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George Summers Clos 2,590 sq ft Industrial Unit Offered at £415,000 in Rochester ME2 4EL
INVESTMENT HIGHLIGHTS
- Good road connections
- North of Rochester City
- Amenities nearby
EXECUTIVE SUMMARY
The unit forms part of a small development of business units known as Cliffe Court. This has been constructed at the southern end of George Summers Close, towards the north-eastern outskirts of a substantial commercial development known as Medway City Estate. George Summers Close is approached by way of Anthonys Way. Anthony's Way and Sir Thomas Longley Road are the principal roads serving the estate. They provide ready access to the Medway Tunnel and the Northern Relief Road. These together with other roads effectively provide a bypass around the north of the Medway Towns, giving access to the M2 in the east and the A2 in the west. Ready vehicular access is therefore available to the principal highway network and in particular the northern part of the Medway Towns. The Medway City Estate is an established commercial area where some 2 million square feet of accommodation has been developed over the last 40 years or so. The estate lies to the north of Rochester City Centre and enjoys access to both Junctions 1 and?4 of the M2 motorway via the Medway Towns Northern Relief Road (A289) and the Medway Tunnel.
PROPERTY FACTS Sale Pending
| Total Property Size | 8,963 sq ft | Floors | 1 |
| Property Type | Industrial (Unit) | Typical Floor Size | 8,963 sq ft |
| Property Subtype | Service | Year Built | 2000 |
| Costar Property Class | B | Total Plot Size | 0.33 ac |
| Total Property Size | 8,963 sq ft |
| Property Type | Industrial (Unit) |
| Property Subtype | Service |
| Costar Property Class | B |
| Floors | 1 |
| Typical Floor Size | 8,963 sq ft |
| Year Built | 2000 |
| Total Plot Size | 0.33 ac |
AMENITIES
- EPC - D
- Demised WC facilities
1 UNIT AVAILABLE
Unit 3
| Unit Size | 2,590 sq ft | Sale Type | Investment |
| Price | £415,000 | Tenure | Freehold |
| Price Per sq ft | £160.23 | Net Initial Yield | 6.08% |
| Unit Use | Industrial | NOI | £25,232 |
| Unit Size | 2,590 sq ft |
| Price | £415,000 |
| Price Per sq ft | £160.23 |
| Unit Use | Industrial |
| Sale Type | Investment |
| Tenure | Freehold |
| Net Initial Yield | 6.08% |
| NOI | £25,232 |
DESCRIPTION
The unit forms part of Cliffe Court, a development of 8 similar business units arranged in two terraces of 4. Unit 3 is middle terraced.
The unit is of a steel frame construction, spanning from front to rear and thus providing clear span accommodation. The lower front elevations are faced in brickwork, assumed to be of conventional cavity construction, with the remainder being faced in coated profile metal cladding. This is apparently of double skin construction, presumably incorporating insulation. This latter material has also been used for the roof covering, which incorporates double skin roof lights to provide daylight within the properties.
The unit has independent commercial access by way of a sectional up and over door. It also has separate personal access from the front, with a fire escape at the rear. The development stands a little above surrounding ground level, presumably arising from ground improvements as part of the development process. The rear fire doors are therefore served by a small number of steps. The doors and windows to the lower front elevation are double glazed. Party walls are partly formed in blockwork and partly of framed panel construction.
Based on accessible areas, we calculate the eaves height to be approximately 5.39 metres.
Externally, the unit is provided with 2 parking spaces within the forecourt. The apron approaching the shutter doors is formed in concrete
The unit is understood to have the benefit of mains water, 3-phase electricity and drainage, together with the usual telephony and data facilities. These services are assumed to have adequate capacity for any reasonable use to which the units could be put.
Unit 3 is let and trading as Eurocell Rochester, a manufacturer, distributor and recycler of building products. The Property has been fitted with a trade counter display/sales area formed in lightweight partitioning, The Property also includes a mezzanine which covers approximatly a third of the ground floor space, accessed via a metal staircase.
SALE NOTES
To be sold as an investment sale with the current tenant on the following lease terms.
Tenant: Eurocell Building Plastics Ltd
Rent passing: £24,000 per annum
Term: 5.5 year lease, from 1st August 2020 (expires 31st January 2026)
Rent Review: None
Break Options: 1st February 2024, subject to 6 months' notice period (tenant only)
Repair: Full Repairing and Insuring Lease (FRI)
Permitted Use: the display, storage and trade counter sales of building plastics and / or any use within Use Class B1 or
B8
Security of Tenure Provisions: Assumed Inclusion of Section 24-28 Landlord & Tenant Act (1954)
Presented by
George Summers Clos
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