About the Property
Multi Let Industrial Investment Opportunity
*For Sale by way of Informal Tender - bids deadline 12 noon, Friday 16th September 2022*
Stonebridge Court is located on the immediate North side of Nottingham City Centre. Accessed via the arterial route known as Carlton Road (B686), the industrial estate is conveniently positioned with connections to the A60, A612 and Nottingham's outer ring road.
The scheme comprises 14 small workshop/storage units arranged across two principal terraces fronting a central forecourt for loading with allocated parking. The estate entrance is gated with elements of the boundary fenced. The units are of a concrete frame construction, with brick and blockwork elevations. The roof is pitched to a central apex, covered with a composite cement sheeting, featuring some translucent panels.
Tenancy Schedule
The current passing rent on the estate is £101,000 per annum with the majority of tenants occupying by way of Periodic Tenancies. Leases and Periodic Tenancies are drafted on IRI terms
The current passing rent reflects a very low average rent of £5.25 per sq ft.
Just one of the 14 units is currently vacant (Unit M) totaling 1,558 sq ft
A Tenancy Schedule can be provided to interested parties
Terms
We are seeking offers in excess of £1,150,000 for the freehold interest in the premises, subject to the tenancies in place.
That figure reflects a NIY of 8.30% after purchaser's costs and a Reversionary Yield of circa 9.25% upon letting of the vacant unit at ERV. A purchase at this level represents a competitive capital value of £55.24 per sq.ft.
The opportunity has immediate asset management angles to create significant further reversionary value or enhance the premises further by way of refurbishment.
*For Sale by way of Informal Tender - bids deadline 12 noon, Friday 16th September 2022*
Stonebridge Court is located on the immediate North side of Nottingham City Centre. Accessed via the arterial route known as Carlton Road (B686), the industrial estate is conveniently positioned with connections to the A60, A612 and Nottingham's outer ring road.
The scheme comprises 14 small workshop/storage units arranged across two principal terraces fronting a central forecourt for loading with allocated parking. The estate entrance is gated with elements of the boundary fenced. The units are of a concrete frame construction, with brick and blockwork elevations. The roof is pitched to a central apex, covered with a composite cement sheeting, featuring some translucent panels.
Tenancy Schedule
The current passing rent on the estate is £101,000 per annum with the majority of tenants occupying by way of Periodic Tenancies. Leases and Periodic Tenancies are drafted on IRI terms
The current passing rent reflects a very low average rent of £5.25 per sq ft.
Just one of the 14 units is currently vacant (Unit M) totaling 1,558 sq ft
A Tenancy Schedule can be provided to interested parties
Terms
We are seeking offers in excess of £1,150,000 for the freehold interest in the premises, subject to the tenancies in place.
That figure reflects a NIY of 8.30% after purchaser's costs and a Reversionary Yield of circa 9.25% upon letting of the vacant unit at ERV. A purchase at this level represents a competitive capital value of £55.24 per sq.ft.
The opportunity has immediate asset management angles to create significant further reversionary value or enhance the premises further by way of refurbishment.