SOLD STC
Site 7, Mardale Road, Penrith, Cumbria, CA11 9EH
£575,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Modern warehouse buildings totalling 692.53m² (7,454 sq ft) with secure yard.
- Situated on one of Penrith's Main Commercial/Trading Estate with excellent proximity to Junction 40 of the M6 motorway and A66 Road Networks.
- Neighbouring occupiers include Premier Traffic Management, Metcalfe Plant Hire, AW Jenkinson Forest Products, Jeld Wen, Thompsons of Penrith and City Electrical Factors.
- The Penrith warehouse market is characterised by a very low supply of stock and limited development opportunities providing consistent market rental and capital value figures.
- The site benefits from two detached warehouse units known as Unit 7 and Unit 7A, a large storage/haulage yard and separate secure yards associated with the warehouse units.
- There are currently 4 tenants occupying the site providing a current rental income of £40,000 per annum reflecting a very low average rent of £3.40 psf across the buildings with opportunity for rental growth.
- Part of the site may be suitable for developing more warehouse units with high demand in the Penrith warehouse market.
- Offers invited at a Guide Price of £575,000 exclusive, showing a net initial yield of 6.63%, a low capital value rate of £77.11 per sq ft and potential gross reversionary yield of approximately 9.11%.
- No VAT payable.
Description
INTRODUCTION
A modern warehouse and haulage yard investment let to longstanding tenants at a current passing rental of £40,000 per annum with opportunity for rental growth. The premises are situated on the established Penrith Industrial Estate in one of Penrith's main commercial districts with good access to the Junction 40 of the M6 motorway network and the A66 trunk road.
LOCATION
The subject unit and site is located immediately off Mardale Road at the eastern side of Penrith Industrial Estate and on the south western outskirts of Penrith, Cumbria in the North West of England.
The estate is one of Penrith's prime commercial location and houses a variety of uses that include car showrooms, transport and storage companies and owner occupiers such as Metcalfe Plant Hire, AW Jenkinson Forest Products, City Electrical Factor, Jeld-Wen, Northgate Vehicle Hire, Toolstation, Carrs Billington and For Farmers.
Penrith is an attractive and affluent market town situated on the north east fringe of the Lake District. It is well located being on Junction 40 of the M6 providing direct access north and south and to the A66 which leads west to the Lake District National Park and east to Scotch Corner and the A1(M).
Penrith has a resident population of approximately 16,701 (2021 Census) and is located within Eden District with a District population of over 54,000. Carlisle is approximately 20 miles to the north, Kendal 32 miles to the south and Keswick 18 miles to the west. Penrith has a train station on the West Coast Line with direct services north to Carlisle and Glasgow and south to London Euston with a train journey time of around 3 hours.
Penrith Industrial Estate is accessed via the B5288 Newton Road to the north which in turn leads to Haweswater Road connecting directly to the A592 and the M6 Junction 40/A66 interchange a short distance to the south. The site is adjacent to Mardale Road the central route through Penrith Industrial Estate.
DESCRIPTION
The land and property occupies a 1.03 acre site and comprises two single storey modern warehouses, private access, secure yard and additional secure storage.
Unit 7
The building provides a modern single storey, detached warehouse premises of steel portal frame construction with profile clad elevations underneath a profile clad roof incorporating translucent roof-lights.
Internally, the main warehouse features:
* A solid concrete floor
* Part block/profile clad walls
* Sodium down-lighting
* General minimum eaves height is around 5.18 metres rising to 7.03 metres at the top of the steel frame
* Three No. electric roller shutter doors (height 4.93m x width 3.99m)
* An internal storage room as well as WCs
Externally, there are two secure yards on the side of the warehouse, enclosed by steel palisade fencing with front car parking and loading areas.
Unit 7A
The property comprises a modern single-storey, detached warehouse building that is of steel portal frame construction with part brick/inner-block and profile clad elevations underneath a pitched profile clad roof. The premises incorporate five manual roller shutter doors (3.65m high x 3.49m wide) and four personnel doors.
Internally, it is understood that the accommodation provides open plan warehouse space with solid concrete floors and WC facilities.
External - Site 7C and Site 7D
Externally, there is a secure yard, formed in concrete, tarmacadam and hardcore hardstanding and secured by steel palisade fencing with double steel vehicle gates.
ACCOMMODATION
The property has been measured on a gross internal area basis as follows:
Unit 7
Ground Floor 243.00m² (2,619 sq ft)
Total Approximate Gross Internal Area 243.00m² (2,619 sq ft)
Unit 7A
Ground Floor 449.53m² (4,839 sq ft)
Total Approximate Gross Internal Area 449.53m² (4,839 sq ft)
Total Overall Approximate GIA 692.53m² (7,454 sq ft)
Site Area 0.416 hectares (1.03 acres)
SERVICES
It is understood that the land and property has mains supplies of electricity (three phase), water and is connected to the mains drainage and sewage systems.
