The Pocklington Investment
Pocklington, York, East Yorkshire, YO42 1NR
Guide Price
£3,250,000
Residential Tags: N/A
Property Tags: Development Potential
Land Tags: N/A
Summary Details
- First Marketed: Feb 2022
- Removed: Date Not Available
- Residential Tags: N/A
- Property Tags: Development Potential
- Land Tags: N/A
Rare opportunity to acquire a highly reversionary single let industrial investment comprising industrial land and buildings on 11.10 acres in an established industrial location with medium to long term development potential.
INVESTMENT SUMMARY
Freehold 11.10 acre secure site
Let to Kelkay Limited for 5 years at a low rent of £250,000 pax (reflecting a low £4.00 psf for the buildings and £17,740 p/acre for the open storage)
Refurbished 12,500 sq ft industrial unit and 2,988 sq ft detached office
Approx. 7 acre of concrete or tarmac surfaced with the remainder compact/hard surfaced
Highly reversionary with an achievable ERV of £335,000 pax (reflecting £4.75 psf and £25,000 p/acre for the open storage areas)
Low site density of only 3.2%
Medium term redevelopment potential
Excellent tenants covenant strength - 'very low risk'
Recently rebuilt industrial unit - brand new cladding and roof
Offers in excess of £3,250,000 which reflects an attractive NIY of 7.22% & reversionary yield of 9.68% assuming purchasers' costs at 6.48% and a low gross land value of £292,793 per acre.
LOCATION
Located within the popular Pocklington Industrial Estate which is an established industrial area approximately 2 miles southwest of Pocklington Town Centre.The estate fronts directly onto York Road (A1079) which conveniently links the site with York City Centre approx. 10 miles to the north west and Market Weighton approx. 6 miles to the south east with Hull City being 22 miles to the south. Pocklington is a affluent market town in the East Riding of Yorkshire which has seen substantial growth in recent years with a number of new residential and commercial developments nearby to the property.
DESCRIPTION
The site extends to 11.1 acres with the industrial site comprising a detached modern industrial/warehouse unit and a detached single story office premises, with the majority of the and being level, open and hard surfaced. The industrial unit provides open storage space, with roller shutter door access, it is of steel portal frame construction. The industrial unit has been recently rebuilt and modernised by the vendor prior to lease commencement which included full sheet re-cladding of roof and elevations and resurface and makegood specific yard areas.
The site benefits from the following specification:
12,500 sq ft industrial unit
3.9m min eaves with 5.93m max eaves
Approx 7 acres of concrete hard standing with the remainder tarmac or compact surfaced
2,988 sq ft detached office building with staff facilities and w/c
Two access points via Wellington road and Lancaster Road
TENANCY
The whole site is occupied by Kelkay Limited who use it for open storage of their product, manufacturing and forward distribution to gardening retailers throughout the UK and Ireland.
Tenant: Kelkay Limited (04219711)
Term: 5 years from February 2022
Rent: £250,000 per annum exclusive
Repairs: FRI subject to a photo schedule
PASSING RENT & ERV ANALYSIS
We consider the £250,000 pax rent to reflect a rate of £4.00 per sq ft for the buildings and circa £17,740 per acre for the open storage areas. Please note the vendor agreed the lease terms in house, without agent advice.
We consider the ERV to be £335,000 pax which equates to £4.75 per sq ft for the buildings and circa £25,000 per acre per annum for the open storage space
ACCOMODATION
Industrial Unit 12,500 Sq Ft
Office: 2,988
INVESTMENT PROPOSAL
We are seeking offers for the freehold in excess of £3,250,000 which reflects an attractive NIY of 7.22% assuming purchaser's costs of 6.48%.
Assuming the ERV of £335,000 pax this would reflect a reversionary yield of 9.68%.
This reflects a low gross capital land value of £292,793 per acre (inclusive of the buildings)
COVENANT
Kelkay Ltd (04219711)
Kelkay are one of the leading suppliers of garden landscaping products, they manufacture and distribute throughout the UK and Ireland. They have their main manufacturing and distribution site near Snaith in East Yorkshire.
Turnover: 28.6m
Cash in Bank: £4.7m.
Net Assets: £15.76m
Kelkay are part of 'The AMES Companies UK Limited' which is a subsidiary of the Griffin Corporation which is an American conglomerate with assets of $2.6bn and revenue of $2.2bn. They purchased Kelkay in 2017.
TENURE
Freehold
PLANNING
The site is allocated as Employment by the local authority.
Data Room
Please contact the agent for access.
EPC
Please contact the agent.
Plans and Boundaries
The plans within these particulars are based on Ordnance
Survey data and provided for reference only. They are believed to
be correct but accuracy is not guaranteed.
