Unit 4 Cardrew Industrial Estate
Cardrew Way, Redruth , TR15 1SH
£1,000,000.00
Ref No. 7397
For Sale

Location Cardrew Way, Redruth, TR15 1SH, Cornwall, , South West
Redruth together with nearby towns of Pool and Camborne form the largest conurbation in Cornwall. The town provides a range of retail, business and leisure facilities and is one of the County's principle industrial centres. Redruth has a population of approximately 12,000 persons. Cardrew Industrial Estate is located 3/4 of a mile to the north of Redruth town centre and is one of the premier industrial estates in the area, accessed from the A30 via the A3047. The property is situated in a prominent location on Cardrew Way which is in the main route through the estate. The property also lies adjacent to the railway line, opposite the Contico manufacturing site.

Size 24811.00 ft2
(2305.01 m2)

Description Freehold Modern Industrial Investment Opportunity

  • Strategic location with easy access to the A30 trunk road
  • Situated on the established Cardrew Industrial Estate
  • Modern warehouse built in 2005 totalling approximately 24,811 sq ft GIA
  • Low site coverage of only 23%
  • Over 5 years remaining to Plumbase Limited guaranteed by Grafton Group (UK) PLC (5A1 D&B Rating)

Specification

The property comprises a modern semi-detached industrial warehouse which was built in 2005. The specification of the building includes: - Steel portal frame construction with profile metal sheet elevations and roof - Access via 2 electrically operated roller shutter doors - Eaves height of 5.4 metres - Unit includes a ground floor trade counter, showroom area, offices and a substantial landlord's mezzanine - Allocated car parking for approximately 43 cars and 2 HGVs The unit sits on a substantial site of 1.52 acres (0.62 hectares), providing a low site coverage of only 22% of ground floor footprint.

Proposal

Offers are sought in excess of £1,000,000 (One Million Pounds) subject to contract and exclusive of VAT for the freehold interest in this property. A purchase at this level would reflect a Net Initial Yield of 7.85%. This allows for purchaser's costs at 5.70%, and reflects a capital value of £69.43 ft CV without any allowance for the first floor mezzanine.

Terms

The property is let in its entirety to Plumbase Limited on a 15 year FRI lease from 26 January 2007, expiring on 25 January 2022. The lease is subject to upward only rent reviews every 5 years, with the next due on 26 January 2017. The tenancy is guaranteed by Grafton Group (UK) Plc. The property produces a current rental of £83,000 per annum which equates to £5.76 psf without placing any value on the substantial landlord's mezzanine.

Viewings

For further information please contact Simon Bennett and Rose Gentle

VAT

The property has been elected for VAT and therefore VAT will be payable on the purchase price. We anticipate that the transaction will be treated as a Transfer of Going Concern (TOGC).

Property Type Industrial/logistics

Initial Yield 7.85%

Property Contacts:

  • Simon Bennett
    +44 (0)117 930 5717
Property Location:



Disclaimer:

JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:-
a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
d. Any images may be computer generated.  Any photographs show only certain parts of the property as they appeared at the time they were taken.
For properties in Scotland:
e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law
Copyright © Jones Lang LaSalle IP Inc 2017. All rights reserved.