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Property Ref: 30415

Investment For Sale - Income Producing Warehouse In Park Royal

Producing an income of £38,000 per annum


Unit 3, Newton Business Park, 26-28 Standard Road, Park Royal, Park Royal, NW10 6EU
Under Offer
2,400 SQ FT (223 SQ M)
Freehold Price £675,000



Enquiry about this Property

Property Type

Industrial / Investment / Warehouse

Tenure

Freehold with a lease in place to SPC Coatings Ltd for a term of 10 years from 25th September 2018 with the next rent review due on 25th September 2023.

Price

The current annual rent payable is £38,000 exclusive.

We are seeking £675,000 subject to contract and exclusive of VAT which, allowing for acquisition costs at 5.24% represents a net initial yield of 5.35% and a low capital value of £281 per sq ft.

Location

Park Royal is Europe’s largest industrial district and one of London’s most strategic business locations. It is the largest multi-owned industrial estate in Europe and attracts major occupiers including DHL, John Lewis, Carphone Warehouse and McVities to name but a few.

Situation

Newton Business Park is situated on Standard Road which is located off Park Royal Road and Chase Road which are in close proximity to North Acton (Central Line) and Harlesden (Metropolitan Line) underground stations. The units are located a short distance from the A40, which affords easy access to the West End and also to the A406 via Hanger Lane


Description

The property is located with the newly constructed Newton Business Park comprises seven two storey B1/B2 modern business units. The unit benefits from dividing reinforced floor which boasts a passenger lift to the first floor level. A modern electric fold-over loading door eliminate the space usually wasted by the traditional up and over versions. A gated compound secures the unit and is suitable for parking and loading.

Accommodation

All measurements are approximate and measured on a gross internal area basis
Ground Floor 1,200 sqft 111.48 sqm
First Floor 1,200 sqft 111.48 sqm
Total 2,400 sqft 222.97 sqm

Amenities

  • 12ft eaves height to ground floor
  • Grey brick elevations and high quality aluminum cladding
  • Load bearing reinforced concrete first floor
  • DDi compliant passenger lift
  • Skylights to first floor & double glazed windows
  • Disabled WC on ground floor and additional WC on first floor
  • 10 ft by 10 ft insulated electric fold-over shutter door
  • Secure compound for parking and loading

Tenancy

A 10 year full repairing and insuring lease to SPC Coatings Ltd for a term of 10 years from 25th September 2018 with no breaks and the next rent review due on 25th September 2023.

The lease is contracted outside the provisions of the 1954 Landlord & Tenant Act Part II as amended.

The landlord holds a three month rent deposit plus a sum equivalent to VAT from the tenant (£11,400)

The lease is subject to a photographic schedule of condition.

Covenant Profile

SPC Coating Ltd (Company No: 08798575) is a seller of motor vehicle parts and accessories. In company was incorporated in December 2013.

Net Yield

5.35% after allowing for purchasers costs of 5.24%

VAT

The property is elected for VAT and the sale could be treated as a Transfer of Going Concern (TOGC subject to the required criteria being satisfied.

Service Charge

The current service charge paid by the tenant is approximately £1000 per annum plus VAT.

Business Rates

Please contact the London Borough of Ealing business rates department 0208 825 7020.

EPC

C-51

Legal Costs

Each party to bear their own legal costs.

Misrepresentation

Telsar Ltd and its joint agents, give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Telsar Ltd or its joint agents, has any authority to make any representation or warranty whatsoever in relation to this property. All rentals and prices are quoted exclusive of VAT.