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Units 5 & 6 Eden Business Park, Malton, YO17

Offices for sale

POA
POA
Total price
20000Sq Ft
Space

Units 5 & 6 Eden Business Park, Malton, YO17 6AE

For Sale

Investment Summary:-

• Well located estate adjacent to the A64 midway between York and Scarborough

• Newly completed modern industrial units with an additional 0.66 acre of concreted and drained site

• Let on two co-terminus 20 year leases from August 2019 with tenant break option at year 6 to an Experian 100/100 company

• Part of the first phase of what is to become a substantial industrial/trade park with new infrastructure providing direct access to the A64

• Current passing rent £150,000 per annum

• Offers in excess of £2,200,000

• Net initial yield 6.4%

The Eden Business Park is located adjacent to the A64 at its intersection with the A169 some 18 miles from York and 23 miles from Scarborough.

This location has become established as an industrial/trade counter area with Eden Business Park forming a completely new development with direct access in both directions to the A64.

Phase one includes a petrol filling station at the entrance to the estate which once built completes this phase. There are already strong enquiries for Phase 2 which is due to commence early next year.

The investment comprises 2 newly completed 10,000 sq ft industrial units with associated concreted yard areas and car parking.

The Tenant has taken a separate lease of an extra 0.66 of an acre of concreted and drained additional yard adjacent to the units.

The units have significant prominence, a generous concreted yard area and are of steel portal frame construction with PVC coated profile steel sheet roofs and walls.

Access to the property is from Eden House Avenue via a new access road providing access to this property and a terrace of 4 units opposite.

Tenure

The property is for sale freehold.

The purchaser will in common with other owners of units on the estate be obliged to enter into an agreement with the management company for payment of the appropriate service charge for common areas.

This obligation to pay the service charge is reflected in the occupational lease such that there is no shortfall to the purchaser of the investment.

Accommodation

The property provides a total floor area of 20,000 sq ft (1,858.06 sq m) per unit.

The adjacent concreted site provides an additional 0.66 of an acre (2,678 sq m) of concreted yard area/hard standing.

Tenancy Details

The property is let on 2 co-terminus leases to Commscope Design and Integration UK Limited on the following basis:-

1. Commencing Rent - £115,000 for Units 5 and 6 reflecting £5.75 per sq ft plus £35,000 per annum in respect of the additional site, total rent £150,000 per annum

2. 10 year leases from 1st August 2019 with a tenant only break option on the 1st August 2025 at 6 months' notice

3. Rent review - on the 1st August 2024 to open market value in respect of Units 5 & 6. The review in respect of the lease of the site is to be the same percentage uplift achieved on the review in respect of Units 5 & 6

4. Full service charge provisions are included within the leases

Covenant Strength

Commscope Design and Integration Limited. Company No. 05531272 have an Experian Rating of 100/100 "very low risk".

Their 31st December 2017 accounts showed the following:-

• Turnover £23,842,526

• Pre-tax profit £899,893

• Total net worth £30,152,576

Proposal

Offers are invited in excess of £2,200,000 which reflects a net initial yield of 6.4% after graduated purchaser's costs.

VAT

The property is elected for VAT and VAT will be chargeable on the purchase price, however, it is anticipated that the sale will take place by way of the transfer of a going concern (TOGC).

Energy Performance Certificate

A copy of the EPC is available upon request. The unit has an EPC Rating of A-20.

Anti Money Laundering

The successful purchaser will be required to provide documentation to comply with Anti Money Laundering Legislation.

Subject to Contract

Legal Costs

Each party are to be responsible for their own legal costs incurred in connection with this transaction.

Listed Features

  • Business Park
  • Modern Design
  • Parking
  • Concrete Yard
  • Development
  • Steel Framed
  • Outdoor Space
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