The property provides a second hand semi-detached industrial / warehouse facility. It is of steel portal frame construction and benefits form the following specification;
- 2 x raised level loading doors
- 1 x ground level loading door
- 230kVA power supply (capable of upgrade to 1000kVA)
- 6 bay steel portal framed bays
- Eaves heights ranging from 4.6 - 6.5m eaves heights
- Offices over two levels incorporating a mix of open plan and cellular office suites
- The main reception area benefits provide a double height atrium leading into showroom space
( Agency Pilot Software Ref: 424 )
Location
Wellingborough, in Northamptonshire, is an established mature logistics and industrial market and is located in one of the most important regions of the UK for logistics and distribution companies. It is strategically positioned between Birmingham and London and approximately 13 miles north east of Northampton with access to the town via the A45 linking with Junction 15 of the M1 12 miles away. Additionally the A14 links the location with the A1M (J14) 11 miles away. By rail Wellingborough can be reached from London St Pancras in less than one hour (journey time 55 minutes) and there are a number of rail freight terminals that make this part of the region attractive to rail users, with Daventry and Corby’s International Rail Freight Terminals in close proximity in the same county. Felixstowe, one the country’s most busiest cargo ports, is just over 100 miles to the south east of Wellingborough.
Accommodation
Warehouse 97,872sq ft ( 9,092.61 sq m )
Ancillary/Offices 14,888 sq ft (1,383.14sq m )
Total 112,760 sq ft (10,475.75sq m )
Terms
Tenure The property is held Freehold and this is the interest to be conveyed.
Tenancy and ERV The property is let on a new FRI lease to DFD Link Ltd (guarantor Dreams Living Ltd) for a term of 10 years with effect from 30th July 2021. The lease provides for a Tenant only break option at the fifth anniversary, subject to 6 months’ notice. The Lease is contracted out and subject to a Schedule of Condition. The commencing rent is £395,000 per annum, reflecting a very low rate of £3.50 per sq. ft. We are of the opinion that the property is arguably under rented and provides excellent scope for future rental growth. This is supported by local rental evidence in the order of £4.25 per sq ft.
Tenant and Tenant Guarantor Information DFD Link Limited (reg 07949739) are a retailer of furniture to commercial businesses and private customers. Further information can be found at the company website: www.dfdlink.com Dreams Living Ltd (reg. no. 08953570) is a wholesale furniture company founded in 2014, employing excess 100 people. Dreams Living have offices based in the UK
VAT The property is not elected for VAT and VAT will not be chargeable upon the purchase price.
EPC The property has an EPC of D84. A copy is available upon request.
Proposal Offers sought in excess of £5,500,000 (Five Million, Five Hundred Thousand Pounds) subject to contract and assuming purchaser’s costs of 6.6%. This reflects a net initial yield of 6.74% and a low capital value of £49 per sq ft.
Specification
• Established industrial and commercial location in Wellingborough
• FREEHOLD
• One of the UK’s primary logistics location
• 112,760 sq ft (10,476 sq m) of industrial and distribution accommodation