Category: Investment For Sale
Tenure: Freehold and Leasehold
Size: Elliot Group Limited, Merlin Way, Carnaby Ind
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Currently offered by AWS is this 150 acre industrial investment property for sale at Carnaby Industrial Estate in Bridlington, North Yorkshire.
This freehold industrial investment is let to the Elliot Group Limited and is prominently located on the Carnaby Industrial Estate which is situated on the outskirts of Bridlington which is just 3 miles from the Town Centre. Carnaby Industrial Estate is the most successful business park in the Town.
The estate extends to approximately 150 acres with companies such as East Riding of Yorkshire Council, East Riding College, Hertz Care Hire and City Electrical Factors occupying it. Merlin Way is centrally located within the industrial estate providing easy access to the surrounding infrastructure ad road networks.
The industrial unit has an eaves height of 10.25m. It has an external steel frame with a PVC coated steel sheet cladding to the walls and roof. The warehouse benefits from full lighting and laid concrete flooring. The property underwent a £1.5 million refurbishment in 2008 in which 12 new electric roller shutter doors were installed to supplement the existing single roller shutter door and 6 dock levellers.
The unit also has a brick clad 2 storey office unit which covers a 3,430 square foot area. These offices have full carpeting, heating, suspended ceiling with fluorescent ceiling lighting and fully tiled toilet facilities on the ground and first floor.
The site has a large tarmac car parking site of 12.97 acres which provides 70 car parking spaces. There is also an additional 6 acres of storage land which has been surfaced with compacted hard core.
Terms and Value
The property is let on a 15 year lease from December 2008 to the Elliot Group Ltd.
The lease is drawn on full repairing and insuring terms subject to a schedule of condition with upward only rent reviews at 5 yearly intervals to open market value. The commencing of £361,500 per annum is broken down as follows:
£271,500 in respect of the warehouse accommodation and 6.97 acre yard equalling a rent of £3.32 per square foot.
Rent of £90,000 in respect of 6 acres of additional land.
The Elliot Group
Established in 1917 The Elliot group are part of the world’s largest manufacturer of modular buildings and are considered to provide good covenant strength with their December 2009 accounts showing the following:
Net worth £171.59m
Address: Elliot Group Limited, Merlin Way, Carnaby Industrial Estate, Bridlington, YO15 3QY
Please note, map locations may be inaccurate
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