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Agent's details

1-3, Abbey Trade Park, Hermitage Lane, Mansfield, Nottinghamshire, NG18

For sale: £2,350,000.00|28,844 Sq Ft|General Industrial, Industrial

Property details

FOR SALE£2,350,000.00
SIZE28,844 Sq Ft
ADDRESS1-3, Abbey Trade Park, Hermitage Lane, Mansfield, Nottinghamshire, NG18
TYPEGeneral Industrial, Industrial
TENUREUnder Offer, For Sale Freehold
POSTED ON5th December 2022

Description

Location
The property is located on the established Abbey Trade Park on the Oakham Business Park to the south-west of Mansfield, approximately 5 miles to the east of Junction 28 of the M1 motorway and within easy access of the A38 and the wider road network.
The location is a well established industrial and trade location and the property sits among established trade occupiers such as Yess Electrical, Eurocell, Toolstation, Screwfix, Travis Perkins, Howdens, Booker, among others.
Oakham Business Park is a long standing industrial and business park with continued strong performance and low vacancy, given its easy access to the major road networks and its accessibility to the substantial employment pool provided by this location.

The Property
The property comprises a detached steel portal frame profile clad warehouse/factory premises on a secure plot of 1.64 acres which is fenced and gated.
The property offers well proportioned warehouse spaces benefitting from cranage and a high power supply. There was a new extension to the property constructed [X date].
The property is well presented throughout.
Externally there is a parking area with 23 parking spaces plus good sized yards and loading areas given the low site coverage of 38%.

Accommodation
We understand the property has the following net internal areas:
Ground floor warehouse and production: 23,806 sqf (2,212 sqm)
Ground floor office/ancillary: 3,377 sqf (314 sqm)
First floor offices: 1,661 sqf (154 sqm)
Total: 28,844 sqf (2,680 sqm)
(This information is given for guidance purposes only)

Occupational Lease
The property is currently let to T4 Design Limited on the following terms:
Rent - £124,750 per annum exclusive
Lease expiry - 31/07/2028
Rent review - upwards only market review on 24/07/2023
Repairs - full repairing terms
A copy of the lease is available upon request.

Market Commentary
The warehouse and industrial sector in north Nottinghamshire continues to show strong levels of occupier demand coupled with low supply of existing built stock which continues to cause upwards pressure on rents, as is evidence by 15% growth in rental values in the East Midlands over the past 12 months. Vacancy rates within the East Midlands industrial sector now sit at an estimated 3%.
Prime rents on new build schemes within Nottinghamshire are now achieving in excess of £8.50 per sq ft for units between 10,000 sq ft and 30,000 sq ft, as is evidenced by Chancerygate's Trent Gateway scheme in Beeston and Northwood's Teal Park scheme in Netherfield.
The current passing rent reflects a low £4.33 per sq ft which we believe is under rented against recent transactional evidence within the marketplace.
We would anticipate that the quoting price at £81.50 per sq ft is suitably underpinned by the vacant possession value of the property.

Tenant Covenant
T4 Design Limited scores 100/100 'very low risk' on Experian with a total net worth year ending 30/06/2021 of £909,930.

Data Room
A link to the data room holding title information, lease information, EPCs and searches is available upon request.

Price and VAT
We are seeking offers over: £2,350,000 (Two Million, Three Hundred and Fifty Thousand Pounds) which reflects a net initial yield of 5% and a potential reversionary yield to ERV's of 7.2%.

Overall, this reflects a low capital value of £81.50 per sq ft.

The premises are registered for VAT. It is anticipated that the sale will be treated by way of a TOGC. ( Agency Pilot Software ref: 366 )

Location

marker
Location: 1-3, Abbey Trade Park, Hermitage Lane, Mansfield, Nottinghamshire, NG18

Mansfield (1.0 miles)

Sutton Parkway (1.8 miles)

Mansfield Woodhouse (2.0 miles)

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