1 Longfield Road, South Church Enterprise Park, Bishop Auckland, DL14 6XB
FOR SALE – Offers in the region of £715,000 ,Offers in the n of
1 Longfield Road, South Church Enterprise Park, Bishop Auckland, DL14 6XB
Freehold Industrial Investment with Vacant Development/ Expansion Land
www.carvercommercial.com
INVESTMENT SUMMARY
Strategic business location adjacent to A688 with swift links to A167 and A1 (M) lying approximately 6 miles north of Newton
Aycliffe, 11 miles north Darlington, 12 miles south of Durham and 22 miles west of the wider Tees Valley.
Well established and diverse commercial hub with nearby occupiers including T Manners and Sons, South Durham
Structures and James Burrell Builders Merchants.
Detached industrial unit occupied by Rushlift with concrete
surfaced yard/ parking approx. 1.05 acres
VACANT development/ expansion land approx. 0.78 acres
Total site area approx. 1.83 acres
Gross Annual Income £55,000 (£3.39psf) – REVERSIONARY
Low Capital Value £44.08psf
Net Initial Yield: 7.3% (after assuming purchasers costs at 5.33%)
*For identification purposes only
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
SITUATION
South Church Enterprise Park is an established commercial hub situated approximately one mile from Bishop Auckland town centre and one mile from Tindale Crescent respectively.
Commercial occupiers within South Church Enterprise Park include T Manners and Sons, South Durham Structures and James Burrell Builders Merchants among a diverse range of other occupiers.
Occupiers around Tindale Crescent include Screwfix, Homebase, Jewson and JT Atkinson among others together with a range of retail/ leisure providers.
LOCATION
Bishop Auckland is a popular market town situated approximately 6 miles north of Newton Aycliffe, 11 miles north of Darlington, 12 miles south of Durham and 22 miles west of the Tees Valley.
The location provides swift access to the A167 and A1(M) providing road links to the North and South. Access to the A66 is available from Darlington and A690 from Durham providing links east/ west.
International airports are available at Durham Tees Valley, Newcastle and Leeds.
Mainline rail links are available at Darlington, Durham and Newcastle.
TENURE
Freehold
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
DESCRIPTION
The site extends to approximately 1.83 acres comprising a detached modern
industrial facility with yard occupied by Rushlift together with a vacant expansion/ development plot (approx. 0.78 acres)
RUSHLIFT
Detached modern industrial premises with two storey offices and concrete yard/ parking constructed circa 2000.
The premises is of steel frame construction beneath a dual pitched and insulated sheet clad roof incorporating translucent roof lights. Elevations are corrugated metal sheet cladding and internally the accommodation is open plan comprising warehousing, offices and mezzanine.
The property incorporates a three phase electrical supply together with roller shutter access and a gas fired central heating system serving the offices.
Externally there is a concrete surfaced yard/ parking area.
Accommodation:
Warehouse: 1,360sq.m. (14,634sq.ft.) Offices: 119.3sq.m. (1,284sq.ft.) *Taken from VOA Mezzanine: 112.3sq.m. (1,208sq.ft.)
Gross Internal Area 1,591.6sq.m. (17,126sq.ft.)
Max Eaves 5m Max Ridge 6.4m
Total site area approx.. 1.05 acres
DEVELOPMENT PLOT
Vacant development/ expansion land surfaced with a combination of hard standing and compacted ground contained by steel perimeter fencing. The plot benefits from a right of access over Rushlift from Longfield Road. Our clients have received favourable pre-planning advice in respect of development including a separate access from Dovecot Hill. A copy is available on request from the Agent.
Site area approx. 0.78 acres (net developable area approx. 0.69 acres)
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
LEASE TERMS
Tenant: Rushlift Ltd. (Company number: 05493140) th Term: 7 years from 27 Feb 2015 (Expires 26th Feb 2022) Repairs: Full repairing and insuring subject to a photographic schedule of condition Rent: £55,000pax Rent Review: Un-actioned upward only rent review from Feb 2020
TENANT INFORMATION
Rushlift provide plant and equipment lease, hire and purchase to a multitude of sectors with outlets in Northampton, Southampton, Slough, Dewsbury and Warboys in addition to the subject.
Gross revenues for 2018 £44,768,000 (source Companies House)
Credit Safe – Very Low Risk - 87/100
INVESTMENT ANALYSIS
Rent £3.39 psf (Assuming Mezz. @ 25%) Un-actioned rent review from Feb 2020 which we consider REVERSIONARY Net initial yield 7.3% after allowing standard purchasers costs at 5.33% Low Capital value £44.08psf (Mezz. @ 25%) INCLUDING VACANT DEVELOPMENT PLOT
Energy Performance Certificate
D-78
VAT
The property is elected for VAT. It is envisaged that the sale will be treated as TOGC.
VIEWING
Strictly via appointment only through Sole Agent: Chris Farlow Tel: 01325 466 945 Email: [email protected] *For identification purposes only
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
SITE PLAN - WHOLE SITE PLAN - PARTS
KEY:-
Rushlift *All plans provided for identification purposes only Development/ Expansion Plot Right of Access
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.