For Sale

INVESTMENT, Units 1-28 Whitestone Business Park, Middlesbrough TS4 2ED

87,015 Sq Ft
£3,250,000
  • Ref: CPNE_101400
  • Type: Industrial
  • Availability: For Sale
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Property Features

  • ""Best & Final"" offers
  • by 12pm Tuesday 23rd March 2021
  • Multi Let Industrial Investment For Sale
  • 87% let (with remaining under offer)
  • Combined passing rent of £213,697 pa
  • Rent set to increase to £272,000 pa
  • Freehold estate
  • Excellent road communications
  • Seeking offers in excess of £3,250,000
  • Reflecting a Net Initial Yield of 6.89%

Property Summary

Whitestone Business Park is located on the edge of Middlesbrough Town Centre
in an established business location with excellent road connections to the A66(T)
trunk road linking to the wider road network the A1(M) to the West and the A19(T) to the East. The port of Teesport is v...

Full Details

Whitestone Business Park is located on the edge of Middlesbrough Town Centre
in an established business location with excellent road connections to the A66(T)
trunk road linking to the wider road network the A1(M) to the West and the A19(T) to the East. The port of Teesport is vital to the economy of Middlesbrough and is located approximately 3 miles to the East of Middlesbrough on the River Tees. Teesport is currently the third largest port in the United Kingdom and amongst the ten biggest in Western Europe handling over 56 million tonnes of domestic and international cargo every year.

The access road to the estate is known as Saltwells Road. To the East of the subject property the accommodation is mainly residential with some trade retail accommodation to the south. A new retail park is situated less than ¼ mile from the property adjacent to Middlesbrough Football Stadium and occupied by Argos, Warehouse (Iceland), B&M Bargains, KFC, Starbucks, Costa and Harvester Inn.

The site comprises 27 industrial units and 1 office building with shared concrete hard-standing and circulation. The estate is secured by way of a perimeter palisade fence with secure gated access and CCTV. Each unit has pedestrian access door and roller shutter door(s). The original c1980s buildings have been re roofed except for one block. 12 new units totalling 20,000 sq ft were completed in August 2020 and comprise of new steel portal frame with cavity blockwork elevations and profiled steel cladding under insulated dual pitched roofs.

The estate totals 8,084 m2 (87,015 sq ft). The unit sizes are ideally suited to meet the local and regional needs of the market. Demand has outstripped the availability of units on the new build parades. The majority of the units were pre let during the construction phases and the balance are under offer as described in the tenancy schedule.

PROPOSAL
We are instructed to seek offers in excess of £3,250,000 (Three Million Two Hundred & Fifty Thousand Pounds exclusive), subject to contact and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.89% (assumes standard purchaser’s costs of 6.18%) and attractive Net Reversionary Yield of 8.37% on final lettings in legals/under negotiation within c3 months. The purchase price reflects a capital value of £37.35 per sq ft.

""Best & Final"" offer by 12pm Tuesday 23rd March 2021.
Please contact CPNE for an addendum of sale.

Accommodation:
Industrial Estate: 87,015.00 sqft