Single let, highly reversionary industrial investment.
• Let to the UK's largest retailer of cake decorating supplies, Create Better Group, a subsidiary of Dr Oetker until 2025 without break
• Self-contained warehouse 2,813 sq m (30,279 sq ft) which includes 4,357 sq ft of offices & staff amenity areas
• DATAROOM - Further information is available on request
Nottingham is the largest city in the East Midlands region, located approximately 130 miles north of London, 45 miles south of Sheffield and 50 miles east of Birmingham.
The property is located circa four miles to the east of Nottingham city centre within the established Colwick Industrial Estate.
More specifically the property is located on the north side of Private Road No.8 which lies off Private Road No.1, which in turn connects with the Colwick Loop Road (A612), a main arterial route into Nottingham.
The Cowlick Industrial Estate is home to a range of established commercial occupiers with nearby occupiers including Hillarys, Jewson, CEF, Sainsbury's, Xylem & The Wilkins Group. The property is also a short drive from Victoria retail Park.
The premises comprise a detached single storey industrial / warehouse unit with integral offices at the front.
The property is of steel portal frame construction with modern metal profile sheet cladding to the elevations and a pitched roof.
The minimum eaves height is approximately 4.0 metres with a maximum eaves height of approximately 6.44 metres.
The total site area is approximately 1.56 Acres (0.63 Hectares).
Main Warehouse 2,813 sq m (30,279 sq ft).
This includes 404.8 sq m (4,357 sq ft) of offices and staff amenity areas.
The subject property is let on a single lease to Create Better Distribution Limited (Part of the Create Better Group who are a subsidiary of the German company, Dr.Oetker) on the following terms:-
Tenant - Create Better Distribution Limited
Lease Start - 04/12/2015
Lease Expiry - 04/12/2025
Break Option - N/A
Rent Per Annum - £100,000
Rent Per Sq Ft - £3.30
Unexpired Lease Term - 3.5 years
Comments - Full repairing and insuring lease terms subject to a Photographic Schedule of Condition. The repairing obligation excludes firefighting equipment and sprinklers.
The property is let to Create Better Distribution Limited (Company Number 07509185 & an Experian Credit Rating of 66 - Below Average Risk) who are part of the Create Better Group who are a subsidiary of the German company, Dr.Oetker (Turnover Euro 3.71 Billion in 2020).
The Create Better Group is the UK's largest online retailer of cake decorating supplies, stocking the basics from sugar paste, cupcake boxes, cake tins, cake stands and boards to the latest in innovative products.
The Create Better Group is multifaceted as in addition to their online retailing presence, they are also have their own market leading brands and offer wholesale and trade fulfilment of Cake Decorating Supplies. Other notable retailers who are part of the Group include, The Cake Decorating Company, Cake Stuff, Cake Craft Europe and Cake Craft World.
Offers are sought in excess of:- £1,700,000 subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 5.54% assuming purchasers' costs of 6.18% and a low capital value of £56.14 per sq ft.
The asset is owned in a SPV & our client is able to sell the Company.
On this basis, the net initial yield would be increased to 5.72%
The property is elected for VAT and it is therefore anticipated that the transaction will be treated as a Transfer of Going Concern.
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Further information is available on request.
ANTI MONEY LAUNDERING
In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser prior to the offer being accepted.