Longmead Industrial Estate, Longmead, Shaftesbury, SP7 8PJ
- SIZE AVAILABLE
275,299 sq ft
25,576 sq m
- SECTOR
Commercial property for sale
Key features
- Strategically located in Shaftesbury, providing strong road connectivity to nearby commercial centres via the A30 and A350
- Comprises 16 separate parcels of land, occupying substantial 6.32-acre (2.56 hectare) site
- Freehold
- Leased to 15 tenants with a WAULT of 93.5 years, with 13 of these leases having an attractive WAULT of 64.2 years, providing the opportunity to engage with tenants on lease restructuring and other
- Producing £97,630 per annum, equating to a low rent of £0.36 per sq ft and £15,453 per acre with immediate opportunity to trigger two outstanding rent reviews
- Potential to agree a surrender or restructuring lease on 5 parcels, all of which are currently unoccupied
- We are instructed to seek offers in excess of £1,840,000 (One Million Eight Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT (assuming purchasers’ costs of 7.23%)
- A purchase at this level reflects a Net Initial Yield of 5.00%, with significant reversionary potential and a low capital value of £291,140 per acre.
Description
Each plot accommodates individual industrial premises, which were constructed in the 1970s by the original tenants and have been developed incrementally over time by the separate long leaseholders. The units are of varying age and quality, generally of steel portal frame construction, with elevations of brickwork, profiled metal cladding, or a combination of both, arranged beneath pitched roofs. The majority of units incorporate office accommodation to the front elevation, with loading and parking provision located to the front and/or side of each building.
Occupiers within the estate comprise a mix of commercial, trade and service-based users, including a charity retail outlet, vehicle repair, tyre fitting and MOT centres, electrical and food wholesalers, a building services provider, roofing supplies businesses, and Royal Mail.
One of the main tenants, Poppy Property limited, occupying 5 separate plots, are not in occupation.
The property is located in Shaftesbury, a historic market town in north Dorset, strategically positioned close to the Wiltshire and Somerset borders and serving a wide catchment across the South West. The town lies approximately 20 miles west of Salisbury and 23 miles north-east of Dorchester, with good access to a broad regional labour pool and established commercial centres via the A30 and A350.
The A350 provides connectivity to Warminster, Melksham and Chippenham to the north, and Blandford Forum and Poole to the south. The A30 is located to the south of the town, offering east–west connections towards Salisbury and Yeovil, while the A303 provides onward access to the strategic road network, linking the South West with the M3 and London.
Longmead Industrial Estate is situated to the east of Shaftesbury town centre. Longmead, which forms the principal internal estate road represents the town’s principal industrial and employment location.
The estate is accessed via Ivy Cross Roundabout (A30) to the west and King Alfred’s Way to the east, providing convenient connectivity to the A350. The western end of the estate benefits from its proximity to Shaftesbury town centre and surrounding residential areas, while the eastern end is characterised predominantly by established commercial and employment uses.
The estate is home to a mix of trade, industrial and service occupiers. Nearby commercial locations include Wincombe Business Park, where occupiers include Travis Perkins, Johnsons and Virginia Hayward, reinforcing the area’s established industrial and trade counter strength.
The immediate area benefits from good local amenity provision, with Lidl situated nearby and Ivy Cross Stores, located to the west of the estate providing a mix of food and convenience operators.
The estate is let on 15 separate leases with a weighted average unexpired lease term (WAULT) of approximately 93 years and 6 months.
13 of the leases were granted between 1965 and 1972, with expiries between 2089 and 2090, providing a WAULT of approximately 64 years and 2 months. Plot 8a and Plots 8-9 were let in 2014, expiring in 2264.
In total, the estate produces a passing rent of £97,630 per annum, equating to a low rent of £0.36 per sq ft and £15,453 per acre.
The 1960’s and 1970’s leases are reviewed to the increase in the value of the land over the preceding 25-year period, based on the value of the land excluding buildings and are subject to 25-yearly rent reviews, with the exception of Plots 8 & 9 and Plot 8a, which are reviewed every 10 years. Both of these reviews have been outstanding since March 2023.
Brochures
Longmead Industrial Estate, Longmead, Shaftesbury, SP7 8PJ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Gillingham (Dorset) Station3.9 miles
Notes
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