MULTI-LET FREEHOLD COMMERCIAL YARDS, PRODUCING A GROSS INCOME OF £111,250 PAX
Offers are sought in excess of £1,500,000
Marks Tey is a large village situated approximately 7 miles west of Colchester town centre at the junction of the A12 and A120 benefiting from mainline railway station to London Liverpool Street.
The site is located 1 mile west of the village within approximately 200 yards of the A120 with access from Elm Lane
A rectangular site enjoying frontage to Elm Lane of approximately 180 yards and is arranged as 3 bunded yards and reservoir.
Yard area let to Ringway Infrastructure Services Ltd comprising 1.5 acres to base of bunds. Surfaced land with a workshop of 1,276 sq. ft. and stores of 560 sq. ft. Access is provided via a Right of Way from Elm Lane which also serves Elm Farmhouse to the north of the site.
The reservoir is let under a Licence to Kelvedon & District Angling Association, extending to circa 0.5 of an acre. Two further bunded yards are let to Mason Trucking Ltd and Coast 2 Coast Logistics Ltd, each approximately one acre and accessed from Elm Lane.
•High Yielding Investment Property
• Multi-Let Freehold Commercial Yards
• Main Tenant: Ringway Infrastructure Services Ltd
• Extending to 6.55 Acres
• Strategic Site – Close to A12 and A120
• Total Income: £111,250 per annum exclusive
• Adjacent to Proposed West Tey Garden Community
Mains water and separate electric supplies to each of the bunded areas.
Tenure - Freehold
Ringway Infrastructure Services Ltd
The lease is for a term of 10 years commencing from 12th March 2019 at an initial rental of £67,500 per annum. The lease is on a full repairing and insuring basis, subject to a rent review on 12th March 2024. There is a break clause on 12th March 2024, 12 months notice to be given, time to be of the essence. (Ringway Infrastructure Services’ financial year to 31 December 2019 recorded a turnover of £279,785,149 and pre-tax profit of £3,419,406.)
The use is lorry park and maintenance depot.
Kelvedon & District Angling Association Occupy the Reservoir under a Licence dated 1st day of January 2020 for a term of 364 days at a rental of £550 per annum.
Yard Let to Mason Trucking Ltd
The Lease is for a term of 10 years from 20th August 2018 at an initial rental of £21,600 per annum. Subject to a rent review on 20th August 2021 and 3 yearly thereafter. The Lease being on full repairing and insuring terms. The Lease is outside the Landlord & Tenant Act and there is a Tenant’s right to break the Lease on 20th August 2023 on giving 6 months notice, time to be of the essence.
The use is for waste transfer station for recycling soil and hardcore.
Yard Area Let to Coast 2 Coast Logistics Ltd
The Lease is for a term of 9 years from 1st May 2018 on a full repairing and insuring basis at an initial rental of £21,600 per annum, the Lease being subject to 3 yearly upward only rent reviews, the next rent review on 1st May 2021.
The Lease is outside the Landlord & Tenant Act.
The use of the premises is for lorry park and storage yard.
Terms: The property is to be sold freehold, subject to the benefit of the tenancies. Offers are sought in excess of £1,500,000 plus VAT for the freehold interest, subject to contract.
The premises occupied by Ringway have the benefit of a planning permission, reference COL/97/1159 for the use of the existing lorry park and include a maintenance depot for gritting purposes. There are no restrictions on hours of operation.
The yards let to Mason Trucking and Coast 2 Coast Logistics have been used for more than 10 years and are assumed to have the benefit of existing user rights
For further information please contact:
Nicholas Percival FRICS email@example.com or Thomas Noble MRICS firstname.lastname@example.org
Telephone Number: 01206 563222