High quality warehouse investment
Let to Cromwell Tools Ltd, Sunbelt Rentals Ltd & Industrial Engines Ltd
Current combined rent passing £130,000 p.a
Rent secured until September 2027 with potential for uplift
Price £1,750,000 - Net initial yield of 6.9% (allowing for purchasers costs of 5.8%)
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The property is located on the junction of Estate Road 5 and 6 on South Humberside Industrial Estate Grimsby, a well-established and popular industrial area with numerous businesses enjoying easy access to the A180 dual carriageway 600 metres from the premises.
Description
The property is a modern industrial building of steel portal frame construction with brick and block infilled panels with elements of external pressed steel cladding under a pitched pressed steel roof which is underdrawn and insulated. The premises have been split into 3 parts, each let separately and have the benefit of a shared block paved car park fronting onto Estate Road 6 with tarmac surfaced service yard at the rear. Each premises is accessed independently via personnel and roller shutter doors and the larger accommodation has the benefit of good quality office and trade counter accommodation with powder coated aluminium framed windows over 2 storeys.
Accommodation
Unit | Company | Lease Terms | Size | Current Rent | EPC Rating | Credit Safe Score |
1 | Sunbelt Rentals Ltd | 5 years from September 2022 | 4,342 sq ft | £27,500 pax. | C | 100 |
2 | Cromwell Tools Ltd | 5 years from completion of sale. Tenant only break on 3rd anniversary | 4,531 sq ft | £27,500 pax. | C | 82 |
3 | Industrial Engines Ltd* | 5 years from June 2025 | 11,140 sq ft | £75,000 pax. | C | 32 |
* Prior to 1st August 2023 the business traded as a partnership, established in 1978. Directors subsequently remain on the new lease
Terms
The freehold interest is available, subject to the leases, at a guide price of £1.75 million reflecting 6.9% net initial yield (after allowing for purchasers costs of 5.8%). The tenure is freehold.
VAT
The above amounts have been quoted exclusive of VAT and VAT will be charged.
FURTHER INFORMATION AND TO VIEW
Contact Lawrence Brown lawrence@scotts-property.co.uk 07710 312712 or joint agent Max Buckland Max.Buckland@argroup.co.uk 07977 687267
Property Enquiry
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