Situation and description
The premises are located in a central position just off the town centre at the end of Bradley Lane, just past the Asda Supermarket. The main building is an older mill style building on a sloping site, with access and accommodation on 2 levels. To the rear is a more modern building. The site has a shared car park The premises occupy a convenient location in the centre of Newton Abbot and yet just 1 mile from the A380 Exeter to Torquay trunk road, joining with the M5 Motorway at Exeter, or approximately 6 miles from the A38 at Drum Bridges roundabout/ Heathfield junction. Exeter is approximately 15 miles distant with Torquay approximately 8 miles distant.
Newton Abbot is a busy market town, being the commercial centre and heart of the Teignbridge area with a district population of approximately 121,000 extending to some 300,000 within 12.5 miles of the centre. Newton Abbot benefits from a wide catchment area drawing from a large number of small towns and villages in the surrounding area. The building is arranged as Industrial Space with offices on the ground floor, with manufacturing space on the first floor, which also benefits from vehicular access due to the sloping site. The 3 modern units at the rear are manufacturing and storage units. The diverse range of businesses within the site help to create the busy feel, with the premises currently 100% occupied. This is a retirement sale, with the building coming to the open market for the first time in over 40 years, and is suitable for either an investor looking to maintain the current income, or a developer looking to re-develop the site for either commercial or residential use. All of the leases are contracted outside of the Landlord and tenant act with mutual break clauses so vacant possession can be obtained over a period of time. Full details on request.
Brief details of the accommodation with approximate maximum internal dimensions are as follows:-
Units 1 - 7 1,530 sq.m (16,478 sq.ft)
Currently occupied by one engineering company, but has been used by multiple companies in the past and can be easily subdivided in the future if required. Located at the front of the Mill Building on ground and first floors with mainly manufacturing space and range of Offices.
Unit 7A 210 sq.m (2,263 sq.ft)
To the rear of the site and arranged as a range of Offices for an Accountant firm plus a related Computer Repair Company.
Unit 8 156 sq.m (1,677 sq.ft)
Located to the front of the Mill Building on the first floor with self-contained access from Bradley Lane. The suite is arranged as a central reception area with a range of offices leading off and is currently occupied by a group of councillors.
Unit 9 348 sq.m (3,753 sq.ft)
Located to the rear of the premises on the first floor but due to the sloping site has vehicular access from the rear. Currently occupied by a Classic Car restorer.
Located to the rear of the site and accessed from a shared driveway from through the rear car park is a modern Industrial Building which is arranged as 3 separate self-contained industrial Units as follows: -
unit 10 98 sq.m (1057 sq.ft)
Arranged as an Office and workshop space with kitchen / Staff room recently installed by the current tenants. Access from a shared covered loading bay.
Unit 11 104 sq.m (1116 sq.ft)
Currently used as a store for a removals company. Accessed from a shared covered loading bay with Unit No 10.
Unit 12 64 sq.m (691 sq.ft)
Arranged as a workshop / store with vehicular access from the shared car parking area.
The premises front Bradley Lane with a driveway leading up to a shared Car Park with access through to the rear of the mill building and the first floor space, plus the modern Building at the far end of the site. The buildings stand in a curtilage of approximately 1.1 Acres, although in the centre of this are buildings and land of approximately 0.11 of an Acre which are not owned by the vendor. 2 of which are owned by Teignbridge District Council and one by a company that trades from the premises repairing stained glass windows. Please see plan below for information.
We understand that mains water, drainage, and electricity, (including 3 phase) are available to the site.
We understand that VAT is payable on the rents for Units 10,11 and 12, and therefore will be payable on their purchase. However, the property will qualify for togc relief, meaning the VAT is not actually payable on completion. Full details on request.
A tenancy schedule confirming all the tenants details, lease terms and the current passing rents is available below. All of the leases are contracted outside of the security of tenure provisions of the Landlord and Tenant Act. Most of the leases are for a 6 year term with a rent review and mutual break clause at 3 years, some with mutual breaks at 18 month intervals, allowing a great deal of flexibility should the owner wish to redevelop the site.
Energy performance cetificates
A number of the premises have current EPC certificates, with ratings ranging from D90 to F150. Full details provided on request.
Bradley Lane has been identified by Teignbridge District Council for redevelopment purposes, and as such Teignbridge has now acquired a number of the industrial properties opposite and obtained vacant possession ready for demolition. They are now looking to work with a development partner to bring forward a mixed-use development on this site. In addition Teignbridge have purchased 2 of the properties in the centre of this site. The Council have so far confirmed that they are not interested in purchasing this property but would be keen to work with the vendors on any redevelopment scheme they may bring forward.
The Rateable Values for the Units are as follows:
Unit 1 - 7 Rateable Value £36,750
Unit 7a (Offices) Rateable Value £ 6,400
Unit 7a Computer) Rateable Value £11,500
Unit 9 Rateable Value £ 8,700
Unit 10 Rateable Value £ 8,000
Unit 11 Rateable Value £ 6,500
Unit 12 Rateable Value £ 5,000
We understand that qualifying businesses can benefit from a rate reduction of up to 100% under the Small Business Rate Relief scheme for the majority of these Units. For further information please contact Teignbridge District Council price and tenure
The premises are currently producing a total rental income of approximately £84,900 pax, which could be increased should the tenants of Units 1 - 7 vacate and the space be subdivided into smaller units again (currently just £2.50 per sq.ft)
Offers are invited in excess of £925,000 for this substantial Freehold Investment premises, subject to and with the benefit of the tenancies as at completion. Alternatively, the vendors may consider a sale as 2 lots, being the main buildings as Lot 1 with a guide price of £685,000 and the modern buildings as Lot 2 at a guide price of £265,000.
This property offers an investor a return in excess of 9% before purchaser costs, and the opportunity to either increase this with further subdivision, or consider wholesale development as part of the Teignbridge master plan for this area. Further details are available on request. The vendors are not seeking offers conditional on obtaining Planning consent for development.
Strictly by prior appointment only with the sole agent, for the attention of Tony Noon Ref (0613)