Opportunity to acquire a single let self-contained industrial warehouse
A freehold warehouse extending to 10,201 sq ft on a site of 1.02 acres
Low site cover of 20%
Let to Quickline Communication Limited on a FR&I lease expiring on 9 March 2033 - There is a tenant break option on 10 March 2028
The rent totals £105,000 per annum - £80,000 per annum for the industrial unit plus yard and £25,000 per annum for the car park / open storage
The tenant has an Experian score of 95/100 and Very Low Risk
Located in one of the most restricted under supplied industrial markets in the UK
We are instructed to quote £1,415,000 (One Million Four Hundred and Fifteen Thousand Pounds) which reflects a Net Initial Yield of 7.00% after full purchasers’ costs.
The property is 700 metres west of Hull city centre and 30 metres south of the A63 Hessle Road, the city’s main westbound arterial route. Access is shared via a spur road off Hessle Road for westbound traffic, recently extended to connect to Lister Street at the rear. It is within easy access of the Port of Hull, Hull City Centre and the A63/M62 via A1165. There is a significant residential population within close proximity to the property.
Located in an established light industrial area, neighbouring occupiers include Armstrong Hydraulics, Wilkinson’s Embroidery, Seasider Seafoods, and Paintwork Express. To the east lies Kingston Retail Park, home to tenants such as Home Bargains, Hobbycraft, B&M Store, Boots, Mamas & Papas, and Costa. Hull Ice Areana and Odeon Luxe are close by.
Description
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Accommodation
We have been provided with the following net internal area. The property was measured in accordance with the RICS Code of Measuring Practice 6th Edition.
Ground Floor | ||
Main Workshop | 707.65 sq m | 7,617 sq ft |
Offices | 120.22 sq m | 1,294 sq ft |
Mezzanine Offices | 120.22 sq m | 1,294 sq ft |
TOTAL GIA | 948.09 sq m | 10,205 sq ft |
Site Area | 1.02 acres | Very low site cover of 20% |
Terms
We are instructed to quote £1,415,000 (One Million Four Hundred and Fifteen Thousand Pounds)
which reflects a Net Initial Yield of 7.00% after full purchasers’ costs.
Tenancy
There are two co terminus leases for both the industrial unit/yard and the additional car park land. The FRI lease let to Quickline Communications Limited expires on 9 March 2033 with a tenant break option (6 months notice) on 10 March 2028. The initial rent totals £105,000 per annum, split £80,000 per annum or the industrial unit/yard and £25,000 per annum for the car park land.
Tenure
Freehold. The vendor will retain a small parcel of land for totem signage at the entrance of the property.
Capital Allowances
The seller will retain all capital allowances.
VAT
The property is elected for VAT although it is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC).
EPC
D rating.
Covenant
Quickline Communications Limited was founded in 2008 with the mission to deliver high-speed broadband to underserved rural areas across the UK. Over the years, the company has earned a strong reputation for its innovative hybrid network solutions, combining fixed wireless access and full-fibre technologies to provide reliable connectivity to communities often overlooked by traditional providers.
Backed by Northleaf Capital Partners, the benefitsfrom a £500 million investment aimed at expanding its network to connect over 500,000 rural premises in the North of England. This substantial backing has also facilitated job creation and supported regional development initiatives. Quickline’s achievements have been recognized with industry accolades, including
winning the Internet Service Providers Association (ISPA) Award for Best Rural ISP in 2021. These awards underscore Quickline’s commitment to excellence and its leading position in the rural broadband market.
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | |
Turnover | £3,861,000 | £2,992,000 | £2,827,000 |
Pre-TaxProfit | -£37,960,000 | -£31,981,000 | -£14,693,000 |
Net Worth | £58,662,000 | -£48,693,000 | -£16,568,000 |
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