Prime Industrial Investment With Development Potential
Summary
- OFFERS IN EXCESS OF £2,000,000 5.93% NIY
- 44 YEARS UNEXPIRED TO SYNTHOMER PLC
- 29% SITE COVER—2.9 ACRES (1.17 HECTARES)
Accommodation
The accommodation comprises the following areas:
| Description | sq ft | sq m |
| Warehouse | 29,997 | 2,786.81 |
| Offices | 6,413 | 595.79 |
| Total | 36,410 | 3,382.60 |
Location
The property occupies a highly prominent location within Roundwood Industrial Estate, fronting the busy A638 Wakefield Road. Junction 40 of the M1 is 500 meters north west. Wakefield town centre is 1.7 miles east and Leeds city centre is 7.5 miles north.
The property is in a prime industrial location on an established industrial estate fronting onto the A638, one of the major roads into Wakefield. It is opposite Silkwood Business Park where Amazon occupy over 300,000 sq ft. The other side of the A638 is a Toyota dealership, Costa and Greggs Drive Thru’s. Further along the A638 into Wakefield is Morrisons, Asda, BMW, and Volkswagen.
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Mainline Stations
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Wakefield Westgate34 mins
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Wakefield Kirkgate47 mins
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Outwood56 mins
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Sandal and Agbrigg58 mins
Underground Station
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Chesham2742 mins
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Amersham2783 mins
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Chalfont and Latimer2801 mins
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Chorleywood2829 mins
Further Information
Price Price on application
Rates Payable Upon Enquiry
EPC Rating This property has been graded as C
Description
The property comprises a substantial detached industrial/warehouse facility with ancillary two-storey offices, yard areas and car parking. The main warehouse is of steel frame construction with part brick/block and clad elevations beneath an asbestos pitched roof. Internally, the accommodation provides open production/storage space with concrete floors and roller shutter loading.
The extended two storey offices are positioned to the front of the property onto Wakefield Road. Externally, the property benefits from a substantial surfaced yard/loading areas and car parking, with the site secured in part by perimeter fencing and gates.
The property has a split eaves height of 9 meters and 4.5 meters.
The total site area of the property is 2.9 acres (1.17 hectares) giving 29% site coverage.
Viewings
Viewings are via the sole agent DHP.
Tenancy
The property is let at a passing rent of £126,000pa (£3.46 psf) on a Full Repairing and Insuring lease to Synthomer (UK) Limited guaranteed by Synthomer PLC. The lease is for a term of 99 years from the 1st December 1971 to 25th December 2071 providing just over 44 years unexpired. The rent is reviewed every 7 years to the Net Rental Value of the Premises assuming the unexpired term of the lease also assuming the premises have been kept in good repair and condition.
VAT
The property is elected for VAT. It is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC) in which case VAT won’t be payable.
Proposal
We are instructed to seek offers in excess of £2,000,000 subject to contract and exclusive of VAT. This will provide a net initial yield of 5.93% assuming purchaser’s costs of 6.28%. This gives a capital value of £55 psf or £690,000 per acre if split across the site area.
Tenure
Freehold: Title Number - WYK312880
AML
The purchaser will need to satisfy the Anti Money Laundering policies of the sales agent and the Vendor client. This is usually two forms of identification and confirmation of the source of funding from the successful purchaser
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