The property comprises a mid-terrace modern warehouse unit of steel portal frame construction with part brick and part profile clad elevations under a pitched profile clad roof.

The accommodation comprises the main warehouse, a trade counter, modular offices, kitchen point and WC. It has an eaves height of approximately 5.1m with a ridge height of approximately 7m. There are roof mounted lights and suspended fans in the main warehouse area.

The offices have suspended ceilings with inset LED lighting, carpet floors, perimeter trunking and electric wall mounted heaters.

A mezzanine floor has been installed to the rear of the warehouse providing approximately 149.29 sq m (1,607 sq ft) of additional storage space.

Loading to the property is via a vehicular up and over door to the front elevation (4.45m wide x 5.00m high); in addition, there are pedestrian doors leading to the reception area and warehouse also within the front elevation.

A tarmacadam surfaced car park is situated to the front of the building and Unit 3 has 8 allocated spaces.

The property has an EPC rating of B-49, and it is valid until October 2032.

Tenancy:

The property is let to Worcester Electrical Distributors Ltd on a full repairing and insuring basis for a period of 10 years from 8th October 2022. The current rent is £45,500 per annum (£7 per sq ft) and the lease includes a tenant's break clause and rent review on the 5th anniversary of the term (8th October 2027).

Worcester Electrical Distributors Ltd (WED) was formed in 1988 and is one of the largest independent electrical wholesalers in the Midlands operating from a network of 6 branches along the M5 corridor from Birmingham down to Gloucester and into the Valleys of South Wales.

WED was acquired in September 2022 by RDCP Group (www.rdcpgroup.com).

The Key Financials listed on Creditsafe for WED (August 2024) are:

30 March 2023

Turnover: £23,966,746

Pre-Tax Profits/Loss: £1,316,854

Net Worth: £3,849,074

31 March 2022

Turnover: £18,131,586

Pre-Tax Profits/Loss: £1,215,146

Net Worth: £2,825,270

31 March 2021

Turnover: £15,002,589

Pre-Tax Profits/Loss: £805,533

Net Worth: £1,859,749

Creditsafe lists the company as a 50 rating 'moderate risk'.

A copy of the lease agreement is available upon request.

Location:

Gloucester has a strong and established traditional industrial base together with, in recent years, a significant expansion as an office centre through the developments on the business parks close to the Motorway junctions.

Brearley Court is a modern development of light industrial/warehouse units within the Waterwells Business Park approximately three miles south of Gloucester City centre and approximately one mile north of Junction 12 of the M5 Motorway.

The location provides access to the Southwest and Midlands via the M5 and to Wales via the M4 and M48 Motorways. Junction 11A connects with the A417 leading to Cirencester, Swindon and the Southeast via the M4.

Nearby occupiers include Prima Dental, DHL, and the Gloucestershire Constabulary Headquarters in addition to a 106 bed Holiday Inn and a Public House. It is also the base for the City's Main Park and Ride.

Accommodation:

All areas and dimensions are approximate gross internal

Ground Floor: 456 sq m (4,914 sq ft)

Mezzanine: 149.29 sq m (1,607 sq ft)

Total: 605.85 sq m (6,521 sq ft)

Price:

£650,000

Rates:

The Rateable Value listed on the Valuation Office Agency website is £32,500.

Planning:

The property has been used as a trade counter and for storage and distribution.

Terms:

We are instructed to seek offers at £650,000 (Six Hundred and Fifty Thousand Pounds), which reflects a net initial yield of 6.55% after purchasers' costs at 5.18%, gross yield of 7% and capital value equating to approximately £100 per sq ft. 

A rental increase to £49,500 per annum (£7.50 per sq ft) at the next rent review would provide a potential reversionary yield of 7.54%.

Service charges:

A charge is levied on the occupier to cover the costs associated with the upkeep and maintenance of the communal areas.

VAT:

The property is elected for VAT purposes; however, it is proposed the sale is treated as a Transfer of a Going Concern.

Legal costs:

Each party to bear their own legal costs incurred in the transaction.

Contact:

ASH Chartered Surveyors 

Simon McKeag: 07737 691453

simon@ashproperty.co.uk