Bankfield Business Park comprises a large multi-occupied mainly single storey industrial/warehouse complex, which has been strategically refurbished and split into a series of workshop, warehouse and factory units along with various compounds with occupiers including Furniture Choice, Parker & Howley, Cresta Manufacturing and Kenmore Caravans, to name a few.
The 159 Centre is positioned to the front of Bankfield Business Park and is a series of 7 principally single storey (part two storey) commercial/quasi-retail/restaurant occupiers including Calder Vets, Visual Conservatories and Velvet Lounge Indian restaurant.
Location
Mirfield continues to be a thriving town in the North Kirklees district being only 5 miles from Huddersfield Town Centre (the principal town of Kirklees).
The A644 Huddersfield Road runs through the centre of Mirfield and provides excellent links across the whole of the North Kirklees area and to Junction 25 of the M62 (Brighouse) which is less than 2 miles from Mirfield.
Mirfield town centre includes a large Lidl store, large Co-op supermarket and a Tesco Express along with significant local occupiers.
Only circa 100 yards from Bankfield Business Park/159 Centre a new Aldi store is being constructed and anticipated to open in late 2024.
The immediate area is a mix of industrial – with Junction 25 Business Park being immediately adjacent – commercial/retail uses along with significant residential (particularly on the opposite side of the A644).
Within Mirfield town centre there is Mirfield train station which has a direct connection to London King’s Cross (2h 45m).
Accommodation
Bankfield Business Park, including The 159 Centre, extends to 10,614 sq.m (114,247 sq ft).
The 159 Centre extends to 1,316.43 sq.m (14,170 sq.ft).
Gross Internal Floor Area of the whole is 10,614 sq.m (114,247 sq.ft) or thereabouts.
The site area is 3.29 hectares (8.13 acres) or thereabouts.
Terms
EPC - All Energy Performance Certificates for Bankfield Business Park and The 159 Centre to be available in the data room.
OUR PROPOSAL - We are instructed to seek offers in excess of £5.15m (five million one hundred and fifty thousand pounds) subject to contract and exclusive of VAT which shows an initial yield of 8% (assuming purchaser’s costs) and a reversionary yield in 2027 of 8.55%.
This is a low capital value across the whole site of only £45 per sq ft.
ANTI MONEY LAUNDERING - In accordance with the Anti-Money Laundering Regulations evidence of identity and a source of funding will be required from the successful offeree prior to instructing solicitors.
VAT - The properties are elected for VAT although it is envisaged the disposal will be treated as a transfer of a going concern (TOGC).
Specification
- Strategically located only a short distance from Junction 25 (Brighouse) M62.
- Low average rent on Bankfield Business Park equivalent to only £3.64 per sq.ft.
- Seeking offers in excess of £5.15m reflecting a net initial yield of 8%. (assuming purchaser’s costs)
- Increasingly rare opportunity to acquire large multi-occupied income-producing industrial and trade/retail complex in the north Kirklees district.
- Freehold comprising 36 units ranging from 555 sq ft up to 24,500 sq ft.
- Various asset management angles including potential regears, further refurbishments, rent reviews and potential redevelopment opportunities (subject to planning).
- Low capital value of only £45 per sq ft on Bankfield Business Park and 159 Centre.
- Current gross passing rent £438,025 per annum exclusive with stepped increases raising the gross rent in 2027 to £470,425 per annum. (due to fixed increases in existing tenants’ rents)