The services have not been tested and therefore should not relied upon.
ENERGY PERFORMANCE CERTIFICATE
Energy Performance Certificates have been instructed and copies of the certificates will be available to download from the Edwin Thompson website or upon request.
RATEABLE VALUE
According to the Valuation Office Agency Website, it is understood that the properties are assessed at a Rateable Value as follows:
Unit 7 - £12,000 and is described as a store and premises.
Unit 7A - £23,000 and is described as a warehouse and premises.
Site 7C - £5,500 and is described as a lorry park
Site 7D - £4,950 and is described as a land used for storage.
Prospective tenants should check the exact rates payable with Westmorland & Furness Council.
TENANCY
Unit 7
Unit 7 is let to a private individual on a five year lease from 22 December 2022, providing approximately 3 year and 3 months years term certainty, at a rental of £7,000 per annum, on full repairing and insuring terms and excluded from Sections 24-28 and the Landlord & Tenant Act 1954.
Unit 7A
Unit 7A is let to Andrew Sykes Hire Limited on a ten year lease from 22 January 2017, providing approximately 2 years and 4 months term certainty, at a rental of £20,000 per annum on full repairing and insuring terms and excluded from Sections 24-28 and the Landlord & Tenant Act 1954.
Site 7C and Site 7D
Site 7C and Site 7D form part of the overall external yard area of the site and are let to Wighams Haulage and a private individual at rentals of £7,800 per annum and £5,200 per annum each.
Copies of lease agreements are available upon request.
ASSET MANAGEMENT OPPORTUNITIES
There are a number of short and medium term asset management opportunities to increase the income and return on the investment.
There is the potential to investigate developing further units on the site that could support a terrace of small/medium modern warehouse units that will be attractive in the current Penrith warehouse market.
There is potential rental growth at passed/forthcoming lease events as well as regearing opportunities.
TENURE
The land and property are held freehold title of the whole under Title Number: CU95108.
PROPOSAL
Offers invited at a guide price of £575,000 exclusive for the freehold interest, subject to the above tenancy agreements and representing a net yield of 6.63% across the remaining term and a potential reversionary yield of 9.11% as well as a low capital value rate of circa £77.00 per sq ft assuming.
Please note that the sellers are not obligated to accept the highest or any offer and are free to amend the details as they require without prior notice.
VAT
It is advised that the land and property is not elected for VAT and therefore it is assumed that the sale will not attract VAT.
LEGAL COSTS
Each party to bear their own legal costs in the preparation and settlement of the sale documentation together with any VAT thereon.
MONEY LAUNDERING REGULATIONS
The successful purchaser(s) should be aware that they will be required to provide the vendors agent with documents in relation to Money Laundering Regulations. Further details are available upon request.
VIEWING
The property is available to view strictly by appointment with Edwin Thompson, contact:
Joe Ellis - at our Windermere office.
Amelia Todd - at our Windermere office.
IMPORTANT NOTICE
Edwin Thompson for themselves and for the Vendor of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in October 2024.
A modern warehouse and haulage yard investment let to longstanding tenants at a current passing rental of £40,000 per annum with opportunity for rental growth. The premises are situated on the established Penrith Industrial Estate in one of Penrith's main commercial districts with good access to the Junction 40 of the M6 motorway network and the A66 trunk road.
LOCATION
The subject unit and site is located immediately off Mardale Road at the eastern side of Penrith Industrial Estate and on the south western outskirts of Penrith, Cumbria in the North West of England.
The estate is one of Penrith's prime commercial location and houses a variety of uses that include car showrooms, transport and storage companies and owner occupiers such as Metcalfe Plant Hire, AW Jenkinson Forest Products, City Electrical Factor, Jeld-Wen, Northgate Vehicle Hire, Toolstation, Carrs Billington and For Farmers.
Penrith is an attractive and affluent market town situated on the north east fringe of the Lake District. It is well located being on Junction 40 of the M6 providing direct access north and south and to the A66 which leads west to the Lake District National Park and east to Scotch Corner and the A1(M).
Penrith has a resident population of approximately 16,701 (2021 Census) and is located within Eden District with a District population of over 54,000. Carlisle is approximately 20 miles to the north, Kendal 32 miles to the south and Keswick 18 miles to the west. Penrith has a train station on the West Coast Line with direct services north to Carlisle and Glasgow and south to London Euston with a train journey time of around 3 hours.
Penrith Industrial Estate is accessed via the B5288 Newton Road to the north which in turn leads to Haweswater Road connecting directly to the A592 and the M6 Junction 40/A66 interchange a short distance to the south. The site is adjacent to Mardale Road the central route through Penrith Industrial Estate.
DESCRIPTION
The land and property occupies a 1.03 acre site and comprises two single storey modern warehouses, private access, secure yard and additional secure storage.
Unit 7
The building provides a modern single storey, detached warehouse premises of steel portal frame construction with profile clad elevations underneath a profile clad roof incorporating translucent roof-lights.
