FOR SALE BY AUCTION - LOT 2
INDUSTRIAL TRADE COUNTER INVESTMENT
The property is a stand alone industrial trade counter unit, arranged wholly over the ground floor, totalling 18,507 sq ft (1,719.36 sq m). The low density property sits on a site area of 1.498 acres (0.686 hectares) with accessible yard space.
Location
Whitehaven is located on the North-West coast of England within the county of Cumbria, 7 miles (11 km) south of Workington and 43 miles (69km) west of Carlisle. Whitehaven has a district population of 70,000 people and benefits from high levels of tourism with its proximity to the Lake District. The town is accessed from Kendall via the A591 and onto the M6, from Penrith via the A66 and from Carlisle via the A595. The property is situated on the established Portrack Industrial Estate which is located beside the A1046, 1 mile (1.6 km) to the east of Stockton-on-Tees town centre. It is a well established trade park and retail warehouse location with occupiers including B & Q, Carpetright, Asda, Wickes, The Range, Greggs, Next, Screwfix and Toolstation.
Accommodation
Ground - 18,507 sq ft**
Tenancy in place to Howden Joinery Properties Ltd¹ (Guaranteed by Howden Joinery Ltd)² for a term of 20 years from 15 June 2001 expiry 14 June 2020
Current Rent - £41,850 (£2.26 per sq ft)
Reversion - June 2020
¹ For the year ended 26 December 2015, Howden Joinery Properties Ltd, reported a turnover of £45,202,000 with a pre-tax profit of £228.
² For the year ended 26 December 2015, Howden Joinery Ltd, reported a turnover of £1.208b with a pre-tax profit of £234.777m.(Source: Experian)
** Property not inspected by Telsar Auctions
Terms
EPC: Refer to Legal pack
VAT payable
PRICE INFORMATION
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction. *Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
ADDITIONAL COSTS
*Please note that the following additional fees will apply to the purchase of your property: 1. A successful purchaser will have to pay a buyer's premium of £750 plus VAT directly to the Auctioneer 2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase. 3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online 4. Prospective buyers must factor in solicitor fees and any survey fees 5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.
Specification
- Gross Income: £41,850 pa
- Gross Yield: £8.37%
- 12 week completion
- Asset management potential
- Established and well located trade unit
- Let to Howden Joinery Properties Ltd
- Guaranteed by Howden Joinery Ltd (D&B rating 5A1)
- Howdens Joinery Plc are looking to expand in 2017