The property comprises two adjoining warehouses occupied as a single unit. The building is of portal frame construction with brick/profile metal sheet cladding, within a well serviced site.
Phase I
- Two loading bays accessed via two roller shutters at dock level
- Concrete floor
- Eaves height of approximately 5m and protective inner blockwork to approximately 2.2m
- Single story office accommodation on front elevation with canteen and w/c area
Phase II
- Two loading bays accessed via two dock level roller shutter doors from the front
- A further ground level roller shutter along the side elevation
- Internal eaves height of approximately 7m
- Two storey office block offering reception, lockers and w/c, benefitting from air conditioning
( Agency Pilot Software Ref: 20009942 )
Location
Situated on the established Rossendale Road Industrial Estate, equidistant between Junctions 9 and 10 of the M65 motorway, both of which are within approximately one mile.
Billington Road is accessed via Rossendale Road (A646) which links with both motorway junctions via Accrinton Road (A679).
Accommodation
Phase I - 29,800 sq ft
Phase II - 33,907 sq ft
Total Gross Internal Area - 63,707 sq ft
The building sits on a total site area of 3.35 acres providing for a low site coverage of 44%
Terms
Services - All main services are available including three phase electricity. The warehouse areas benefit from gas fired hot air blowers with the offices heated via a gas fired hot water central heating system. The units feature a sprinkler system throughout and Phase II provides a 3.2 tonne overhead crane system.
It is the prospective purchaser's responsibility to verify that all appliance. services and systems are in working order, are of adequate capacity and suitable for their purpose.
Tenure - Virtual freehold. The property is held on two 999 year leasehold interests, both dated 7th July 2004 and expiring 06/07/3003 and each with a rent payable of £100 pa
EPC - B (50)
Proposal - Offers are sought in excess of £2,300,000 (two million three hundred thousand pounds) subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 7.56% and a reversionary yield of 8.47%, assuming purchase's costs of 6.34%. This equates to a low capital value of £36.10 psf.
VAT - It is envisaged the sale will be treated as a transfer of going concern (TOGC).
Dataroom - Access to data room containing lease information, title, tenant and other salient information is available on request.
For more detailed information on Rental Evidence, Occupational Market, Company Information & Tenancy please view attached brochure.
Specification
Investment Summary
- Located on the established Rossendale Road Industrial Estate
- Let to a strong covenant - Limitless Digital Group Limited
- The tenant has completed a new 5 year lease expiring 31/12/2022
- Rent of £185,000 per annum equating to £2.90 psf
- Reversionary rental potential estimated at £3.25 psf
- Offers are sought in excess of £2,300,000 (two million three hundred thousand pounds) subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 7.56% and a reversionary yield of 8.47%, assuming purchase's costs of 6.34%. This equates to a low capital value of £36.10 psf.