High yielding industrial investment with planning for additional development
New 20 year lease to Full Circle Events & Exhibitions Ltd with annual rpi increases
Offers in the region of £2,250,000 reflecting a Net Initial Yield of 8.14% (assuming purchasers costs of 6.33%) and a low capital value of £57 psf
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The investment comprises of two single storey warehouse premises which form part of a larger estate and which are separated by another industrial unit sandwiched between them. There is also additional development land located behind the units.
The principal unit is Engels House which benefits from good access and has approximately 26 parking spaces located to the front of the property. Engels House is of steel portal frame construction with brick and block elevations beneath a pitched steel sheet roof with an eaves height of approximately 6 meters. The property has been modified and has seen significant investment in recent years to extend what was once a canopy loading bay area into high quality office accommodation with double glazed UPVC windows. The property is secured by a pin protected intercom system which leads to a high quality waiting area and open plan offices. The warehouse is accessed via the estates central road and is open plan in layout with concrete floors, painted brick and block perimeter walls, gas air heaters and steel overhead service trunking. The unit benefits from one roller shutter ground level loading access door.
This unit is one of the same construction as Engels House and also has an eaves height of approximately 6 meters, however has not seen the recent refurbishment. Full Circle Events & Exhibitions have recently taken this warehouse and intend on refurbishing the facility.
There is approximately 0.5 acres of development land with full planning permission granted for a single B1c commercial unit together with 27 car parking spaces, motorcycle and cycle parking and a servicing/delivery area. The unit will cover a floor area of 875.5 sqm (9,424 sq ft). It will measure 8.05m to its eaves and 11.15m to its ridge. Further details are available upon request and also via Salford City Council's planning portal with planning reference 18/71288/ful.
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