01476 930891
Rotherham is a market town in South Yorkshire located to the north-east of the M1 Motorway which provides strategic links nationally. The town has an industrial heritage which has shaped the area over many years, including the location of the Advanced Manufacturing Research Centre between Rotherham and Sheffield.
The city is well known for out-of-town retail, including the Meadowhall and Parkgate Shopping centre. The subject property is located 2 miles from the city centre. In 2021 the city of Rotherham had an estimated population of 266,000 according to the Office of National Statistics.
The property is located on a prominent position on Meadow Bank Road 4 miles north-east of the centre of Sheffield, 12 miles south-west of the centre of Doncaster and 26 miles south of the centre of Leeds.
The property comprises a purpose-built 1970’s light industrial warehouse unit of steel portal frame construction, with a height to the underside of the haunch being 5.5 m (18 ft) rising to 8.0 m (26 ft 2’’) at the apex. The walls are a combination of 2.0 m (6 ft 5’’) brick/blockwork surmounted by profile cladding. The layout of the warehouse provides for a ground floor showroom/office and a steel framed mezzanine which the tenant has installed without a license for alteration.
There are separate staff welfare facilities to the corner of the warehouse and loading is provided by two shutters (4.6m height x 4.1m width) which provide vehicular access. The occupier has replaced one of the original doors with an electric roller shutter door. The second shutter is still the original concertina door, which is manually operated. The warehouse has a power floated concrete floor and fluorescent strip tube lighting. At the front of the warehouse is a single-storey showroom /office which is largely open-plan and used by the occupier as a trade counter and display area for its customers.
Externally the site benefits from a tarmacadam surfaced car park with space to park approximately 32 vehicles.
In accordance with the RICS Code of Measuring Practice, we have been informed that the property has the following gross internal floor area:-
The occupier has installed a mezzanine floor without a licence for alteration. The mezzanine extends to 292.6 sq m (3,149 sq ft).
The property is let to Magnet Limited (comp.reg.num. 02762625) wholly owned by Nobia AB. Having obtained a Creditsafe report, the company has a score rating of 81 and a credit limit of £3m. This offers any investor an excellent covenant and low risk.
All mains services are evident within the premises, including three phase electricity, running water and drainage, but we can provide no warranty with regard to their capacity or connectivity.
The property has an established use under what was Class B1 (Light Industrial) of the Town & Country Planning (Use Classes) Order, now re-classified as Use Class E, effective 1 September 2020.
Charging Authority:Rotherham Metropolitan Borough Council
Description: Warehouse and premises
Rateable Value: £30,000
The property is available For Sale subject to the occupational lease to Magnets Limited which is drafted on Fully Repairing & Insuring terms (subject to a schedule of condition) for 10 years from 29 September 2022 expiring on 28 September 2032. There is a tenant only break clause at 28 September 2027 and an upwards-only rent review (to market rent) at 29 September 2027.
The property is held freehold under title number SYK228009.
We are instructed to seek offers in excess of £950,000 which represents a 6.77% Net Initial Yield after purchaser’s costs (based on the headline rent).
Energy rating: 59 C
VAT is appliable to this transaction, albeit it is expected that the sale will be progressed as a TOGC.
Each party to bear their own legal costs incurred in documenting the transaction.
By prior appointment with the joint letting agents;
Charlie Burrows- e: charlieb@commerciallist.co.uk t: 07923 448308
Sunny Landa- e: sunny@landaassociates.co.uk t: 07733 464322
