1 Admiralty Way

Seaham, County Durham SR7 7DN

Overview

  • Modern high specification warehouse occupying prominent position at the entrance to Foxcover Industrial Estate.
  • Strategically located with access to the A19 motorway within less than 3 minutes drive.
  • Modern, Grade A industrial warehouse extending to 41,135 sq. ft. including a minimum eaves height of 9.45m, 3.2t gantry crane and generous yard.
  • Site area of 3.50 acres (1.416 hectares) giving a low site coverage of 25%.
  • Let to Robertson Group Limited on a 20 year FRI lease expiring 16th October 2023 (3.28 years unexpired).
  • Passing rent of £383,303 per annum (£9.30 per sq. ft.).
  • Freehold.
  • Robertson Group Limited are one of the largest family-owned construction, infrastructure and support services businesses in the UK with a profit of £21.3 million (YE 31 March 2019).
  • Offers in excess of £2,750,000 reflecting a Net Initial Yield of 13.10% and a low Capital Value per sq. ft. of £66.85 per sq. ft.

Location

Seaham is a coastal town in County Durham, 6 miles south of Sunderland and 24 miles north of Middlesbrough.

The town is well paced within the regional road network with the A19 sitting 2 miles east of the town. The A1(M) is located 10 miles east and runs through the regional centres of Newcastle upon Tyne and Durham.

The property is 10 miles east of Durham city centre which provides rail links via the East Coast mainline, with a journey time of 2 hours and 50 minutes to London Kings Cross.

Daily schedules flights operate to various UK and European destinations from both Teesside International Airport and Newcastle International Airport.

Situation

The property occupies the most prominent location on Foxcover Industrial Estate and is located right at the entrance of the site, directly adjacent to the A182 which provides direct access to the A19 in less than 3 minutes.

The park itself provides Seahams most highly specified industrial accommodation used. Constructed in the mid 2000s and extending to over 620,000 sq. ft., occupiers include Biffa and Yearsley Logistics.

Directly to the east of the estate is Spectrum Business Park, a key regional business park that comprises 9 Grade A out-of-town office buildings providing c. 385,000 of business space. Key tenants include Durham County Council, Department for Work and Pensions, Northumbrian Water and Believe Housing.


Description

The property at 1 Admiralty Way, Foxcover Industrial Estate was built by the current tenants, Robertson Group, for their own occupation in 2003 and is of steel portal frame construction. Internally the warehouse has a minimum eaves of 9.45 metres and incorporates 4 ground levels loading doors measuring 4 metres by 4.9 metres spread across the northern and western elevations.

Specification includes: sodium lighting, an extensive fully fenced and gated yard and multiple cranes in the facility, the largest being a 3.2t capacity Demag crane which runs along a gantry.

The southern elevation contains an impressive reception area leading to two storeys of office accommodation, carpeted throughout with suspended ceilings and recessed lighting.

There are approximately 44 car parking spaces to the front of the offices.

Accommodation

A schedule of Accommodation can be found in the link below.


Tenure

Freehold.

Tenancy

The property is held on a 20 year FRI lease commencing from 17 October 2003, with 5 yearly rent reviews to the higher of 2.5% pa or the annual RPI rate.

The current passing rent is £383,303 pa with 3.28 years unexpired. The full lease is available upon request.

The tenant varies production activity on the site depending on output requirements. At the time of writing this brochure production is on hold with the warehouse currently used for the storage of existing stock only.

Covenant Information

Robertson Group Limited [SC060077] was founded in 1966 and has grown to be a leading player in the national construction market. Its core business lines include Construction, Infrastructure, Development and Investment & Support Services.

As set out in the link below the Group has seen sustained growth and now employs over 2,600 workers. The Group has seen consistent growth in turnover and profits with key projects found at https://robertson.co.uk/projects, 2018 saw it demerge its residential service line.

Industrial Market

Further information can be found within the marketing particulars.


Proposal

Offers are sought in excess of £2,750,000 (Two Million, Seven Hundred and Fifty Thousand Pounds) reflecting a Net Initial Yield of 13.10%, after deducting purchasers costs of 6.42%. A purchase at this level would reflect a Reversionary Yield of 6.63% and a low Capital Value of £66.85 per sq. ft.

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NET INITIAL YIELD:
13.1%
PRICE:
£2,750,000
REGISTER INTEREST
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