Property photos
Freehold
£700,000
(£32.95/sq. ft)
Industrial for sale
Unit 4, Gallowfields Trading Estate, Richmond DL1021,245 sq. ft
Local area information
Property location
Nearby amenities
- Trinity Academy Richmond 0.6 miles
- Richmond School 0.9 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Features and description
- Freehold
- Industrial Investment For Sale
- Owner Occupier Potential
- Let to 3 established tenants
- Total net income £67,404 pax
- Considered reversionary
- Net Initial Yield of 9.63%
The property is located in the south eastern corner of the Gallowfields trading estate, fronting racecourse Road on an island site. Gallowfields Trading Estate is an established and popular industrial location situated on the northern edge of Richmond. It is approximately 1 mile north west of Richmond, 12 miles south west of Darlington and 50 miles south of Newcastle upon Tyne. It is situated in close proximity to the A1(M) north and south and A66 west.
The subject property was constructed in the late 1960’s and then extensively refurbished in the 1990’s by the owner when they owned Easby. The site slopes downward from north to south so the main warehouse over-sales smaller lower ground floor units. The property comprises of steel portal frame with brick and metal cladding elevations, insulated profile metal sheet roof with roof lights. To the immediate front is a tarmacked surface car park. The adjacent veterinary practice owns the lower section of the car park. The parties have shared the car park and access in common to date.
Asset management
Easby Electronics are interested in taking a new lease.
The mutual breaks in lease provide an opportunity for an owner occupier reflected in vp value.*
Agree new higher market rents on renewals.
Legal fees
Each party is to be responsible for their own legal fees incurred with any transaction.
VAT
The property is not elected for VAT so there is no VAT to pay on top of the purchase price.
Energy performance certificates
See Schedule.
Tenure
Freehold
Price
We are instructed to seek offers of £700,000 exclusive (Seven Hundred Thousand Pounds exclusive), subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 9.63% (allowing for purchaser’s costs at 5.3%) and a reversionary predicted yield of 13+% based on modest market rents as scheduled. A low Capital Value of £32.95 psf based on total floor area.
It is envisaged that the sale will be treated as a Transfer of a Going Concern (togc).
The subject property was constructed in the late 1960’s and then extensively refurbished in the 1990’s by the owner when they owned Easby. The site slopes downward from north to south so the main warehouse over-sales smaller lower ground floor units. The property comprises of steel portal frame with brick and metal cladding elevations, insulated profile metal sheet roof with roof lights. To the immediate front is a tarmacked surface car park. The adjacent veterinary practice owns the lower section of the car park. The parties have shared the car park and access in common to date.
Asset management
Easby Electronics are interested in taking a new lease.
The mutual breaks in lease provide an opportunity for an owner occupier reflected in vp value.*
Agree new higher market rents on renewals.
Legal fees
Each party is to be responsible for their own legal fees incurred with any transaction.
VAT
The property is not elected for VAT so there is no VAT to pay on top of the purchase price.
Energy performance certificates
See Schedule.
Tenure
Freehold
Price
We are instructed to seek offers of £700,000 exclusive (Seven Hundred Thousand Pounds exclusive), subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 9.63% (allowing for purchaser’s costs at 5.3%) and a reversionary predicted yield of 13+% based on modest market rents as scheduled. A low Capital Value of £32.95 psf based on total floor area.
It is envisaged that the sale will be treated as a Transfer of a Going Concern (togc).
More information
Listed by
Connect Property North East
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