The Old Printworks 21 Burrington Way 26,282 SF 100% Leased Industrial Building Plymouth PL5 3LR $2,164,751 CAD ($82.37 CAD/SF) 8.99% Cap Rate

We are instructed to seek offers of £1,150,000 (One Million One Hundred & Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level based upon purchasers’ costs at 5.89% reflects a Net Initial Yield of 8.99%, and a low capital value of only £42.61ft CV excluding the yard area.
Tenure: freehold.
Description:
The property comprises a large three-storey detached industrial building which was a former printworks. The building is a combination of a steel frame and concrete construction and has been extended to the front and side elevations. The property has a mixture of brick and clad elevations, under a pitched and part flat roof.
The ground floor has been subdivided into smaller units which provide a mixture of varied industrial accommodation. These units are used for motor trade uses, storage and repair, and as a boxing gym. The first floor (Units 5&6) has been divided up to provide individual storage rooms, let directly on short term agreements to individuals and companies. The second floor (Units 7 & 8) has been combined and refurbished to provide a snooker/pool hall with bar facilities.
To the rear of the site is a yard area of 0.52 acres which is demised with Unit 1. This area has future potential for open storage, or alternatively development of further starter units.
Location:
The property is situated close to Honicknowle, a suburb of Plymouth roughly 3 miles northwest of the city centre. The Burrington Way Industrial Estate is a well-established Plymouth location with a wide range of local, regional and national occupiers. The estate is well connected with easy access to the A38 at the Derriford junction about 1 mile to the east of the property. The A38 links both to the M5 (Junction 31) in Exeter and also provides the main access in Cornwall via the Tamar bridge. Nearby occupiers include Plymouth City Council, Booker, IWG, Babcock, Palladium Buildings Supplies and Enerveo.