Property Description
INVESTMENT SUMMARY
* Well located tyre depot investment, situated to the rear of the Meteor Retail Park and adjoining Screwfix
* Let to Micheldever Tyre Services Ltd
* Current rent £40,000 pa.
* Lease expiry May 2034 (Tenant break May 2029)
* Price - £650,000 reflecting a net initial yield of approx 5.9%
A modern end of terrace industrial / warehouse unit of steel portal frame construction which is currently being utilised as a tyre depot.
ACCOMMODATION
Ground Floor 429.7 sq. m.      ( 4,625 sq. ft.)Â
First Floor (storage) 53.0 sq. m. ( 570 sq. ft.) (mezzanine) 103.6 sq. m. ( 1,115 sq. ft.)
TENANCY DETAILS
The property is let on a repairing and insuring lease to Micheldever Tyre Services Limited for 15 years from the 13th May 2019 (expiring 12th May 2034) incorporating upward only rent reviews at 5 yearly intervals and a tenant only option to break on the 12th May 2029.
TENANTS COVENANT
The Micheldever Group was established in 1972 and Micheldever Tyre Services Limited was incorporated in 1984. The Micheldever Group is part of Sumitomo Rubber Industries Limited. For the year to the 31st December 2017 Micheldever Tyre Services Limited had a turnover of approximately £270,000,000 and a profit before taxation of £2,550,000. For the same period the total assets for the company were approximately £49,000,000.
Measurements
Unit 1 Somerford Business Park Wilverley Road Christchurch - Micheldever Tyre Services Limited| Measurement | imperial | metric |
|---|
| Industrial/Warehouse | 49,785 sq.ft | 4,625 sq.m |
| 1st Floor Ind/Whse | 18,138 sq.ft | 1,685 sq.m |
| Total Floor Area | 67,922 sq.ft | 6,310 sq.m |
Agent's Disclaimer
Sale Terms
Offers are sought in excess of £650,000 subject to contract and exclusive of VAT. A purchase at
this price would reflect a net initial yield of 5.9% after allowing for
usual purchaser’s costs of 5.8%, and a capital value of £10 per sq ft.
Tenant, lease and rent summary
Wilverley Road Christchurch BH23 3RU
| Unit | Tenant | Rental Income | Lease Dates |
|---|
| Unit 1 Somerford Business Park |
Micheldever Tyre Services Limited |
£40,000
£0.59 psf |
132019 -start
122034 -expiry
12thMay2029 -break |
| Total Rent |
|
£40,000 |
|
Covenant Information and other comments:
Micheldever Tyre Services LimitedThe Micheldever Group was established in 1972 and Micheldever Tyre Services Limited was incorporated in 1984. The Micheldever Group is part of Sumitomo Rubber Industries Limited. For the year to the 31st December 2017 Micheldever Tyre Services Limited had a turnover of approximately £270,000,000 and a profit before taxation of £2,550,000. For the same period the total assets for the company were approximately £49,000,000.
Agent's Disclaimer
There are no plans available to view for this property. Contact the agent for further information
Property Location
The property is situated to the east of Christchurch Town Centre with access via Wilverley Road and Somerford Road to the main A35 Christchurch bypass dual carriageway. The property is situated to the rear of the recently redeveloped Meteor Retail Park with occupiers including Aldi, TK Maxx, Sports Direct, Poundland and Matalan. Other occupiers in the immediate area include Screwfix, Travis Perkins, Howdens and Wickes.
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