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Unit 4, Gallowfields Trading Estate, Richmond DL10 4TB

£700,000

£32.95 per sq ft

Business rates & charges may apply

Connect Property North East Ltd, Stockton-On-Tees
SIZE AVAILABLE

21,245 sq ft

1,974 sq m

SECTOR

Light industrial facility for sale

Key features

  • Industrial Investment For Sale
  • Owner Occupier Potential
  • Let to 3 established tenants
  • Total net income £67,404 pax
  • Considered reversionary
  • Net Initial Yield of 9.63%

Description

The property is located in the south eastern corner of the Gallowfields trading estate, fronting racecourse Road on an island site. Gallowfields Trading Estate is an established and popular industrial location situated on the northern edge of Richmond. It is approximately 1 mile north west of Richmond, 12 miles south west of Darlington and 50 miles south of Newcastle upon Tyne. It is situated in close proximity to the A1(M) north and south and A66 west.

The subject property was constructed in the late 1960’s and then extensively refurbished in the 1990’s by the owner when they owned Easby. The site slopes downward from north to south so the main warehouse over-sales smaller lower ground floor units. The property comprises of steel portal frame with brick and metal cladding elevations, insulated profile metal sheet roof with roof lights. To the immediate front is a tarmacked surface car park. The adjacent veterinary practice owns the lower section of the car park. The parties have shared the car park and access in common to date.

ASSET MANAGEMENT
Easby Electronics are interested in taking a new lease.
The mutual breaks in lease provide an opportunity for an owner occupier reflected in VP value.*
Agree new higher market rents on renewals.

LEGAL FEES
Each party is to be responsible for their own legal fees incurred with any transaction.

VAT
The property is not elected for VAT so there is no VAT to pay on top of the purchase price.

ENERGY PERFORMANCE CERTIFICATES
See Schedule.

TENURE
Freehold

PRICE
We are instructed to seek offers of £700,000 exclusive (Seven Hundred Thousand Pounds exclusive), subject to contract and exclusive of VAT.

A purchase at this level reflects a Net Initial Yield of 9.63% (allowing for purchaser’s costs at 5.3%) and a reversionary predicted yield of 13+% based on modest market rents as scheduled. A low Capital Value of £32.95 psf based on total floor area.

It is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).

Brochures

Unit 4, Gallowfields Trading Estate, Richmond DL10 4TB

Approximate location
Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Leyburn Station7.7 miles

About Connect Property North East Ltd, Stockton-On-Tees

4 Halegrove Court Cygnet Drive Preston Farm Business Park TS18 3DB

Connect Property North East is a niche practice of Chartered Surveyors. We provide agency and property advice throughout the North East & Yorkshire.

We are passionate about property and getting the best results for our clients, both new and existing. We are experts in the Retail, Office, Industrial, Investment and Development sectors. Our direct and personal approach to all the work we undertake has built trust and long term relationships with our clients.

Thanks to our industry connections and broad sector experience, we are able to make recommendations on key referrals for wider property matters such as Rating, Planning, Landlord & Tenant, Architecture, Building Surveying, Plant & Machinery and Valuation. Our clients appreciate this objective approach to recommending complementary services.

Notes

These notes are private, only you can see them.

Disclaimer - Property reference G77751. 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 Connect Property North East Ltd, Stockton-On-Tees. 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.

Map data ©OpenStreetMap contributors.

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