The property comprises a self-contained multi-let estate providing 13 individual units arranged across two principal sections. The front section, comprising Units 1-4, 4A, 11 and 12, provides a mix of smaller office and workshop accommodation with a more prominent frontage, whilst the rear terrace, comprising Units 5-10, offers traditional industrial and storage units arranged in a single terrace.
The layout of the estate provides flexibility in terms of use and tenant mix, with accommodation suitable for a variety of occupiers. Externally, the site benefits from a shared yard and circulation space, together with on-site parking provided on a first-come, first-served basis. Designated disabled parking spaces are located adjacent to Unit 1 and 4.
The estate presents a number of asset management opportunities. Unit 4 is currently under offer, providing an opportunity to further enhance income upon completion. In addition, a number of existing tenancies are considered reversionary when compared with current market levels, offering scope for rental growth through lease renewals, regearing or re-letting.
Further opportunities exist to improve the overall income profile of the estate, including the potential to standardise lease terms and introduce a formal service charge regime to recover landlord costs, thereby improving net returns.
The property is served by mains electricity and water, with no gas supply. Electricity is provided via a combination of direct supplies and landlord sub-metering arrangements, with the rear terrace units benefiting from individual supplies and the front section served via sub-meters. Water is supplied via a single incoming main, currently paid for by the landlord, although sub-metering is going to apply to Unit 3 (Gym).
The current building insurance premium is approximately £1,599 per annum and is paid by the landlord, with no recovery currently in place, presenting an opportunity for a purchaser to introduce recovery via a service charge mechanism.
Overall, the property represents a well-configured and flexible multi-let industrial estate, capable of accommodating a wide range of occupiers and offering clear potential to enhance income through active management.
