Modern detached trade counter/warehouse premises with secure yard
c.1,279 sq m (13,770 sq ft)
Site area c.0.3 ha (0.75 acres)
Let to City Plumbing Supplies Holdings Limited on FRI terms to June 2028
Current rent £53,000 p.a.exc
PLEASE NOTE: Photos taken in 2022
Hull, situated on the north bank of the Humber Estuary approximately 60 miles east of Leeds, has a population of just under 260,000. Hull benefits from the Humber Ports Complex with the Humber Estuary a recognised hub for the offshore wind industry.
Description
This modern detached steel portal frame/profile metal clad industrial unit, with substantial concrete surfaced and drained yard secured by perimeter palisade fencing, is situated on the Sutton Fields Industrial Estate approximately 3 miles north of the city centre.
The unit has a c.6m (20 ft) eaves height with clear internal space incorporating blockwork partitioned administration, trade counter and showroom areas. Above the office/showroom areas is mezzanine storage which extends in to part of the warehouse. A canteen and staff WC facilities are provided at first floor level.
Accommodation
Ground Floor This includes a partitioned office, trade counter and showroom area | 942.5 sq m | (10,145 sq ft) |
Mezzanine Storage | c. 300.0 sq m | (c.3,230 sq ft) |
First Floor Staff Kitchen/Rest Room & WCs | 36.8 sq m | (396 sq ft) |
Total | 1,279.3 sq m | (13,770 sq ft) |
Site area (calculated off plan) | 0.3 Ha | (0.75 acres) |
Terms
The freehold interest is available For Sale subject to the existing lease held by City Plumbing Supplies Holdings Limited at a price of £875,000 representing an initial gross yield of 6.06% before purchase costs. This is a modern, well-proportioned property with strong rental growth prospects.
OCCUPATIONAL TERMS
The property is held by City Plumbing Supplies Holdings Limited on a 10 year FRI lease from 24 June 2018 at a current rent
passing of £53,000 per annum exc. The tenant pays all outgoings. The rent equates to c.£3.85 per sq ft overall with strong
prospects for an uplift on renewal or re-letting.
COVENANT INFORMATION
With reference to Creditsafe, the tenant has a Risk Score of 99/100 with a credit limit of approximately £10.2m and a contract
limit of £303m. A credit score of 70 is classed as very low risk. See also www.cityplumbing.co.uk.
VAT
The property is elected for VAT. It may be that the sale is structured as a Transfer of a Going Concern (TOGC).
ENERGY PERFORMANCE RATING: D (81)
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