Summary
The property comprises a late 1960’s detached light industrial unit of steel portal frame construction with part brick and part corrugated asbestos cement clad elevations under a corrugated asbestos cement clad roof. Used for meat production, it is currently fitted bespoke to the tenants requirements as a production facility, fitted with a series of chiller rooms, with further chillers and storage annexed and located within the side and rear yard.
The internal layout of the building provides for administration and production offices, male and female WC’s and a staffroom at the front, together with a selection of inter-communicating chiller rooms, with a staff canteen and locker rooms at the rear of the premises. In addition there is a side loading dock. The property has been fitted to a high standard.
Externally, the property has the benefit of 8 car parking spaces to the front elevation, together with a large circulation area which is shared with neighbouring occupiers.
Key Points
Sale of the existing 99 year long-leasehold interestSingle storey warehouse measuring 5,653 sq ft (GIA)Let to Porky Whites Ltd on a 20 year lease expiring December 2028Situated within an established industrial estate in Old WokingThe investment guide price is set at £475,000 reflecting a NIY of approx. 11.88% (assuming purchasers costs of 4.6%)
Covenant Information
The original lease to Graham White & Co. Limited was assigned to Porky Whites Limited on the 22nd May 2020. They have been incorporated approximately three years and share the same directors of the original tenant who traded for nearly 30 years.
Tenure
The balance of an existing 99 year long-leasehold interest which commenced 13th September 1965. The Freeholder is Woking Urban District Council.
Terms
Offers are invited to acquire the property’s long-leasehold interest and benefit from the passing rent for the next 6+ years which offers the potential for rental uplift at the next review in December 2023.
Service and Estate Charge
No Service or Estate Charge is payable.
Ground Rent
The Long-lease has a ground rent payable of £400 per annum.
Investment Summary
- Sale of a fully let single detached industrial unit operating as a meat production facility with income growth potential
- Sale of the existing 99 year long-leasehold interest, which has approximately 41.5 years remaining having commenced on 13th September 1965
- Single storey warehouse measuring 5,653 sq ft (GIA)
- Situated within an established industrial estate in Old Woking, accessed from the A427 High St overlooking St Peter’s Recreational Ground
- The property benefits from 8 car parking spaces immediately to the front elevation with secure gated and fenced rear yard with vehicular side access possible
- The balance of a 20-year FRI lease from 25th December 2008 with an unexpired term-certain of approximately 6 years. (A 10th-year break clause was not exercised)
- Passing rent of £59,000 pa exclusive, equating to £10.45 per sq ft
- The lease is inside the security of tenure of the Landlord and Tenant Act 1954
- The investment guide price is set at £475,000 reflecting a Net Initial Yield of approximately 11.88% (assuming purchasers costs of 4.6%)
Technical Infomation Pack
A copy of the lease and long-leasehold documents are available to interested parties upon request.
Legal Costs and VAT
Each party to bear their own legal costs.
Prices are quoted exclusive of VAT which will be charged, but can be mitigated as a TOGC.
Viewing and Further Information
Please contact the sole agents for further information or an appointment to view.
Anti-Money Laundering Regulations
To comply with Anti Money Laundering regulations, Haslams Surveyors LLP undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.
Location
The property is situated within Old Woking which lies just to the south-east of Woking and around 5 miles to the north of Guildford.
The subject property forms part of a small established industrial estate known as Manor Way. This is located off the A247 High Street and provides for a variety of light industrial occupiers. The property is within easy driving distance of the A3 and M3 motorway, both providing access to the M25.