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Industrial Unit Merlin Way 81,574 SF Industrial Building Bridlington YO15 3QH $10,644,438 CAD ($130.49 CAD/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Modern Freehold Industrial Investment on established Industrial estate 3 miles from Bridlington
- Let to Algeco UK Ltd (formerly Elliott Group Ltd) until 11th December 2033 with tenant break at 12th December 2028
- Site Area of 13 acres (5.26 hectares)
- Annual Rent of £431,000, once topped up by vendor
EXECUTIVE SUMMARY
We are instructed to seek offers in the region of £5,775,000 (Five Million, Seven Hundred and Seventy Five Thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a yield of 7% after allowing for purchaser’s costs of 6.62% and a capital value of £69.28 sq ft. If the 6 acres is deducted from the purchase price at £600,000, this gives a Capital Value of £62.08 sq ft.
The property is held on a Lease to Elliott Group Ltd dated January 7th 2009, for a term of 15 years from December 12th 2008, expiring December 11th 2023. There is a Schedule of Condition dated December 10th 2008 attaching to that Lease, although the Tenant Company has subsequently expended considerable monies in upgrading the building and external areas. The Rent under the current Lease is £361,000
per annum.
The property is held on a Lease to Elliott Group Ltd dated January 7th 2009, for a term of 15 years from December 12th 2008, expiring December 11th 2023. There is a Schedule of Condition dated December 10th 2008 attaching to that Lease, although the Tenant Company has subsequently expended considerable monies in upgrading the building and external areas. The Rent under the current Lease is £361,000
per annum.
PROPERTY FACTS
| Price | $10,644,438 CAD | Lot Size | 13.00 AC |
| Price Per SF | $130.49 CAD | Rentable Building Area | 81,574 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 7% | Year Built | 1990 |
| Tenure | Freehold | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 0.86/1,000 SF |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 6 |
| Building Class | C | No. Drive In / Grade-Level Doors | 13 |
| Price | $10,644,438 CAD |
| Price Per SF | $130.49 CAD |
| Sale Type | Investment |
| Cap Rate | 7% |
| Tenure | Freehold |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 13.00 AC |
| Rentable Building Area | 81,574 SF |
| No. Stories | 2 |
| Year Built | 1990 |
| Tenancy | Single |
| Parking Ratio | 0.86/1,000 SF |
| No. Dock-High Doors/Loading | 6 |
| No. Drive In / Grade-Level Doors | 13 |
AMENITIES
- Fenced Lot
- Security System
- Yard
- Energy Performance Rating - C
- Automatic Blinds
- Storage Space
UTILITIES
- Lighting - Halogen
- Heating
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Industrial Unit | Merlin Way
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