Light industrial for sale in York Road, Pocklington YO42

Location
The property is situated on Allerthorpe Business Park which is located adjacent to the A1079 York to Hull road, approximately 1.5 miles from Pocklington town centre and 10 miles to the east of the A64 duel carriageway at York which gives direct access to the A1 and M1 motorways.

Allerthorpe Business Park is an established business location and currently accommodates occupiers including:
The Phoenix Software Group
. Teamwork Handling
. Community Publications Limited
. Dhl
. Mike Lupton Associates
. Bond International

Description
Constructed around 2011 the properties comprise high quality steel portal framed buildings with 6m eaves and with recently resurfaced external areas.

Unit 2c comprises a gross internal area of 2,500 sq ft and is used for valet van conversions.

Unit 2d comprises a gross internal ground floor area of 2,662 sq ft with a landlord's mezzanine of 1,100 sq ft. The tenant has recently extended the mezzanine.

Services
Mains gas water and electricity (Including 3 phase) are available. Waste is via a septic tank on the estate.

Leases
Unit 2c is let to Valet Vans Ltd for a term of 10 years from June 2023 at a rent of £20,000 per annum ex rates and VAT. Let on usual Fri terms there is an omv rent review in 2028. The lease has a tenants break on 6 month's notice in 2028.

Unit 2d is let to 1079 Fitness Ltd by way of a 6 year lease, renewed in July 2022 at a rent of £26,800 per annum ex rates and VAT. The tenant has the benefit of a break in July 2025 on 6 month's notice. There is a rent review due in July 2025.

The tenant has been in occupation since 2015 and has recently extended the mezzanine area.

We understand that both tenancies are outside the security of tenure provisions of the lta 1954.

Business Rates
Unit 2c rv £14,500
Unit 2d rv £17,000

Proposal
The freehold investment is prices at £725,000 for the 2 units reflecting an initial yield of 6.13% taking into account usual purchasers costs, or a capital rate of £115 per square foot.

We believe that unit 2 is let below market value and would expect to achieve £32,000 at the next review in July 2025 reflecting £8.50 psf. This would give a reversionary yield of 6.81%.

The vendor would consider selling the units separately.

Aml

Purchasers will be required to provide usual Anti Money Laundering information and proof of funds.

VAT

VAT will be charged at the applicable rate on the purchase.

EPCs
Certificates are available on request.
Unit 2c - D97
Unit 2d - D88

Viewing and Further Information
Viewing is strictly by arrangement with the sole agents Procters.
Contact Nick Procter