For sale

Unit 3 Brearley Court, Baird Road, Waterwells Business Park, Gloucester, GL2 2AF

Investment Gloucester For sale 605.85 m2 (6521ft2)

The property comprises a mid-terrace modern warehouse unit of steel portal frame construction with part brick and part profile clad elevations under a pitched profile clad roof.

The accommodation comprises the main warehouse, a trade counter, modular offices, kitchen point and WC. It has an eaves height of approximately 5.1m with a ridge height of approximately 7m. There are roof mounted lights and suspended fans in the main warehouse area.

The offices have suspended ceilings with inset LED lighting, carpet floors, perimeter trunking and electric wall mounted heaters.

A mezzanine floor has been installed to the rear of the warehouse providing approximately 149.29 sq m (1,607 sq ft) of additional storage space.

Loading to the property is via a vehicular up and over door to the front elevation (4.45m wide x 5.00m high); in addition, there are pedestrian doors leading to the reception area and warehouse also within the front elevation.

A tarmacadam surfaced car park is situated to the front of the building and Unit 3 has 8 allocated spaces.

The property has an EPC rating of B-49, and it is valid until October 2032.

Tenancy

The property is let to Worcester Electrical Distributors Ltd on a full repairing and insuring basis for a period of 10 years from 8th October 2022. The current rent is £45,500 per annum (£7 per sq ft) and the lease includes a tenant's break clause and rent review on the 5th anniversary of the term (8th October 2027).

Worcester Electrical Distributors Ltd (WED) was formed in 1988 and is one of the largest independent electrical wholesalers in the Midlands operating from a network of 6 branches along the M5 corridor from Birmingham down to Gloucester and into the Valleys of South Wales.

WED was acquired in September 2022 by RDCP Group (www.rdcpgroup.com).

The Key Financials listed on Creditsafe for WED (August 2024) are:

 

30 March 2023

31 March 2022

31 March 2021

Turnover

£23,966,746

£18,131,586

£15,002,589

Pre Tax Profits/Loss

£1,316,854

£1,215,146

£805,533

Net Worth

£3,849,074

£2,825,270

£1,859,749

Creditsafe lists the company as a 50 rating ‘moderate risk’.

A copy of the lease agreement is available upon request.

Address and Location

Address :

Unit 3 Brearley Court
Baird Road
Waterwells Business Park
Gloucester
GL2 2AF

Gloucester has a strong and established traditional industrial base together with, in recent years, a significant expansion as an office centre through the developments on the business parks close to the Motorway junctions.

Brearley Court is a modern development of light industrial/warehouse units within the Waterwells Business Park approximately three miles south of Gloucester City centre and approximately one mile north of Junction 12 of the M5 Motorway.

The location provides access to the Southwest and Midlands via the M5 and to Wales via the M4 and M48 Motorways. Junction 11A connects with the A417 leading to Cirencester, Swindon and the Southeast via the M4.

Nearby occupiers include Prima Dental, DHL, and the Gloucestershire Constabulary Headquarters in addition to a 106 bed Holiday Inn and a Public House. It is also the base for the City's Main Park and Ride.

Rates

The Rateable Value listed on the Valuation Office Agency website is £32,500.

Accommodation

All areas and dimensions are approximate gross internal

Accommodation m2 ft2
Ground Floor 456 4,914
Mezzanine 149.29 1,607
Total 605.85 6,521

Planning

The property has been used as a trade counter and for storage and distribution.

Terms

Terms

We are instructed to seek offers at £650,000 (Six Hundred and Fifty Thousand Pounds), which reflects a net initial yield of 6.55% after purchasers' costs at 5.18%, gross yield of 7% and capital value equating to approximately £100 per sq ft. A rental increase to £49,500 per annum (£7.50 per sq ft) at the next rent review would provide a potential reversionary yield of 7.54%.

VAT

The property is elected for VAT purposes; however, it is proposed the sale is treated as a Transfer of a Going Concern.

Costs

Service Charges

A charge is levied on the occupier to cover the costs associated with the upkeep and maintenance of the communal areas.

Legal Costs

Each party to bear their own legal costs incurred in the transaction.

Property Disclaimer

ASH Chartered Surveyors for themselves and for the vendors or lessors of this property for whom they act, give notice that:

  1. these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract;
  2. ASH Chartered Surveyors cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;
  3. no employee of ASH Chartered Surveyors has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property;
  4. rents quoted in these particulars may be subject to VAT in addition; (v) ASH Chartered Surveyors will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and
  5. the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements.

Code of Practice for Commercial Leases in England and Wales

You should be aware that the Code of practice on commercial leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licenced conveyancer before agreeing or signing a business tenancy agreement. The Code is available through professional institutions and trade associations.

Money Laundering Regulations

As part of our obligations under the UK Money Laundering Regulations 2017, ASH will require any tenant/purchaser to provide proof of identity along with any other required documentation to satisfy anti-money laundering regulations.

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Investment Gloucester For sale 605.85 m2 (6521ft2) Price: £650,000

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