Investment For Sale
SUMMARY Units 1-7 Stennack Road • Multi-let industrial investment
Holmbush • Recent letting of the largest unit (6) for 10 year term St. Austell
PL25 3JQ • Situated on the popular and established Holmbush Industrial Estate in St Austell £1, 650,000 for the freehold • Various asset management
Contact our agent:- opportunities Will Oldrieve • £1.65M for the freehold which reflects a reversionary yield of 8% (allowing 01872 245600 for purchase costs of 6.1%) [email protected]
www.vickeryholman.com
Units 1-7, Stennack Road, Holmbush, St. Austell, PL25 3JQ. Ref: 100414
LOCATION The units are located on Stennack Road on the Holmbush Industrial Estate which is the largest and most established estate in St Austell, a principal town in Cornwall providing a wide range of amenities, services and industry along with a large permanent population of circa 34,700.
Transport links are excellent being located just off the A390 which provides access to Truro to the West and Plymouth to the East (Via the A38). The A30 is also within close proximity just 7 miles to the north (via the A391). St Austell has a main line railway station in the town centre and Newquay International Airport (daily flights to London and other UK / EU destinations) 20 minutes to the west.
DESCRIPTION The estate comprises six industrial /warehouse units and one office unit. The units are in two separate sections with Units 1- 4 forming a terrace running along the back of the site and units 5-7 forming a standalone block at the front / centre of the site.
The Vendor has recently replaced the roof on units 5&6. There is ample parking and yard space surrounding the units and two entrances to the site from Stennack Road. The site has a total area of 0.50 ha (1.24 acres) providing a site coverage of only 39%.
ACCOMMODATION All areas are approximate and measured in accordance with the RICS Code of Measuring Practice on a gross internal basis.
UNIT SQ M SQ FT 1 202.8 2,183 2 136.8 1,473 3 174.7 1,881
4 206.9 2,228
5 229.9 2,475 6 898.9 9,676 7 119.8 1,290 TOTAL 1,969.8 21,206
EPC’s Unit 1 – E (101) Unit 2 – E (117) Unit 3 – E (124) Unit 4 – C (73) Unit 5 – E (107) Unit 6 – E (104) Unit 7 – E (122)
TENURE Freehold subject to the tenancies described below.
www.vickeryholman.com Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further Truro Office information. Walsingham House, Newham Quay, Truro, Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of Cornwall, TR1 2DP contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. SUBJECT TO CONTRACT 03 March 2020
Units 1-7, Stennack Road, Holmbush, St. Austell, PL25 3JQ. Ref: 100414
TENANCIES A summary of the tenancies are provided in the table below: Unit Tenant Lease start Lease Expiry Break option Next Rent review Rent passing Service Charge (per annum) (per annum) 1 Mr Paul V Evely 01.04.17 31.03.27 - 01.01.19* £15,000 £631.56
2 Tile World (Cornwall) Ltd 25.12.15 30.09.30 25.12.25 25.12.19* £9,898 £403.91
3 Mr Colin Ray Child 01.04.15 31.03.25 - 01.04.18* £14,000 £515.64
4 Tile World (Cornwall) Ltd 01.10.15 30.09.30 01.10.25 01.07.18* £15,000 £642.64
5 Mr Paul V Evely 28.09.16 27.09.26 - 31.03.18* £12,500 £728.95 6 Polymermedics Limited 08.11.18 07.11.28 08.11.23 08.11.21 £55,000 £2,758.06 7 Vacant - - - - £9,500** £294.57** £130,898 £5,975
* Outstanding reviews
TENANT INFORMATION ** Estimated rental value / service charge contribution
Mr Paul V Evely – Car sales, servicing and repairs.
Tile World (Cornwall) Ltd (05429345) – Tile retailer, Experian rating of 78 https://www.marshalls.co.uk/tile-and-stone/uk-tile- shops/profiles/tileworld-cornwall-206270
Colin Ray Child – Engineering and hydraulics company trading for over 120 years https://appliedfluid.co.uk/
Polymermedics Limted – Polymer injection moulding company,
Experian rating 85 Low Risk https://polymermedics.com/
RENT REVIEWS
The rent reviews on units 1,2,3,4&5 are being processed and there is a total potential rental uplift of circa £10,000 per annum (ask the agent for more details).
PROPOSAL
Offers of £1,650,000 (One Million Six Hundred and Fifty Thousand
Pounds) are sought for the freehold which reflects a net initial yield of 6.9% and a reversionary yield (once unit 7 is let and rent reviews settled) of 8% allowing for purchase costs of 6.1%.
LEGAL FEES
Each party is responsible for their own legal fees incurred in this transaction.
VAT
All figures quoted are exclusive of VAT if applicable.
OTHER FURTHER INFORMATION AND VIEWINGS
Under the Money Laundering Regulations 2017, Vickery Holman For further information or to arrange a viewing please contact will require any purchaser to provide proof of identity along with the sole agents. any other associated documents prior to exchange.
Alan Treloar
Will Oldrieve 01872245604
01872 245608 [email protected]
www.vickeryholman.com Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further Truro Office information. Walsingham House, Newham Quay, Truro, Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of Cornwall, TR1 2DP contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them;
3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. SUBJECT TO CONTRACT 03 March 2020