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24-26 Brest Rd 7,736 SF Industrial Condo Unit Offered at $915,319 in Plymouth PL6 5XP
Investment Highlights
- Industrial investment property, modern semi-detached unit with parking to front and service yard to rear
- Let until 2040 (tenant break in 2034)
- Offers in excess of £680,000 for the freehold
- Let to one tenant since 2004, extensive high-tech tenant fit-out
- Rent £54,522 pa, with open-market rent reviews
- NIY: 7.62%
Executive Summary
The property comprises a detached industrial building of steel portal frame construction, with predominantly coated profile steel wall claddings and part block rendered beneath profile steel claddings with skylights. Plymouth is one of the largest cities on the south coast, with a population of approximately 262,000 and an overall workday population of 260,913. The property is situated within Plymouth International Medical and Technology Park which was developed in the early 2000s to provide modern business accommodation with a bias towards medical and technology uses. The business park is approximately 4 miles north of Plymouth city centre, just to the south of the Derriford Hospital campus. The A38 dual carriageway is around 1.8 miles / minutes away by road.
Property Facts
| Total Building Size | 13,353 SF | Typical Floor Size | 6,677 SF |
| Property Type | Industrial (Condo) | Year Built | 1997 |
| Property Subtype | Warehouse | Lot Size | 0.76 AC |
| Building Class | B | Parking Ratio | 1.65/1,000 SF |
| Floors | 2 |
| Total Building Size | 13,353 SF |
| Property Type | Industrial (Condo) |
| Property Subtype | Warehouse |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 6,677 SF |
| Year Built | 1997 |
| Lot Size | 0.76 AC |
| Parking Ratio | 1.65/1,000 SF |
Amenities
- Yard
- Automatic Blinds
- Storage Space
Utilities
- Lighting
- Gas
- Water
- Sewer
- Heating
1 Unit Available
Unit 24
| Unit Size | 7,736 SF | Sale Type | Investment |
| Price | $915,319 | Tenure | Freehold |
| Price Per SF | $118.32 | Cap Rate | 7.62% |
| Condo Use | Industrial | NOI | $69,747.34 |
| Unit Size | 7,736 SF |
| Price | $915,319 |
| Price Per SF | $118.32 |
| Condo Use | Industrial |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 7.62% |
| NOI | $69,747.34 |
Description
A semi-detached warehouse/business unit constructed in 2003. Steel portal frame, insulated sheet metal cladding to walls and roof (with further section of rendered blockwork walls). Dedicated parking for 10 vehicles to front, plus large shared concrete-surfaced secure yard to the rear.
Internally the property provides mainly open plan warehouse accommodation which incorporates offices, staff kitchen and WCs, all fitted out to a good specification.
By way of a licence to alter dating from 2008, the tenant has carried out extensive internal alterations including modification and extension of the offices and installation of a storage mezzanine in the warehouse.
Sale Notes
The freehold interest is offered by way of a sale at a price of £680,000.
Unit 24 is let to Biovault Scientific Limited (Co Reg 08203208) by way of a current lease and an extension lease (with commencement date of 1st January 2030), which together grant a term to 31st December 2040, subject to tenant break option on 31st December 2034. The passing rent is £54,522 per annum exclusive, subject to upward-only rent reviews to market rent on 1st January 2030 and 1st January 2035. The lease is on full repairing and insuring terms.
Internal space
Internal space
Internal space
Presented by
24-26 Brest Rd
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