Industrial for sale

Gledrid, Chirk LL14

Investment for sale


Well established estate, situated around 200m from extremely busy A5/A483 at Gledrid, between Shrewsbury/Oswestry and Wrexham/Chester.
Ground floor built space extends to approx. 24,755 sq.ft. On land of approx. 4.25 acre. Fully let on leases, producing a current rent of £164,750 p.a., reflecting a very low average rent of approx. £4.56 psf, with recent nearby market evidence pointing to a max. Of £7.42 psf on average.
Viewing: Celt Rowlands & Co.
Location


Gledrid is now an area which is dominated by an important roundabout on the A484/A5, connecting Shrewsbury/Oswestry to Wrexham/Chester to the North, with obvious further connections to the M54 for Birmingham/West Midlands, and the M53/M56/A55 for Liverpool, Manchester and Anglesey/Bangor and North Wales.

Gledrid, Shropshire, has grouped around it, Dobbie’s Garden Centre, bp Fuel Station, M & S Simply Food, Gledrid Truck Shop, Lion Quays Hotel and Soa and the general industrial estate of which Moreton Business Park forms a substantial element.

To find Moreton Business Park, leave the roundabout, signposted Chirk, and it is located around 200m on the left.
Description


We believe that the estate was mainly constructed in the late 1990s/early 2000s. With units constructed on steel portal frames with insulated profile steel cladding, incorporating roof light panels, roller shutter doors, and with main workspaces and office element. All units are exceptionally well provided with car parking, and in most cases, yard facilities are extensive. A schedule showing accommodation and tenancies is attached to these particulars. Roads are not adopted, and the owners operate a service charge. The complete Title boundary actually includes part of the adopted road accessing the general industrial area off the road for Chirk.
Leases


We are advised that all leases are on full repairing and insuring terms. The lease on Unit 9 (which will be a leaseback from the vendor) will have a Schedule of Condition, so that the covenant will be to repair to no better than the condition recorded. This will apply to both repairs and decoration. The rent of £67,500 p.a. On Unit 9 in a negotiable item.
Informaiton pack


An information Pack is available upon request, which includes such information as:-

- Title Deeds
- Example leases, and in due course all lease copies
- Service charge schedule
- EPCs
- List of Rateable Values
- Desktop Environmental Report (note that if prospective purchasers have any concerns about any environmental issues, then these must be dealt with by way of an indemnity insurance policy)
Investment rationale


- Gledrid is, on a comparative regional basis, exceptionally well situated, right on the Gledrid roundabout on the A455/A483, with rents generally attainable at rates higher than nearby locations such as Oswestry.
- The property is fully let, with no voids, with most companies having been at the site for years, and in some cases, decades.

- Rents on Units 1-8 have been retained as suppressed by the current owners, meaning that there is strong reversionary potential, with an average low passing rent of £4.56 psf, with most recent market letting evidence suggesting an average of £7.42 psf, for our maximum market rents.

- The front unit, No.9, in fact a large tract of land of approximately 1.95 acre, and is subject to a leaseback from the current owners, operating as etc Timber Supplies. There may be long term redevelopment potential of this site which has an excellent high profile fronting the Chirk Road.

- For Units 1-9, the site coverage is exceptionally low at 13.37% approximately. For Units 1-8, the site coverage is also low at 21.97% approximately, which is considerably better than the majority of comparable industrial space in the general locality. This part of the site is so prominent and close to the roundabout, that it may perhaps attract interest of other roadside uses. Diners, hospitality, leisure, trade counters etc., subject to the necessary permissions being received.
Price proposal


Offers are sought in the region of £2,400,000, subject to contract, and exclusive of VAT. This reflects a net initial yield of 6.45%, and a net reversionary yield of 8.92%, based upon maximum market rentals.

Interested parties need to form their own opinions as to prevailing market values, and undertake their full due diligence.

The above yields have been calculated using Prop Yield Calculator, which has accounted for Stamp Duty, agents, legal
and other fees producing an additional cost of £150,700. Individual buyers need to assess their own costs of acquisition, and should not rely upon our calculations here.

Interested parties need to form their own opinion as to prevailing market values, and undertake their full due diligence in all respects.
VAT


We understand that the site is not elected for VAT.
Viewing


Please contact the selling agents – Celt Rowlands & Co. On .