The property comprises 2 portal framed industrial units primarily clad with insulated metal decking, one bay of the larger unit has foam insulation. The larger unit has an integrally built 2 storey block with office accommodation on the first floor and a canteen and WCs on the ground floor. Otherwise the units are all open plan. A secure yard is situated between the units and there is further shared yard space.
The unit is provided with a range of features, such as: ▪ Sodium/halogen lighting ▪ Offices with perimeter trunking and fluorescent diffused lighting ▪ Sectional loading doors ▪ Warm air blower in larger unit.
Occupying a gross site area of 0.08 acres or thereabouts;
Vere Road Garage offers 2 no. vehicle repair workshops of traditional stone construction, incorporating ancillary office and WC facilities, providing aggregated internal floor space of circa 1,400ft2 (130m2). The site also benefits from an external surfaced access/parking area, which measures approximately 1,240ft2 (115m2 / 0.03 acres).
Additionally, to the rear of the operational workshop facilities is situated a further 600ft2 (56m2) of unsurfaced expansion land. The business and property is to be sold as a going concern and so all trade-related fixtures and fittings are intended to be included as part of the sale.
Business turnover for the financial year ending 31 March 2022 amounted to £176,531. Net profits over the past 3 year period have averaged at £85,407. Previous years’ financial accounts detailing the recent trading performance of the business can be made available upon request.
Furthermore, the size and layout of the site, combined with the residential character of the immediate locality may give rise to opportunities for alternative use development, subject to obtaining planning consent.
The units form part of a terraced row with a shared open yard area to the front. They are single-storey steel portal frame construction and have the benefit of roller shutter doors.
The property benefits from a substantial area of land extending in total to 1.18 ha (2.91 acre).
It includes a purpose built concrete framed industrial unit which has been extended with steel portal frame construction to form a larger warehouse and workshop area.
The southern part of the building is used for trade counter purposes and adjacent to the entrance is a single storey brick office block which benefits from internal offices, WC and staff facilities.
The site is ideal for trade counter purposes, sales, repairs and general storage with the benefit of additional land for future expansion.
Steel portal frame.
Mezzanine with office and storage space.
Currently under refurbishment
Access via electric roller shutter door.
Total combined rent of £89,340 per annum with potential to increase the rent with Boyd Ductwork to around £4.34 psf at rent review in December 2024, which would provide a reversionary rent of approximately £106,000 per annum.
Offers in excess of £1,350,000 are invited for the freehold interest of the property. A sale at this level reflects a yield of 6.25% assuming standard purchasers costs of 6.02% and a reversionary yield of 7.41% assuming uplift to £106,000 per annum and standard purchasers costs. A sale at £1.35m reflects a very low capital value of only £62.41 psf.
Unit A let to Restore PLC at £40,000 pa until 2023
Restore PLC reported total turnover in excess of £176m
Total floor area of approximately 21,062 sq ft
Opportunity to add value by letting Unit B (ERV £32,000 pa)
Offers in excess of £730,000 reflecting a low capital value of
only £34.66 psf
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