Steel portal frame warehouse/industrial unit arranged over three interconnecting warehouses, plus mezzanine storage, on a rectangular site of 0.82 Acres, with ground floor offices, w/c facilities and meeting room, plus first floor office. A gated yard to the side of the building provides 'in and out' access, plus parking.
INVESTMENT SUMMARY
Assuming a sale price of £1.6m, with a current passing rent of 175,000 pax, equating to a Net Initial Yield of 8.3%. From December 2026 when rent increases to £180k, the Net Rental Yield will increase to 8.6%.
Location
South Woodham Ferrers is situated in the South East Essex Area approximately 35 miles east of central London and 5 miles distant of Wickford and Rayleigh town centres, accessed via the A132 which provides good communications with the A130 and nearby arterial roads which provide direct communications to the M25 and national motorway network. South Woodham Ferrers has a main line railway station providing services to the City.
VAT
All rents, prices and premiums are exclusive of VAT under the Finance Act 1989.
Rating
From enquiries made of the VOA, we are advised that the property has a current Rateable Value of £186,000. Interested parties are advised to make their own enquiries of the relevant local authority.
Legal Costs
Each party to bear their own legal costs incurred in this transaction.
EPC
The property has an EPC rating of D-89.
Tenure Comments
LONG LEASEHOLD
The property is held on a long leasehold lease from 18th April 1982 for a term of 125 years with a passing ground rent of £34,000 pax. The ground rent will be reviewed on the 1st September 2027. The lease is subject to five yearly upward only rent reviews, subject to 20% as a proportion of the rack rent,. The lease states that the permitted user within the agreement is for the manufacture of plastic products. A sub-lease was granted on the 1st December 2022 to Focal Plastics Ltd (93 /100 rating on Experian) for a term of 10 years with a passing rent of £175,000 pax, due to increase to £180,000 pax on the 1st December 2026, with a rent review due in December 2027.
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