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Peter Heather Partner View Profile

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Call: 01872 247007
Email: pgh@miller-commercial.co.uk

Sold
1 of 4

SOLD - Units One And Four, Abbots Close, Ivybridge

Investments Commercial for sale

£400,000 Price

Freehold

Industrial investment yielding 8.64% available for immediate sale, on Lee Mill Industrial Estate, with good covenants and good quality units.

  • YIELD 8.64% AVAILABLE
  • URGENT SALE REQUIRED
  • £400,000 TO BUY
  • QUALITY ESTATE
  • GOOD COVENANTS
  • FULL OCCUPANCY
  • POSSIBLE RENTAL GROWTH

Property Brochure PDF Location Map

Location

Plymouth is the largest regional centre in the far south-west and has a resident population of approximately 250,000 persons, projected to rise to approximately 300,000 persons within 10 years. The city benefits from a mainline railway station with services to London Paddington in just over three hours. There is a busy port, continental ferry terminal and the largest naval base in Western Europe.
Lee Mill Industrial Estate is situated about 8 miles east of the city centre, just off the A38 Expressway dual carriageway. Abbots Close is at the far eastern end of the estate on the right (south of East Way, the spine road).

Description

With neighbouring properties including Dainton Storage, Demon Pressure Washers and Bandvulc this Freehold Investment comprises two units remaining out of the Estate from which, three units have been sold previously.
The units are modern light industrial/warehouses with an eaves height of approximately 6 m accessed via slide-over goods loading doors of 4.5 m high and 3.9 m wide. Internally, the units benefit from rooflights, power floated concrete floors, kitchens and WCs. Externally, dedicated parking is available for each unit plus ancillary customer parking.

Accommodation

Unit one. Width of 11.5 m. Depth of 20.1 m. Gross internal area 231.1 m (2487 ft.) plus mezzanine
Unit two. Sold previously
Unit three. Sold previously
Unit four. Width of 11.5 m. Depth of 20.1 m. Gross internal area 231.1 m (2487 ft.) plus mezzanine office and storage
Unit five. Sold previously.

Tenure And Price

Freehold investment.
Unit one. Let on proportional full repairing and insuring terms to EMX Dynamics Ltd until 20th of January 2026 at £17,000 per annum, rising to £19,000 on 25 December 2020. The tenant has the right to break on 25th of December 2020 or the 21 January 2024 by serving six months prior notice.
Unit four. Let on proportional full repairing and insuring terms to Jolly’s Drinks Ltd (guarantor-Cuda Drinks Co Ltd.) for Five years from 11th May 2018 subject to Tenant Breaks on the First and Third anniversary by serving six months prior notice. Rent will increase with RPI on the third anniversary.
A “Strike Price” is sought at £400,000 showing a yield of 8.64% based on £36,000 pa.

Legal Costs

Each party is to bear their own legal costs

Services

Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: 0845 601 2989
South West Water: 0800 169 1144
Transco: 0800 111 999

Energy Performance Certificate

The Energy Performance Rating for this property is within Band E for unit 1, and D for unit 4.

Value Added Tax

All the above prices/rentals are quoted exclusive of VAT, The property is elected for VAT.

Contact Information

For further information or an appointment to view please contact either:-
Peter Heather on 01872247007 or via email: pgh@miller-commercial.co.uk; or
Jeremy Johnson on 01872 247032 or via email jj@miller-commercial.co.uk

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.

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Peter Heather Partner View Profile

Contact us about this property

Call: 01872 247007
Email: pgh@miller-commercial.co.uk

Property Brochure PDF