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.
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)
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.
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.
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.
For further information please contact Simon Bennett and Rose Gentle
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).