Mullacott Cross Industrial Estate 5 Properties Offered at £3,400,000 in Ilfracombe

We are instructed to seek offers in excess of £3,400,000 (Three Million Four Hundred Thousand Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 7.65% (assuming purchaser’s costs of 6.49%), and a Reversionary Yield of 8.81%. This equates to a capital value of only £122 per sq ft and is underpinned by vacant possession values.
The subject property comprises 4 separate terraces of industrial units and a single detached building. The units are of differing ages and provide a range of unit sizes from 615ft-3000ft GIA. The units were constructed to a high specification by the SW Regional Development Agency to provide appropriate industrial accommodation for a variety of SME’s. The main units were built in the 1980’s, with Block 8 constructed circa 15 years ago. Block 3 provides a terrace of eight prominent starter units each of 1000ft which are accessed via a shared yard area. The units are of steel frame construction under pitched roofs and have an eaves height of 3.3m. Block 5 comprises six units of similar construction accessed via a shared yard area. The units have profile metal sheet roofs, and an eaves height of 3.4m. Block 6 provides 6 units where the existing tenant has expanded and knocked through to occupy the entire terrace. These units are of a similar construction, with metal sheet roofs. The units each have separate access and services and are capable of being let individually. Unit 7 provides a separate detached unit with its own extensive yard area. The tenant has been in occupation of the property for over 25 years. Block 8 Commercial Point comprise the most modern terrace constructed around 15 years ago. These units are again steel portal frame construction with brick and profile metal clad elevations and roof. The units have an eaves height of 4.9m, and each one is accessed via a loading door. Each unit also includes a demised yard area to the front.
The subject property comprises 4 separate terraces of industrial units and a single detached building. The units are of differing ages and provide a range of unit sizes from 615ft-3000ft GIA. The units were constructed to a high specification by the SW Regional Development Agency to provide appropriate industrial accommodation for a variety of SME’s. The main units were built in the 1980’s, with Block 8 constructed circa 15 years ago. Block 3 provides a terrace of eight prominent starter units each of 1000ft which are accessed via a shared yard area. The units are of steel frame construction under pitched roofs and have an eaves height of 3.3m. Block 5 comprises six units of similar construction accessed via a shared yard area. The units have profile metal sheet roofs, and an eaves height of 3.4m. Block 6 provides 6 units where the existing tenant has expanded and knocked through to occupy the entire terrace. These units are of a similar construction, with metal sheet roofs. The units each have separate access and services and are capable of being let individually. Unit 7 provides a separate detached unit with its own extensive yard area. The tenant has been in occupation of the property for over 25 years. Block 8 Commercial Point comprise the most modern terrace constructed around 15 years ago. These units are again steel portal frame construction with brick and profile metal clad elevations and roof. The units have an eaves height of 4.9m, and each one is accessed via a loading door. Each unit also includes a demised yard area to the front.