, reletting and valuation risk should be assessed.

• Additional seller or third-party charges may apply.

• Six-week completion may restrict due-diligence and funding timescales.

Recommendation

Proceed only as a specialist commercial investment after obtaining the occupational rent, full lease, tenant covenant information, current valuation and complete VAT/transaction-cost advice. Do not rely on the £5M+ guide as GDV.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy, lease dates, floor area, guide and one historical completed sale are supplied, but current rent, valuation, operating costs, buyer fees, VAT amount and lease terms needed for investment calculations are absent.