Key Information
- Total GIA: 45,081 sq ft (4,188.1 sqm)
- Long leasehold ownership with c.104 years remaining
- Rare opportunity to acquire a multi let estate within a well-established industrial locality
- Current rent roll of £297,450 pa across 4 industrial units/Tenants and a Telecoms mast - Net initial yield of 7.35%, potential for reversionary yield of 9.09%
- A password protected online data vault is available via the agents, containing the following: - Ground Lease - Occupational Leases - Telecoms mast's Code Agreement - Business Rates / EPC's - Title Register / Title Plan - D&B Credit Reports
- Offers invited in the region of £3,800,000, which reflects a low capital value of £84.29 psf and a net initial yield of 7.35%, and an indicative reversionary yield of 9.09% following proactive asset management.
The property comprises a substantial industrial unit which has been subdivided and let to a number of different occupiers. There is a splayed access of Glaisdale Drive to the northwest elevation leading to a tarmacadam surface forecourt currently utilised as a car park for Unit 1,2,5 & 6, Unit 3 and Unit 4a. There is a second vehicular access to this element, located on the southwestern boundary, which leads directly into a rear yard behind unit 1,2,5, & 6 and through which the yard and access to Unit 7 & 8 is provided. The rear yard comprises of concrete slabbing and is secured by a perimeter fence line. The building is of steel portal framed construction, estimated to be of late 1970's or early 1980's origin to a minimum eave's height of 5.5m. Materials are conventional, including elevations in brick and block to roughly half height with insulated profile sheet cladding above, all beneath twin bay, insulated, profile sheet roofing. It is understood that the current configuration provides four self-contained units with their own service connections, with each unit having a unique layout. A telecoms mast and associated cabinet has been installed to northeast boundary of this element and can be accessed off Glaisdale Drive through the forecourt. The second element is a strip of land that runs along Glaisdale Parkway up to its junction with Glaisdale Drive.
Location
The property forms a substantial plot that is split into multiple units on the Glaisdale Industrial Estate, Bilborough. The property occupies a prominent corner position at the intersection of Glaisdale Parkway and Glaisdale Drive West. Bilborough is a suburb of Nottingham located approximately 4 miles to the west of the City Centre with primary access to Glaisdale Drive via the A609. The A609 leads onto the A6514 which is Nottingham's principal ring road. Junction 26 of the M1 motorway is the closest motorway junction at approximately 3 miles (c.10 mins) north of the unit. Within the immediate vicinity are a number of established industrial occupiers including Royal Mail, Sherwood Press, Kendon Packaging and Art Systems
VAT
VAT is applicable; however, it is anticipated the transaction can be treated as a Transfer of Going Concern (TOGC) therefore, VAT may not be paid as part of the purchase. All parties are advised to confirm with their own accountant
Rates
Available in data vault.
EPC
Available in data vault.
Legal Costs
Each party is to bear their own legal costs incurred.
Viewing
Viewings are by appointment with Innes England.