Land for sale

The property comprises a detached factory/warehouse with a two story office section at the front elevation. The building is of steel portal frame construction to a minimum eaves height of 5.85 metres. The elevations are of brick cavity to approximately 6ft with steel profile panels above. The factory offers clear space with central pillars providing intermediate support. The production area benefits from a large mezzanine and at each end of the building are covered loading bays.

Office accommodation along with the reception, staff canteen and changing facilities can be found on the ground floor at the front elevation. The offices on the first floor were extended in 2001 and provide under croft parking beneath. The first floor offices benefit from carpeting throughout, suspended ceilings with inset lighting, central heating, air conditioning, board room, kitchen and WC's.

Externally there are 50+ car parking spaces to the west elevation and a yard area to the east elevation.

Location

The property is located on the well-established Eastways Industrial Estate just off of the A12 which provides convenient access to Junction 28 of the M25 (22 miles) to the south and the east coast ports of Harwich and Felixstowe to the north east. Access to the M11 and Stansted Airport is via the A120 from Braintree which is linked to Witham via the B1018. Witham Station provides a frequent service to London Liverpool Street with a journey time of approximately 45 minutes.

Accommodation

We have measuring the property in accordance with the RICS Code of Measuring Practice (6th Edition) and calculate the approximate Gross Internal Area as follows:

Ground

Production - 5,545.00 sq. m 59,686 sq. ft.

Office - 228.50 sq. m 2,459 sq. ft.

Mess/Staff Room - 42.10 sq. m 453 sq. ft.

First

Office - 546.80 sq. m 5,885 sq. ft.

Internal Storage - 25.50 sq. m 274 sq. ft.

Mezzanine - 997.20 sq. m 10,733 sq. ft.

Total - 7,385.10 sq. m 79,490 sq. ft.

Site Area

We understand the site totals approximately 3.03 acres.

Business Rates

The property has a rateable value of £317,500.

We understand the business rates assessment includes another property on the adjacent estate which the tenant currently leases. The estimated rateable value of the other property is approximately £40,000.

Planning

The property has an established B1 (Business) and B2 (General Industrial) consent.

Local Authority

Braintree District Council

Causeway House, Bocking End, Braintree, CM7 9HB

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Services

We understand the property is connected to mains water, drainage, gas and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.

Tenancy

The property is let to Euroview Architectural Glass Limited (Company Number 10780546) by way of a full repairing and insuring (FRI) lease for a term of 15 years from August 2017 at an annual rent of £550,000. The lease is subject to 5 yearly rent reviews and no breaks. A copy of the lease is available upon request.

Covenant

Euroview Architectural Glass Limited, previously known as Village Glass have been trading in Witham since 1994 and have occupied the subject site since 2008. Village Glass originally manufactured sealed units for the domestic market, however they decided to service both the domestic and commercial market in 2010. In 2017 they made the decision to drop the domestic side of the business and concentrate solely on commercial units. The company invested in new machinery and changed their trading name to Euroview Architectural Glass. As at 31 December 2020 Euroview Architectural Glass Limited reported a Turnover of £14,815,617, a Total Net Worth of £4,350,386 and a Pre Tax Profit of £1,185,527.

Tenure

The property is available to purchase freehold (Title EX422690) subject to the existing lease to Euroview Architectural Glass Limited.

Proposal

We are instructed to seek offers in the region of £8,000,000 (Eight Million Pounds), subject to contract and exclusive of VAT. This reflects a NIY of 6.5% assuming acquisition costs of 5.8%.

VAT

We understand the property is elected to VAT, but it is envisaged that the sale may be eligible to be treated as a Transfer of Going Concern (TOGC).

Legal Costs

Each party to bear their own legal costs. The purchaser will be required to pay a non refundable deposit when purchase terms are agreed.

EPC

Awaiting EPC.

Viewing

Strictly by appointment with the sole agents:

James Wright

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John Logan

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Marketed by: Fenn Wright, Witham