For SaleExcellent Freehold Investment Opportunity

Riverside Enterprise Park, Saxilby, Lincoln, Lincolnshire, LN1 2LR

Description

The property comprises a modern hybrid unit of steel portal framed construction with brick/block walls surmounted by lined cladding.  The unit comprises open plan warehouse area with solid concrete floor and modern office accommodation on both ground and first floor, providing suspended ceilings, carpeted floors, air conditioning and perimeter trunking.

It benefits from separate pedestrian and vehicular up and over door access.

The property will also benefit from a large yard and ample staff parking provision. 

A full developer’s spec can be provided on request.

LOCATION

The property is located on the popular Riverside Enterprise Park just off the A57 close to Saxilby and approximately 3 miles west of the A46 Lincoln bypass and 5 miles from Lincoln city centre.    Saxilby is only 12 miles from the A1.

The site is prominently located and visible from the A57 trunk road which is used by in excess of 12,000 vehicles per day.

TENANCY

The entire property will be let to Maindrain Lincs Limited (Company No. 05876410) trading as MetroRod, for a term of 20 years at a current rent of £45,000 per annum exclusive.

The lease provides for rent reviews every 5th year of the term, calculated at the greater of OMV or 2% compounded.

COVENANTS

Tenant – Maindrain Lincs Limited (Company No. 05876410) were incorporated in July 2006 and are showing a very low risk 71 on their Credit Report, which can be provided on request.

Directors Guarantees will be provided. Further information available on request.

DEPOSIT

A rental deposit of £22,500 plus VAT will be provided for the first 5 years of the term and released on the tenant producing 3 consecutive years audited accounts showing a pre-tax profit in excess of 3x the rent.

PRICE

Offers in the region of £700,000 reflecting a Net Initial Yield of 6.1% after normal costs.

SERVICE CHARGE

A service charge may be levied to cover the upkeep, maintenance and repair of all common parts of the development.

VAT

VAT will be charged in addition to the purchase price at the prevailing rate.

LEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting this transaction.