13C Alston Road, Norwich, Norfolk, NR6

Description

Sale and Leaseback Investment - For Sale

The property is a detached workshop/warehouse constructed around traditional steel portal frame with a combination of brick and insulated cladding to the walling below a pitched insulated roof.

The property is predominantly used for joinery purposes, and benefits from an office with associated kitchen and welfare facilities.

The property sits on a site area which totals 0.8 acres (0.324 hectares). The warehouse is sold with a site area of 0.65 acres with an additional 0.15 acres available by separate negotiation for additional development land.

Location

The property is located on Alston Road which forms part of the Hellesdon Park Industrial Estate, a popular trade park located to the northwest of Norwich city centre. The area provides a mixture of both employment and retail occupiers within close proximity, including Asda Superstore, Sweet Briar Retail Park and the Sweet Briar Industrial Park.

Other occupiers on the Estate include Wolseley, Wex Photography, Edmundson Electrical and Norfolk Trailers.

Accommodation Description

The property has the below approximate floor areas:

Warehouse and Office 7,237 sq ft 672.3 sq m
First Floor Offices: 704 sq ft 65.4 sq m
Mezzanine: 297 sq ft 27.6 sq m
External Store: 232 sq ft 21.6 sq m
External Covered Area: 1,128 sq ft 104.8 sq m
Total: 9,598 sq ft 891.7 sq m


Terms

The property is available by way of a sale and leaseback, with a new lease with the following principal terms:

- Tenant: Acre Joinery Ltd
- Term: a new 10 year term with tenant only break at the end of the 5th year.
- Rent: the rent will be £75,000 per annum.
- Rent Review: to be reviewed at the end of the fifth year subject to an RPI rent review, with a collar and cap of 2% and 4%.
- Repairing Obligation: there will be an FRI lease subject to a schedule of condition.

Price: Offers in the region of £1,000,000 plus VAT are invited for the freehold interest. This represents an initial yield of 7.08% allowing for purchaser's costs of 5.95%. The additional land is available at £200,000.