19 Mercers Row, Cambridge.pub - Realla
INVESTMENT FOR SALE 01223 467155
www.b
19 Mercers Row, Cambridge, CB5 8HY Net initial yield: 6.24%
Price: offers over £1.5m •
Vehicle service centre
•
15 year lease to John Banks Ltd
•
Recently refurbished
•
£99,263 per annum net rent
•
Established business location
•
Long leasehold for sale
Voted by the Estates Gazette ‘Most Active Agent in the East of England 2014, 2015,2016’
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
next review date being 25th December 2020, calculated on the basis of 17% of the annual rack rented value of the property, including the buildings.
LOCATION The property is located on the established Mercers Row Industrial Estate, approximately two miles east of the city centre. Mercers Row is accessed off Newmarket Road, a main arterial route running east from the city. Road connections are excellent with easy access to the A14, M11 and A11.
TENANCY The property is to be sold subject to a new occupational lease to John Banks Limited. The lease will be on full repairing and insuring basis for a term of 15 years without breaks. The initial rent will be £120,000 per annum exclusive, subject to 5 yearly upwards only rent reviews.
Mercers Row comprises a mix of trade, light industrial, R&D and office occupiers, whilst Newmarket Road has a mix of retail, hotel, restaurant and residential uses. Occupiers in the immediate area include Euro Car Parts, Jewson, Magnet Trade and Enterprise Rent A Car.
TENANT COVENANT John Banks Limited is a family owned multi-franchise dealer group established in the 1970’s with nine showrooms located across Cambridgeshire and Suffolk.
DESCRIPTION A detached industrial unit on a broadly rectangular site which has been substantially refurbished as a vehicle service centre to provide workshop, office and ancillary accommodation. The two-bay building is effectively operated as two self-contained halves, with one half used as a Renault workshop and the other half a Honda workshop. Each half benefits from its own services. Externally there is a large area of hardstanding for parking, plus a vehicle valeting station.
2016 accounts show the following approx. figures: - Turnover £60m - PBIT £1.6m - Tangible Assets £9.7m - Net Worth £3.4m
VAT We understand that VAT will not be charged on the price.
FLOOR/SITE AREAS Ground floor: First floor: Total GIA:
PRICE
1,440.30 sq m (15,502 sq ft) 415.08 sq m (4,468 sq ft) 1,855.38 sq m (19,970 sq ft)
Offers in excess of £1,500,000 are sought for the long leasehold interest, subject to a lease to John Banks Limited, as per above.
All measurements above are approximate gross internal.
YIELD PROFILE
The property has an approximate site area of 0.365 hectares (0.901 acres).
Based on the current net income of £99,263.20 (deducting the ground rent) the net initial yield is 6.24%, assuming purchaser’s costs of 6.10%.
SERVICES
LEGAL COSTS
Mains drainage, gas, electricity and water are available to the premises. Interested parties are however advised to make their own enquiries of the relevant service providers. No warranty can be given in respect of the condition or working order of services, fixtures and fittings.
Each party to pay their own legal costs.
EPC To be provided.
VIEWING/FURTHER INFORMATION
TENURE The long leasehold interest is being offered, which is for a term expiring 24th December 2105 (88 years remaining). There is a ground rent payable under the lease to the freeholder Cambridge City Council, which is currently £20,736.80 per annum. The ground rent is subject to 5 yearly upwards only rent reviews with the
Barker Storey Matthews Ben Green [email protected] 01223 467155 07825 309599 Ref:6506
170912
Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No. 2566342. These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at: www.ipmsc.org/standards/office
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
Note The subject property is edged red. The area shaded pink refers to the City Council’s retained land. We understand that the Council has a right of free passage to services which pass through or under the subject property and connect with their retained land. In addi on, we understand that the Council also has a right of free passage to services over the area edged purple to the rear of the subject property. Interested par es are however advised to take their own legal advice on Title.
Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No. 2566342. These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at: www.ipmsc.org/standards/office
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
ORDNANCE SURVEY PLAN THIS PLAN IS REPRODUCED FROM THE ORDNANCE SURVEY MAP WITH THE PERMISSION OF THE CONTROLLER OF HER MAJESTY’S STATIONERY OFFICE, © CROWN COPYRIGHT RESERVED. THIS PLAN IS PUBLISHED FOR IDENTIFICATION PURPOSES ONLY AND ALTHOUGH BELIEVED TO BE CORRECT, ITS ACCURACY IS NOT GUARANTEED AND IT DOES NOT FORM PART OF ANY CONTRACT. LICENCE NO. 100003928
www.b
19 Mercers Row, Cambridge, CB5 8HY Net initial yield: 6.24%
Price: offers over £1.5m •
Vehicle service centre
•
15 year lease to John Banks Ltd
•
Recently refurbished
•
£99,263 per annum net rent
•
Established business location
•
Long leasehold for sale
Voted by the Estates Gazette ‘Most Active Agent in the East of England 2014, 2015,2016’
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
next review date being 25th December 2020, calculated on the basis of 17% of the annual rack rented value of the property, including the buildings.
