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Industrial Unit Merlin Way 81,574 sq ft Industrial Property Bridlington YO15 3QH £5,775,000 (£70.79/sq ft) 7% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Modern Freehold Industrial Investment on established Industrial estate 3 miles from Bridlington
- Let to Algeco UK Ltd (formerly Elliott Group Ltd) until 11th December 2033 with tenant break at 12th December 2028
- Site Area of 13 acres (5.26 hectares)
- Annual Rent of £431,000, once topped up by vendor
EXECUTIVE SUMMARY
We are instructed to seek offers in the region of £5,775,000 (Five Million, Seven Hundred and Seventy Five Thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a yield of 7% after allowing for purchaser’s costs of 6.62% and a capital value of £69.28 sq ft. If the 6 acres is deducted from the purchase price at £600,000, this gives a Capital Value of £62.08 sq ft.
The property is held on a Lease to Elliott Group Ltd dated January 7th 2009, for a term of 15 years from December 12th 2008, expiring December 11th 2023. There is a Schedule of Condition dated December 10th 2008 attaching to that Lease, although the Tenant Company has subsequently expended considerable monies in upgrading the building and external areas. The Rent under the current Lease is £361,000
per annum.
The property is held on a Lease to Elliott Group Ltd dated January 7th 2009, for a term of 15 years from December 12th 2008, expiring December 11th 2023. There is a Schedule of Condition dated December 10th 2008 attaching to that Lease, although the Tenant Company has subsequently expended considerable monies in upgrading the building and external areas. The Rent under the current Lease is £361,000
per annum.
PROPERTY FACTS
| Price | £5,775,000 | Total Plot Size | 13.00 ac |
| Price per sq ft | £70.79 | Net Internal Area (NIA) | 81,574 sq ft |
| Sale Type | Investment | No. Floors | 2 |
| Yield | 7% | Year Built | 1990 |
| Tenure | Freehold | Tenancy | Single |
| Property Type | Industrial | Parking Allocation | 0.86/1,000 sq ft |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 6 |
| Costar Property Class | C | No. Drive In / Grade-Level Doors | 13 |
| Price | £5,775,000 |
| Price per sq ft | £70.79 |
| Sale Type | Investment |
| Yield | 7% |
| Tenure | Freehold |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Costar Property Class | C |
| Total Plot Size | 13.00 ac |
| Net Internal Area (NIA) | 81,574 sq ft |
| No. Floors | 2 |
| Year Built | 1990 |
| Tenancy | Single |
| Parking Allocation | 0.86/1,000 sq ft |
| No. Dock-High Doors/Loading | 6 |
| No. Drive In / Grade-Level Doors | 13 |
AMENITIES
- Fenced Lot
- Security System
- Yard
- EPC - C
- Roller Shutters
- Storage Space
UTILITIES
- Lighting - Halogen
- Heating
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Industrial Unit | Merlin Way
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