Plot G, Hume Avenue, Tilbury, Essex, RM18

The property comprises a commercial investment opportunity extending to approximately 0.60 acres (26,391 sq ft GIA), benefitting from B8 use and let to AAT Quality Cars on a new 15-year lease contracted outside the Landlord & Tenant Act 1954. The lease is due to commence following discharge of planning conditions and completion of utility connections, anticipated within approximately 6-8 weeks. The passing rent is £79,175 per annum (£3.00 psf), with upwards only rent reviews on the 5th and 10th anniversaries and a tenant break option at the 5th anniversary. Landlord works include new fencing and gates, a new Type 1 surfaced yard and new utility connections. The investment reflects a net initial yield of 8.34% and a reversionary yield of approximately 8.9%.

Location

Tilbury is the main freight terminal for London on the River Thames, serving as a major freight hub for the southeast of England. Additionally, Tilbury is also home to the London International Cruise Terminal and the only cruise terminal directly accessing London via the Thames. The area has excellent access to the national road network via a dual carriageway link to the A13 and on to Junction 30/31 of the M25 London Orbital Motorway approximately five miles to the west. This will be further enhanced by the construction of the Lower Thames Crossing tunnel which is due to start construction in 2026.

VAT

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

Rating

Interested parties are advised to make their own enquiries.

Legal Costs

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

EPC

An EPC is not required.

Tenure Comments

This property is available on a freehold basis.