For Sale Freehold Industrial Investment Unit 28 Clearwater Road, Queensway Meadow Industrial Estate, Newport, NP19 4SS
UniUnit 28 Clearwater Road, Queensway Meadow Industrial Estate, New- Investment Summary Modern detached industrial unit extending to 14,703 sq ft (1,366.03 sq m) situated on the established Queensway Meadow Industrial Estate, Newport. Site extends to approximately 1.356 acres (0.54 hectares) with a low site coverage of around 23%. Occupied by Dimension 8 since 2009. Following a recent lease renewal, let for a term of 10 years from 12 January 2018. Rent of 63,000 per annum equating to 4.28 per sq ft ( 46.07 per sq m). Lease provides rental growth at review in 2023 to the greater of open market rental value or RPI increase. Offers in the region of 750,000 reflecting a net initial yield of 7.97% assuming normal purchaser s costs at 5.40%. This represents a low capital value of 51.00 per sq ft ( 549.07 per sq m).
Unit 28 Clearwater Road Queensway Meadow Industrial Estate, Newport Location, Situation and Description Location Newport is located in South East Wales and is the third largest city in the Principality. Newport is situated 138 miles west of London, approximately 30 miles west of Bristol and 12 miles east of Cardiff. Newport has a City population of 145,736 (2011 census) and an urban population of 306,844. The City itself forms part of the Cardiff - Newport metropolitan area which has a population in excess of one million. Situation Queensway Meadow is situated approximately 2 miles South East of Newport City Centre and sits within a large employment location. The subject property fronts Meadows Road within close proximity to the Freshwater Road junction. The estate benefits from a good tenant mix which includes both national and regional occupiers such as Halo Foods, Tomoe Valve and British Car Auctions. Newport is geographically best placed to benefit from the new M4 Relief Road and future abolishment of the Severn Bridge tolls. Description The subject building comprises a detached steel portal frame industrial unit incorporating ground and first floor office / ancillary accommodation. The property occupies a site extending to approximately 1.356 acres (0.54 hectares) which includes a yard secured by perimeter fencing and a hardstanding area providing parking for roughly 20 cars. The property can be accessed via two roller shutter doors fronting the yard, with a separate staff and customer entrance leading to the office and reception areas. The unit provides a clear eaves height of approximately 5.47m, extending to 7.61m at the apex.
Unit 28 Clearwater Road, Queensway Meadow Industrial Estate, Newport Accommodation, Tenure, Tenancy, Covenant Strength, EPC, and VAT Accommodation The unit comprises the following approximate gross internal floor areas: Description sq m sq ft Ground Floor Warehouse 1,161.28 12,500 Ground Floor Offices 110.55 1,190 First Floor Offices 94.20 1,014 EPC The unit has an EPC rating of D (88). A copy of the EPC is available upon request. VAT We understand the property is elected for VAT and it is intended that the sale will be treated as a Transfer of Going Concern (TOGC). Proposal We are seeking offers in the region of 750,000 (Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.97% assuming purchaser s costs at 5.40% representing a low capital value of 51.00 per sq ft ( 549.07 per sq m). Total 1,366.03 14,704 Tenure The property is held Freehold. Tenancy The industrial premises is let in its entirety to Dimension 8 Ltd for a term of 10 years from the 12th January 2018. The lease allows for a rent review at year 5 to open market rental value or RPI adjusted rent, whichever is greater. The lease is outside the security tenure provisions of the Landlord and Tenant Act 1954 and there are no tenant break options. The total rent from the property is 63,000 per annum. Covenant Strength Dimension 8 Ltd have been in occupation since 2009 and have over 20 years experience in providing services to exhibition and conference organisers, UK trade associations, and chamber of trade & joint venture project groups. Accounts filed for 31/12/2016 show a net worth of 34,255.
Unit 28 Clearwater Road, Queensway Meadow Industrial Estate, Newport Contact and Further Information Viewing Arrangements Please arrange an appointment through Alder King LLP. Further Information Please contact the sole agents: Alder King Property Consultants 18 Park Place Cardiff CF10 3DQ James Nicholas Scott Jones 029 2038 1994 029 2039 1468 jnicholas@alderking.com sjones@alderking.com SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT 87269 / February 2018 www.alderking.com Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2012 (CAR 2012), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2012 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.