on the edge of Leicester City Centre 8 Warehouse/storage units, two storage lockups, portacabin office and storage container let to 8 tenants Currently producing an annual rent of 86,520 (Average rent of 3.39 psf) Low capital value of 43.07 psf We are instructed to seek offers in excess of 1,250,000 which reflects a net initial yield of 6.53% after purchaser costs of 5.96%
Location: The property is located on Crafton Street West / Wheat Street, approximately 0.3 miles from A594 St Matthews Way which provides quick access to the A50 and A46. Junction 21 of the M1 motorway is accessible within a 20 minute drive. Leicester City Centre is 0.6 miles to the west with Leicester Train Station within a 15 minute walk. Leicester is centrally located in the UK and has strong transport links, located only 27 miles south of Nottingham, 43 miles north of Northampton and 47 miles east of Birmingham. London is some 99 miles away and just over one hours travel via train on the Sheffield to London (St Pancras) line.
Accommodation: We have measured the building in accordance with RICS Code of Measuring Practice (6 th Edition) and calculate the following gross internal areas: Unit Location Size (sq ft) Size (sq m) 1/2 Ground Floor (Wheat Street) 3,342.41 310.52 2A Ground Floor (Wheat Street) 793.52 73.72 3 Ground Floor (Wheat Street) 3,109.70 288.90 4 Ground Floor (Wheat Street) 1,312.55 121.94 5 Ground Floor (Wheat Street) 986.10 91.61 28 First Floor (Crafton St West) 1,303.94 121.14 30 First Floor (Crafton St West) 1,605.76 149.18 Description: The opportunity comprises two buildings containing 8 industrial warehouse/storage units, two storage lockups, and a separate portacabin office and storage container. The main building comprises units 28-32 and is accessed via a ramp from Crafton Street West. The building is of brick built construction laid out over four floors with a pitched steel profile clad roof and is part double glazed. These units benefit from fluorescent strip lighting and a WC. The second building comprises units 1-5 and is accessed from Wheat Street. The building is a two storey warehouse/workshop of steel portal frame construction with blockwork and steel profile clad elevations and a steel profile clad roof. These units all benefit from level access loading, fluorescent strip lighting and a WC. The storage lockups benefit from level access roller shutter doors and are accessed via Crafton Street West. The portacabin office benefits from kitchenette, WC, lighting and heating and is accessed via a ramp on Crafton Street West. 32 First, Second & Third Floor (CSW) 12,220.04 1,135.28 Storage Lockup 1 Ground Floor (Crafton St West) 275.56 54.68 Storage Lockup 2 Ground Floor (Crafton St West) 313.01 29.08 Portacabin Office First Floor (Crafton St West) 138 12.82 Storage Container Ground Floor (Crafton St West) 138 12.82 Total 25,538.59 2,372.62 Planning: We are verbally informed that the property has B1 and B8 consent under the Town and Country Planning (Use Classes) Order 1987. Interested parties are to make their own enquiries with Leicester City Council to confirm planning use.
Tenure: Freehold Tenancy: Multi let to a variety of tenants. The tenancy schedule is attached as appendix 1 Energy Performance Certificate: EPCs can be provided on request VAT: We understand that VAT will not be applicable on the purchase price. Proposal: We are instructed to seek offers in excess of 1,250,000 which reflects a low capital value of 43.07 psf and a net initial yield of 6.53% after purchasers costs of 5.96% Further Information: For further information or to arrange a viewing please contact: Brodie Faint Sam Sutton 07852529977 07794081052 bfaint@phillipssutton.co.uk ssutton@phillipssutton.co.uk DISCLAIMER: The Agents for themselves and for the vendors or lessors of the property whose agents they are give notice that, (i) these particulars are given without responsibility of The Agents or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) The Agents cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective 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 each of them; (iii) no employee of The Agents has any authority to make or give any representation or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on the purchase price and / or rent, all figures are exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice;
Appendix 1 Tenancy Schedule: Unit Tenant Lease start Lease term Passing Rent Rent (psf) RV (per annum) Comments 1/2 Euro Cash & Carry 1 May 2018 12 months 12,600 3.76 7,200 New IRI lease, outside the Act 2A Mr M H Vindhani 1 August 2018 12 months 6,000 7.56 n/a Lease with tenant for signature 3 MHE Training 1 April 2018 12 months 13,500 4.43 9,200 Lease with tenant for signature 4 Mr M H Vindhani 1 May 2018 12 months 7,500 5.71 3,500 New IRI lease, outside the Act 5 Massimo Torre Wines 1 April 2018 12 months 5,820 5.89 3,200 New IRI lease, outside the Act 28 AAAV Systems Ltd 3 April 2018 12 months 6,000 4.60 2,475 New IRI lease, outside the Act 30 Mr T Litt 1 April 2018 12 months 6,000 3.74 3,050 New IRI lease, outside the Act 32 Meticulous 15,900 1.71 6,700 We understand that they are a long term tenant who does not have a formal lease in place Storage Lockup 1 & Storage Lockup 2 Joint Trusts Secure Storage 1 May 2017 5 years 8,400 14.27 n/a Lease outside the Act. Landlord and tenant can break from lease on 3 months notice from 31 January 2018 Portacabin Office & Storage Container City Industrial 4,800 17.39 n/a Rent guarantee till 30th April 2019. Occupied by the landlord Total 86,520 3.39 DISCLAIMER: The Agents for themselves and for the vendors or lessors of the property whose agents they are give notice that, (i) these particulars are given without responsibility of The Agents or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) The Agents cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective 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 each of them; (iii) no employee of The Agents has any authority to make or give any representation or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on the purchase price and / or rent, all figures are exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice;