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Industrial unit
Property description & features
- Tenure: Freehold
- Opportunity to acquire a highly reversionary Freehold multi let industrial and office estate within close proximity of Luton town centre.
- Situated in an established industrial location.
- Prominent site with access from Union Street and Holly Street.
- The property extends to 27,361 sq ft (2,539 sq m) in total and approximately a site area of 0.33 hectares (0.81 acres).
- Current total rental income £138,750 per annum.
- Potential to reposition the property to increase the rental income through asset management and refurbishment.
- Residential redevelopment potential subject to all necessary planning consents.
- Price £2,425,000 (Two Million, Four Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT.
- This reflects a low capital value of £89 per sq ft.
The Estate occupies an approximate site of 0.33 hectares (0.8 acres). It is composed of low rise light industrial and office accommodation of mixed designs. The light industrial units operate a range of purposes but are currently predominantly used for car repairs and mechanical workshops. Built at varying periods, the majority of units are constructed with either a solid brick or concrete frame, beneath pitched or flat roofs.
The main office building known as Whitehill House, fronting Union Street, is interlinked with offices above the industrial units C1, C2, C3 & B3. They are arranged as individual office suites with communal space and is currently occupied by a church.
There is a service yard internally which provides access to units B2, B3, C1, C2, C3, D and K, also providing surface car parking. External access is provided to units; B1, 6 and 8 via Latimer Road and access to units E and F from Holly Street.
Location
Holly Industrial estate is situated to the south of Luton Town Centre in the area of New Town. It is positioned amidst a blend of commercial and residential areas. The Industrial Estate is located on the northern side of Holly Street, near the intersection of Latimer Road and to the south of Union Street. Furthermore, the location benefits from its proximity to the A505, providing convenient and direct access to Luton International Airport. Additionally, it is situated 2 miles from Junction 10 of the M1 Motorway.
Luton is a large town located 30 miles north of London in Bedfordshire. It is one of the largest towns in the UK without city status with a population in excess of 258,000 and is home to the headquarters of companies such as EasyJet, Vauxhall Motors and TUI. Luton is also home to the University of Bedfordshire with two campuses located in the town.
Luton Airport Parkway (1 mile north east) and Luton (2 miles north) mainline railway stations both provide frequent and direct services to four Central London stations; St Pancras International, Farringdon, Blackfriars and City Thameslink with a fastest journey time of approx. 22 minutes.
Luton Airport – the UK’s 5th largest airport with 18 million passengers per annum - is situated approximately 2 miles to the northeast. The airport has undergone significant upgrades in recent years, with passenger capacity increasing by 50%. The recently opened Luton DART is an innovative automated light rail service connecting Luton Airport Parkway Railway Station and the airport in under 4 minutes. There are also longer-term
proposals to double the airport’s capacity to 32 million passengers per year by 2039.
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