The property comprises three industrial/warehouse units of portal steel frame construction under pitched metal profile roofs and brick-faced elevations.
All three units are let on a single lease to a single tenant at a passing rent of £120,000 per annum exclusive. Each unit is accessed via a roller shutter loading doors and pedestrian doors to the front, and fire exits to the rear.
( Agency Pilot Software ref: 19113 )
Location
Tait Road Industrial Estate is located on Tait Road on the northern edge of Croydon town centre. It is accessed via Gloucester Road which in turn connects to Lower Addiscombe Road (A222). The property is nine miles South of Central London. Selhurst Railway Station is approximately 0.5 miles North of the property, providing train links to East Croydon, London Victoria and Milton Keynes Central. East Croydon Railway Station is approximately 0.6 miles south of the property providing direct links to London and the South East
Accommodation
Unit 7
Ground Floor 160.54 sq m (1,728sq ft )
First Floor Office / Mezzanine 133.97 sq m (1,442sq ft )
TOTAL 294.50sqm ( 3,170 sq ft )
Terms
EPC All three units are rated at C. EPCs in the data room.
TENURE The units are for sale together and held on three freehold titles. Unit 7 – SGL526091 Unit 8 – SGL526092 Unit 9 – SGL636789 All are visible in the data room.
VAT The property is elected for VAT and it is anticipated that the sale will be by way of a TOGC.
TENANCY All three units are let on a single lease, with no breaks, to S and P Automotive Holdings Ltd (09753110). There is a Personal Guarantee from a private individual who is a director and shareholder of the tenant entity. There is a Rent Deposit of £108,000 (£90,000 plus notional VAT). The pertinent lease terms are as follows: Lease Commencement: 14th January 2024 Term: 5 years, no breaks
Lease Expiry: 13th January 2029 Repairs FRI 1954 LTA: Outside the Act
Rent: £120,000 pa
PROPOSAL Offers in excess of £1,500,000, subject to contract/exclusive of VAT, are invited. A purchase at this level will show a net initial yield, after normal purchasers costs, of 7.54%.
Specification
• Three adjacent industrial units on an established industrial estate
• Eaves height of 5.2m, demised yard and parking
• Total of 6,654 sqft of lettable floor space
• Let on one lease to a single occupier
• Reversionary income £120,000 per annum (£18.06 psf)
• Established tenant founded in 2015
• Offers invited in excess of £1,500,000
• Low entry price at this level of only £226 psf GIA
• A purchase at that level, after normal purchaser's costs, would show a net initial yield of 7.54%