Units 86-87 John Wilson Industrial Estate, Whitstable
DESCRIPTION The property comprises a modern single storey industrial/ warehouse unit, having a steel portal frame with profile steel cladding and an insulated roof.
The unit has an eaves height of around 6m (20 ft) and two full height loading doors. It is arranged with a reception area and two further offices on the ground floor, with a large mezzanine area providing additional storage.
There is an area to the front of the unit for parking and loading/unloading.
TENANCY The property is let on a full repairing lease from 1 November 2012 until 31 October 2014 at a rent of £20,000 per annum, payable quarterly in advance to Tuddick Mill Limited (trading as Global Cleaning Supplies. Whilst the lease is excluded from the security of tenure and compensation provisions of the Landlord & Tenant Act 1954, part II, the tenant has been “holding over” on the same terms.
TENANT INFORMATION The property is let to Tuddick Mill Limited (trading as Global Cleaning Supplies). According to Companies House the company (no. 03513497) was incorporated in 1998 and for the year ending 31 March 2021, had “Capital & Reserves” of around £146,000 (up from around £145,000 in 2020).
PROPOSITION & TERMS The unit is to be sold freehold subject to the existing tenancy described above. We are instructed to seek offers in excess of £340,000 subject to contract and exclusive of VAT.
A purchase at this level will provide a purchaser with a potential net initial yield of around 5.5% and an equivalent price of a little over £62 per square foot. In our opinion there is scope to significantly increase the rental income by renewing the lease or a new letting.