LOCATION The property is located on the established Mercers Row Industrial Estate, approximately two miles east of the city centre. Mercers Row is accessed off Newmarket Road, a main arterial route running east from the city. Road connections are excellent with easy access to the A14, M11 and A11.
TENANCY The property is to be sold subject to a new occupational lease to John Banks Limited. The lease will be on full repairing and insuring basis for a term of 15 years without breaks. The initial rent will be £120,000 per annum exclusive, subject to 5 yearly upwards only rent reviews.
Mercers Row comprises a mix of trade, light industrial, R&D and office occupiers, whilst Newmarket Road has a mix of retail, hotel, restaurant and residential uses. Occupiers in the immediate area include Euro Car Parts, Jewson, Magnet Trade and Enterprise Rent A Car.
TENANT COVENANT John Banks Limited is a family owned multi-franchise dealer group established in the 1970’s with nine showrooms located across Cambridgeshire and Suffolk.
DESCRIPTION A detached industrial unit on a broadly rectangular site which has been substantially refurbished as a vehicle service centre to provide workshop, office and ancillary accommodation. The two-bay building is effectively operated as two self-contained halves, with one half used as a Renault workshop and the other half a Honda workshop. Each half benefits from its own services. Externally there is a large area of hardstanding for parking, plus a vehicle valeting station.
2016 accounts show the following approx. figures: - Turnover £60m - PBIT £1.6m - Tangible Assets £9.7m - Net Worth £3.4m
VAT We understand that VAT will not be charged on the price.
FLOOR/SITE AREAS Ground floor: First floor: Total GIA:
PRICE
1,440.30 sq m (15,502 sq ft) 415.08 sq m (4,468 sq ft) 1,855.38 sq m (19,970 sq ft)
Offers in excess of £1,500,000 are sought for the long leasehold interest, subject to a lease to John Banks Limited, as per above.
All measurements above are approximate gross internal.
YIELD PROFILE
The property has an approximate site area of 0.365 hectares (0.901 acres).
Based on the current net income of £99,263.20 (deducting the ground rent) the net initial yield is 6.24%, assuming purchaser’s costs of 6.10%.
SERVICES
LEGAL COSTS
Mains drainage, gas, electricity and water are available to the premises. Interested parties are however advised to make their own enquiries of the relevant service providers. No warranty can be given in respect of the condition or working order of services, fixtures and fittings.
Each party to pay their own legal costs.
EPC To be provided.
VIEWING/FURTHER INFORMATION
TENURE The long leasehold interest is being offered, which is for a term expiring 24th December 2105 (88 years remaining). There is a ground rent payable under the lease to the freeholder Cambridge City Council, which is currently £20,736.80 per annum. The ground rent is subject to 5 yearly upwards only rent reviews with the
Barker Storey Matthews Ben Green [email protected] 01223 467155 07825 309599 Ref:6506
170912
Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No. 2566342. These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at: www.ipmsc.org/standards/office
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
Note The subject property is edged red. The area shaded pink refers to the City Council’s retained land. We understand that the Council has a right of free passage to services which pass through or under the subject property and connect with their retained land. In addi on, we understand that the Council also has a right of free passage to services over the area edged purple to the rear of the subject property. Interested par es are however advised to take their own legal advice on Title.
Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No. 2566342. These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at: www.ipmsc.org/standards/office
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
ORDNANCE SURVEY PLAN THIS PLAN IS REPRODUCED FROM THE ORDNANCE SURVEY MAP WITH THE PERMISSION OF THE CONTROLLER OF HER MAJESTY’S STATIONERY OFFICE, © CROWN COPYRIGHT RESERVED. THIS PLAN IS PUBLISHED FOR IDENTIFICATION PURPOSES ONLY AND ALTHOUGH BELIEVED TO BE CORRECT, ITS ACCURACY IS NOT GUARANTEED AND IT DOES NOT FORM PART OF ANY CONTRACT. LICENCE NO. 100003928
