FOR SALE UNITS 1-28 WHITESTONE BUSINESS PARK - MULTI-LET INDUSTRIAL ESTATE INVESTMENT - Connect Property North East
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MULTI-LET INDUSTRIAL ESTATE INVESTMENT FOR SALE UNITS 1-28 WHITESTONE BUSINESS PARK Saltwells Road, Middlesbrough TS4 2ED
INVESTMENT SUMMARY 28 units located on Whitestone Business Park in Middlesbrough. Multi-let to 24 individual tenants in 7 terraces totalling 8,084 m² (87,015 sq ft) GIA. 20,000 sq ft is brand new build completed August 2020. 87% let (with remaining units in legals / under offer). Combined passing rent of £213,697 per annum and average rent of approximately £2.37 psf. (net rent of £206,068 pax). Rent set to increase to aprox £272,000 pax after final lettings which are in legals / under offer. + Reversionary rents at forthcoming lease events. Freehold estate. Excellent road communications being situated immediately east of the A66, which links to the A19 (4 miles) and A1(M) (17 miles). We are instructed to seek offers in excess of £3,250,000 (Three Million Two Hundred & Fifty Thousand Pounds exclusive), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.89% (assumes standard purchaser’s costs of 6.18%) and an attractive Net Reversionary Yield of 8.37% on final lettings in legals/under negotiation within c3 months. Low Cap Value of £37.35 psf across the estate. The property has been elected for VAT and it is envisaged that the transaction will be treated as a TOGC. DRONE FOOTAGE (Please click on video icon to open link) VIDEO
A19
A69 Newcastle
Hexham upon Tyne
A68 A1
Sunderland
MIDDLESBROUGH
Consett
A19
North Durham
Pennines
A68 Hartlepool
A1(M)
A689
Middlesbrough
A66
Barnard Castle
A66
Darlington
A19
North York
A1(M) Moors
National Park
Northallerton
Yorkshire
A19
Dales
National Park Thirsk
Pickering
LOCATION
Whitestone Business Park is located on the edge of Middlesbrough Town Centre Ripon
in an established business location with excellent road connections to the A66(T)
trunk road linking to the wider road network the A1(M) to the West and the A19(T)
to the East. Middlesbrough is a large town in the North East of England with a A19
A64
population of c. 140,000 (2011 census). The port of Teesport is vital to the economy of
Middlesbrough and is located approximately 3 miles to the East of Middlesbrough
Harrogate
on the River Tees. Teesport is currently the third largest port in the United Kingdom A1(M)
and amongst the ten biggest in Western Europe handling over 56 million tonnes of Skipton York
domestic and international cargo every year. A65 Wetherby Pocklington
A61
A64
There are good road communications nearby, the A1(M) connects Middlesbrough
A19
to the North and South and is accessed via the A66 and A19 respectively.
Newcastle upon Tyne is located 40 miles to the North and Leeds is located approximately Leeds Selby
60 miles to the South. There are regular train services to Newcastle (1 hr 10 mins), Bradford
M621
Manchester Airport (2 hrs 40 mins), York (50 mins), Leeds (1 hr 20 mins) and London
(2 hrs 50 mins). Halifax
M62
A1(M)
M62 M1
Huddersfield
SITUATION The access road to the estate is known as Saltwells Road. To the East of the subject property the accommodation is mainly residential with some trade retail accommodation to the south. A new retail park is situated less than ¼ mile from the property adjacent to Middlesbrough Football Stadium and occupied by Argos, Warehouse (Iceland), B&M Bargains, KFC, Starbucks, Costa and Harvester Inn. DESCRIPTION The site comprises 27 industrial units and 1 office building with shared concrete hard-standing and circulation. The estate is secured by way of a perimeter palisade fence with secure gated access and CCTV. Each unit has pedestrian access door and roller shutter door(s). The original c1980s buildings have been re roofed except for one block. 12 new units totalling 20,000 sq ft were completed in August 2020 and comprise of new steel portal frame with cavity blockwork elevations and profiled steel cladding under insulated dual pitched roofs.
ACCOMMODATION
As scheduled, the estate totals 8,084 m2 (87,015 sq ft). The unit sizes are
ideally suited to meet the local and regional needs of the market. Demand has
outstripped the availability of units on the new build parades. The majority of
the units were pre let during the construction phases and the balance are under
offer as described in the tenancy schedule. The estate has the benefit of mains gas,
water, drainage and electricity. The demise is shown red lined on the plan below.
SITE
The properties occupy a rectangular shaped site.
TENANCIES
Further information is available upon request.
D
GH ROA
BOROUGH RO
AD BOROU
27 28 T
24 25 26 EE
23
S TR
ELY
22
19
14
15
18
SA
17
LTW
E
1B 16 9 8
LLS
10
RO
AD
11
7
12
6
21
5
1A
4
2g 3
2f
2d 2e
2b 2c
2a
1C
TENURE Freehold. COVENANT The income is diversified by virtue of the number of tenants. The tenant mix is a of national, regional and local covenants. INVESTMENT MARKET The multi-let industrial arena in the North East continues to see strong investor demand. This has been mainly driven and supported by a limited supply of stock. Well located and high occupancy estates have therefore continued to experience strong levels of demand and rental growth over the past couple of years. OCCUPATIONAL MARKET The North East occupational market is experiencing a severe shortage of industrial stock, prevalent across all size ranges, as more and more occupiers are relocating or expanding in the region and seeking inexpensive space with low labour costs and a large local employment pool. The regional industrial market remains buoyant with low levels of stock and high levels of occupier demand driving some rental growth and reducing incentives and void periods.
EPC VIEWING
See tenancy schedule. Further information and a copy of the EPCs are available Strictly through the agents Connect Property North East:
upon request. See individual ratings.
Andrew Wilkinson ddl: 01642 704 932
PROPOSAL Email: andrew@cpne.co.uk
We are instructed to seek offers in excess of £3,250,000 (Three Million Two
Hundred & Fifty Thousand Pounds exclusive), subject to contact and exclusive
of VAT. A purchase at this level reflects a Net Initial Yield of 6.89% (assumes Tim Carter ddl: 01642 704 930
standard purchaser’s costs of 6.18%) and attractive Net Reversionary Yield Email: tim@cpne.co.uk
of 8.37% on final lettings in legals/under negotiation within c3 months. The
purchase price reflects a capital value of £37.35 per sq ft. www.cpne.co.uk
VAT
The property has been elected for VAT and it is envisaged that the transaction
will be treated as a TOGC.
MONEY LAUNDERING
In accordance with the Anti-Money Laundering Regulations, two forms of
identification and confirmation of the source of funding will be required from
the successful purchaser.
IMPORTANT NOTICE: whilst every reasonable effort has been made by Connect Property North East to ensure accuracy, interested parties are strongly advised to take appropriate steps to verify by independent
inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given about the property or its value, whether written or verbal or whether or
not in these particulars (‘information’) may be relied upon as a statement of representation or fact. Connect Property North East nor its employees have any authority to make any representation and
accordingly any information given is entirely without responsibility on the part of Connect Property North East or the seller / lessor. (ii) Any photographs show only certain parts of the property at the time they
were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building
regulations or other consent has been obtained. These matters must be verified by any intending buyer / lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the correctness of
any information given. (v) VAT is applicable unless expressly stated otherwise.
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