St Austell Brewery Mullacott Business Park, Ilfracombe, EX34 8PL

Freehold commercial investment let to St Austell Brewery.

Property details

Type Industrial, Investment
Tenure Freehold, subject to the existing tenancy.
Size 10,822 sq ft
Price Guide Price £750,000
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Features
  • Industrial unit extending to 10,822 sq ft
  • Situated on most sought after Mullacott Business Park
  • Let to St Austell Brewery (founded in 1851)
  • 10 year lease, expiring 10/5/2029
  • Passing Rent - £52,500 pa
  • Offers based on £750,000 (NIY of 6.64%) after purchasers costs of 5.40%
Location
Mullacott Industrial Estate is within 5 minutes’ drive of Ilfracombe on the North Devon coast with access from the A361 Mullacott Cross Roundabout. The Estate has seen considerable development and growth over the last few years with an assortment of business operators on the Estate. The property is located in an area of outstanding natural beauty and the area benefits from road access to all areas of North Devon.
Description

The property comprises a substantial warehouse and offices premises extending to 10,822 sq ft. It is currently occupied by long term tenants, St Austell Brewery. The property benefits from both pedestrian and roller shutter access.

Accommodation
The property extends to 10,822 sq ft.
Price
Offers in the region of £750,000 are sought for the freehold interest. A purchase at this level would equate to a net initial yield of 6.64% (after purchasers costs of 5.40%), based on a passing rent of £52,500 pa.
Tenancy
The property is let to St Austell Brewery for a term of 10 years from 11/5/2019, expiring 10/5/2029, at a passing rent of £52,500 pa. There is a rent review and break clause on 11/5/2024.

Tenant profile - St Austell Brewery was founded in 1851 and is a producer of award-winning beers, owner of a Pub Estate spanning the West Country and employs over 1,000 full and part time employees. It is also the South West’s leading wholesale supplier to the licensed hospitality sector, delivering beers, lagers, ciders, wines, spirits and soft drinks to nearly 5000 bars, restaurants, hotels, pubs and clubs in South West England.
VAT
The property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs incurred in this transaction.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.