Price £600,000

Rates Payable Upon Enquiry

Description

The property comprises a semi-detached industrial building which has been divided into two separate units.

The front unit is arranged with ground floor offices (as a projection from the main building) with workshop and warehouse space to the rear. The offices are fitted out to a good standard, benefiting from uPVC double glazing and adjoin staff cloakroom facilities with a doorway leading to the workshop benefiting from fitted kitchen and small storage area with the remainder primarily set out as an open plan workshop.

The rear unit had been created by subdividing the original space to create a self-contained workshop. The workshop is primarily open plan but includes a small mezzanine which we understand to be tenant’s own. This rear unit includes a small demised yard area which is currently occupied by various temporary structures.

The buildings benefits from eaves heights of approximately 3.9m - 4.3m and both workshops include steel roller shutter loading doors leading to the side of the property and to the shared yard area. Parking is provided to the front and side of the building.

Tenancy

The property is let on Full Repairing and Insuring Leases as follows:

Accommodation: Front Unit
Tenant: Downhole Tools International Limited
Start: 11/11/2019
End: 27/09/2027
1954 Act: Inside
Ret (per annum): £32,000

Accommodation: Rear Unit
Tenant: MB Welding Limited (t/a Hayeswood Technical Services)
Start: 16/12/2023
End: 17/09/2027
1954 Act: Outside
Ret (per annum): £12,750

Total Rent (per annum): £44,750

Tenure

The property is held Freehold.

Covenant

Downhole Tools International Limited designs and manufactures tools for the oil and gas industry. The latest audited accounts for the business are dated 31/12/22 and show net profit of £1.081m. The business was acquired by Prama Well Technology Limited (which forms part of the larger FrontRow Energy Technology Group) in 2021.

Please note: Downhole Tools also occupy the neighbouring premises at 2 Allens Lane. This is not included in the sale and is held under separate freehold ownership.

MB Welding Limited trading as Hayeswood Technical Services is a well-established owner occupied business, specialising in welding and fabrication, predominantly for the marine industry. The owners report a strong order book.

VAT

We understand the property has not been elected for VAT purposes.

EPC

The properties have the following energy ratings:

Front Unit (1 Allens Lane) - D-93
Rear Unit (1 Allens Lane) - EPC has been commissioned and will be provided shortly.

Copies of the full energy performance certificates are available on request.

Price

£600,000 exclusive and subject to contract.

A sale at this level reflects a competitive £94.50 per sq ft based on the overall Gross Internal Area.