Industrial unit for sale

A self contained secure site on the established Freebournes Industrial Estate which is used for the repair and servicing of heavy vehicles. The concrete surfaced site has two workshop buildings providing a total of 7 bays. The original workshop at the front of the site has a minimum eaves height of 4.30m and a maximum height of 5.60m to the apex. We understand the roof was replaced on this workshop in 2010. The three bay workshop towards the back of the site was built in 2016 by the tenant and has a minimum eaves height of 4.90m and a maximum height of 6.00m to the apex.

At the front of the site is a customer reception/waiting area together with office accommodation, WC facilities and staff canteen. The offices are presented to a good standard having been extended and refurbished in 2019 by the tenant. EV charging points are provided outside the front of the reception.

Truckeast Limited have occupied the site for over 15 years and in that time they have invested significantly and continue to do so. At present a new chassis wash bay is being built at the rear of the site.

LOCATION
The property is located on the established Freebournes Industrial Estate adjacent to the A12 which provides convenient access to Junction 28 of the M25 (22 miles) to the south and the east coast ports of Harwich and Felixstowe to the north east. Access to the M11 and Stansted Airport is via the A120 from Braintree which is linked to Witham via the B1018. Witham Station provides a frequent service to London Liverpool Street with a journey time of approximately 45 minutes.

ACCOMMODATION
[Approximate Gross Internal Floor Area Including Tenants Alterations]
Workshops - 8,930 sq ft [829.61 sq m]
Reception/Office/WC's - 2,632 sq ft [244.55 sq m]
Total - 11,562 sq ft [1,074.16 sq m]
The total site area measures 1.5 acre. [Measured online using Promap]

SERVICES
We understand the property is connected to mains water, drainage, gas and three phase electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.

ENERGY PERFORMANCE CERTIFICATE [EPC]
We have been advised the property falls within Class E (112) of the energy performance assessment scale. A full copy of the EPC assessment and recommendation report is available upon request.

PLANNING
We understand the site has an established use for vehicle maintenance and repair. Interested parties are to rely on their own enquiries with the Local Authority.

LOCAL AUTHORITY
Braintree District Council
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WITHAM INDUSTRIAL WATCH
Witham Industrial Watch was set up by a network of local businesses to provide amongst other things, effective estate management and enhanced security throughout the towns industrial areas. By obtaining Business Improvement District funding WIW has employed an estate manager, installed Automatic Number Place Recognition and improved signage throughout the industrial areas. Further information can be found at .

TENURE
The property is held freehold under title no: EX670642.

BUSINESS RATES
We are advised that the premises has a rateable value of £112,000. Therefore estimated annual rates payable of approximately £61,152 (2024/25).

TENANCY
The property is let to Truckeast Limited on a Full Repairing and Insuring Lease subject to a Schedule of Condition for a term of 10 years from the 29th September 2024 at a passing rent of £175,000 per annum. There is a Rent Review on the 29th September 2029. The Lease is contracted outside the Landlord and Tenant Act. A copy of the lease is available upon request.

COVENANT
Truckeast Limited were incorporated in 1992 and as at 31st December 2023 had a turnover of £159,438,245 and a Pre-Tax Profit of £8,168,477. They have an Experian rating of 100/100 and are classed as Very Low Risk. An Experian Report is available upon request.

TERMS
The property is offered for sale freehold subject to the existing lease to Truckeast Limited. Our client is seeking £2,500,000 which reflects a Net Initial Yield of 6.62% assuming purchasers costs of 5.75%.

VAT
We understand the property is elected to VAT, however the sale should be eligible to be treated as a Transfer of Going Concern and VAT may not be applicable.

LEGAL COSTS
Each party to bear their own legal costs incurred in this transaction.

ANTI-MONEY LAUNDERING REGULATIONS
Anti-Money Laundering Regulations require Fenn Wright to formally verify a prospective purchaser's identify prior to the instruction of solicitors.

VIEWINGS STRICTLY BY APPOINTMENT VIA SOLE SELLING AGENTS:

Fenn Wright
64 Newland Street
Witham
Essex
CM8 1AH

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Contact:
James Wright
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