Let to Terinex Limited on a full repairing and insuring lease expiring in September 2034 (no breaks)
Modest rent equating to £4.48 psf with fixed rental uplift to £5.73 psf in March 2022
41,009 sq ft (3,810 sq m) on 2.15 acre (0.87 ha) site with secure yard
Established Industrial Location, one mile from A421 providing fast access to M1 (J13) and A1
Asset management opportunities including possible surrender and profitable re-let
Of interest to investors and owner occupiers
Low Capital Value of £67 psf
Lot 8
Auction 5th May 2021
Rent £184,000 per Annum Exclusive
Status Sold
Price £3,200,000
Sector Industrial/Warehouse
Auction Venue Live Streamed Auction
Property Information
Location
Miles
3 miles north-east of Bedford
19 miles north-east of Milton Keynes
27 miles west of Cambridge
Roads
A1(M), M1, A6, A421, A4280, A422
Rail
Bedford
Air
Luton Airport
Situation
The property is located on the Elms Industrial Estate, the main industrial area 3 miles north-east of Bedford town centre. The property is situated in a prominent position on the east side of Hammond Road. The A421 dual carriageway is one mile to the east and provides fast access to the M1 motorway (J13) and the A1. Nearby occupiers include Edmundson Electrical, Screwfix, Jas Bowman and PW Gates Distribution.
Tenure
Freehold.
Location
Miles
3 miles north-east of Bedford
19 miles north-east of Milton Keynes
27 miles west of Cambridge
Roads
A1(M), M1, A6, A421, A4280, A422
Rail
Bedford
Air
Luton Airport
Situation
The property is located on the Elms Industrial Estate, the main industrial area 3 miles north-east of Bedford town centre. The property is situated in a prominent position on the east side of Hammond Road. The A421 dual carriageway is one mile to the east and provides fast access to the M1 motorway (J13) and the A1. Nearby occupiers include Edmundson Electrical, Screwfix, Jas Bowman and PW Gates Distribution.
Tenure
Freehold.
Description
The property is a detached industrial unit of steel portal frame with associated two storey offices at the front. It has an eaves height of 5.6 metres and five level access loading doors. There are approximately 80 car parking spaces and a secure yard area.
The total site extends to approximately 2.15 acres (0.87 ha).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
D90. See legal pack at www.acuitus.co.uk.
Description
The property is a detached industrial unit of steel portal frame with associated two storey offices at the front. It has an eaves height of 5.6 metres and five level access loading doors. There are approximately 80 car parking spaces and a secure yard area.
The total site extends to approximately 2.15 acres (0.87 ha).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
D90. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Gross Internal Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First
Industrial/Warehouse Offices
3,464.00 sq m 346.00 sq m
(37,288 sq ft) (3,721 sq ft)
TERINEX LIMITED (1)
20 years from 29/09/2014 until 28/09/2034 (2) on a full repairing and insuring lease
£184,000 rising to £235,267 pax on 25th March 2022
29/09/2024 29/09/2029
Total
(3,810.00 sq m)
(41,009 sq ft)
£184,000
(1) For over 40 years Terinex have been manufacturing and supplying a wide range of catering essentials including Polyester Oven Bags, Baking Parchment, Aluminium Foil, Cling Film and Tissues. In November 2020, part of their business was acquired by Sirane Group (a competitor food manufacturer). For the year ending 31st May 2019, Terinex Limited reported a turnover of £7,234,014, a pre-tax loss of £51,317 and net assets of £4,030,673 (source: dnb.co.uk). Since part of the business was sold, the building has been surplus to their requirements. The tenant is no longer in occupation and is seeking to assign their lease. (2) The lease was originally let for a term of 15 years from September 2014, but was extended in May 2020 for a further 5 years therefore expiring on 28th September 2034.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
