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Units 2 & 4 Jamage Industrial Estate, Pit Lane, Stoke-on-Trent, ST7 1XP

109,320 Sq Ft / Industrial

For Sale

Withdrawn - Last updated: 25 September 2019

Summary

Well Let Industrial Investment Opportunity


Location

Stoke-on-Trent is strategically located in the heart of the UK, 44 miles south of Manchester, 45 miles north of Birmingham and 35 miles west of Derby. With a population in excess of 250,000 Stoke is both a regional hub and the principal city within the North Midlands. The region is home to a number of multinational companies including JCB, Bet 365, Amazon, Jaguar Land Rover, Michelin and Alstom Grid. The strength of the regions industrial sector is exemplified by JCBs decision to create a further 2,500 jobs in Staffordshire, whilst Jaguar Land Rover have recently gained planning consent for a new 40m car storage depot.

Stoke-on-Trents long history of industrial manufacturing continues to the present day, with 27% of the workforce employed in manufacturing and elementary occupations. This is considerably higher than the UK average of 17%. Businesses looking to relocate to the region are also attracted by the competitive wage costs which are 14% lower than the UK average.


Situation


Jamage Industrial Estate is situated approximately 3 miles north west of Stoke-on-Trent city centre, within the Talke Pitts industrial area. Both the A34 and A500 are located less than 0.3 miles south east of the property and are easily accessed from Oaktree Lane via Pit Lane. The A500 provides direct access to Junction 16 of the M6 Motorway, which is situated only 4 miles west of the subject property.

The surrounding area comprises a mix of industrial and trade counter accommodation, where surrounding occupiers include: B&Q, Jewson and CAEM UK. The area is complimented by a strong retail offering via the adjacent Freeport Talke Retail Park where tenants include GAP, Nike, Holland & Barrett, Costa Coffee and Marks & Spencer.


Description


• Unit 2 - Comprises a detached 2-bay industrial warehouse unit of a steel portal frame construction, extending to approximately 5,093 sq m (54,814 sq ft), with a large secure yard area off the southern elevation. The property benefits from 7m eaves, 6 dock loading doors, 3 roller-shutter access doors, gas blower heating and strip lighting. The property also benefits from recently refurbished singlestorey office accommodation and male & female WC’s. As part of the recent lease renewal with Service Metals (Midlands) Ltd the landlord has undertaken substantial roof works. These included recovering the existing roof with steel plasti-coated cladding and significantly widening and improving the valley and gable end gutters, at a cost of circa £250,000.

• Unit 4 - Comprises a detached 2-bay industrial warehouse unit of steel portal frame construction, extending to 5,064 sq m (54,506 sq ft), with secure yard areas off the north and south elevations. The property benefits from 6.7m eaves, 5 dock loading doors, 3 roller-shutter access doors, a large loading canopy, tenant installed mezzanine, gas blower heating and strip lighting. The property benefits from two-storey office accommodation and male and female WC’s, The tenant, National Veterinary Services Limited, is also in occupation of Unit 3 (which lies adjacent to Unit 4 but does not form part of this sale). NVSL operate a shared yard and security cabin on the northern yard, between their two units.


Proposal


The vendor is seeking offers in excess of £4,675,000 subject to contract and exclusive of VAT for their freehold interest in both buildings. A purchase at this level reflects an attractive Net Initial Yield of 8.10% and a low capital value of £42.76 per sq ft, assuming standard purchaser costs.


Investment Summary


• Stoke-on-Trent is strategically located in the heart of the UK between Birmingham and Manchester

• The properties benefit from excellent road communications having close proximity to the A34, A500 and M6 Motorway

• Jamage Industrial Estate is situated within a well established industrial area

• The investment comprises 2 industrial units extending to 109,320 sq ft overall

• Unit 2 extends to 54,814 sq ft on a site of 2.90 acres

• Unit 4 extends to 54,506 sq ft on a site of 2.86 acres

• Unit 2 is occupied by Service Metals (Midlands) Ltd, at a rent of £177,079 per annum (£3.23 per sq ft)

• Unit 4 is occupied by National Veterinary Services Ltd, at a rent of £226,446 per annum (£4.15 per sq ft)

• Extremely favourable Average Weighted Unexpired Lease Term of 9.00 years to expiry and break

• Both tenants provide excellent covenant strength – reflecting minimum risk of business failure

• Freehold / Virtual Freehold

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Industrial/Logistics For Sale Freehold £0.00 NA

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