Sutton House Full Sutton Industrial Estate, Full Sutton, YO41 1HS

Sutton House, Full Sutton Industrial Estate, Full Sutton, York, YO41 1HS

For Sale

The premises form part of the Full Sutton Industrial Estate located just outside Full Sutton village, approximately 1 mile to the south of the A166 York to Bridlington trunk road, 8 miles to the east of York (ring road) and within 2 miles of Stamford Bridge.

The subject premises are located fronting the western side of the Full Sutton Industrial Estate main road which serve the established industrial and trading estate.

Executive Summary

• Opportunity to acquire a quality single let industrial property investment

• Freehold property

• Modern factory and offices (estimated to date from 1980s) with 10,371 sq ft extension (2012)

• Total gross internal floor area 3,207.25 sq m (34,522 sq ft)

• Total site area 0.72 hectares (1.77 acres)

• Passing rent of £81,000 per annum equates to only £2.35 per sq ft

• Let by 10 year lease to Space Catering (UK) limited

• Tenant Dun & Bradstreet risk evaluation 2A1

• The tenant is a wholly owned subsidiary of Nisbets Plc

• 10 year lease commencing 31 August 2017 with tenant break options in August 2021 and August 2024

• Price - offers in excess of £930,000. 8.24% net initial yield

• Only £26.94 per sq ft

Distances to Major Towns/Cities and Airports by Road

Airport

Distance

Leeds / Bradford

43 miles

Manchester

94 miles

Newcastle

120 miles

Town / City

Distance

York

13 miles

Hull

33 miles

Leeds

37 miles

Bradford

54 miles

Sheffield

68 miles

Manchester

83 miles

Newcastle upon Tyne

97 miles

Description

The premises comprise a series of adjacent and interconnecting single storey steel portal framed buildings, estimated to date from the mid 1980s, providing factory/warehouse accommodation under pitched and insulated metal decking roofs with three storey steel framed office with mono pitched roofs and substantial modern extension (dating from approximately 2012) of steel portal framed construction with insulated profile metal cladding and a pitched and insulated profile metal decking roof incorporating translucent roof lights. The concrete factory floors provide manufacturing, warehouse and office accommodation.​

Accommodation

The accommodation is summarised as follows:-

Building

Floor

Area sq ft

Area sq m

Original Factory / Warehouse

21,298

1,978.69

Offices

1,062

98.70

1,146

106.50

645

59.90

Factory / Warehouse Extension

10,371

963.46

Gross Internal Floor Area

34,522

3,207.25

The premises occupy a broadly level and regular shaped site including block paving surfaced car parking area to the offices and rear yard & parking areas. Total Site Area 0.72 ha (1.77 acres).

Tenure

Freehold.

Tenancy

The whole of the property is let to Space Catering (UK) Limited (company number 08134936) by way of an assignment of a lease granted to Holmes Catering Equipment Solutions Limited dated 31 August 2017 granted for a term of 10 years on a tenants full repairing and insuring basis, subject to Schedule of Condition, at a rent of £81,000 per annum exclusive and subject to upward only review on 31 August 2022. The lease incorporates tenant options to break upon not less than 6 months notice on 31 August 2021 and 31 August 2024.

Covenant

Space Catering (UK) Limited (registered number 08134936) has a Dun & Bradstreet rating of 2A1, are a wholly owned subsidiary of Nisbets Plc and a reported tangible net worth, as at 31 December 2016, of £4,846,223.

Energy Performance Certificate

An Energy Performance Certificate (EPC) is available upon request.

VAT

VAT will be applicable upon the purchase price. It is anticipated the sale would be treated as a 'Transfer Of Going Concern' (TOGC).

Proposal

Offers are invited in excess of £930,000 (nine hundred and thirty thousand pounds).A purchase at this level reflects a net initial yield of 8.24% allowing for purchaser's costs at 5.4%.