Internally, the main warehouse features:
* A solid concrete floor
* Part block/profile clad walls
* Sodium down-lighting
* General minimum eaves height is around 5.18 metres rising to 7.03 metres at the top of the steel frame
* Three No. electric roller shutter doors (height 4.93m x width 3.99m)
* An internal storage room as well as WCs
Externally, there are two secure yards on the side of the warehouse, enclosed by steel palisade fencing with front car parking and loading areas.
Unit 7A
The property comprises a modern single-storey, detached warehouse building that is of steel portal frame construction with part brick/inner-block and profile clad elevations underneath a pitched profile clad roof. The premises incorporate five manual roller shutter doors (3.65m high x 3.49m wide) and four personnel doors.
Internally, it is understood that the accommodation provides open plan warehouse space with solid concrete floors and WC facilities.
External - Site 7C and Site 7D
Externally, there is a secure yard, formed in concrete, tarmacadam and hardcore hardstanding and secured by steel palisade fencing with double steel vehicle gates.
ACCOMMODATION
The property has been measured on a gross internal area basis as follows:
Unit 7
Ground Floor 243.00m² (2,619 sq ft)
Total Approximate Gross Internal Area 243.00m² (2,619 sq ft)
Unit 7A
Ground Floor 449.53m² (4,839 sq ft)
Total Approximate Gross Internal Area 449.53m² (4,839 sq ft)
Total Overall Approximate GIA 692.53m² (7,454 sq ft)
Site Area 0.416 hectares (1.03 acres)
SERVICES
It is understood that the land and property has mains supplies of electricity (three phase), water and is connected to the mains drainage and sewage systems.
The services have not been tested and therefore should not relied upon.
ENERGY PERFORMANCE CERTIFICATE
Energy Performance Certificates have been instructed and copies of the certificates will be available to download from the Edwin Thompson website or upon request.
RATEABLE VALUE
According to the Valuation Office Agency Website, it is understood that the properties are assessed at a Rateable Value as follows:
Unit 7 - £12,000 and is described as a store and premises.
Unit 7A - £23,000 and is described as a warehouse and premises.
Site 7C - £5,500 and is described as a lorry park
Site 7D - £4,950 and is described as a land used for storage.
Prospective tenants should check the exact rates payable with Westmorland & Furness Council.
TENANCY
Unit 7
Unit 7 is let to a private individual on a five year lease from 22 December 2022, providing approximately 3 year and 3 months years term certainty, at a rental of £7,000 per annum, on full repairing and insuring terms and excluded from Sections 24-28 and the Landlord & Tenant Act 1954.
Unit 7A
Unit 7A is let to Andrew Sykes Hire Limited on a ten year lease from 22 January 2017, providing approximately 2 years and 4 months term certainty, at a rental of £20,000 per annum on full repairing and insuring terms and excluded from Sections 24-28 and the Landlord & Tenant Act 1954.
Site 7C and Site 7D
Site 7C and Site 7D form part of the overall external yard area of the site and are let to Wighams Haulage and a private individual at rentals of £7,800 per annum and £5,200 per annum each.
Copies of lease agreements are available upon request.
ASSET MANAGEMENT OPPORTUNITIES
There are a number of short and medium term asset management opportunities to increase the income and return on the investment.
There is the potential to investigate developing further units on the site that could support a terrace of small/medium modern warehouse units that will be attractive in the current Penrith warehouse market.
There is potential rental growth at passed/forthcoming lease events as well as regearing opportunities.
TENURE
The land and property are held freehold title of the whole under Title Number: CU95108.
PROPOSAL
Offers invited at a guide price of £575,000 exclusive for the freehold interest, subject to the above tenancy agreements and representing a net yield of 6.63% across the remaining term and a potential reversionary yield of 9.11% as well as a low capital value rate of circa £77.00 per sq ft assuming.
Please note that the sellers are not obligated to accept the highest or any offer and are free to amend the details as they require without prior notice.
VAT
It is advised that the land and property is not elected for VAT and therefore it is assumed that the sale will not attract VAT.
LEGAL COSTS
Each party to bear their own legal costs in the preparation and settlement of the sale documentation together with any VAT thereon.
MONEY LAUNDERING REGULATIONS
The successful purchaser(s) should be aware that they will be required to provide the vendors agent with documents in relation to Money Laundering Regulations. Further details are available upon request.
VIEWING
The property is available to view strictly by appointment with Edwin Thompson, contact:
Joe Ellis - at our Windermere office.
Amelia Todd - at our Windermere office.
IMPORTANT NOTICE
Edwin Thompson for themselves and for the Vendor of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in October 2024.
Brochures
Site 7, Mardale Road, Penrith, Cumbria, CA11 9EH
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Penrith Station0.2 miles
- Langwathby Station4.6 miles
Notes
These notes are private, only you can see them.
Disclaimer - Property reference F1123. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by EDWIN THOMPSON, Windermere Office. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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