Anti Money Laundering
The successful purchaser will be required to submit information
to comply with Anti Money Laundering Regulations.
VAT
It is anticipated the sale will be treated as a TOGC.
Viewings
Strictly by prior arrangement with the agent.
Marketed by: Fisher German, Doncaster
INVESTMENT SUMMARY
Freehold 11.10 acre secure site
Let to Kelkay Limited for 5 years at a low rent of £250,000 pax (reflecting a low £4.00 psf for the buildings and £17,740 p/acre for the open storage)
Refurbished 12,500 sq ft industrial unit and 2,988 sq ft detached office
Approx. 7 acre of concrete or tarmac surfaced with the remainder compact/hard surfaced
Highly reversionary with an achievable ERV of £335,000 pax (reflecting £4.75 psf and £25,000 p/acre for the open storage areas)
Low site density of only 3.2%
Medium term redevelopment potential
Excellent tenants covenant strength - 'very low risk'
Recently rebuilt industrial unit - brand new cladding and roof
Offers in excess of £3,250,000 which reflects an attractive NIY of 7.22% & reversionary yield of 9.68% assuming purchasers' costs at 6.48% and a low gross land value of £292,793 per acre.
LOCATION
Located within the popular Pocklington Industrial Estate which is an established industrial area approximately 2 miles southwest of Pocklington Town Centre.The estate fronts directly onto York Road (A1079) which conveniently links the site with York City Centre approx. 10 miles to the north west and Market Weighton approx. 6 miles to the south east with Hull City being 22 miles to the south. Pocklington is a affluent market town in the East Riding of Yorkshire which has seen substantial growth in recent years with a number of new residential and commercial developments nearby to the property.
DESCRIPTION
The site extends to 11.1 acres with the industrial site comprising a detached modern industrial/warehouse unit and a detached single story office premises, with the majority of the and being level, open and hard surfaced. The industrial unit provides open storage space, with roller shutter door access, it is of steel portal frame construction. The industrial unit has been recently rebuilt and modernised by the vendor prior to lease commencement which included full sheet re-cladding of roof and elevations and resurface and makegood specific yard areas.
The site benefits from the following specification:
12,500 sq ft industrial unit
3.9m min eaves with 5.93m max eaves
Approx 7 acres of concrete hard standing with the remainder tarmac or compact surfaced
2,988 sq ft detached office building with staff facilities and w/c
Two access points via Wellington road and Lancaster Road
TENANCY
The whole site is occupied by Kelkay Limited who use it for open storage of their product, manufacturing and forward distribution to gardening retailers throughout the UK and Ireland.
Tenant: Kelkay Limited (04219711)
Term: 5 years from February 2022
Rent: £250,000 per annum exclusive
Repairs: FRI subject to a photo schedule
PASSING RENT & ERV ANALYSIS
We consider the £250,000 pax rent to reflect a rate of £4.00 per sq ft for the buildings and circa £17,740 per acre for the open storage areas. Please note the vendor agreed the lease terms in house, without agent advice.
We consider the ERV to be £335,000 pax which equates to £4.75 per sq ft for the buildings and circa £25,000 per acre per annum for the open storage space
ACCOMODATION
Industrial Unit 12,500 Sq Ft
Office: 2,988
INVESTMENT PROPOSAL
We are seeking offers for the freehold in excess of £3,250,000 which reflects an attractive NIY of 7.22% assuming purchaser's costs of 6.48%.
Assuming the ERV of £335,000 pax this would reflect a reversionary yield of 9.68%.
This reflects a low gross capital land value of £292,793 per acre (inclusive of the buildings)
COVENANT
Kelkay Ltd (04219711)
Kelkay are one of the leading suppliers of garden landscaping products, they manufacture and distribute throughout the UK and Ireland. They have their main manufacturing and distribution site near Snaith in East Yorkshire.
Turnover: 28.6m
Cash in Bank: £4.7m.
Net Assets: £15.76m
Kelkay are part of 'The AMES Companies UK Limited' which is a subsidiary of the Griffin Corporation which is an American conglomerate with assets of $2.6bn and revenue of $2.2bn. They purchased Kelkay in 2017.
TENURE
Freehold
PLANNING
The site is allocated as Employment by the local authority.
Data Room
Please contact the agent for access.
EPC
Please contact the agent.
Plans and Boundaries
The plans within these particulars are based on Ordnance
Survey data and provided for reference only. They are believed to
be correct but accuracy is not guaranteed.
Anti Money Laundering
The successful purchaser will be required to submit information
to comply with Anti Money Laundering Regulations.
VAT
It is anticipated the sale will be treated as a TOGC.
Viewings
Strictly by prior arrangement with the agent.
Marketed by: Fisher German, Doncaster
Land Registry Data
- No historical data found.