The property comprises a detached single bay trade counter unit of steel portal frame construction with brick and clad elevations beneath an insulated pitched roof. Internally the property is mainly open plan and includes ancillary office and staff accommodation and is utilised as a trade warehouse. The loading access is via electrically operated loading doors to the front and side of the building. Externally the building sits within a substantial self-contained yard providing good vehicular access and parking. The site area is 0.355 hectares (0.878 acres) or thereabouts. Under the terms of the lease, the landlord has the right to construct a new building on the north western part of the service yard as shown with red hatching on the attached site plan, extending to circa 0.131 hectares (0.3 acres). This land has previously had planning consent for a 4,700 sq ft industrial unit although this has now lapsed.
Location
Uttoxeter is a market town in the West Midlands and is approximately 16 miles east of Stoke-on-Trent, 40 miles north of Birmingham and 35 miles west of Nottingham. The A50 arterial road bypasses Uttoxeter approximately 2½ miles to the north of the town centre and provides excellent access to Stoke-on-Trent in the west and Burton-on-Trent in the east, and also provides access to the regional motorway network via the M6 motorway to the west and the M1 motorway to the east. Uttoxeter also has good links to the national rail network. The town has a population of approximately 12,000 and an immediate catchment area within east Staffordshire of 104,000 persons.
SITUATION - The property is situated on the Dovefields Industrial Estate approximately 2 miles to the east of the town centre and close to the A50 trunk road. Dovefields is a popular and well established trading location with a high level of occupancy and occupiers including a variety of national and local businesses, including Fox’s Biscuits, West Midlands Shoe Company and Hand Cooked English Crisps. The industrial estate is located in a generally mixed use locality. Dovefields Retail Park is in close proximity and includes occupiers such as Argos, Pets At Home and Carpetright. There is residential accommodation close by and immediately to the south there is Uttoxeter Racecourse.
Accommodation
The property has the following gross internal floor area:-
Trade warehouse - 864 sq m (9,300 sq ft)
Terms
LEASE DETAILS - The entire property is let to Howden Joinery Properties Limited, guaranteed by Howden Joinery Limited, for a term of 15 years from 22 February 2008 and with a Tenants break clause on 22 February 2018 (not exercised). The lease is on FRI terms and the current rental is £58,800 pax with a rent review provision with effect from 22 February 2018.
COVENANT INFORMATION - Howdens Joinery is one of the UK’s leading manufacturers and suppliers of kitchens and joinery products. They currently trade from over 570 depots throughout the UK. For the year ended 26 December 2015 Howdens Joinery Properties Limited reported a turnover of £40.18M, a pre-tax profit of £228,000, and net worth of - £312,000. For the year ended 26 December 2015 Howden Joinery Limited reported a turnover of £1.208.8M, a pre-tax profit of £234.7M and a net worth of £289.04 M (source Experian).
PRICE - £825,000 subject to contract. Assuming a purchase price of £75,000 for the development land, this equates to a net initial return of 7.44% assuming purchase costs of 5.35%.
VAT - The property is elected for VAT purposes. It is the intention that the sale of the property will proceed by way of a Transfer of a Going Concern (TOGC).
ENERGY PERFORMANCE CERTIFICATE - The property has an Energy Performance Asset Rating of D (78). A copy of the certificate is available from the selling agents.
Specification
- Located on busy industrial estate
- Let to Howden Joinery Properties Limited
- Producing £58,800 pax
- FRI Terms
- Includes potential development opportunity
- Price £825,000 subject to contract