Unit 10a & 10b, The Wheelwrights, Temple Farm Industrial Estate, Southend On Sea, Essex, SS2

Detached double pitched industrial/warehouse unit arranged as factory and stores at ground floor with ancillary offices, separate male and female WCs, kitchenette, locker room with further offices, predominantly open plan arrangement at first floor and mezzanine storage. The property benefits from two electric roller shutter doors to the front with space for loading and unloading on the front forecourt.

INVESTMENT SUMMARY
Assuming an ERV at review of £177,500 pax (£10.00 per sq. ft) and a purchase price of £1,800,000 exclusive, this equates to a Net Initial Yield of 6.72% and a Reversionary Yield of 9.32% (allowing for purchaser's costs of 5.75%).

FMS Foils Limited are a successful business with a stable of blue chip clients. They are owned by WZ Packaging Limited, who have an Experian Credit Rating of 73/100 (Below Average Risk).

Location

Temple Farm Industrial Estate in Southend-on-Sea is a well-established commercial hub offering versatile industrial units with excellent transport links and modern amenities. Located approximately two miles north of Southend town centre, Temple Farm Industrial Estate is strategically positioned near the A127, Southend's main arterial road, providing convenient access for logistics and distribution. The estate comprises a mix of light industrial and warehouse units.

VAT

All rents, prices and premiums are exclusive of VAT under the Finance Act 1989.

Rating

From enquiries made of the VOA, we are advised that the property has a current Rateable Value of £110,000. Interested parties are advised to make their own enquiries of the relevant local authority.

Legal Costs

Each party to bear their own legal costs incurred in this transaction.

EPC

The property has an EPC rating of C.

Tenure Comments

The property is held on a 999 Year Long Leasehold (virtual Freehold) from 1977 with a peppercorn Ground Rent. The unit is currently sub-let to FMS Foils Group Limited on a ten year lease from 9 May 2023 with an upwards only rent review in the fifth year and a Tenant's option to in break in 2028, subject to six months prior written notice at a passing rental of £128,000 per annum.