Plymouth city centre is situated 2.8 miles to the south of the property and access to the city centre is provided by the A386. The A38 Devon Expressway provides connectivity to the M5 at Exeter to the north east and Cornwall via the A390 and A30 arterial roads to the west.
The city has a population of 260,000 within the primary catchment area, rising to over 1.1m within a 3-hour drive.
Key employment facts:
Burrington Business Park comprises an extensively refurbished, multi-functional mix of warehousing and distribution facilities, as well as contemporary office space situated amid landscaped grounds offering ample parking. Vehicle movements have been specifically split to separate HGV and van movement to the rear of the site directly to the logistics and storage units, some of which offer dock levellers.
The property extends to approximately 106,785 sq ft, providing predominantly industrial/warehouse accommodation.
The building is of steel frame construction, with a concrete floor, blockwork walls with predominantly profile steel sheeting to the walls and roof. The property provides a large parking area which wraps around the entire property. The warehouse specification includes full eaves height of up to approximately 5.02m as well as level access loading doors and 10 dock levellers.
The specification of the offices includes double glazed windows, 2.40m floor to ceiling height, suspended ceilings with recessed LED lighting, perimeter trunking and roof mounted VRF heating and cooling system.
The property is held freehold under title number DN185684.
The property is let to 11 tenants providing a weighted average unexpired lease term of 7.37 years to expiry and 4.12 years to lease events.
For the purpose of the disposal of this investment, the vendor will top up the net rental income to £523,458 per annum, reflecting a low average rent of £4.54 per sq ft on the industrial space and £6.64 per sq ft on the office accommodation.
Construction Materials Online Limited (30.85%)
The principal activity of the company is the retail of roofing, drainage and insulation supplies. During 2017 the business saw exceptional growth, with turnover increasing 44% to £26.5m. The business also saw gross profit increase by 39% to £4.4m, with gross margin decreasing slightly from 17.1% to 16.4%, as the company maintained its strategy of passing on the benefits of competitive pricing to its customers.
Construction Training South West Limited (19.27%)
Construction Training South West provides a wide range of courses and qualifications in professional and technical vocational diplomas at all levels, and a range of apprenticeships. The Company has an excellent track record with recognised employers throughout the South West.
Rogers Wholesale Foods Limited (13.03%)
Rogers Wholesale Foods started in January 2015 and has expanded quickly to operate "The UK's Biggest Gone Past Best Before Warehouse". The company now operates its flagship warehouse from Burrington Business Park, along with further premises in Poole and Southampton.
Magma Moulding Limited (7.24%)
Magma Moulding Limited is part of Magmatic Group and supports its belief that travel is about new experience, creating memories and making every journey just as exciting as the destination. Magma manufactures the world famous Trunki suitcase using its specialist skills in technical and engineering mouldings, which also assists in supplying a range of third party UK customers, including the particularly demanding automotive sector.
More information can be found in the link below:
It is anticipated that the sale will be treated as a going concern (TOGC).
Instructions are to seek offers in excess of £6,544,000 (Six Million, Five Hundred and Forty-Four Thousand Pounds) for our client's freehold interest, subject to contract and exclusive of VAT.
A purchase at this level would reflect a net initial yield of 7.50%, assuming purchaser's costs of 6.64%, and a low capital value of £61.28 per sq ft.