MULTI-LET FREEHOLD COMMERCIAL YARDS PRODUCING A GROSS INCOME OF £111,250 PAX
ELM LANE, MARKS TEY, COLCHESTER CO6 1HU
• High Yielding Investment Property
• Multi-Let Freehold Commercial Yards
• Main Tenant: Ringway Infrastructure Services Ltd
• Extending to 6.55 Acres • Strategic Site – Close to A12 and A120
• Total Income: £111,250 per annum exclusive
• Adjacent to Proposed West Tey Garden Community
Marks Tey is a large village situated approximately 7 miles west of Colchester town centre at the junction of the A12 and A120 benefiting from mainline railway station to London Liverpool Street.
The site is located 1 mile west of the village within approximately 200 yards of the A120 with access from Elm Lane.
APPROXIMATE SITE AREAS
Ringway Infrastructure Services Ltd 1.5 acres
Kelvedon & District Angling Association 0.5 acres
Mason Trucking Ltd 1.0 acre Coast 2 Coast Logistics Ltd 1.0 acre
Roads, landscape, Bunds 2.55 acres
Total 6.55 acres
A rectangular site enjoying frontage to Elm Lane of approximately 180 yards and is arranged as 3 bunded yards and reservoir.
Yard area let to Ringway Infrastructure Services Ltd comprising 1.5 acres to base of bunds. Surfaced land with a workshop of 1,276 sq. ft. and stores of 560 sq. ft. Access is provided via a Right of Way from Elm Lane which also serves Elm Farmhouse to the north of the site.
The reservoir is let under a Licence to Kelvedon & District Angling Association, extending to circa 0.5 of an acre. Two further bunded yards are let to Mason Trucking Ltd and Coast 2 Coast Logistics Ltd, each approximately one acre and accessed from Elm Lane.
Ringway Infrastructure Services Ltd The lease is for a term of 10 years commencing from 12th March 2019 at an initial rental of £67,500 per annum. The lease is on a full repairing and insuring basis, subject to a rent review on 12th March 2024. There is a break clause on 12th March 2024, 12 months notice to be given, time to be of the essence. (Ringway Infrastructure Services’ financial year to 31 December 2019 recorded a turnover of £279,785,149 and pre-tax profit of £3,419,406.) The use is lorry park and maintenance depot.
Kelvedon & District Angling Association Occupy the Reservoir under a Licence dated 1st day of January 2020 for a term of 364 days at a rental of £550 per annum.
Yard Let to Mason Trucking Ltd The Lease is for a term of 10 years from 20th August 2018 at an initial rental of £21,600 per annum. Subject to a rent review on 20th August 2021 and 3 yearly thereafter. The Lease being on full repairing and insuring terms. The Lease is outside the Landlord & Tenant Act and there is a Tenant’s right to break the Lease on 20th August 2023 on giving 6 months notice, time to be of the essence. The use is for waste transfer station for recycling soil and hardcore.
Yard Area Let to Coast 2 Coast Logistics Ltd The Lease is for a term of 9 years from 1st May 2018 on a full repairing and insuring basis at an initial rental of £21,600 per annum, the Lease being subject to 3 yearly upward only rent reviews, the next rent review on 1st May 2021. The Lease is outside the Landlord & Tenant Act. The use of the premises is for lorry park and storage yard.
Mains water and separate electric supplies to each of the bunded areas.
The property is to be sold freehold, subject to the benefit of the tenancies. Offers are sought in excess of £1,500,000 plus VAT for the freehold interest, subject to contract.
The premises occupied by Ringway have the benefit of a planning permission, reference COL/97/1159 for the use of the existing lorry park and include a maintenance depot for gritting purposes. There are no restrictions on hours of operation.
The yards let to Mason Trucking and Coast 2 Coast Logistics have been used for more than 10 years and are assumed to have the benefit of existing user rights.