Sold

Cimandis, St Peter Port

For Sale
42,278 Sq Ft

Description

Guernsey is the second largest of the Channel Islands with an area of 24 square miles and a population of approximately 64,000 people. It is 75 miles south of Weymouth in England and 30 miles west of France’s Normandy coast. Guernsey is part of the Bailiwick of Guernsey which incorporates the islands of Guernsey, Alderney, Sark and Herm.

The property is located on the outskirts of St Peter Port in Guernsey’s pre-eminent and most established industrial area, the Pitronnerie Road Industrial Estate. It is strategically situated near the town centre and the Ports as well as the principal arterial road connecting St Peter Port to The Bridge in St Sampsons, known as “The Container Route”.

Admiral Park, which includes Waitrose, B&Q, Iceland and four headquarter office buildings is located a short walk to the East. The location benefits from a regular bus service with the nearest stop on Pitronnerie Road.

Specification

The site is centrally located on the Pitronnerie Road Industrial Estate with vehicular access from Route de la Garenne approximately 50 metres north of its junction with Pitronnerie Road.

The surrounding area is characterized by warehousing and light industrial units with nearby occupiers including; AJ Removals, Concept 360, Guernsey Building Supplies, White & Company, Lordes Luxury Car Storage, Sidlocks, Target Tyres, Guernsey Self Store and PBS Group to name but a few.

The property comprises a large flat rectangular shaped site extending to approximately 1.74 acres. There are two detached warehouses separated by a generous yard to create a north and south warehouse. There is additional parking around the perimeter of the unit providing parking for about 34 vehicles.

The warehouses are of concrete construction with external render under a steel framed roof with insulated profile cladding and rooflights. The floor is concrete. The warehouses are lit by modern hanging LED spotlights and provide sufficient height for the installation of mezzanine floors if required by an occupier in the future. Each warehouse has three long bays each with its own roller shutter door.

There is a single storey open plan office in the north warehouse which has electric panel heating, suspended ceilings with integral cat-2 style lighting, carpet tiles and perimeter trunking. There are two principal open plan office areas, a meeting room, standalone cellular office, canteen and toilet facilities. This has a separate entrance from the central yard as well as having pedestrian access into the warehouse.

Dilapidations

The landlord is preparing a Schedule of Dilapidations to be served on the tenant, the benefit of which will be passed on to the successful purchaser. Over the duration of the lease, the tenant has installed a significant amount of trade related plant and equipment including substantial refrigeration and freezer units. The tenant is responsible to reinstate the units back to their shell condition at lease expiry.

Tenancy

The property is single let to Cimandis Limited for 15 years on a full repairing and insuring lease expiring on the 24th December 2025. The lease is guaranteed by Bidvest Foodservice International Limited. The current passing rent is £400,000 per annum reflecting £8.83 per sq ft overall. The rear of the southern warehouse equating to 7,200 sq ft is currently sub-let to R&R Removals Limited on a 5 year sub-lease at £55,000 per annum and runs co-terminus with the main lease.

Tenure

The property is held freehold.

Covenant

Cimandis is the largest foodstore provider in the Channel Islands delivering food products to over 1,000 customers in retail, hospitality and the service sectors. As well as Guernsey, they also have depots in Jersey and Alderney and service smaller islands such as Sark and Herm.

The Bidvest Group acquired the Cimandis business in 2015. Along with the other Bidvest Foodservice businesses around the world, they changed their name to Bidfood. They are one of the UK’s leading distributors supplying more than 10,000 food, drink and catering supply products to over 40,000 customers including hotels, restaurants, pubs, prisons, care homes, hospitals, schools and universities.

Guernsey Industrial Market

The Guernsey industrial market hasn’t seen the spike in new development witnessed in UK and continental Europe. As such, opportunities to acquire large freehold industrial sites are very rare and have commanded a premium when they do arise. Much of the industrial stock in Guernsey is older with low eaves and limited yard space which along with the location makes the Cimandis opportunity very attractive for prospective purchasers or occupiers. The market in Guernsey is strong with demand from occupiers across a number of industries and indeed owner occupiers. There are two new light industrial schemes currently under construction at Braye Road and Bulwer Avenue, both offering much smaller hybrid units in terraces. In short, there is a fundamental lack of supply of larger units and combined with strong demand this is resulting in upward pressure on rents.

Investment Comparables

Former Intersurgical Unit, Pitronnerie Road Industrial Estate – The premises is directly opposite the subject property and is of a similar size totalling 40,739 sq ft with 9,000 sq ft of yard space. The Unit was sold with vacant possession and requiring refurbishment in Dec 2022 to Guernsey Building Supplies for £4,650,000 which reflected £135 per sq ft taking into account the mezzanine. The Plumb Centre, Pitronnerie Road Industrial Estate – The building included a main warehouse, showroom and three apartments and was sold for £2,725,000 in Feb 2024 to a Private Investor. Totalling 28,000 sq ft it sold with vacant possession for £100 per sq ft in lieu of the major refurbishment and re development works required to the site.

Further Information

Proposal

The vendor is seeking offers in excess of £5,886,000 (Five Million Eight Hundred and Eighty Six Thousand Pounds) which reflects a capital value of £130 per sq ft.