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Property Type
Light Industrial
Square feet
14350
Features and description
Fantastic opportunity to purchase a Freehold estate of 10 industrial units, nine let and one under offer, in Wallasey, now enlarged by three new units built under the site's existing planning consent. SUMMARY: 10 Units totalling approx.
14,350 sq ft on a site of 0.75 acres. Three new 900 sq ft units, let at £800 to £900 pcm + VAT, adding £30,060 pa Nine units let, one under offer, to a mix of trade, storage, leisure and light industrial occupiers. Close to the Kingsway tunnel, the M53 and the Wirral Waters regeneration area. Total rental income of £92,460 pa exlusive of VAT, including Unit 6 under offer. Established terrace of seven units producing £62,400 pa. Managed by The Property Centre, with management available to continue after sale. Freehold.
Sale anticipated by way of TOGC TENANCY SCHEDULE: Tenant Size sq ft Rent pcm Rent pa £ psf Units 1 & 2 Bestco Ltd 2,450 £1,100 £13,200 £5.39 Unit 3 Storage occupier 1,250 £750 £9,000 £7.20 Unit 4 Best Street MOT 1,250 £700 £8,400 £6.72 Unit 5 Animal feed store 1,250 £750 £9,000 £7.20 Unit 6 Music studio (under offer) 5,450 £800 £9,600 £4.18 Units 6 & 7 combined Unit 7 Private gym £1,100 £13,200 Unit 8 Roofing company 900 £800 £9,600 £10.67 Unit 9 Fab Windows Ltd 900 £805 £9,660 £10.73 Unit 10 Fab Windows Ltd 900 £900 £10,800 £12.00 TOTAL 14,350 £7,705 £92,460 £6.44 Units 15 and 710 let; Unit 6 under offer at the rent shown. Rents exclusive of VAT. Floor areas approximate, gross internal. Copy tenancy agreements available on request. The three new units add £30,060 pa, lifting the estate's income by 48% New units let at up to £12,000 psf against an average of £5.36 psf on the original terrace, showing scope to grow rents as tenancies renew. LOCATION: An established Wallasey docks employment location, on the doorstep of the Wirral Waters Regeneration. The estate sits between Old Gorsey Lane and Gorsey Lane, by the junction with Dock Road opposite Wirral Business Centre. The Kingsway tunnel puts Liverpool city centre a short drive away, and the M53 links the site to the national motorway network. SITE & NEW UNITS: Planning was granted for an additional 3,000 sq ft on the land to the north of the original terrace.
The vendor has now built 3 units of approx.
900 sq ft each under that consent, and all three are let. THE NEW BUILD: 3 self contained units of approx 900 sq ft each, 2,700 sq ft in total. Steel clad elevations over a brick base. Roller shutter loading door and separate pedestrian door to each unit. All three units let at £800 to £900 pcm + VAT, adding £30,060 pa. MARKET COMMENTARY: Mulit-let industrial remains one of the most sought after sectors in the North West.
I Investors are drawn to income spread across many small occupiers, low obsolescence and steady rental growth. INVESTMENT PROPOSAL: The asking price is £1.4 (one million four hundred thousand pounds) plus vat, subject to contract. A purchase at this level reflects a net initial yield of c.
6.18% after purchaser's costs of 6.8% and a capital value of approx.
£98 psf. WHY BUY? Rental Growth: new units let at up to £12,000 psf against an average of £5.36 psf on the original terrace. Entry Yield of 6.60% gross, ahead of the 5.25% prime North West benchmark. Hands-off income: The Property Centre manages the estate and can continue after sale. TENURE: Freehold, on a site of approx.
0.75 acres. VAT Price quoted plus VAT. Sale anticipated by way of TOGC. MANAGEMENT: Currently managed by The Property Centre, which could welcome the chance to continue. EPC: Energy Performance Certificates available on request. ANTI-MONEY LAUNDERING: The successful purchaser will need to provide ID and proof of funds.
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Old Gorsey Lane Wallasey CH44 4HD
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