Industrial unit for sale
Property description & features
- Tenure: Freehold
Investment Summary
Multi-let estate of industrial/warehouse units.
12 units ranging in size between 176 sq. m (1,896 sq. ft) and 717 sq. m (7,713 sq. ft).
Site Office 76 sq. m (814 sq. ft).
5,414 sq. m (58,281 sq. ft) Gross Internal Area.
2.356 hectares (5.844 acres) with 25% site cover.
Development potential STPP.
Currently producing £120,725 per annum.
Significant Asset Management/Reversionary Potential.
Estimated Rental Value £269,339 per annum.
Potential to implement an Estate Service Charge.
We are instructed to seek offers in the order of £3,500,000. Assuming purchaser's costs at 5.85%, this reflects a net initial yield of 3.259%, a potential reversionary yield of 7.270% and an overall rate of £684/sq. m (£63.57/sq. ft).
Location
Hixon is located 5 miles northeast of Stafford / M6 J14, 8 miles southeast of Stone/A34, 6 miles northwest of Rugeley and 8 miles southeast of Uttoxeter/A50. The A51 connecting Stone and Rugeley runs to the west of Hixon and the A518 connecting Stafford and Uttoxeter runs to the north of Hixon. The Estate is immediately to the south of Hixon Airfield Industrial Estate.
Description
New Road Industrial Estate comprises an irregular shaped site extending to 2.365 hectares (5.844 acres) of which 0.700 hectares (1.750 acres) adjacent to the access road is undeveloped grassland. The remaining 1.609 hectares (3.976 acres) is developed and comprises the access road, circulation areas and industrial units. The units are of steel-portal frame design with cavity-brick and profiled steel sheet clad walls and roofs. Units 1, 2, 3, 4 and 4a comprise a terrace of self-contained units constructed between 1980 and 1990. Units 5, 6 & 7 comprise a terrace of self-contained units constructed 1990. Units 8, 8a and 9 comprise a 'L' shaped arrangement of interconnecting buildings constructed between 1968 and 1975. Unit 10 was constructed 1992-1993. Each unit has three-phase electricity, water and drainage. In addition, there is a detached single storey office building of brick construction with a flat roof.
Energy Performance
Unit 1: C
Unit 2: C
Unit 3: C
Unit 4: D
Unit 4a: D
Unit 5: D
Unit 6: E
Unit 7: D
Unit 8: B
Unit 8a: B
Unit 9: B
Unit 10: D
Site Office: D
Asset Management Opportunity
The average rent across the occupied units is £2.30.sq. ft with a range of £1.88/sq. ft to £2.80/sq. ft. The estimated rental value of the units is £4.20/sq. ft to £5.50/sq. ft.
Unit 1 and the Site Office are available to let immediately upon completion.
Five leases expire in 2024 providing an immediate opportunity to increase rents by way of lease renewal.
The remainder of the leases expire in 2025.
Subject to planning the low site coverage offers further development potential.
Potential to implement an Estate Service Charge.
Tenure
Freehold: Title Number SF540402
Price
We are instructed to seek offers of £3,500,000 (Three Million, Five Hundred Thousand Pounds). Assuming purchaser's costs at 5.85%, a purchase at this level would reflect a net initial yield of 3.259%, a potential reversionary yield of 7.270% and an overall rate of £684/sq. m (£63.57/sq. ft).
VAT
Not applicable
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations identification and confirmation of the source of funding will be required from the successful purchaser.
For further information please contact either Glenn Hammond MRICS or Phil Webb
Property information from this agent
Places of interest
See more properties like this:
*DISCLAIMER
Property reference 2715FH. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by Hammond Chartered Surveyors - Commercial.
OnTheMarket may have applied supplementary data to this property listing, including:
Broadband availability and predicted speed
Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:
Basic: Up to 30 Mbit/s
Super-fast: Between 30 Mbit/s and 300 Mbit/s
Ultra-fast: Over 300 Mbit/s
The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2
Mobile phone signal availability and predicted strength
Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:
Clear: No bars, no signal predicted
Red: One bar, reliable signal unlikely
Amber: Two bars, may experience problems with connectivity
Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
Energy Performance data and Internal floor area
Any supplementary data should not be relied upon as forming part of any property particulars and OnTheMarket cannot be held responsible for any incorrectness in this data. See here for more information.